The Legacy Visa Credit Card is a credit card offered by the First National Bank. Many people who want a credit card are attracted to this particular one as it boasts so many benefits. However, there is the argument that these benefits do not make having the card worth your while as there are many downsides to this credit card option and it is important to look closer at the details to weigh up the pros and cons. Here is why the Legacy Visa Credit Card isn’t worth having.
The Benefits and Rewards
To understand why this credit card isn’t all its cracked up to be you must first know about the benefits to understand why so many people fall into the trap of having one of these credit cards. The main benefit of choosing this card is that you can sign up for the premium membership program and this allows you to save money on a variety of things, including entertainment, dining out, and even some prescription medicines. Other benefits of the card include a payment protection plan and a simple online account management system.
The Up Charges
On the face of it, the benefits offered by the Legacy Visa Credit Card initially make it seem like a good option. However, what many people do not take into consideration is the fact that they have to pay extra for the privilege of receiving these benefits and that the costs will potentially outweigh the benefits that the cardholder receives. You have to pay extra to become part of the premium membership program and may not reap any rewards if you do not eat out regularly or take prescription medication. There are cards available from competitors that offer better rewards at a lower cost.
The fees are another downside of this card as it will cost you to even have this card sitting in your wallet. Even if you do not use the card for making purchases, it will still cost you $75 per year just to have a Legacy Visa Credit Card. Then there are all the other fees on top of the basic ownership fee. Both late and returned payments are charged at $25. Other fees are for cash advances and authorized user fees although the latter is optional.
Low Rate of Credit
Another possible downside to this credit card is that the borrowing limits are very low. The credit limit is between $350 and $1500 to begin with and may increase later if you keep up to date with your payments. However, the low rate of credit is something that many people would see as an advantage as it prevents people from overborrowing and running up a credit card bill they cannot afford.
At 29.9%, the Legacy Visa Credit Card has a high APR. This means that if you only pay off the minimum balance each month, it will cost significantly more to pay off what you initially spent in credit. For example, people who have a balance of $500 and start to pay it off at the minimum monthly rate of $30 can expect to pay an extra $154 in interest in the 22 months it takes them to pay off the balance.
Not Great for People with Low Credit Scores
The high APR and fees mean that this really isn’t the best credit card for those with a low credit score. They may not get accepted and, even if they do, their credit limit will be set as low. Furthermore, they may find the repayments and fees are steep and run into difficulties which are not compensated for by the benefits of having a Legacy Visa Credit Card. Those with a low credit score are potentially better opting for a secured credit card.
Overall, the Legacy Visa Credit Card is really not the best option for most people as the benefits and rewards are outweighed by the fees and interest. Therefore, this credit card is no worth having in most circumstances. There are better rewards credit cards available from competitive lenders where the fees are lower, and the cardholder will actually see some of the benefits of having the card. Many of these also offer lower interest rates and fees.