>>Saving and Rebuilding Credit in the New Year

Saving and Rebuilding Credit in the New Year

If you have included saving money and reducing debt in your resolutions for the new year, you’re not alone. A recent survey found that 32 percent of Americans plan to “save more, spend less ”, while more than a quarter (27.5 percent) intend to pay down debt in the new year. As with most resolutions, sticking with a
savings plan can be difficult; challenges arise throughout the year, from unexpected expenses to a reduction in work hours. Because many families’ financial lives are unstable, putting aside savings to draw from is one of the most important things that you can do. Not only will having savings help when the proverbial rainy day comes
along, but savings can help you avoid the need to take out costly payday loans, or pay penalty fees for late payments.
One tip suggested that many financial experts suggest is to get a secured credit card (a secured card requires a cash collateral deposit that becomes the credit line for that account). Secured cards offer numerous benefits.

First, they use your savings to establish the line of credit. If you get the Citizens Trust Bank VISA CLASSIC Secured Credit Card for an example, as little as a $600 deposit* gives you a $500 line of credit.

An important distinction: Secured cards are not prepaid or debit cards. The money that you have secured stays intact and adds to your buying power of a
credit card.

Another benefit of secured cards is that they can help rebuild credit. Secured cards report to all the three major credit bureaus, so when you make payments on time you are building your credit file. Over time with responsible credit management, having a secured credit card can help improve your credit score.

Citizens Trust Bank VISA CLASSIC Secured – Credit Card Solution

The Citizens Trust Bank VISA Secured Credit Card is one of the best-secured credit cards in the country. Some of the everyday card features include:

  • NO Annual Fees
  • NO Balance Transfer Fees
  • Credit Limits $500-$5,000 and;
  • The ability to upgrade to a Citizens Trust Bank unsecured credit card solution**

Good financial health is always in season. Visit us online or one of our Citizens Trust Bank financial center location to APPLY TODAY.  Stay tuned for more information about more Citizens Trust Bank Credit Card solutions on

A variable 12.50% APR is for the Citizens Trust Bank VISA CLASSIC Secured credit card only. APR is calculated by using the Prime Rate as published in the “Money Rates” section of the Wall Street Journal. As of December 15, 2017, the Prime Rate was 4.50%. A Penalty APR of 21.00% may be applied to your account if you make a late payment. If your APR this reason, the Penalty APR will apply until you make six consecutive minimum payments when due. There are no annual, membership, foreign transaction or balance transfer fees associated with the Citizens Trust Bank VISA Prestige Elite, CLASSIC Secured or ATL credit card products. Penalty Fees may be applied (Up to $30) for Late Payments and Over-the-credit limits. The penalty fee for Returned Payments (up to $32) may be applied.

*An additional $100 deposit is reserved for interest and/or fees incurred due to payment default.
**Eligibility is based on regular, on-time credit card payments for a 2-year time period. 

2018-07-26T17:29:54+00:00January 10|Blog|
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