We know how severe was the effect of the global crisis in the financial situation of many people. A lot of business had closed and millions of individuals were not able to service the payments of their debts and credit card bills. As a result the number of delinquent debtors filed up in the credit bureau. The credit cards were cancelled and we feel sorry for these people because they are now deprived of their chance to be granted loans and new credit cards. The credit standing had been totally tarnished.
But with credit cards like the Legacy Visa, these people in the delinquent borrowers’ list were given a new chance. The Legacy Visa credit card aims to rebuild the credit rating of the people affected by the financial crisis. A new hope has come.
The Bank and the Legacy Visa Card
Learning about credit cards for people with bad credit rating, you will be in a quandary as to who will issue you a credit card after your bad record is disclosed. One of these risk taking banks is the First National Bank. This bank extends assistance to the financially affected people through its Credit Card Center. The big hitch here is that the card is made available to invitees only. You only apply for the card after you receive the invitation. The First National CC would send you the offer to avail of the Legacy Visa credit card through mail. You can consider the procedure to be very selective.
How Legacy Visa credit card works
Once you receive the offer of the First National CC, you should take time to determine how this card works. There will be steep obligations. You do not need to put an initial deposit in the bank. The issued card will be a form of credit line whose value ranges from $250 to $500. Once you accept the card, you have to pay for the acceptance fee which is deducted to your given credit line. The amount of acceptance fee totals $200 thus leaving you with only $50 available amount for purchases. The $200 acceptance fee comprises of three kinds of charges – the set-up, program and annual fees. Once you have paid this fee, your credit line will revert to $250.
Once you receive the invitation, you just have to fill up the application form. In the letter of offer, you are allowed a one month trial period. You can return the card if you do not want it. Your $200 acceptance fee will be refunded if and only if you did not use the Legacy Visa card.
Legacy Visa – repairing bad credit
You may be wondering how the Legacy Visa card helps in repairing your damaged credit standing. Once offered, you can use the card for purchases then pay the billed amount on or before due date. The First National CC reports to the three US credit bureaus namely: Equifax, Experian and TransUnion. Your payment will be reported, recorded then included in the bureau’s credit report. This creates a new look on your credit rating.
As you are still in the process of rebuilding your credit record, the Legacy Visa card only offers low credit limit. But with a good payment record, the limit will eventually increase. The rate of interest is high but in the long run, when your payment is good, you can negotiate for a lower rate.
Credit cards are important part of our lives today. We may not have dollars in our purse but we definitely have credit cards therein to take care of out shopping. Yes, this is the value of the credit cards. And it is unfortunate that today, many scammers had found the credit cards as their source of stolen money. This is why we are advised to take care of our credit cards to avoid thieveries involving these plastic money.
If you are handling your credit card well, your credit limit continues to increase and it would be easy for you to apply for other credit cards and also loans. There are two major kinds of credit cards – the Master card and the Visa card. Actually, there is not much difference between these two. The Legacy Visa credit card however is somewhat different from the other ordinary credit cards. These are called bad credit cards primarily because this is a card that can be granted to people who had suffered bad credit, call it a card to repair credit score.
Why Legacy Visa is a favorable credit card
To people who experienced cancelled credit cards because of mishandling of payments, the Legacy Visa card is a blessing. This gives you the chance to reverse your bad credit rating. While other credit card companies may not grant you the plastic card due to your previous bad credit record, the Legacy Visa card gives you a new chance to change your financial rating.
This card is not only beneficial to people who are rebuilding their credit standing. This is even a great credit card if you turn good in the management of your financial obligations. You get exceptional benefits for this.
Let us find the Legacy Visa card’s offers for clients which is only made through invitation. Clients can opt for classic or platinum card.
Legacy Visa – a classic card
The Legacy Visa – Classic has superb value. You can shop, dine or travel and let the Visa card pay for your expenses. You can use this card wherever a Visa type of card is acceptable.
Why should you choose this card? This may allow waiver of annual fee. You can compare the interest rate of the Legacy Visa and discover that it indeed has a low variable rate compared to other bad credit cards. This is accepted globally. This allows you to make an option for payment. You can choose an automatic payment method so you are sure that you will not default in payment, lest you forget about your due date. In case of extreme emergency where you may need immediate cash, you can make cash advances and withdraw your cash from ATM machines. You can just go online and get free account information.
Legacy Visa – platinum card
The other class of Legacy Visa credit card is the platinum type. One attractive feature of this type is that it is said to pay back its cardholder by earning reward points when used. Whether you use it to pay for your shopping spree, entertainment, travel, dining or simply to pay your bills, you earn reward points that are redeemed for different perks.
When you use this to pay for your travel expenses, you earn one reward point for every dollar spent. Accumulate the points and get free airline tickets, hotel fees, cruises, vacation packages and other great gifts.
One of the most attractive features is annual fee that can be waived and low variable rate. It enjoys worldwide acceptance, option for automatic payment, cash advances and fee account info via the net. These features are also offered in the classic kind. But there are more in the platinum Legacy Visa credit card.
In addition to the features of the classic type, the platinum offers the cardholder two kinds of insurance. These are accident travel insurance for one million dollars and car rental insurance. And lastly, the cardholder is provided with concierge service for every concert or theater ticket.
The Legacy Visa is more known as a credit card for rebuilding the credit rating of delinquent cardholders. The types of offered Legacy Visa cards are classic and premium. The cards are offered by First National Bank, only by invitation.
A credit card is some sort of loan where you buy now and you pay later. This is an interest free loan; the expense is the annual membership which sometimes is even waived. Through it, you can avail of cash for emergency situation. Indeed this is a wonderful assistance but you have to know how to pay your bills on time. This is even very lenient because if you do not have enough cash, you can even make partial payments, but this time you have to pay a surcharge or interest. It is really very convenient using a credit card. But when you fail to pay on due date, you pay penalty and continuous inability to pay can cause you financial disaster. You will be in the list of bad debtors, your name will be listed with bad credit score that will bar you from any loans and credit card applications.
People who had been listed with bad credit rating thought that they have reached the end of the credit line. But then several bad credit cards came out to provide another chance to credit cardholders with bad paying record. This is a great opportunity to rebuild your credit score and one of these companies that help distressed cardholders is the First National Bank through its Legacy Visa credit card.
Taking a look at the features, the Legacy Visa card is indeed a great credit card. You can view your account status online which saves you from being victimized by identity and password theft. And the online management of your account can be done 24/7. You can even pay your bills online which prevents late payment and subsequent penalties. You can change your PIN via the net, your address or you can file a dispute about the erroneous billing statement. This is almost perfect – if you know how to handle your credit card the second time around.
Repair of bad credit with Legacy Visa credit card
For many people who once had been in financial dilemma now find the Legacy Visa a credit card of last resort. A lot of individuals who had cancelled credit cards for non-payment of bills find hope in it. They are given an opportunity to rebuild their tarnished credit standing. Having the Legacy Visa can be the starting point to regain your soiled financial condition. It is a step to ultimately get a regular Visa or Master card. Having this Visa card is very important to people who are in poor credit rating.
Legacy Visa credit card set-up
Acquiring a Legacy Visa card is not easy. In fact you can consider it very strict. The card can only be availed if you were invited by First National Bank. You cannot just apply for the card, you have to be invited. Acceptance of the invitation is never free; as a matter of fact, it is very costly. You have to pay steep fees.
Here is a run-down of the initial fees to pay:
• Account set-up fee $56
• Annual Fee $48
• Program Fee $96
Increasing credit limit with Legacy Visa card
You can consider the $200 as an upfront fee in order for the credit card to be activated. After the account is set-up, you can make charges to your Legacy Visa credit card, with initial credit limit equal to $50. You can charge as many times as you want provided you do not exceed your $50 credit limit. As this is your chance to repair your damaged credit standing, you have to ensure that you pay on or before the due date.
After six months of good paying record, you may request an additional $25 increase to your credit limit. Maintaining your good paying record, you can continuously request to an increase of $25 every 3 months until you reach the maximum limit equivalent to $500. The condition may be tough but then, this is a good way to start rebuilding your credit rating. This can open doors to other credit cards and loan accommodations.
Credit cards are important contents of our wallets. These provide us with emergency cash and they also allow us to make important purchases even if we do not yet have the money for the commodity. You can buy items and pay them at a later date when you credit card billings come. This is very convenient. However, your credit card may be overused or overcharged and before you know it, you would not be able to raise the money to pay for your purchases. As a result, you will default in payment and with continued non-payment, you end up becoming a bad creditor. You will be given a bad credit rating whereby you may not be able to get another credit card or loan approved.
Your name as bad creditor will be contained in the credit bureau for a bank’s or lender’s reference. This is the reason why your credit card and loan applications are disapproved. You may think that there will be no hope for you anymore. But thanks to bad credit cards that you are given another chance. Of course, you may have learned your lesson already and with the second chance, you make a promise to yourself that your previous untoward experiences with the former credit card will never again be repeated.
But where can you find a bad credit card? First National Bank could help you rebuild your credit score with its Legacy Visa Card.
Legacy visa credit card and First National Bank
The Legacy Visa Credit Card is just like any kind of credit card offered in the market. The major difference however is in the approval of card application despite previous bad credit card handling. This is actually considered a good but last hope for people who had financial problems before that led to mishandling of credit card accounts. The Legacy Visa credit card is issued by the First National Bank. Sad to say, you cannot just apply for this credit card because it is only made available by invitation. This is the strict rule set up by the bank.
Pros to having a Legacy Visa credit card
We can say that the Legacy Visa credit card is a risk taker. This is your last recourse when banks, private lenders, financial institutions and government offices had shut their doors on you.
The major assistance done by the Legacy Visa card is to grant you another chance for re-establishing you credit record. However, before you accept the invitation to apply for this credit card, you have to assess your financial capacity. Avoid making the mistake that you had committed in the past that brought you to this situation. Ensure that you have sufficient money to pay your credit card bill when payment falls due. Otherwise, you will be back to your old self or even worse.
The Legacy Visa card have some other great things to offer. There are two features to the offer that are hardly done by other credit card companies. The said two offers are about purchase protection and travel insurance. There are times when membership fee is waived, that is if you are an old member and the waived fee is for renewal only.
You will find that with a Legacy Visa credit card, you can make online inquiries about your account status anywhere and anytime. This is a protection against password identity theft
Cons to having a Legacy Visa credit card
There are negatives to be noted regarding the Legacy Visa card application. This is aside from the first downside where application is only by invitation of the issuing First National Bank. The bank collects acceptance fee once you accept your invitation and this fee will be charged regardless of having used or not the credit card.
If you are a previous bad credit holder, your credit limit in this credit card is really low. But then, this limit can increase in the long run, depending on how you had been repaying your purchases. The payments should be very timely. Another con to the use of this kind of credit card is the high interest rate imposed by First National Bank. If you are availing this card and you are a moderate credit cardholder and not a bad type, then you can negotiate for a lower interest rate.
With a new chance to rebuild your credit score, you should take the Legacy Visa Credit card seriously. Despite the negatives, your good handling of this Visa card can reverse the strict conditions. Later on, you will be granted higher credit limit and lower interest rate.