Fifth Third Secured Card Broadens Economic Access for 48,000+ Customers, And Counting
Fifth Third Bank (NASDAQ: FITB) announced the graduation of 3,900 customers from its Secured Card program, bringing the total to over 48,000 customers since 2019. The program helps customers build or repair their credit history. Graduates automatically upgrade to the Bank's 1.67% Cash/Back Card, offering unlimited 1.67% cash back on purchases with no annual fee and a lower APR.
Program results show significant credit improvements:
- Customers with no initial FICO score achieved an average score of 729 at graduation
- Those with existing credit scores saw an increase from 627 to 721 on average
- Over 50% of graduates received credit limit increases
The program requires 12 months of on-time payments for graduation. Fifth Third is expanding from bi-annual to quarterly graduation cycles in 2024, expecting to graduate more than 17,000 customers. Upon graduation, security deposits are released and balances transfer to the new card.
Fifth Third Bank (NASDAQ: FITB) ha annunciato la laurea di 3.900 clienti dal suo programma di Carta Garantita, portando il totale a oltre 48.000 clienti dal 2019. Il programma aiuta i clienti a costruire o riparare la propria storia creditizia. I laureati passano automaticamente alla Carta Cash/Back dell'istituto con un cashback dell'1,67%, che offre un cashback illimitato dell'1,67% sugli acquisti senza commissione annuale e con un APR più basso.
I risultati del programma mostrano significativi miglioramenti del credito:
- I clienti senza punteggio FICO iniziale hanno raggiunto un punteggio medio di 729 al momento della laurea
- Coloro che avevano punteggi di credito esistenti hanno visto un aumento da 627 a 721 in media
- Oltre il 50% dei laureati ha ricevuto aumenti del limite di credito
Il programma richiede 12 mesi di pagamenti puntuali per la laurea. Fifth Third sta espandendo i cicli di laurea da biannuali a trimestrali nel 2024, prevedendo di laureare più di 17.000 clienti. Al momento della laurea, i depositi di sicurezza vengono rilasciati e i saldi vengono trasferiti alla nuova carta.
Fifth Third Bank (NASDAQ: FITB) anunció la graduación de 3,900 clientes de su programa de Tarjeta Asegurada, llevando el total a más de 48,000 clientes desde 2019. El programa ayuda a los clientes a construir o reparar su historial crediticio. Los graduados se actualizan automáticamente a la Tarjeta Cash/Back del Banco con un 1.67% de reembolso, que ofrece un reembolso ilimitado del 1.67% en compras sin cuota anual y con un APR más bajo.
Los resultados del programa muestran mejoras significativas en el crédito:
- Los clientes sin puntuación FICO inicial lograron un puntaje promedio de 729 al graduarse
- Los que tenían puntuaciones de crédito existentes vieron un aumento de 627 a 721 en promedio
- Más del 50% de los graduados recibieron aumentos en su límite de crédito
El programa requiere 12 meses de pagos puntuales para graduarse. Fifth Third está expandiendo los ciclos de graduación de semestrales a trimestrales en 2024, esperando graduar a más de 17,000 clientes. Al graduarse, se liberan los depósitos de seguridad y los saldos se transfieren a la nueva tarjeta.
Fifth Third Bank (NASDAQ: FITB)는 3,900명의 고객이 보안 카드 프로그램을 졸업했다고 발표했으며, 2019년 이후 총 48,000명 이상의 고객이 졸업했습니다. 이 프로그램은 고객이 신용 기록을 구축하거나 복구하는 데 도움을 줍니다. 졸업생은 자동으로 은행의 1.67% 캐시백 카드로 업그레이드됩니다, 이 카드는 연회비 없이 구매 시 무제한 1.67% 캐시백을 제공합니다.
프로그램 결과는 신용 개선을 보여줍니다:
- 초기 FICO 점수가 없는 고객은 졸업 시 평균 729점에 도달했습니다
- 기존 신용 점수가 있는 고객은 평균 627점에서 721점으로 증가했습니다
- 졸업생의 50% 이상이 신용 한도 증가를 받았습니다
이 프로그램은 졸업을 위해 12개월의 정시 지불이 필요합니다. Fifth Third는 2024년에 졸업 주기를 반기에서 분기별로 확장할 예정이며, 17,000명 이상의 고객이 졸업할 것으로 예상하고 있습니다. 졸업 시 보증금이 해제되고 잔액이 새 카드로 이체됩니다.
Fifth Third Bank (NASDAQ: FITB) a annoncé la graduation de 3 900 clients de son programme de Carte Sécurisée, portant le total à plus de 48 000 clients depuis 2019. Le programme aide les clients à construire ou réparer leur historique de crédit. Les diplômés passent automatiquement à la Carte Cash/Back de la Banque avec un cashback de 1,67%, offrant un cashback illimité de 1,67% sur les achats sans frais annuels et avec un APR plus bas.
Les résultats du programme montrent des améliorations significatives du crédit :
- Les clients sans score FICO initial ont atteint un score moyen de 729 à la graduation
- Celles et ceux ayant des scores de crédit existants ont vu une augmentation de 627 à 721 en moyenne
- Plus de 50 % des diplômés ont reçu des augmentations de leur limite de crédit
Le programme nécessite 12 mois de paiements à temps pour la graduation. Fifth Third élargit ses cycles de graduation de semestriels à trimestriels en 2024, s'attendant à faire passer plus de 17 000 clients à la graduation. Lors de la graduation, les dépôts de garantie sont libérés et les soldes sont transférés sur la nouvelle carte.
Fifth Third Bank (NASDAQ: FITB) hat die Graduierung von 3.900 Kunden aus seinem gesicherten Kartenprogramm bekannt gegeben, was die Gesamtzahl seit 2019 auf über 48.000 Kunden erhöht. Das Programm hilft Kunden, ihre Kreditgeschichte aufzubauen oder zu reparieren. Die Absolventen werden automatisch auf die 1,67% Cash/Back-Karte der Bank hochgestuft, die unbegrenzte 1,67% Cashback auf Einkäufe ohne Jahresgebühr und mit einem niedrigeren APR bietet.
Die Ergebnisse des Programms zeigen signifikante Kreditverbesserungen:
- Kunden ohne anfänglichen FICO-Score erreichten einen durchschnittlichen Score von 729 bei der Graduierung
- Diejenigen mit bestehenden Kredit-Scores verzeichneten einen Anstieg von durchschnittlich 627 auf 721
- Über 50% der Absolventen erhielten eine Erhöhung ihres Kreditlimits
Das Programm erfordert 12 Monate pünktlicher Zahlungen für die Graduierung. Fifth Third erweitert 2024 die Graduierungszyklen von halbjährlich auf vierteljährlich und erwartet, mehr als 17.000 Kunden zu graduieren. Nach der Graduierung werden die Sicherheitsleistungen freigegeben und die Salden auf die neue Karte übertragen.
- Program success with 48,000+ customers improving credit scores since 2019
- Significant FICO score improvements: from 627 to 721 average for existing scores
- Expansion to quarterly graduation cycles, targeting 17,000+ graduates in 2024
- Over 50% of graduates receive credit limit increases
- None.
Graduates of Secured Card Program Upgrade to Unlimited
Fifth Third’s Secured Card program is designed to help customers who want to build or repair credit establish a positive credit history. Building and maintaining good credit can unlock many benefits for future borrowing, like qualifying for lower interest rates on mortgages and auto loans.
This spring’s graduates are leaving the program with improved credit and the potential for broader financial access:
- Customers who entered the program with no FICO score had an average FICO score of 729 at graduation.
- Customers who entered the program with a credit score increased their FICO score from 627 to 721 on average at graduation.
-
More than
50% of the graduates are receiving a credit limit increase.
"Establishing good credit is a crucial step towards financial stability," said Heather Chu, Head of Credit Card & Personal Lending Product at Fifth Third. "Whether you're opening your first credit card or rebuilding your credit, Fifth Third’s Secured Card can help you create a positive credit history. Today’s graduates have built a strong foundation that can ultimately support long-term wealth and financial wellness."
This year, Fifth Third’s Secured Card program is accelerating from bi-annual to quarterly cycles and anticipates graduating more than 17,000 customers. Customers graduate from Fifth Third’s Secured Card program after meeting key credit criteria like establishing a history of on-time payments over a period of 12 months. Upon graduation, customers are automatically given a
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
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Sophie Isherwood (Media Relations)
sophie.isherwood@53.com
Matt Curoe (Investor Relations)
matthew.curoe@53.com | 513-534-2345
Source: Fifth Third
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