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Last updated on March 11th, 2021
Citizens Trust Bank VISA Classic Secured Credit Card
Establish or Rebuild Your Credit
- No annual fee
- No foreign transaction fees
- Rebuild your credit with on-time payments
- Enjoy Visa benefits and protections
- Regular Purchase APR: 17.74% variable based on the Prime Rate
- Balance Transfer APR: 17.74% variable based on the Prime Rate
- Balance Transfer Transaction Fee: There is a $10 or 4% whichever greater balance transfer fee for this card
- Cash Advance APR: 21% variable based on the Prime Rate
- Cash Advance Transaction Fee: $1.50
- Penalty APR: 21%
- Late Payment Penalty Fee: Up to $30
- Return Payment Penalty Fee: Up to $32
- Over Limit Penalty Fee: Up to $30
At a Glance
The Citizens Trust Bank VISA Classic-Secured Credit Card is an entry-level secured credit card that is a good option for those looking to boost their flagging credit score. The card features a fixed-rate APR on purchases, balance transfers, and cash advances, no foreign transaction fees, and no annual fee.
Citizens Trust Bank is a great option for those looking for a straightforward path from no credit or poor credit to good or excellent credit – and the Classic-Secured Card is the first step on that path towards credit card rewards.
Ideal for Those Who:
- Are looking to establish their credit score for the first time
- Have hit a few bumps in the road on their credit journey
- Don’t want to pay an annual fee to boost their credit score
- Already have a savings account with Citizens Trust Bank
Citizens Trust Bank VISA Classic-Secured Credit Card Review
The Citizens Trust Bank VISA Classic-Secured Credit Card is a secured credit card that offers a decent option for rebuilding credit.
The Classic-Secured Card is the first rung on the ladder of credit card products offered by Citizens Trust Bank, based out of Atlanta. With on-time payments, and sound financial habits, cardholders can advance to an unsecured card – the Citizens Trust Bank Visa Privilege Card – in no time.
Who Can Benefit from a Secured Card?
Rebuilding credit isn’t something people want to do, but it is a critical path many Americans must travel every year. Secured cards are an excellent option for those who can’t get approved for a regular, unsecured credit card, as the credit limit is “secured” through a cash deposit. This deposit acts as collateral, should the cardholder fail to pay their bill, and acts as the credit limit: if you deposit $1,000, your credit limit will be $1,000.
Like other secured cards, the Classic-Secured Visa Card is secured via a linked Citizens Trust Bank savings account. Should you make your payments on time, you’ll receive your entire deposit back after closing the account or graduating to an unsecured card; fail to pay your statement, however, and you risk losing not only the deposit but also all the work that went into fixing your credit score.
Related Article: What Are the Best Secured Cards for Rebuilding Credit?
The Classic-Secured Card is in many ways like almost every basic secured credit card on the market today. The card features a fixed APR for purchases, balance transfers, and cash advances. While this rate isn’t exceptional, it is competitive, though for those serious about their credit, it won’t be much of a factor. That’s because paying your entire statement balance on time is an excellent habit to practice; eliminating the need to worry about interest payments completely.
Other features of the card worth noting are no foreign transaction fees, which, when combined with the global purchasing power of Visa, make the card a useful tool both in the states and abroad. The card also features no annual fee, which is a nice perk – especially given that many secured cards charge an annual fee of $25 or more.
Should You Apply for the VISA Classic-Secured Credit Card from Citizens Trust Bank?
The Citizens Trust Bank VISA Classic-Secured Credit Card isn’t particularly sexy, but that’s not it’s purpose. Rather, the card is a no-nonsense tool that can help individuals rebuild their credit with patience, practice, and determination.
Citizens Trust offers a variety of credit card products, all of which complement each other and help consumers along their credit journey. The Citizens Trust Bank VISA Classic-Secured Credit Card is the first step in this journey and is a solid entry-level card.
The major perks of this card are no annual fee and no foreign transaction fees. While the card doesn’t offer much beyond that, it is a suitable starting point – and one that those looking to establish a positive credit history should consider- especially if they already have an account with Citizens Trust Bank.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
For more information on bad credit and bad credit cards, visit our Comprehensive Credit Cards for Card Reference Page, featuring the best current credit card offers, detailed advice, and tips to help you build your credit history.