First National Bank offers Legacy Credit Card, which is an unsecured credit card. Most people with low credit score may want to check this credit card. This is a boon for anyone with low credit of 500.
So, naturally Legacy Visa Card attracts people that have low credit. Yes, they do give a chance for you to do credit repair. There are some benefits in owning this card but there are much more downsides.
This makes it not a compelling option unless you can’t get anything else. It is really important for you to take a close look at some of the details and analyze thoroughly its pros and cons, before applying.
What Is Legacy Credit Card?
Since Legacy Visa credit card is a unsecured card, you need not pay an amount in advance to utilize your credit with the card. Legacy credit card is a Visa card. So, card holders may be able to use at almost all points of sale within the US and all around the globe.
First National Credit Card, as part of First National Bank, offers the Legacy Visa Card. Legacy Credit Card offers premium club membership rewards program. However, you have to pay monthly fee, if you want to be a member.
Also, you can obtain Legacy Card only through an invitation. As a result, you must possess a pre approval code to gain access to the credit card application.
In addition, the Legacy Visa has a high APR and fees for most things which can be a detractor. Individuals with bad credit may opt for this credit card only if they don’t have other options.
Let’s quickly start with Legacy Card benefits and then see why you should hold them and why you shouldn’t touch them.
Legacy Credit Card Benefits
Many people just jump into a trap by these credit cards promising benefits. Once you understand the benefits of legacy credit card, you will understand why it is not great.
Be clear that Legacy Credit card does not give you any benefits by default. You need to sign up for their optional programs.
The primary benefit to owning this card is you can signup for premium membership program which comes with a fee. The monthly fee is $4.95. Consequently, you get to save money on different categories like dining out at restaurants, entertainment, hotels and prescription medication.
The second optional program is a payment protection mechanism. If you miss to pay your current balance for a month, then the payment protection plan will save you. As a result, the late fee charge doesn’t apply to you and covers you for credit card minimum balance payment.
I can come up with only these two as benefits for the Legacy Visa card. So, there is none apart from this, in my opinion. You don’t gain credit card rewards or points and there is no sign up bonus for Legacy Credit Card.
Long List of Downsides
1. Premium Membership Charges
On one hand, the benefits on the Legacy Credit Card makes it seem a great option. On the other hand, many people don’t look at the biting fees they need to pay to have the privilege to receive these card benefits. Consequently, the total cost of owning the credit card will outweigh Legacy Visa benefits cardholder receives.
It is a no-brainer to not go for this card if you do not spend heavily on travel, entertainment, dining at restaurants or prescription medication. Premium membership option costs you $4.95 monthly fee.
There are lot of cards from competitors that are available at low or no cost to you with better rewards program.
2. Legacy Card Annual Fee
Regardless of whether you used the Legacy card or not, be ready to shell out $75 annual fee for being a cardholder member. As if the card has stellar benefits, this annual fee sets you back by a lot. Unless you spend a lot on specific categories, there is no way to break even this fee every year.
3. Miscellaneous Fees
The list of fees doesn’t end soon. Please wait. There are some more miscellaneous fees apart from ownership fee and premium membership program fee. Late payment fee is $25 if you don’t opt for payment protection plan.
Then, if you have your payment returned, you will be charged another $25. Also, there are cash advance fees and authorized user fees to add an authorized user.
4. Low Credit Limit
The downsides won’t end soon. The moment you enjoy your credit card approval message, the next moment disappointment with the low credit limit. Count yourself lucky if you get a credit limit as high as $1,500. The minimum credit limit for this Legacy card is $350.
Obviously, they will keep increasing your credit limit as you make timely payments. However, this low credit limit can be a boon for people with low credit score. So, this helps them not borrow too much and end up with outstanding balance on their credit card.
5. High Interest Rate on Legacy Visa Card
Legacy Visa Card has a really high interest rate at 29.9%. Make sure to pay off high interest debt first to improve your financial situation. Since the Credit card APR is really high, just paying minimum balance strategy will never work.
You will owe a lot in interest to the credit card company if you keep paying only the minimum payment. Make sure you can afford the charge before putting it on your credit card.
Let’s quickly summarize the pros and cons of the card before we see how to apply for Legacy Visa Credit Card.
Legacy Credit Card Pros
There are only a few pro to the Legacy Credit Card
- Easy online access for every need in your digital account
- Premium membership rewards on travel, dining, entertainment and prescriptions
- Payment protection plan in case you miss paying credit card balance
Online access is spot on. The design helps users understand the interface easily. It is easy to log in and check account details. Additionally, they make it simpler to make payments manually. Also, you can start automatic payments, if you want.
If you opt for a couple optional programs, then you can maximize your benefits. But, it comes with a fee. You will get good discounts and rewards on specific categories of purchases with Premium Membership Club. This applies to categories like hotels, entertainment, rental cars, dining and prescriptions.
You may opt for another benefit which is the Payment Protection plan. If an emergency keeps you from paying your credit card bill, the Legacy Credit Card payment protection plan helps cover minimum payments. This way, you can avoid late fee.
Additionally, these two optional programs require you to pay a fee to get access. Be ready to pay a recurring monthly fee of $4.95 for Premium membership. The protection plan costs just under $1 for every $100 balance.
Legacy Credit Card Cons
- High 29.9% APR interest rate
- $75 annual fee with no good rewards structure
- Fees Fees everywhere
Their main business model revenue generation may be through the huge 29.9% interest rate. They target lower credit score who have higher default probability.
Thus, they ensure to keep collecting high annual percentage rate from those who only make minimum payments. This is at least 1,000 bps (100 bps = 1%) higher than the national average APR on credit cards.
With not much return, expect to shell out $75 fee annually, but billed monthly. You pay a monthly fee of $6.25 to hold this card open in your wallet. If you opt for the Premium Membership, without which the card is of no use, then you will pay $11 every month to derive benefits from this card.
There are also some setup fees. Please check with the team directly on this fee. It seems to be a $200 fee, if you happen to get this charge.
Assuming you only get approval for the minimum credit limit $350, you will only have $139 of actual credit and a $211 balance through setup fee and monthly fee, before using the Legacy Visa card.
Don’t dig yourself a grave and go sleep in it. Avoid the card if you can. But, if you have no options with your bad credit, then go for it.
How to Apply for Legacy Credit Card
Legacy Visa Credit Card is invitation only. So, you will not able to apply unless you receive an offer in the mail with a access code and reservation number.
For the below, I’m going to assume you already have the offer code. You can easily apply for legacy credit card in 4 steps.
1. Head Over to First National CC Homepage
You can quickly visit their homepage using the link First National CC. Once you land there, look for a green “accept online” box
2. Input Reservation Number
Once you hit accept offer , First National CC will lead you to a web page where you will input the offer code. FirstNationalCC website shows the reservation number field where you will enter the offer code.
3. Fill Personal Details And Complete Application
Once FNB accepts the access code and reservation number, you can now leave your personal information for them to identify, KYC and approve you.
Application will definitely ask you for several pages of personal information. So, this includes and not limited to your name, date of birth, address, employment type, Social Security Number (SSN) and income.
4. Submit Application Online
After you fully fill your personal information in the application, it is time to submit it for the decision. You can submit the application online.
Subsequently, First National CC will analyze your credit history by placing a hard inquiry on your credit report. Finally, they will tell you about your approval or denial. In case of approval, they will tell when to expect credit card in snail mail.
How To Login Legacy Credit Card
As usual with any credit card, you may to fully manage your Legacy Credit Card account online. Here are three easy steps for logging in.
1. Head Over To First National CC Homepage
Just start by heading over to First National CC homepage. You should be seeing an orange button with account login text. Click on it.
2. Input Correct Username And Password
After that, you land on a login page where you can input username and password. If you haven’t created your account, then click on register user and create account.
3. Access Account
You can access your account, if you enter your username and password correctly. You will now be able to see what your account balance is, pay bills automatically or manually and set text alerts.
How To Contact Legacy Credit Card Customer Service?
You can call first national credit card customer service by calling +1-888-883-9824.
If you want to mail them documents or anything else, then head over to Legacy Credit Card Customer Service web page.
Is Legacy Visa A Good Credit Card?
As much as the premium membership seem full of rewards for customer, you need to pay to participate. If you add the Legacy Visa card $75 annual fee, it becomes totally clear that Legacy Visa will cost more in fees than it is worth.
Fortunately, this credit card can be an alternative for people with low credit score to re-build the credit. If you are looking for new credit card. then make sure to analyze other options before choosing the Legacy Visa Card.
The high Annual Percentage Rate (APR) and annual fees mean this card is not the best option for people with bad credit. Even if you get approval for your application, you may get a really low credit limit.
Furthermore, you may be in a situation continuously paying fees after fees for every task and further run into other difficulties. There may even be better options with a secured credit card than Legacy Visa card.
Therefore, Legacy Credit Card is not the best credit card option for many people. Just see how the interest and fees outweigh the rewards and benefits of Legacy Card. As a result, this unsecured credit card is definitely not worth holding in your wallet in most circumstances.
In conclusion, you will see a lot more rewards credit cards in the market. Check with competitor credit card companies with lower fees and having better card benefits. There are many low or no fee credit cards with better reward structures.