One of the first parameters to issue a credit card is the Credit Score. If you have a high score, it shouldn’t be a problem. But if the score is low for reasons such as financial difficulties, late repayment of loans, etc, getting a credit card becomes close to impossible. Also, it’s not easy to re-build back the credit score and in many cases, is time–consuming. To overcome this issue, First National Bank issues the Legacy Visa Credit Card for people with low credit scores and allows them to build their credit score freely.
How does the Legacy Visa Credit Card work?
To begin with, unlike most credit cards, the Legacy card is unsecured. This means you do not have to pay a deposit upfront to obtain this card. Also, the Legacy card is provided by Visa, so you can use it at multiple outlets in the U.S and around the world.
The first savingscc Legacy Card offers a premium membership that you can be a member of, after paying a certain monthly fee. If you do that, you become eligible for discounts on dining, medical prescriptions, etc.
Some of the features of this card that makes it stand out from its counterparts in the market are:
- Annual Fees: $75
- APR: 29.9%
- Credit Limit: From $350 to $1500
- Minimum Payment Limit: $30 or 4%
- Late Payment Fee: $25
The credit limit is decided based on your credit score. If the score is higher than 700, you must be able to avail of the entire credit limit of $1500. On the other hand, if you have a low score, a credit score between 350 and 500 is more likely.
If you do not wish to or not in a position to pay the entire credit balance for a month, you can pay either $30 or 4% of the balance, whichever is higher.
One important point to note is that although the minimum payments are low, the APR is highly significant. That is, if you do not pay the entire credit balance on time, the bank will charge a very high interest ranging between 17.25% and 29.9%
When Should You Consider Applying for the Legacy Credit Card?
As mentioned above, the pressing use – case of this Legacy Credit Card is when you have a low credit score and still want the benefits of a credit card. Not only that, since this card also offers benefits on some portion of everyday expenses, it makes sense to apply for it.
Also, there is no initial deposit that needs to be paid to get this card, so you can obtain this even if you have financial difficulties. The Payment Protection Plan described below is another life – saving feature that can help you at times when the repayment of the minimum balance becomes difficult due to any unforeseen circumstances.
Legacy Visa Payment Protection Plan
This feature is unique to many mainstream credit cards available in the market. In a nutshell, this card acts as insurance if something unforeseen happens with you like loss of job, hospitalization, etc.
The bank, First National will pay the minimum balance of your card every month until you come into a position to repay the amount. Although there is a fee in this service, it is useful in situations where you cannot clear the minimum balance. In this way, your card remains active at all times.
But note that you should have been a holder of the card for a minimum of 30 days. Also, you can file for this claim only once in 120 days. If you apply for this, you will also not be eligible to make any other purchase with your card.
Legacy Visa Card Rewards
One of the most useful purposes of this card is to build credit. When you do that, you can apply for a credit card from mainstream providers and be eligible to receive sign–up bonuses and cashback. Also, if you become a premier member of the Legacy Visa Credit Card, you become eligible for discounts on dining, entertainment, and even medical prescriptions in some cases. Rack up credit card rewards when you are doing essential spend.
Legacy Visa Annual Fee
There is a certain fee that applies every year at the date of your account creation. It is initially charged upon the acceptance of your application for the credit card.
As mentioned among the features, the annual fee as of now stands at $75 per year which is billed every month at $6.25. This annual fee is higher than many other credit cards in the market. On top of this, if you opt for the rewards program, an additional fee of $4.95 per month.
All in all, the total fee for a year along with the Rewards feature adds up to less than $135 per year. This is only worth financially if you will constantly use the rewards feature.
Legacy Visa APR
The APR abbreviated for Annual Percentage Rate is provided to you depending on the credit score you have. The range of APR that the company provides is between 17.25% to 29.9%.
This card is best for building your credit score so that you will be more eligible for the mainstream credit card. Most of the applicants are offered an introductory APR of 29.9%.
The payment system with this card is like the conventional way. They will send you an e-statement or post a paper statement at a pre-determined date. You can also reach out to them if you want to change the monthly statement reception date.
If you pay back the credit in time consistently, the score increases. This is a great step in building back your credit. A pro tip: Do not pay the minimum balance for the card unless your financial condition is poor to not afford the entire balance at that time. Only complete payments over a consistent period help build your credit score.
BBB Rating and Fraud Protection
Credit Cards by the First National Bank have been accredited from 2003. The company has a solid business history with 85 years in operation, and in the 6th generation of ownership currently.
The Better Business Bureau rating of the company currently is B+.
Like many credit cards in the market, even the First National Bank offers protection against stolen or lost credit cards.
If you arise in such a situation, you can contact their customer service at (888) 883-9824. They are available all round the clock. The representatives also suggest that you provide your issue in writing to them. According to their terms, the holders of the credit card are not responsible for any unauthorized usage after the card has been lost or stolen.
Disadvantages of using the Legacy Card
At first glance, the features and the purpose of the First Legacy Visa Card may seem exciting. But it is essential to get a deeper look at the costs in addition to the usage of the card.
To summarize the different fees below:
High Annual Fee: There is a $75 annual fee which is billed monthly, this fee is higher than many other credit card providers.
High APR: At 29.9%, this is way high than the other similar providers.
Extra Fees: Many other fees are depending on the services you undertake. For instance, you have to pay $20 to add an authorized user. Also, the late fee for this card is $25. If you undertake the rewards program, an extra of $4.95 will be charged every month.
Legacy Visa Card Offers
As of now, First National Bank offers 4 credit card offers to choose from when you sign up for the Legacy card.
Legacy Visa Offer 1
This offer includes an APR that varies with the market. Typically, it is 16.90%. Under this offer there is no annual fee and late payment fees are $25. If you want to avoid interests on the purchases made through the card, pay your bills at least within 25 days after the due date. If you fail to do that, the minimum interest charge will be $1.
Legacy Visa Offer 2
This offer has a higher APR at 29.9% but does not have any minimum interest charge. If you want to avoid the interest though, similar to the last one, pay your bills within 25 days after the due date. There are additional fees in this offer, including the $75 annual fee which is billed monthly at $6.25. To this card, you can add another authorized user which costs $20 per year. Should you choose this offer, you will be issued a Visa card with a minimum of $350 credit up to $2500.
Legacy Visa Card Offer 3
This offer is exactly same as Offer 2 in terms of the annual fees, APR, authorized user fee and late payment interest and terms. The only change is that here, you will be issued a card with a minimum credit of $350 up to a limit of $1500 and not $2500.
First SavingsCC Visa Card Offer 4
This offer has an APR of 29.9% and an annual fee of $75. There are no minimum interest charges on this card like the previous two offers. However, there are some maintenance and set – up fees associated with this offer which needs to be calculated beforehand. This extra fee reduces the starting credit limit that you have. For instance, if your minimum credit limit is $400, only around $325 only maybe available for you to spend.
Legacy Visa Credit Card Customer Service
The customer service team has both good and bad reviews. While some have rated highly, others have described the poor experience with the bank as a whole.
You can avail the customer service through the website. It is hard to connect to an actual representative to speak on an issue.
The best solution is to either Email them or give a call to the bank to get further steps to communicate.
Legacy Visa Credit Card Application Process: Explained
The application for the Legacy Visa Credit Card is straight – forward. You have to go to their website and fill out the application online. Once you complete the application online and send it, you will have the provision to check its status too.
Since the target audience for this credit card is people who have less or bad credit scores, getting acceptance should not be tedious. Either way, ensure to complete all the fields in the application and attach all required supporting documents correctly.
How to apply for the Legacy Visa Credit Card
- Visit the official website of the provider, which is first savingscc, firstnationalcc.com. Click on ‘Accept Online’ written inside a green-coloured box. You can also read through the benefits of the credit card written under it.
- On the next screen, enter the reservation number along with the access code. Note that this card is provided only to selected individuals on an invite – basis. So, you need to have an acceptable form beforehand that contains the reservation number.
- If the details are correct, on the next screen, you will have to fill out the application form with personal information like your name, date of birth, address, and income.
- Once you fill out the application complete, submit it. First National will notify you if they accept the application and will also tell you when to expect the First Legacy Credit Card over mail.
Legacy Visa Login Page: A Step By Step Guide
The login process is straightforward.
- To begin with, go to the provider’s website, that is, firstnationalcc.com.
- Click on the ‘Account Login’ button.
- Enter your username and password. If you do not have one, you can register yourself as a new user by clicking on ‘Register New User’.
- If the credentials are correct, you will be taken to the account page. Here you can check your balance, pay bills, enroll in autopay, and enable text notifications and alerts.
You can access the Legacy Account from the comfort of your mobile phone now. On the mobile application available on both Android and iOS, you can view statements and download them. Apart from this, you can also readily make payments from anywhere and anytime. Lastly, the app has all the necessary tools to manage your account. The user interface is extremely intuitive and easy to use as well.
Similar Cards to the Legacy Visa Credit Card: Other Alternatives
|Parameters||Capital One Platinum||Capital One Quicksilver One||Milestone Unsecured|
|Rewards||–||1.5% cashback on every purchase||–|
|Annual Fees||$0||$39||Provided in Terms and Conditions|
|Advantages||Higher credit – line after 5 months of regular payments |
Pay by check, at the local branch or through the online portal
|Higher credit line after 5 months of regular payments |
Free monitoring of credit
|Pre – qualification that does not affect the credit score |
Customize your card
|Best suited for?||Those who want to strengthen their credit||For those who want to strengthen their credit and earn rewards for usage||Those who have bad credit and want to strengthen it|
Depending on your requirement, budget, likeliness, you can compare the different plans available and choose the right one.
Legacy Visa Credit Card Reviews
Like with literally any other product out there, the First National Credit Card reviews are both positive and negative. Let’s start with the positives.
Users find the web – portal of the card extremely easy to use. The best part is you do not have to bring out your credit card each time for logging in. They are happy that they can schedule bills online to auto – pay and do not have to worry about late payments and their associated fees.
One customer also reviewed that the company waived off their annual fee. Another review tells how a bankrupt user solely depended on this card to sustain a livelihood. Some customers have also reported that a waive in their annual fee in the second year of usage.
On the other hand, negative reviews are mostly on customer service. According to one of the customers, while they were happy to use the card and even got a credit line within six months of usage, they had contacted customer service for some issue and got rude or no replies. There are persistent complaints about the customer service not picking up calls when an issue with the card arises.
Your credit score is going to be very important for you throughout your life. Not just for getting a credit card, but for many other real-life applications such as purchasing a property, asking for a loan, and even in investments. Depending on when you started your ‘credit’ life, you may or may not have much time to build it on the go.
If currently, your credit score is low, it is advisable to get cards from less – known and prominent providers. If you do not have any other choice, you can choose the Legacy Visa Credit Card.
Do not just consider this as a credit card, but a long – term investment. This is because you will need to use this card for quite some time before increasing your credit score to a considerable level. But the more you put the effort to be consistent in usage and paying regularly, the faster will your credit score increase and unlock more benefits and opportunities.
The Legacy Visa Credit Card will probably be of minimal use to you if you have a good credit score. In that case, you are better off getting cards from more mainstream providers.
All in all, if you do choose to get the Legacy Visa Credit Card, start with visiting their first savingscc website or calling their customer care today.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates