f you have bad credit, then you might like to check out The Legacy Visa, who have an unsecured credit card available to individuals with low credit ratings. Before we get started, let’s take a look at the benefits and disadvantages of the card.
Legacy Visa Card Pro’s
- You will gain access to a rewards program.
- Credit limits can reach as high as $1,500.
- Payment protection is included for a fee.
- Manage your account online for free.
- The card is offered to some individuals with a credit score below 600.
Legacy Visa Card Con’s
- The card costs $4.95 per month, which amounts to $75 a year.
- The interest rate is high at 29.9%.
- You will pay a $25 late fee for late or returned payments.
- If you want to add authorized user, this will set you back $20
Legacy Visa Card Overview
The legacy Visa Card is an unsecured visa card provided by First National Bank. You can only sign up for a Legacy Visa card if you have access to a pre-approval code. The card is an invitation credit card and not offered to everyone. As an unsecured credit card you will not need to pay a deposit in advance to utilise the card. The card has a high APR and numerous fees.
Legacy Visa Premium Club
When you sign up for a Legacy Visa card, you will be offered entry into their premium club membership award program; you will, however, need to pay a monthly membership fee to join. As a member of the rewards program, you will get discounts on hotels, entertainment, dining, rental cars and more. The Legacy Visa rewards program will cost eligible cardholders $4.95 per month.
Payment Protection Plan
To qualify for the Legacy Visa payment protection plan, you must have been signed up for the payment protection plan for a minimum of 30 days. Legacy Visa will then cover your monthly minimum payment up to $5,000, although they will only cover you for one claim every 120 days. The payment protection plan costs $0.89 per $100 of your monthly balance. The protection plan only covers you if you become unemployed, are in the military, have a disability, have to attend jury duty, become hospitalised or need to have family leave under federal or state law.
Credit Score Needed to Get a Legacy Visa Card
No specific credit score details are detailed on the First National website. Consumers have detailed they received an invitation with credit scores as low as 500.
Minimum Payment on the Legacy Visa Card
One the First National Website, they detail that you must pay a minimum payment of $30 or 4% of your balance, whichever one is greater. Another option is to pay 1% of the balance plus interest or late fees. When your balance reduces to below $30, your minimum payment would then become the whole balance. By paying the complete balance each month, you would then not need to pay interest. Step by Step Guide To applying for the Legacy Visa Credit Card If you receive an offer in the mail for the Legacy Visa card, you can then apply following these steps: Step One: Log into the First National Credit Card Website, enter the site by clicking on the green button which says ‘Accept online’.
Step Two: You will be taken to a screen where you will need to input the offer code sent to you. On the screen, this is entered in the reservation number box.
Step Three: Complete the application, you will need to enter your name, address, date of birth and a variety of other pieces of personal information.
Now click submit.
First National will now inform you if you have been approved.
When you have been approved, you can manage your account online; you will be taken to a member services page, you will need to register as a new user.
Now you will have access to your account.
Paying Your Legacy Credit Card Bill
You can pay your bill in several ways:
- Pay Online — log into your account
- Mail — send your payment to First National Credit card
- Phone — call 888–883–9824
Cancelling The Legacy Credit Card?
As the Legacy credit card has an annual fee, it is a good idea to cancel it as soon as you don’t use it anymore. Cancelling the card is simple, you will need to notify First National in writing at the address specified on your monthly statement. You will also need to return all cards issued; these cards should be cut in half, to ensure you avoid any fraudulent behaviour.
Legacy Visa Credit Card Conclusion
As we detailed at the start of this review, Legacy Visa card’s fees are on the high side, with a $75 annual fee and a variety of other expenses, along with a very high-interest rate, Legacy Visa card is one of the more expensive options available. Getting a Visa card, when you have a bad credit score can be difficult; however, it is not impossible, so you may want to discover two other options:
Capital One Secured Mastercard
An alternative option is Capital One Secured Mastercard; this is a secured credit card. You will not pay an annual fee, and the card allows you to choose how much you put down as a security deposit (you can choose either $49, $99 or $200), you will, however, pay an interest rate of 26.99%. When you have been using the card for five months, you will receive an automatic credit limit increase.
OpenSky Secured Visa Credit Card
With a $35 annual fee, the OpenSky secured visa credit card comes with a much lower interest rate of 18.99%. You can choose to deposit between $200 and $3,000 as a security deposit, depending on your creditworthiness. The qualification process is simple; the company do not carry out a credit check, making this a simple card for individuals who want to increase their credit score.