PROVIDENCE, R.I. -- Citizens Savings Bank announced plans for a Visa card with no annual fee and a 14.5% annual interest rate.

James E. Melia Jr., senior vice president of the Royal Bank of Scotland affiliate, said the product is aimed at the 80% of Citizens cardholders who maintain a revolving credit balance.

The company also said it will reduce its basic Visa classic card rate to 15.9%, from 16.9%. The card requires a $20 annual fee but allows an interest-free grace period between the purchase and billing dates.

Citizens' Visa gold card costs $35 a year and charges a prime-linked interest rate of 13%.

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