First Citizens National Bank Encourages Students to Establish Responsible Credit Habits

(Mason City, Iowa)- As our students are heading back to school and with most of today’s college students using credit cards, First Citizens National Bank, along with other members of the Independent Community Bankers of America (ICBA) encourages the responsible use of credit cards as one way to help establish good credit.

“Our students receive many offers of credit while they are at school. It is important for them to use their consumer credit wisely,” said Marti Rodamaker, President of First Citizens National Bank. “Establishing good credit habits while they are in school will lead to good habits as an adult, and will aid them when they are ready to buy a home, a car, or to pursue other dreams.”

College students use credit cards for everything from books and food to tuition and supplies. Recent research conducted by college loan lender Nellie Mae shows that 74 percent of college students said they use credit cards for school supplies, 71 percent use credit cards for textbooks and food, and 24 percent use credit cards for tuition. Credit cards are a convenience and must be used properly.

“A good credit card track record starts with a good credit card,” said Bob Klocke, Senior Vice President of Lending at First Citizens National Bank. “Make sure you shop around for rates and terms that are favorable, and don’t forget to check with your community bank for more options. It really pays to be a smart shopper.”

First Citizens National Bank and ICBA offer the following tips to help students establish good credit:

• Set up and follow a budget that includes paying off a credit card balance. “Maxing out” or charging up to your card’s credit limit can make sticking to your budget more difficult.

• Cash advances – unlike purchases – generally have finance and interest charges that apply immediately.

• Pay on time, every time. · If you move, notify your card issuer immediately. Consider paying online to ensure your payment is received by the monthly due date.

• Keep records of your account number, expiration date, and phone number of your credit card issuer in a safe place.

• Routinely access your account information online to track your spending and to quickly identify any fraudulent transactions. If you see a transaction that is not yours, notify your card issuer immediately.

• When making online transactions, be sure the site is secure.

• Don’t let others see you enter card information.

• Don’t lend your credit card to anyone, not even a friend. Ever.

• Keep your account information confidential.

• Never give out your credit card number or expiration date over the phone, unless you have initiated the call and know who you’re dealing with.

• Keep a copy of your sales receipts so that you can compare your charges with the charges on your bill.

• If there’s an error, report it immediately by notifying your card issuer.

• Open your monthly statement promptly and carefully read notices or messages from your card issuer.

• If you need to report any errors to your card issuer, look for complete instructions on your monthly statement and follow them carefully to protect your rights.

“Practicing good credit habits early is the best way to protect your credit history and your credit score,” said Rodamaker. “With credit card fraud and problems with identity theft, students need to be extra aware of their financial situation. We hope these tips will help them be responsible consumers when it comes to credit.”

First Citizens National Bank is a member of the ICBA. For more information about First Citizens National Bank, please visit www.firstcitizensnb.com or call 641-423-1600.. Return to read more news