Disadvantages of Legacy Credit Card

by admin on July 1, 2012

First National credit card, which is the Legacy Visa, is the preferred choice today for persons who want to rebuild or establish their credit history. If you have bad credit, this card can help to rebuild your creditworthiness so that you are able to get a favorable loan in the future. The information below will tell you more about this card.

The Legacy Visa credit card will be the ideal solution when other financial institutions are not giving you a credit line because of your bad credit. Whether you get this credit card for no credit or bad credit, it will help you to regain good financial standings once you use it in the right way.

 

How the card works

You can get this card without having to make an initial deposit, but certain fees will apply after you accept it. Bear in mind that this acceptance fee will reduce your credit line. First National will offer a line of credit for anywhere between $250 and $500 and if you pay your fees on time this will help to free up your available credit.

After getting the credit card, you will get a 30 day trial period to use it. When this period ends, you can return the card and the acceptance fee will be refunded if you did not use the card.

Disadvantages of legacy credit card

Applying for First National credit card

The Legacy Visa credit card is given to persons who get an invitation from First National Bank. Once you get this offer, you can visit the bank’s website to apply for the credit card. Before accepting this credit card for bad credit, you should read the fine print information carefully and ensure that you understand all the terms and conditions.

Although Legacy Visa credit card is offering many benefits and can help you to rebuild or establish your credit ratings, it also has some disadvantages. However, you can minimize the disadvantages if you use the card carefully. Some of the disadvantages will be highlighted below.

 

Cons of Legacy Credit Card

1. Acceptance Fee: As mentioned before, you have to pay a certain fee if you accept the card. But, you can get back this money if you return the credit card without using it.

2. Low credit limit: Initially, you will get a low amount for the credit limit which can vary between $250 and $500. But, if you maintain a good credit history and pay off the balance in a timely manner, then First National will increase your credit limit.

3. High interest rates: Legacy Visa card generally charges a much higher interest rate than average. But, you have the option to negotiate with the bank for a lower rate.

When all is said done, if you examine the pros and cons you will discover that it would make sense to get a First National credit card to rebuild your bad credit history. Of course, you have to determine if this is the right card for you and make the final decision.

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