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What you NEED to know about your Credit Card   

Young Lady with credit card

Credit cards can be incredibly useful. They help build credit, make everyday purchases easier, and can even earn rewards.  

But they’re also one of the most misunderstood financial tools out there.  

If you’re new to credit cards, or you’ve had one for years but never really understood how it works, here are a few things everyone should know.

1. Don’t Just Focus on the Introductory Rate 

That “0% APR for 12 months” offer looks great. 

But what happens after those 12 months? 

Before opening any credit card, look beyond the introductory offer and check the card’s ongoing interest rate. If you ever carry a balance after the promotional period ends, that’s the rate you’ll be paying.  

A great rewards card can become a very expensive card if you’re carrying a balance month after month.  

2. Your Statement Date and Due Date Aren’t the Same Thing 

This surprises a lot of people. 

Your statement date is when credit card company takes a snapshot of your balance for the month. That balance is typically what’s reported to the credit bureaus and can affect your credit utilization. 

Your due date is the deadline to make your minimum payment. If you can pay your full statement balance instead, even better. Paying on time helps you avoid late fees and protects your payment history, one of the biggest factors that affects your credit score.  

If you’re working on building or improving credit, it’s important to know both dates and what they mean.   

3. Your Credit Limit Matters More Than You Think 

Your credit score isn’t based only on whether you make your payments.  

It also considers how much of your available credit you’re using. 

This is called credit utilization.  

As a general rule, many financial experts recommend keeping your reported balance below 30% of your credit limit whenever possible. 10% is even better.  

For example, if your credit limit is $3,000, keeping your statement balance around $900 or less can help demonstrate responsible credit use.  

That doesn’t mean you can’t spend more than $300 throughout the month. It just means paying your balance down before your statement closes if you’re able.  

4. Paying the Minimum Isn’t always Enough 

Making your minimum payment keeps your account in good standing.  

But if you’re only paying the minimum while carrying a balance, interest continues to accumulate, which means it can take much longer and cost much more to pay off your debt.  

Whenever possible, paying more than the minimum helps reduce your balance and the amount of interest you’ll pay overtime. 

Already Carrying Credit Card Debt? 

If you’re like many Americans, you’re carrying a balance on a high-interest credit card. And if that’s the case, a large portion of your payment may be going toward interest instead of reducing what you owe.  

That’s where a balance transfer can help.  

Right now, Central One is offering a 4.99% introductory APR* on balances transferred before September 30, 2026, with the promotional rate lasting through February 17, 2028. There’s also no balance transfer fee, allowing more of your payment to go toward reducing your balance instead of paying unnecessary fees.  

If you’ve been looking for a way to make faster progress toward becoming debt-free, this promotion may be worth exploring. Learn more about our Balance Transfer Promotion or stop by any Central One branch to see if it’s the right fit for you.  

 

Balance Transfer Promotion Disclosure: Promotion valid from 6/1/26 through 9/30/26. *APR = Annual Percentage Rate. 4.99% APR* promotional rate valid through 2/17/28 on transfers made between 6/1/26 through 9/30/26. Your credit card’s variable APR* and normal finance charges apply to balances other than the transferred balance, such as purchases and cash advances. You may only transfer balances from cards not issued by Central One. Balance transfers do not earn rewards. Balance transfers have no grace periods and may take up to 45 days to complete. Central One does not reimburse fees from other credit card providers. No annual fee, no balance transfer fee, no cash advance fee, late payment fee $29, over the credit limit fee $29. You must be at least 18 years of age. Federally insured by NCUA.

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Personal Loan Rates

Signature Personal Loan – 9.13%

Secured Loan – Share APR +3.00%

Personal Access Line of Credit (PAL) – Prime + 11.50% (floor rate is 9.99%)

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Adjustable Rate Mortgages

  • The 15/5 Adjustable Rate Mortgage offers a fixed APR of for the first 15 years then adjusts to a new rate every 5 years.

    Term: Available for terms up to 40 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application. Payments do not include taxes and insurance. 

    Begin the Application Process Check Rates

  • The 15/5 Adjustable Rate Mortgage offers a fixed APR of for the first 15 years then adjusts to a new rate every 5 years.

    Term: Available for terms up to 40 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application. Payments do not include taxes and insurance. 

     

    Begin the Application Process Check Rates

  • The 10/5 Adjustable Rate Mortgage offers a fixed APR of for the first 10 years then adjusts to a new rate every 5 years.

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application. Payments do not include taxes and insurance. 

     

    Begin the Application Process Check Rates

  • The 10/5 Adjustable Rate Mortgage offers a fixed APR of for the first 10 years then adjusts to a new rate every 5 years.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 5/1 Adjustable Rate Mortgage offers a fixed APR of for the first 5 years then adjusts to a new rate every 1 year.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 5/1 Adjustable Rate Mortgage offers a fixed APR of for the first 5 years then adjusts to a new rate every 1 year.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 3/3 Adjustable Rate Mortgage offers a fixed APR of for the first 3 years then adjusts to a new rate every 3 years.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 3/3 Adjustable Rate Mortgage offers a fixed APR of for the first 3 years then adjusts to a new rate every 3 years.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 1/1 Adjustable Rate Mortgage offers a fixed APR of for the first 1 year then adjusts to a new rate every 1 year.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.

     

    Begin the Application Process Check Rates

  • The 1/1 Adjustable Rate Mortgage offers a fixed APR of for the first 1 year then adjusts to a new rate every 1 year.

     

    Term: Available for terms up to 30 years.

    Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.

    Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.

     

    Calculate your monthly payment using the ARM Mortgage Calculator

    Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.

     

    Begin the Application Process Check Rates

Order Checks for your Home Equity Line of Credit (HELOC)

You can order checks through this link Order Checks or by calling 800-355-8123. You will need to input your account number and the Central One routing number (211387169). As a security precaution, you will not be able to change the address on the checks and all orders will be sent to the address of record on the account.

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