I own quite a few cash back credit cards and applying for another one wasn’t really a plan, but $350 cash back bonus made me to change my mind. For the last decade I received many pre-screened offers from variety of financial institutions and this offer is the best one so far (if Fifth Third Bank will award me $350 in three months after spending $1,500).

Cash back rewards

By using Trio Credit Card I will get 3% cash back at restaurants, 2% cash back rewards on gas, at groceries and drug stores. These rewards will apply only to $1,500 in spending per quarter in these combined purchase categories. All other purchases will be rewarded with 1% cash back.

0% introductory APR for 12 billing cycles for balance transfers

If you have high interest loan or credit card payments and transfer the balance to this card, it might significantly reduce your monthly payments for the first year. After 12 months the interest rate will go up to 20.99 and keeping any balances on Trio from Fifth Third Bank after promo introductory APR expire is not a worthy deal at all.

Cell phone coverage

This cask back card offers cellular telephone protection plan with $50 deductible per claim and maximum of two claims per year. The maximum coverage is $200 per claim and it covers customer’s primary line and two additional lines listed on billing statement. The good – if you lose your couple hundred worth phone, the credit card will pay for your loss. Not that good – if you have $800 phone – the most you can claim is only $200. And do not forget about $50 minus. It is sure not a live saving deal, but still this credit card will reimburse you some in case your phone is lost or broken.

Application process

There are few options to choose from if you want to apply for a new credit card. I filled the application at apply53.com, but there are other option available as well including call the credit cards application center, mail back acceptance form or just stop by any Fifth Third Banking Center. I entered Unique ID (which was mailed to me with an offer) and Zip Code to access the application form. At my biggest surprise the pre-approved acceptance form was very short. I didn’t have any accounts with Fifth Third Bank and it was somewhat unusual. Normally, when I apply for a new card online there is a long list of questions, but in this case I only provided Social Security Number, Phone Number, Mother’s Maiden Name, Email Address, Total Annual Income, Date of Birth, Employer and whether I own or rent a property. After signing the form electronically, I submitted the application. In about 10 days I received a new credit card.

Not the greatest credit card

Let’s get it straight – I opened this credit card just to get $350

The interest rate on this credit card is extremely high. It doesn’t make any sense to keep the balance on the card and pay over $20 in interest on every $100 spent. There is no introductory 0.00% annual percentage rate on purchases and I have to pay full balance every month in order to avoid great “overcharges”. The standard APR on my other cash back credit cards vary from about 12% to 17% and it is still much better deal to use my older cards in case I’m short to pay off the balance every billing cycle.
Cash back rewards are not the best as well. High probability I will use other credit cards to get better deals from each and every purchase. Nowadays 1% - 2% cash back is not actually very rewarding and my restaurant expenses are very low.