Legacy Credit Card: The legacy credit card is actually an invitation visa card, which is designed specifically for consumers who have poor or bad credit. It offers them a way they could use to easily rebuild their credit up to good or excellent. It is not a secured card as many think. It’s an actual credit card that does not require you to make any deposit.
Legacy Credit Card
So as soon as you get an invite in the mail, you can then step on to apply for the credit card online via a secured link
The card has some great rewards and benefits but they come with an up-charge, which can be discouraging to some who intend to have the card.
Merits and De-merits of legacy credit card:
People shy away from credit cards due to the high interest rates associated with them. When you compare this card with the others in the market, you will realize that it is easy to manage and its interest rates are very minimal. In fact even university students have benefited enormously from it.
Convenient:
Talk about credit cards and the first thing that comes to mind is convenience and ease. A credit card will help you to shop when you want. It will also give you access to money when you urgently need it. It allows you to make online payments as long as the card is among the preferred payment modes by the company.
No penalty APR:
Most banks charge a penalty if you miss out on a monthly payment. With legacy visa credit card you can be relieved as there is no penalty APR. Your interest rates remain the same even if you forget to pay one of your installments.
Secure online account access:
The bank has a safe and secure online access to user accounts. Each customer is given a separate login id and password that needs to be entered before logging in to your account. You can then view your account summary, schedule automatic payments; sign up for email alerts and manage your account on your fingertips.
Annual fee is high:
There is low minimum credit for the high range of annual fee. From the second year the bank gives charges fee of $75. However, the minimum credit limit is only $350, which means you will be using up quite a lot from your minimum credit, thus leaving very little room for other expenses.
High processing fees:
Customers claim that they have been charged as high as $199 towards processing fees. They also charge various charges when you register for the credit card. Thus, getting the card itself is a large expenditure for many consumers.
Further reduction of interest rates with first national credit card:
One of the things which make legacy credit card stand out of the crowd is that it has additional advantages. Top on the list is the fact that if you are faithful paying your money on time, you will be eligible for reduced interest rates in the future. Your rates will not only be reduced but your lending limit will be increased.
Legacy credit card activation steps:
Firstly the use has to visit the given official site of the bank.
Here, you have to enter the details like your legacy credit card number, the last four digits of SSN, personal information like name, contact number and corresponding address.
On submitting all the correct details click on activation button of your screen and you are successful.
Legacy credit card login steps:
Visit the login page of the legacy credit card
Next, you are to provide your username and password
Finally, tap on the login tab to access your account
How to recover username and password:
Visit the forgot password link
Provide the following details; username, last 4 digits if your social security number, mailing zip code
Finally, tap on the find my account tab to regain your account
Legacy credit card bill payment:
Get signed into your account
Immediately you sign in, you will locate the payment tab
Tap on it, and choose the payment option, that best suits you.
Legacy credit card:
The benefits of legacy credit card are as:
- Cardholders get a decent fraud coverage plan, in case the card is lost or stolen
- Customers always enjoy a 24×7 online account management
- This credit card user does not need to have an excellent credit score to get approval for the card.
- Since it is a visa card, it can be used anywhere visa is accepted
- The card helps you to rebuild your credit score.
Features of legacy credit card:
The annual fee is $75 (billed at $6.25 per month)
It has an APR of 29.9%
Initial credit limit: $350 to $1,500, depending on your credit
Optional programs for cardholders are the premium club membership ($4.95/month) which gives you discounts on prescriptions, dining, rental cars, hotels, and entertainment
You get a payment protection plan ($0.89/$100 of monthly balance) this helps you to avoid late payment fees since you have to makes the minimum payment.
Except if you are unable to pay for a qualified reason (unemployment, disability, hospitalization, military leave, certified family medical leave, jury duty)
Legacy visa minimum payment: if the balance is less than $30, the minimum payment is the full balance.
What is the minimum payment on Legacy Visa card?
If your balance is lower than $30, you should pay the full balance. Otherwise (if your balance is higher than $30), you have to pay either 4% or $30 (whichever is greater), or (another option) 1% of the entire balance plus interest and late fees.
Read More: Justice Credit Card
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Conclusion:
There are very many different types of credit cards nowadays. One such card is the legacy credit card which has made the lives of many people very convenient. The following are reasons which have made this card favorably viewed by many people.
If you would like to close your Legacy Visa card, you need to contact the customer support. For that, you should call 888-883-9824.
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