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.
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.
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.
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.
You get the following benefits when you use a Legacy Visa card.
The Legacy Visa card has certain disadvantages as given below.
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.