The Legacy Visa Credit Card, offered through First National Bank, fails to understand the principle of give and take. While it offers some nice benefits, they all come at an up-charge, which may turn potential cardholders off.
Even owning the card will cost you and if you carry a balance, you may never get out from under it. You’re better off going with a secured credit card if your credit is poor or a top-rated rewards credit card if you can qualify for one.
Legacy Visa Credit Card Review
Here’s a quick overview of the Legacy Visa Credit Card:
- Annual Fee: $75 (billed at $6.25 per month)
- APR: 29.9%
- Initial Credit Limit: $350 to $1,500, depending on credit
- Optional Cardholder Programs:
- PREMIUM Club membership ($4.95/month) gives you discounts on prescriptions, dining, rental cars, hotels and entertainment
- Payment Protection Plan ($0.89/$100 of monthly balance) makes the minimum payment and prevents you from incurring late fees if you are unable to pay for a qualified reason (unemployment, disability, hospitalization, military leave, certified family medical leave, jury duty)
- Minimum Payment:
- If balance is less than $30, minimum payment is the full balance
- If balance is greater than $30, then the minimum payment is $30 or 4%, whichever is greater, or 1% of the balance plus late fees and interest
- Other Fees:
- $25 for late payments
- $25 for returned payments
- 2% of the amount for cash advances (minimum $20)
- $20 authorized user fee (optional)
Why to Apply for the Legacy Visa Credit Card
You may want to consider applying for the Legacy Visa Credit Card if you’re interested in the following:
Saving on travel and entertainment: If you sign up for the Legacy Visa Credit Card’s PREMIUM Membership program, you will receive discounts on travel expenses like hotels and rental cars, as well as savings on entertainment and dining. Select prescription medications may also qualify for a discount.
Protection against the unexpected: The Legacy Visa Credit Card’s Payment Protection Plan ensures that you won’t fall behind on your payments if you find yourself unable to pay due to a sudden job loss, hospitalization or other unexpected event.
The company will pay your card’s minimum balance each month up to a maximum of $5,000 until you get on your feet again. You must be enrolled in the program for at least 30 days before filing a claim and you cannot make more than one claim within a 120-day period. While you are receiving these benefits, you are not able to make any new charges on your card.
Simple online account management: Once you sign up for the card, you will be provided with a Legacy Visa Credit Card login that you can use to manage your account, change your alert settings, view your account balance and set up automatic payments.
Legacy Visa Credit Card: Drawbacks and Downsides
Though it is marketed for those with average to poor credit, the Legacy Visa Credit Card could end up hurting these individuals.
High APR: With a 29.9% APR, the Legacy Visa Credit Card is unforgiving if you fail to pay your full balance each month. Say you can only afford to make the minimum $30 payment and you still have a $500 balance left over. Assuming you continue to make the minimum payment, it would take you 22 months to pay off that balance and you’d pay an extra $154 in interest. And that’s not factoring in any additional purchases you’d be making during this time.
Nothing comes free: The Legacy Visa Credit Card offers some nice benefits, but they come at an additional cost to you, which somewhat negates their usefulness. Even owning the card will cost you $75 per year. There are better credit cards out there that can offer you similar benefits without nickel-and-diming you for every little thing.
Legacy Visa Credit Card Alternatives
If you’re looking for a credit card with better perks and fewer fees, we recommend going with one of these.
Cardholders with poor credit should look into the Discover it Secured Credit Card. There is no annual fee, but you must put down a refundable deposit of at least $200. The APR is high at 24.49%, but this shouldn’t be an issue if you pay your balance in full each month. You can earn 2% cash back on rotating categories each quarter and you earn 1% cash back on all purchases. Plus, paying your credit card bill on time each month will help to boost your credit score.
Find the right card that fits your lifestyle.
Discover it Secured Credit CardCrunch Your Spending History
Consider the Capital One QuicksilverOne Credit Card if you want a card that offers rewards and enables you to quickly boost your credit limit. There is a $39 annual fee and 24.99% APR, but you will be able to recoup some of this with 1.5% cash back on all purchases. Once you make your first five credit card payments on time, you will be eligible for a higher credit line, which can also help boost your credit score.
Bottom Line: Should I Apply for the Legacy Visa Credit Card?
The Legacy Visa Credit Card sounds like a good deal until you start doing the math. There are better cards out there that offer greater rewards for a lower price, and one of these will likely be a better option for you.