Legacy Visa Credit Card

The Legacy Visa credit card offers hope to those with no credit or poor credit. Issued by the First National Bank, the Legacy card is available by invitation only and geared toward borrowers looking to establish or re-establish credit.

There are several advantages and disadvantages to accepting a Legacy Visa card. As with any major financial decision, you must carefully consider the pros and cons before opening a new line of credit.

1. The Legacy Visa can help rebuild your credit when no other financial institution is willing to approve you for a card. Legacy regularly reports to all three major credit bureaus. While this may provide you with the means to re-establish your credit, it can also backfire if you fail to make your payments on time.
2. Legacy offers purchase protection and travel insurance to members, two features not always available with other cards. Purchase protection insures your purchases against theft, loss, and accidental damage for a limited period.
3. In some cases, the annual membership fee on the card is waived when you make a purchase using your Legacy credit card. Verify that this feature is included before accepting your credit card.
4. Cardholders can access account information and make payments online. Paying online reduces the risk of identity theft, prevents late payments due to delayed mail delivery, and allows you to check the status of your account whenever it is most convenient for you.

1. Legacy charges a fee upon acceptance of your Visa card. This fee applies even if you have not yet used the card. However, cardholders are granted a 30-day trial period, after which the card can be returned and the acceptance fee refunded if the card is unused.
2. Your opening credit line may be very low. Legacy rarely offers more than 250 dollars to new account holders, and your acceptance fee initially reduces a portion of that available balance. Legacy does offer periodic account reviews, and the bank may increase your credit line if you maintain a positive payment history.
3. If you choose to accept a Visa card through Legacy, you will likely pay higher than average variable interest rates. Your rate may be negotiable, however. Before agreeing to an interest rate, call a customer service representative to determine if you are eligible for a reduced interest rate.
4. Legacy cards are available by invitation only. If you have not received a mailing from First National Bank, you cannot apply for, or receive, a Legacy card.

Before accepting your Legacy Visa credit card, it is crucial to read the terms and conditions. Examine your policy documents carefully, paying special attention to any hidden fees and fine print. If you have any questions, regardless of how insignificant they seem, you should call Legacy for more information.

If you have received a Legacy Visa invitation or acceptance form in the mail, and would like to apply online, you must visit the First National Credit Card website. On the left side of the screen, click on the button that says "Accept Legacy Visa Offer." The website will then redirect you to a sign-in page on which you enter the reservation number and access code listed near the middle of your acceptance form.

Rebuilding your credit does not automatically mean you must accept the first credit card offer you receive in the mail. Make certain to compare credit cards before deciding which one is the most appropriate for your situation. Even if you have recently filed for bankruptcy, you may be eligible for a secured credit card through another company with lower interest rates and a higher credit limit. Shop around, and read all the fine print before making a decision. Do not apply for every credit card you can find. Each time you apply for credit and a potential lender checks your credit report, you risk additional damage to your credit score.

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