Legacy visa credit card - Way to improve or build up credit

If you don't have a good credit record and wish to rebuild your credit, then you may apply for a Legacy Visa credit card. This is especially meant for those who've been turned down by creditors due to lack of credit history or past credit problems. Using the Legacy Visa card, you can increase your creditworthiness, which will actually help you get a job or qualify for a loan. Take a look at the topics given below to know more about Legacy Visa Card.

• Who offers Legacy Visa credit card?
• How does the card work?
• What fees do you need to pay?
• What are the advantages of Legacy Visa card?
• Is there any disadvantage of using the card?

Who offers Legacy Visa credit card?

Legacy Visa card is a product offered by First National CC ("http://www.firstnationalcc.com/"), the Credit Card Center of First National Bank of Omaha, Nebraska. This card is available by invitation only. That is, you cannot apply for the card or receive it unless First National CC sends you an offer through mail.

How does the card work?

Unlike a secured card, the Legacy Visa card does not need you to pay a certain deposit initially. The card issuer provides you with a line of credit worth $250-500. You need to pay certain fees for accepting the credit card. The acceptance fee reduces your available credit line. However, if you pay off the fees on time, you'll be able to free up credit line to serve your purpose.

As a cardholder, you will be granted a 30-day trial period after which you may return the card and claim a refund of the acceptance fee in case you haven't used the card at all.

What fees do you need to pay?

The acceptance fee is charged on your account even before you use it to make a purchase. It comprises of account set-up fee, program fee and annual fee. The annual fee is renewed each year on the date when you opened the account. You may also have to pay fees for insurance coverage associated with this card.

What are the advantages of Legacy Visa card?

You get the following benefits when you use a Legacy Visa card.

• Repair credit: If you have negative items on your credit report, you can offset their impact by using a Legacy Visa card for purchases and paying off the balances on time. In case you don't have a credit history, you can start off by using this card when no other bank may be willing to offer you a credit card.
  Since First National CC reports to all the 3 credit bureaus, therefore your payment history will get reflected on credit reports issued by all of them. So, it is essential to make your card payments on time.
• Protection and Insurance: Legacy Visa card offers purchase protection and travel insurance to cardholders. Purchase protection insures any purchase against theft, loss or accidental damage for a specified time period. Travel insurance is meant for those who cannot pay off the card balance after using it for travel expenses.
• Online payments: First National CC allows you to check your account status and make payments online. Online payments help you to avoid identity theft and late payments due to delay in payment delivery by mail.
• Annual fee may be waived off: In some cases, the card issuer may waive off the annual fee when you purchase an item using the Legacy Visa card offered by First National CC.

Is there any disadvantage of using the card?

The Legacy Visa card has certain disadvantages as given below.

• Low credit limit on your card: The card offers you a lower credit limit initially. However, if you maintain a positive credit history, First National CC may raise your credit limit.
• Higher interest rates: A legacy Visa card usually charges you higher than average variable interest rate. However, you can negotiate a low rate with the card issuer.

The Legacy Visa credit card can help you get out of bad credit when no other financial institution may agree to offer you credit. However, you need to read through the fine print and understand the terms and conditions prior to accepting the card. In case you have a question, it's better to contact the Customer Service Department of Legacy Visa at 866-604-0380.