Fifth Third Introduces Card Aimed at Debt Consolidation

Fifth Third has launched of a new credit aimed at consumers seeking to reduce interest costs and consolidate higher-rate debt.

According to a Tuesday (Sept. 1) press release, the Truly Simple Credit Card offers an introductory 0% annual percentage rate on purchases and balance transfers for 18 months. After the introductory period, the card carries a variable APR ranging from 18.49% to 29.49%, with rates determined in part by the applicant’s creditworthiness.

The card has no annual fee and allows customers to initiate balance transfers and manage payments through Fifth Third’s mobile banking app. Balance transfers are subject to a fee of $5 or 4% of the transfer amount, whichever is greater, according to the bank.

The card also includes a Mastercard benefit that Fifth Third says can provide more than $120 in annual value through Instacart for eligible cardholders. The offer is available through Jan. 31, 2027, under the terms outlined by Mastercard, per the release.

Fifth Third said the new product is part of an effort to simplify its credit-card lineup around two primary uses: earning rewards and reducing interest expenses. The bank’s existing 1.67% Cash/Back card is positioned toward customers seeking rewards on everyday purchases, while the Truly Simple card is intended for customers focused on financing purchases, consolidating debt and managing payments.

“People are looking for practical and reliable ways to manage debt,” Ben Hoffman, chief strategy officer and head of Consumer Products at Fifth Third, said in the company’s announcement.

Fifth Third’s broader push to deepen its consumer and business relationships comes as the bank expands its digital offerings and embedded-finance capabilities. In June, as PYMNTS reported, the bank rolled out Fifth Third for Business to more than 240,000 small business customers, combining faster payments, digital lending and access to local bankers. The new banking experience also enables small businesses to get paid with Zelle, which typically shortens the payment cycle to minutes, and to accept tap-to-pay transactions directly on a smartphone, anytime and anywhere.

In late July, PYMNTS reported that Fifth Third sent personalized welcome packages to Comerica customers following its $10.9 million merger with Comerica. The merger, which closed in February, established the ninth-largest U.S. bank by assets.

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