The First National Bank offers the Legacy Visa Credit Card, which promises numerous benefits and appeals to many individuals seeking a credit card. Despite the attractive features, some argue that the downsides outweigh the benefits, and it is crucial to examine the details carefully to evaluate the advantages and disadvantages. After thorough consideration, it becomes evident that owning the Legacy Visa Credit Card is not worthwhile, and here is why.
The Benefits and Rewards
Before we dive into the reasons why this credit card might not be the best option for you, let’s talk about the benefits that make it so appealing to many. The primary advantage of this card is the premium membership program, which provides discounts on various expenses such as entertainment, dining out, and even prescription medications. Additionally, the card offers a payment protection plan and an easy-to-use online account management system. However, despite these perks, there are some downsides to consider before choosing this credit card.
The Up Charges
At first glance, the Legacy Visa Credit Card appears to offer enticing benefits that make it a viable option. But what many fail to consider is the additional costs that come with availing these perks. It is possible that the expenses may outweigh the benefits that the cardholder ultimately receives. Moreover, joining the premium membership program requires an extra fee, and if the cardholder does not frequently dine out or purchase prescription medication, they may not reap any rewards. Other credit card providers offer superior rewards at a lower cost, making them a more viable option.
Having a Legacy Visa Credit Card comes with a significant drawback: the fees. Merely possessing the card will set you back $75 annually, regardless of whether you make any purchases with it. Moreover, the card charges a $25 fee for both late and returned payments, and additional fees apply for cash advances and authorized user fees (although the latter is optional).
Low Rate of Credit
One potential drawback of this credit card is its low borrowing limits. Initially, the credit limit for this card ranges from $350 to $1500, and it may increase later if the cardholder makes timely payments. However, the low credit limit can be viewed as a positive feature by many individuals as it helps prevent overborrowing and accumulating an unmanageable credit card debt.
The APR of the Legacy Visa Credit Card is quite high, standing at 29.9%. If you choose to pay off only the minimum balance every month, it will result in a substantially higher cost to pay off the initial credit amount. To put it into perspective, if someone has a balance of $500 and starts paying it off with the minimum monthly rate of $30, they will end up paying an additional $154 in interest over the 22 months it takes them to clear the balance.
Not Great for People with Low Credit Scores
If you have a low credit score, the Legacy Visa Credit Card may not be the best option for you. With high APR and fees, it can be difficult to get accepted and even if you do, your credit limit will be set low. The steep repayments and fees may also pose a challenge for you, without much benefit in return. It may be better for those with a low credit score to consider a secured credit card instead.
In general, the Legacy Visa Credit Card doesn’t seem like a great choice for most individuals due to the excessive fees and interest rates. As a result, it’s not a credit card that is typically worth having. Fortunately, there are plenty of other rewards credit cards offered by competitive lenders that provide better benefits and lower fees. In fact, some of these credit cards also offer lower interest rates, making them a superior choice for anyone looking to maximize their rewards and minimize their expenses.
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