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.