When choosing a credit card, the one main point everyone should take into account is their credit score. If your credit score is relatively high, then you have nothing to worry about, but when it isn’t, you’re in for some trouble.
The Legacy credit card issued by the First National Bank is specially designed for those with a low or bad credit score. It gives you the opportunity to build your credit score freely. But this card is unique in that it is an invite-only card, and you cannot just apply for this card online.
What Is a Legacy Card?
Offered by First National Bank, the Legacy Visa credit card is unsecured, which means you don’t have to come up with a deposit in advance to use the card. Because the Legacy card is a Visa, cardholders can use it at most merchants within the U.S. and around the world.
The Legacy Visa also offers a rewards program, which it calls its “premium club membership.” To become a member, however, you must pay a monthly fee.
On the downside, the Legacy Visa is an invitation-only credit card, which means you must have a pre-approval code to access the card’s application.
Additionally, the Legacy card’s relatively high APR and long list of fees are two reasons why individuals with bad credit might want to look elsewhere for a credit card.
Legacy Visa Credit Card Highlights
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)
- Legacy Visa 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 Legacy Visa Fees:
- $25 for late payments
- $25 for returned payments
- 2% of the amount for cash advances (minimum $20)
- $20 authorized user fee (optional)
Legacy Visa Overview: Features and Benefits
One of the Legacy Visa’s perks is its rewards program. Through the card’s premium club, participating cardholders can get discounts on dining, hotels, entertainment, rental cars, and prescriptions.
However, the rewards program comes at a price. To join the premium club, cardholders must pay a monthly $4.95 fee. If you don’t travel very often, and you don’t fill many prescriptions, the premium club might not be worth the monthly cost.
The Legacy Visa also offers a payment protection plan that will post your minimum payment in the event you can’t cover it due to an emergency. The plan costs 89 cents per $100 of your monthly balance, and it only applies in cases involving unemployment, military service, disability, jury duty, hospitalization, or family leave under federal or state law.
The card issuer will cover your monthly minimum payment up to $5,000. To qualify, you must have been enrolled in the payment protection plan for a minimum of 30 days, and you can only file one claim every 120 days.
Pros of the Legacy Credit Card
While there are limitations to this credit card, it does offer a few advantages:
- Convenient online access to your account
- Discounts on prescriptions and entertainment
- Payment protection in case of an emergency
One benefit of this card is the online account management. You can easily log in and check the details of your account, make payments, and even initiate automatic payments.
The Legacy Visa credit card includes a couple of optional programs. With the PREMIUM Club Membership, you can get discounts on various purchases. These discounts apply to entertainment, dining, hotels, rental cars, and prescriptions.
You can also choose to add a Payment Protection Plan. If you face an emergency that keeps you from making your payments, the protection plan covers your minimum payments and allows you to avoid late fees.
Unfortunately, these last two benefits require additional fees. You need to spend an extra $4.95 per month for the PREMIUM membership. The protection plan costs just under $1 for every $100 balance.
Cons of the Legacy Credit Card
There are a handful of disadvantages to choosing the Legacy Visa credit card. One issue is the high 29.9% APR. This is several points higher compared to many other credit cards.
You also need to pay a $75 annual fee, which is billed monthly. You pay $6.25 per month to keep this card open, along with your payments on your balance. If you add the PREMIUM membership, you’re paying over $11 per month to use this card.
Keep in mind that there are also processing fees for setting up your card. We’ve heard some reports of customers getting charged $200 or more for these setup fees.
If you only get approved for a $350 credit limit, you may start with $150 of credit and a $200 balance without even using your card.
When you combine the annual fee, the high APR, and the late fees, you may dig yourself into a hole with this card.
Legacy Visa Credit Card Basics
1. Legacy Visa Credit Card APR
The APR or annual percentage rate for the Legacy Visa varies depending upon your current credit score. The company will base your introductory APR off of your credit status at rates ranging from 17.25 percent to 29.9 percent.
As this card is ideal for those looking to build credit, most applicants will be offered an introductory rate of 29.9 percent.
2. Legacy Visa Credit Card Introductory Offers
There are currently no introductory offers, but throughout the year Legacy will sometimes offer benefits such as statement credits, cash back and a set period of time with no payment due.
Be sure to check before applying to look for any ongoing introductory deals or offers.
3. Legacy Visa Credit Card Payments
Payments are made like any traditional credit card. Legacy will send you either a paper statement or preferably a paperless bill with a specified payment date. In the instance that your monthly payment date does not suit your life, you can reach out to them and request a change of date.
As payments are made in a timely manner, your credit limit will be increased. Credit limit increases are a great way to build your financial freedom. This is the most important step in building back your credit.
Legacy Visa Minimum Payment:
– If your balance is less than $30, the minimum payment is the full balance
– If your balance is greater than $30, the minimum payment will then be $30 or 4%, whichever is greater, or 1% of the balance plus late fees and interest.
Additional Fees:
– $25 for late payments
– $25 for returned payments
– 2% of the amount for cash advances (minimum $20)
4. Legacy Visa Credit Card Annual Fees
There are annual fees involved in using the cards, which will be charged to your card upon approval and acceptance of a credit card offer. These annual fees will renew each year on your account creation date.
Currently the rate is $75 per year, billed at $6.25 per month.
Additional services such as travel insurance, cardholder insurance that will protect your credit if you become incapacitated and cannot pay your bills, and other offerings of the company have various fees, as well, all of which will be charged to the card when they are due to be paid.
5. Legacy Visa Credit Card Customer Service
The customer service reviews for the Legacy Visa card are somewhat mixed. Some customers rate them as having excellent customer service, others a less thrilled. There are positive reviews for the Legacy Visa card, but some customer service complaints about First National Bank on the whole.
Some cardholders report an inability to reach an actual person when they need to speak to a customer service representative. The majority of their customer service support is currently being offered through their website.
To pay by phone, contact First National customer service at 888-883-9824
How to Apply for the Legacy Visa Credit Card
Because the Legacy Visa is only issued by invitation, you can’t apply unless you’ve received an offer in the mail.
Assuming you have an offer code, applying is an easy process you can accomplish in four steps.
1. Go to the First National website
Your first step is to visit the First National Credit Card website, where you can see a green box that says “accept online.”
2. Enter your reservation number
Once you click “accept offer,” the First National website will take you to a screen where you can enter your offer code. First National calls this code a “reservation number.”
3. Fill out the application
After the system accepts your reservation number and access code, you can proceed to the actual application. The application will ask for several items of personal information, including your name, address, date of birth, and income.
4. Submit your application
Once you’ve filled out the entire application, you can submit it online. From there, First National will let you know if you’ve been approved and when you can expect to receive your credit card in the mail.
How to Login to Your Legacy Credit Card Account
As with many credit cards, you can manage your Legacy Visa account online. Here are three easy steps for logging in.
1. Go to the First National website
You start by going to the First National Credit Card website, where you’ll see an orange button that says “account login.”
2. Enter your username and password
Next, you’ll be taken to a cardmember services page that asks for your username and password. If you don’t yet have an account, you can click the option that says “register new user.”
3. Access your account
Once you enter your username and password, you can access your account. This is where you can view your balance, pay your bill, set up text alerts, or enroll in autopay.
Drawbacks of Legacy Credit Card
Like all other credit cards, the Legacy card also comes with its drawbacks. With a high 29.9% APR on ¾ of the offers, this credit card will harm your finances if you don’t manage to pay your full balance each month.
For example, if you are only able to pay the minimum $30 and have a $500 balance left over, and if you continue only to make the minimum payment, it will take 22 months to pay the balance off and an extra $154 in interest. And this doesn’t even include the other additional purchases you’ll make during this period.
Legacy Credit Card Reviews
The main complain users have with this card has to do with the customer service. One reviewer says they were thrilled with the card and even got a credit line increase in 6 months, but when they called for a question about a wrong charge, they got rude replies and no help at all.
Others feel similarly saying they had no problems at all with the card, yet when a problem arises with a charge, they sometimes couldn’t even get picked up when calling customer service.
Other cardholders praise the online payments that you can set up to be done regularly, so you will never have to worry about late bill payments or fees. They also find it super convenient that you can log in with the information you will be provided without having to bring out your credit card each time.
One lucky customer even got their late fees waived and said that they are “more than willing to work with you on the annual fee.” Another positive review tells about how they went bankrupt, and this bank was the only one that would give them credit. They have now owned this card for four years and have worked up to a higher credit limit, which suits all their needs. Their annual fees have also been waived since the second year for being a loyal customer.
How to Pay Your Legacy Credit Card Payment
First National lets you pay your bill online, through the mail, or by phone. If you choose to pay online, you can do so by logging into your account.
If you want to pay by mail, you can send your payment to the following address:
To pay by phone, contact First National customer service at 888-883-9824
Best Alternatives to the Legacy Visa Credit Card
If you have bad credit, you may think that your options for credit cards are limited. While it’s true that you won’t qualify for just any card out there, you don’t have to settle for a card with high fees or a bad interest rate.
If you want a credit card that lets you rebuild your credit without charging you a bunch of fees, here are three options to consider.
1. Discover it Secured Credit Card
The Discover it Secured credit card is a secured card, but that’s not a reason to overlook it. With no annual fee, it can be a good deal for people with less than stellar credit.
To open the card, you must put down a $200 security deposit, which will also serve as your credit limit. The APR is on the high side at 24.49%, but you can avoid interest by paying off your full balance each month.
Another benefit of the Discover it Secured card is its cash back rewards program. With the Discover it card, you’ll earn 2% cash back on eligible dining and fuel and 1% on all other purchases.
Even better, Discover will match all your rewards for the first year.
2. Capital One Secured Mastercard
The Capital One Secured Mastercard is another secured credit card with no annual fee. It also gives you flexibility when it comes to your security deposit by letting you choose to put down $49, $99, or $200.
After five months of responsible use, the Capital One Secured Mastercard will also give you an automatic credit limit increase with no additional security deposit required. The APR for the Capital One Secured Mastercard is 26.99%.
3. OpenSky Secured Visa Credit Card
The OpenSky Secured Visa credit card has a $35 annual fee, but reviewers say the card’s easy qualification process and no credit check make it a good choice for those looking to boost their credit score.
The OpenSky card also comes with an interest rate of 18.99%, which is much lower compared to other cards marketed toward those with bad credit. You can also choose a security deposit ranging between $200 and $3,000 depending on your creditworthiness.
Legacy Visa Credit Card
Before you sign up for any credit card, it’s a good idea to check out the most commonly asked questions and answers. Here are some FAQs about the Legacy Visa.
What Credit Score Is Needed to Get a Legacy Visa Card?
First National doesn’t specify a specific credit score needed to get an offer for the Legacy Visa. However, online reviewers have stated they received an offer with a score as low as 400 or 500.
For example, one reviewer at the myFICO forum said they qualified for the card with a $1,500 credit limit with a credit score in the 500s.
Even if your credit score is lower than the 500s, there’s a chance you might receive a pre-approval offer. Because the Legacy Visa is an invitation-only card, you can’t apply unless First National mails you an offer.
Does Legacy Credit Card Give Credit Increases?
The terms and conditions for the Legacy Visa don’t provide any information about credit limit increases, nor is there any information about credit limits on the First National website.
What Is the Minimum Payment on the Legacy Visa Card?
The Legacy Visa requires a minimum payment of $30 or 4% of your balance, whichever is greater, or 1% of the balance plus any interest or late fees. If your balance is less than $30 your minimum payment is the entire balance.
Keep in mind that you should always aim to pay the entire balance each month. This will stop you from accumulating interest.
How Do I Cancel My Legacy Credit Card?
In most cases, it’s ideal to keep credit cards open even if you don’t plan on using them. This is because the available credit helps your credit utilization, which can raise your credit score.
Because the Legacy Visa has a $75 annual fee, however, it doesn’t really make sense to continue paying a fee for a card you don’t use. If you want to cancel your card, the Legacy Visa’s terms and conditions state that “you may cancel your account at any time by notifying us in writing at the address on your monthly statement and returning all cards issued on your account (cut in half).”
Who Is the Legacy Credit Card for?
The Legacy Visa credit card is best suited for those who want to enjoy discounts through the PREMIUM club membership. However, due to the high APR, we only recommend this card for those who can pay off their balances each month.
You also need to spend over $11 per month to use the card and get the PREMIUM club membership. Unless you’re a big spender on the items covered by the discount, you may not get as much use out of this card.
Who Is the Legacy Credit Card Not for?
Unless you’re a big spender who plans on using the Legacy Visa PREMIUM Club membership, you may want to search for other credit card offers.
This card is not for people who don’t pay off their balances each month. If you’re looking for a card that you can use to cover moderate expenses and then pay off slowly over the coming months, this is not the right card.
Legacy Credit Card FAQ
What is a Legacy credit card?
In fact, the Legacy Visa card was created for those consumers who have a poor credit and can’t get decent credit cards. With the help of this credit card, you have a chance to re-build your credit history and, in a result, get a better credit card with decent rewards.
What can I buy with Legacy credit card?
Basically, you can buy anything with your Legacy card (well, as far as your balance allows you to). Considering that this is a Visa card, you can use it anywhere and to purchase anything – as long as the merchants there accept Visa cards.
What credit score is needed to get a Legacy Visa card?
As we have already pointed out in this Legacy credit card review above, there is no particularly specified credit score. However, we believe that you can try to apply for this credit with a credit score as low as 350.
Is it hard to get a Legacy credit card?
As you can read right above, you can apply for this credit card even with a poor credit. This means that it tends to be easy to get this credit card.
How to apply for a Legacy credit card?
If you wish to learn about how to apply for the Legacy Visa card, please refer to the “Application” section above. In that part of this review, you will find out how to apply for the card step by step. But prior to that, you should receive an invitation offer.
How to pay Legacy credit card?
Currently, you can pay your Legacy card online (see the “Payment” section) and in other ways, specified in the letter you received with this card. For example, you can send your payments to the following address (double-check this information on the official website):
How can I pay Legacy Visa card online?
For that purpose, you should log in to your credit card account online in the first place. In fact, you can see how to do that right in the “Login” section of this review. After accessing your account, you will be able to pay your credit card.
What is the minimum payment on Legacy Visa card?
If your balance is lower than $30, you should pay the full balance. Otherwise (if your balance is higher than $30), you have to pay either 4% or $30 (whichever is greater), or (another option) 1% of the entire balance plus interest and late fees.
How to get a credit limit increase on my Legacy credit card?
Currently, there is no way how you can apply for a credit increase with this credit card.
How do I cancel my Legacy credit card?
If you would like to close your Legacy Visa card, you need to contact the customer support. For that, you should call 888-883-9824.
Final Words
While the Legacy Visa’s rewards program may sound promising, you must pay for the privilege of participating. When you add in the card’s $75 annual fee, it’s clear that the Legacy Visa may cost more than it’s worth.
Fortunately, there are alternatives out there that can help people with lower credit scores rebuild their credit. If you’re in the market for a new credit card, it’s definitely worth shopping around.
