Legacy Visa credit card is easy to use and make everyday purchases. Whether it is dining at restaurants or fulfilling your shopping needs, it takes care of all your expenses. The card is issued by the First National Credit Card and has an array of advantages.
Strangely, there is not much information about the card on their website. Details on their online card services are given to only those who are registered customers of the bank. This means they are not open about their terms and conditions, which further indicates negativity with the functioning of the bank.
Let us look at some more merits and de-merits of using Legacy Visa.
Merits of Legacy Visa credit card
- No Penalty APR – Most banks charge a penalty if you miss out on a monthly payment. With Legacy Visa credit card you can be relieved as there is no penalty APR. Your interest rates remain the same even if you forget to pay one of your installments.
- Secure Online Account Access – The bank has a safe and secure online access to user accounts. Each customer is given a separate login ID and password that needs to be entered before logging in to your account. You can then view your account summary, schedule automatic payments, sign up for email alerts and manage your account on your fingertips.
- Gives you a Control on Purchases–Spendthrift individuals find it really hard to put an end to their expenses. Legacy Visa credit card comes with pre-loaded cash in your account. Thus, you know how much you can spend and be in control of your expenses.
- Fraud Coverage – The bank gives you fraud coverage for lost or stolen cards. All you need to do is call up the bank and explain your case. The customer care executives will take it forward and do the needful thus helping you during crisis.
De-merits of Legacy Visa credit card
- High Annual Fee with low minimum credit – The bank charges an annual fee of $75 from second year onwards. However, the minimum credit limit is only $350, which means you will be using up quite a lot from your minimum credit, thus leaving very little room for other expenses.
- High Processing Fees – Customers claim that they have been charged as high as $199 towards processing fees. They also charge miscellaneous charges when you apply for the credit card. Thus, acquiring the card itself is a big expense for many customers.
- No Rewards for Being in Good Credit – Some credit companies lower the interest rate and increase the credit limit in course of time. But with Legacy Visa credit card you will have to stick to the same rates and limits despite being in good credit for years together. Timely monthly payments do not seek any recognition.
As customers, we need to understand that credit cards can be used as an alternative to cash only if we pay them off regularly. It is our responsibility to make it a point to pay our monthly payments and clear off our debts at the earliest.
There are several credit cards in the market that lure customers with exciting reward points and other offers. It is imperative to read the fine print beforehand, so that we don’t fall into any trap laid by credit card officials.
Doing a thorough research on the Internet and comparing various credit cards in the market is always advisable. Legacy Visa credit card seems to be a good choice among other sub-prime lenders.