The Legacy Visa Credit Card is a credit card provided by the First National Bank. Plenty of people aiming to get a credit card are enticed to apply for this one since it reportedly comes with many benefits. Yet some claimed that the benefits featured in this card were overpowered by the disadvantages they will experience from this credit card option. It is suggested to weigh the options and the pros and cons of using this type of credit card.
Here are several factors that can help you decide if the Legacy Visa Credit Card is worth applying for.
The Rewards And Benefits
To learn why this credit card is not what it was publicized to be, it is essential to know its alleged benefits that make plenty of people want to apply for this card. The primary benefit of owning a Legacy Visa Credit Card is its premium membership program. It reportedly allows subscribers to save a significant amount of money on various items, including dining options, entertainment, and prescription medicines. It also comes with other perks like a payment protection plan and a user-friendly account management system.
The Up Charges
The advantages promised by the Legacy Visa Credit Card may seem to look good at first. But not everyone knows that they need to pay more to enjoy the privileges of having these benefits. The cost of the extra charges could surpass the perks that the cardholder will get from the card. You will have to pay an additional amount to be part of the exclusive membership program. It is also possible not to reap the promised rewards if you are not usually eating out or buying prescription medicines. There are other credit card options from other providers that offer better rewards with lesser charges.
The Required Fees
Another disadvantage of this card is the amount you need to spend even if you are not using it often. Despite not making regular purchases with this card, you must still pay $75 annually to maintain the credit card. Other hidden fees come with the standard ownership fee. Also, the returned and late payments are charged for $25. You may also find other fees like authorized user fees and cash advance fees.
Low Credit Rate
Another disadvantage of owning this credit card is its low borrowing limits. For starters, the Legacy Visa Credit Card holders can only use it for purchases between $350 to $1500. It will only increase if you are constantly updated with your payments.
High APR
The Legacy Visa Credit Card has a high APR at 29.9%. It means that if you choose to pay the minimum balance every month, you will most likely force you to spend more to pay off more than what you initially spent due to the high-interest rate. For example, those who have a $500 balance and opted to pay it off with $30 monthly, you must still pay an added $154 in 22 months as part of your interest.
Not Ideal For People With Low Credit Ratings
Because of the high APR and other fees, it is not the best credit card for low credit scores. Their application may not get approved. If they do, they might have a very limited credit limit. Also, these people may discover that their fees and repayments are steeper. It is why people with low credit scores must look for other credit card options.
All in all, the Legacy Visa Credit Card is not the best choice for most people. Its high-interest rates often overshadow its disadvantages. It is better to apply for cards with benefits that are essential lower and offer better perks.
