Is the Legacy Visa® Worth It?
No, the Legacy Visa® isn’t worth it. Even if you have bad credit and don’t want to pay a deposit, there are better unsecured credit cards out there that have lower fees, more perks, and the same credit-building potential.
Here’s why we don’t recommend the Legacy Visa®:
- High fees: This card comes with a steep annual fee of $49–$75. In contrast, it’s possible to find comparable unsecured cards with lower fees or no annual fee at all.
- High APR: This card’s APR of 29.90% (variable) is quite high, which will make it expensive to use unless you always pay off your balance in full every month.
- No rewards: Many cards with high fees compensate by offering rewards, but the Legacy Visa® doesn’t offer anything to offset the cost.
- Invite-only: Not just anyone can get the Legacy Visa® credit card. If you didn’t receive an offer letter in the mail, then you can’t even apply for it.
This isn’t the worst credit card out there, but we can’t recommend it when there are better (and cheaper) options. Even if you received a prequalified offer for the Legacy Visa® in the mail, most of the time, it isn’t worth applying for.
Legacy Visa® Pros & Cons
Who Is the Legacy Visa® For?
Although Legacy Visa® is a lackluster credit card, there are a few limited scenarios in which it’s a little more attractive. Consider this card if you:
- Have been rejected for other cards: If you have a badly damaged credit score and you’re having trouble getting an unsecured credit card at all, the Legacy Visa® is a decent fallback.
- Take out a lot of cash advances: This card has a relatively low cash advance fee of 2%, whereas many cards charge 3% or more. If you plan on frequently using your card to borrow cash from an ATM, the Legacy Visa® isn’t the worst option.
If neither of the above applies, this card probably isn’t for you. Take a look at these alternatives:
- Credit cards for bad credit
- Unsecured credit cards for bad credit
- Credit cards for no credit
- Secured credit cards
Rates & Fees
Interest Rates
- Purchase APR: 29.90% (variable)
- Cash advance APR: 29.90% (variable)
- Penalty APR: N/A
- Minimum interest charge: None
Fees
- Annual fee: $49 or $75
- Cash advance fee: 2%
- Authorized user fee: $20 per year per additional cardholder
- Late/returned payment fee: Up to $25
Rewards
Credit Limit
Your credit score is affected by your credit utilization rate, aka how much of your available credit you’re using. A lower rate is better, so having a higher credit limit is a good way to improve your credit score.
Legacy Visa® Credit Limit Increases
You may be able to increase your credit limit 6 months after opening your Legacy Visa® card. To be eligible, you’ll need to keep your account in good standing and make all your payments on time.
Benefits
The Legacy Visa® features several benefits:
| Benefit | What It Means |
|---|---|
| Roadside dispatch | Enjoy access to a pay-per-use emergency roadside assistance program (e.g., for towing or fuel delivery). |
| ID theft & fraud protection | You get free monitoring of unusual activity on your credit card and fraudulent use of your personal information on the dark web. |
| Zero fraud liability | Get reimbursed for any losses that result from unauthorized use of your card. |
| Visa Offers + Perks | Access discounts and savings on food and wine, shopping, sports, entertainment, and other eligible purchases. |
| Optional PREMIUM Club Membership | Get discounts on various products and services (e.g., hotels, dining, car rentals, entertainment, and even filling up prescriptions) for $4.95 per month. |
These benefits are nice to have, but none of them are extraordinary. Several (ID theft and fraud protection) are practically universal—almost all credit cards offer them.
Payment Protection Plan
The Legacy Visa® does offer one rare benefit: the option to enroll in the Payment Protection Plan offered by First National Bank (FNB).
For a fee of $0.89 for every $100 you owe on your card, FNB will cover your minimum payments for up to 18 months (to a maximum of $5,000) if you can’t pay your bills due to a covered event. These include:
- Job loss
- Disability
- Hospitalization
- Military leave
- Certified family medical leave
- Jury duty
This protection comes with several caveats. For instance, you can only use it once every 120 days, and several factors can disqualify events from being covered. If you sign up for this service, make sure to read up on it so you thoroughly understand it.
It’s up to you whether or not to opt for this service. It obviously costs money, but if you sign up, your credit will be safe even if disaster strikes and you can’t pay your bills.
How to Get a Legacy Visa® Credit Card
Credit Score Required
The Legacy Visa® website doesn’t actually specify what credit score you need in order to be eligible. However, when we spoke to the customer service team, they told us it was available to bad-credit borrowers and could be used for building or rebuilding credit.
This makes it suitable for people with credit scores between 300 and 580, which are considered bad credit scores.
If your credit is above this range, you can almost certainly qualify for a better card and shouldn’t apply for the Legacy Visa®.
How to Apply
You can only apply for the Legacy Visa® if you’ve received an offer in the mail.
If you have, you can respond online by going to the website and entering your reservation number and access code (which you’ll find on the acceptance form you received).
Note that your credit score may drop slightly when you apply. That’s because your application will trigger a type of credit check called a hard inquiry, which will knock a few points off your score. The effect will be minor and will last for one year at the most, so you don’t need to worry about it too much.
Building Credit with a Legacy Visa®
Credit Reporting
If you want to build your credit, it’s important to pick a card that reports to all three major credit bureaus in the US.
All of these companies have a major influence on your credit and your borrowing prospects, and you want your positive activity on your credit card to be reported to all three.
Tips for Credit Building
The Legacy Visa® credit card will only help your credit if you manage your account responsibly. Here’s what you need to do to build credit with the Legacy Visa®.
- Pay all your bills on time: If you miss your payments, you’ll eventually receive late payments on your credit report, which will hurt your score. You’ll also have to pay late fees on your credit card, which will make it even harder to stay on top of your bills going forward.
- Keep your spending low: As mentioned, the lower you can keep the balance on your credit card, the better your credit score will be.
- Ask for a credit limit increase: A higher credit limit is good for the same reason that lower spending is good—it helps your credit utilization and, in turn, your credit score. If you practice other good credit habits (keeping your spending low and paying your bills on time), you’ll be eligible for a credit limit increase on the Legacy Visa® in 6 months.
Comparable Cards
Legacy Visa® Credit Card FAQs
What bank issues the Legacy Visa®?
The Legacy Visa® credit card is issued by First National Bank.
Does the Legacy Visa® credit card have a grace period?
The Legacy Visa® credit card gives a grace period of 25 days (beginning on the first day of the new billing cycle). A grace period of this length is very standard in the credit card industry.
During the grace period on your credit card, you won’t have to pay interest on purchases you made in your most recent billing cycle. However, if you don’t pay them off in full by your payment due date, they’ll start to accumulate interest.
Does the Legacy Visa® allow cash advances?
Yes, the Legacy Visa® allows cash advances (a service where you use your credit card to borrow money or make cash-like transactions).
The Legacy Visa® charges a cash advance fee of 2%, which is relatively low, and its cash advance APR is the same as its purchase APR (whereas on many cards it’s higher). This makes it a decent card for cash advances.
However, unlike normal purchases, cash advances start to accrue interest right away, so they can still get expensive. Be careful about using the Legacy Visa® for borrowing money—cash advances are really meant for emergencies, not as a regular thing.
Can you add authorized users to the Legacy Visa®?
Yes, you can add authorized users to your Legacy Visa® credit card account so that other people can use it (e.g., family members). This will cost $20 per year for every additional cardholder.
Does the Legacy Visa® allow foreign transactions?
Yes, according to the card’s customer service team, the Legacy Visa® allows foreign transactions. It’s unclear whether the card comes with a foreign transaction fee, but many credit card companies charge 1–3% of the transaction amount.
If you get a Legacy Visa® offer that doesn’t include information about foreign transaction fees, try asking customer service whether fees will apply in your specific case and, if so, how much they’ll be.
How do you cancel the Legacy Visa®?
To cancel the Legacy Visa®, you first need to pay off any outstanding balances on your account. Next, contact customer service by calling (888) 883-9824 and tell them you want to close your account.
How do you contact Legacy Visa® customer service?
If you need help with your Legacy Visa® application or you have questions about the card, you can get in touch with customer service over the phone at (888) 883-9824.
You can also write to the following address:
First National Credit Card
PO Box 5097
Sioux Falls
SD 57117-5097
