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The credit card business is an enormous industry. According to the Federal Reserve consumer credit report, American consumers have nearly $1 Trillion in credit card debt!
And when you think about how the credit card industry is made up of just a few companies (4 major US credit cards), that statistic is even more staggering.
The vast majority of credit cards stem from either Visa, Mastercard, American Express, or Discover, with Visa and Mastercard accounting for 84% of all US credit cards.
That means Legacy is part of a dominant network with Visa. Here are some additional pros and cons of Legacy Visa.
Legacy Visa Pros and Cons
- Legacy Visa is easy to get an approval for as you can get approved with a FICO score as low as 400. This makes Legacy Visa a good option for consumers with bad credit.
- You can have a Credit limit of up to $1,500 initially, which will be based on your FICO score.
- Legacy Visa offers a Payment protection plan where you can pay $0.89 for every $100 of your monthly balance, and if a qualifying emergency happens, you can skip your monthly payment. There is a max of $5,000 on this program and can only be used once every 120 days.
- There is a Reward program; however, you will want to make sure this is right for you (see additional details in the cons section below).
- An online portal allows you to see transactions and keep track of your payments, sign-up for automatic payments, and download statements. You will need a PDF reader, such as acrobat (available for free online), to read your statements.
- The legacy card is a chip card for added protection.
- Fraud protection on lost or stolen cards. You are not liable for transactions that you did not do. You will need to call customer support, and they will handle the rest.
- Your APR will not automatically increase if you miss a payment.
- Their website is not very informative, especially prior to applying for the card. This is probably due to Legacy Visa Credit Card being by invitation only where you need a prequalification letter, via mail, to apply.
- Legacy Visa has a high-interest rate at 29.9%.
- There is a $75 annual fee, billed monthly of $6.25, on the Legacy Visa card.
- If you want to add an additional authorized user, there is a fee of $20.
- You will be charged a $25 fee for late and or returned payments.
- You get access to rewards, but you have to pay an extra $4.95 per month for access. This means if you get a $1,500 limit and stay below 10% usage, which is what experts recommend, you could use $150 per month of credit. Getting 1% in rewards is only $1.50 a month…while you are paying $4.95. You will want to make sure the rewards program makes sense in comparison of your monthly credit card spend.
- A credit line issued can be as low as $350, which is dependent on your FICO score.
- Legacy Visa is not a touchless card.
What Is the Legacy Visa Credit Card?
Legacy Visa credit card is an unsecured credit card offered by First National Bank. You can use the credit card anywhere Visa is accepted.
Having an unsecured credit card means you do not have to fund it to use it, but rather you pay the bill at the end of each month.
While this is the most common type of credit card, it comes with some additional risks outlined below.
How Does the Legacy Visa Credit Card Work?
When you are on their website, you will enter the reservation number in the letter you received and your “access code”.
You will then input additional information such as your name, address, date of birth, SSN, and income. You then submit your application and wait for the system to tell you if you are approved.
If you are approved, you will also be issued a credit limit. Once you receive your Legacy Visa credit card, you can then use the card at any location that accepts Visa.
Legacy Visa Credit Card Features and Benefits
- Discounts & Rewards Made Available: The Legacy Visa Credit Card offers a rewards program that they call the “Premium Club”. With the Premium Club, you can earn rewards as well as receive discounts when you use your Legacy credit card for hotels, prescriptions, restaurants, rental cars, and certain entertainment.
- Payment Protection: You can pay $0.89 for every $100 of your monthly balance, and if a qualifying emergency happens, you can skip your monthly payment. There is a max of $5,000 on this program and can only be used once every 120 days.
- There’s a Monthly Fee: The Legacy Visa credit card has a yearly fee of $75 that is billed monthly at $6.25.
- Fraud Coverage: If your card is lost or stolen, you are not liable for transactions that you did not do. You will need to call customer support so they can cancel your current card and issue you a new one.
- You Are in Control: Once approved, you will gain access to an online portal that allows you to see transactions, keep track of your payments, sign-up for automatic payments, and download statements. You also are in control of your purchases as the Legacy Visa card comes with chip technology to further secure your purchases.
- No Penalty APR: Although the APR is high at 29.9%, your APR will not increase if you are late on a payment.
- No Hidden Fees: Legacy Visa advertises “No Hidden Fees”. This does not mean there are no fees, as there are several, but kudos to them for showing them all upfront, such as a yearly fee, a fee to access your rewards program, payment protection fee if you want it, authorized user fee, late fee, and a fee for returned payments.
How Does the Legacy Visa Credit Card Compare?
Compared to most other credit cards, Legacy Visa Credit Card has higher fees overall. While they do have a rewards program, having to pay for it, especially when you will have a relatively low credit line, makes it hard to justify the expense. Here are some alternative options to Legacy Visa Credit Card.
#1. OpenSky® Secured Visa® Credit Card vs Legacy Visa Credit Card
The OpenSky® Secured Visa® Credit Card has an annual fee of $35, which is about half the cost of Legacy Visa.
The interest rate is 18.99% which is low compared to Legacy’s 29.9%. OpenSky gives the cardholder the option to choose a security deposit, as much as $3,000, which is based on creditworthiness.
#2. Discover it® Secured Credit Card vs Legacy Visa Card
Discover it is a secured credit card that has no annual fee. You do have to put down a security deposit which then acts as your credit line.
The APR is right in the middle of most cards at 24.49%. You will be hard-pressed to find a better rewards program, especially the first year than Discover it, where you earn 2% cashback on most dining and fuel and then 1% for everything else.
During the first year, Discover will match your rewards 1 for 1.
#3. Secured Mastercard® from Capital One vs Legacy Visa Credit Card
Secured Mastercard by Capital one is a secured credit with no annual fee. Initially, you get to decide the deposit you put down of $49, $99, or $200.
Although the APR is higher at 26.99%, you will receive automatic credit limit increases without the need for additional deposits as long as you are not late nor miss payments in the first 5 months.
Legacy Credit Card FAQs
Here are some frequently asked questions about Legacy Visa Credit Card.
Is Legacy Visa a Good Credit Card?
Legacy Visa is a good card for consumers with lower credit limits. If you use the card astutely and build your credit, you can then apply for other credit cards with better terms.
What Credit Score Is Needed to Qualify for the Legacy Visa Credit Card?
You need at least a FICO score of 400. You could have a max limit of $1,500 with a FICO of just 500, but this is a case-by-case basis.
Does Legacy Credit Card Give Credit Increases?
Legacy Visa reserves the right to give credit limits if you stay within the terms of the card and do not have any late or missed payments.
How Do I Apply for a Legacy Credit Card?
Signing up for a Legacy Visa credit card is simple, but you first need a prequalification letter mailed to you as you will need the code they mail you during the sign-up process.
After you receive a prequalification letter, go to their website. When you are on their website, you will enter the reservation number in the letter you received and your “access code”.
You will then input additional information such as your name, address, date of birth, SSN, and income. You then submit your application and wait for the system to tell you if you are approved. If you are approved, you will also be issued a credit limit of up to $1,500.
What Is the Minimum Payment on the Legacy Visa Credit Card?
The minimum payment is $30 or 4% of your balance, whichever is greater, or 1% of the balance plus any late fees or interest. If your balance is $30 or less, your minimum payment is your full balance.
Bottom Line: Legacy Visa Credit Card
If you currently have a low FICO score, Legacy Visa Credit Card may be a good option for you as a FICO score of just 400 could bring you an approval.
With their excessive fees, you will want to continue working on your FICO score and then apply for another credit card that has better terms as far as yearly fees, interest rates, and reward programs.