Legacy Credit Card Review: Benefits, Alternatives, Application & More

If you are someone with a bad credit score, then it can be very difficult for you to find a bank or financial institution that can provide you with a credit card. After all, no one wants to risk their money on a person with bad credit history. But Legacy Credit Card got your back. They provide you with a credit card, even with a bad credit score. 

In this article, we are going to give you a very honest as well as a genuine review of Legacy Credit Cards. We will also discuss their fees, rewards, benefits, application process, alternative options, and whatnot. Stay tuned to know it all. 

What is a Legacy Credit Card?

What is a Legacy Credit Card

Legacy Visa Credit Card is an unsecured credit card, especially for people with a bad credit score. Though people with bad credit can easily get this credit card with a simple application process, it can be very difficult for them to maintain it. It has high annual fees and very few rewards and benefits. 

Important Points

  • Credit Limit: $350 – $1,500
  • Credit Score: 300 – 669
  • Purchase APR: 29.90% (variable)
  • Annual Fees: $49 – $75

Pros

  • A security deposit is not required. 
  • Starting credit limit is up to $1,500. 
  • It has a low cash advance fee. 

Cons

  • The APR is very high. 
  • Very less rewards and benefits.
  • Very high annual fee ($45 – $75).

Credit Limit

Credit limit

Our Rating: 3.5/5

Legacy Credit Card provides a credit limit of $350 to $1,500 depending upon your credit score. If you have a good credit score then you can get the highest limit i.e. $1,500 but if you do not have a good credit score then you will only get a credit limit of $350, which is pretty low. 

The best way to increase your credit score and your credit limit is to decrease your credit utilization rate (less spending). If you follow this then you will be able to increase your credit limit after 6 months of getting the Legacy credit card. 

Rewards

Rewards

Our Rating: 0.5/5

We are giving such a low rating in the rewards because there are literally no rewards at all. You do not get any cashback, reward points, or anything else. No matter how much you save or how good your credit score is. 

Fees

Fees

Our Rating: 3.5/5

The annual fee of a Legacy Credit Card can be somewhat between $49 to $75, depending upon your credit score as well as your creditworthiness. If your credit score is low then this card can be very expensive for you. 

Important Points

  • Annual Fee: $49 to $75
  • Late Fee: Up to $25
  • Authorized User Fee: $20 per year for every authorized user 
  • Cash Advance Fee: 2%

Interest Rate

Interest Rate

Our Rating: 1.5/5

Legacy Credit Card is only getting a 1.5 score in this category because of their high-interest rates. Their interest rates are extremely high, especially if you have a low credit score. 

Important Points

  • Purchase APR: 29.90% (variable)
  • Penalty APR: N/A
  • Cash Advance APR: 29.90% (variable)
  • Minimal Interest Charge: 0.00

Credit Reporting 

Credit Reporting

Our Rating: 5/5

Legacy simply deserves 5 on 5 in credit reporting because they do not hold your credit score. They immediately update your credit score, as soon as your receive it. 

Benefits

Benefits

These are the following benefits of the Legacy Credit Card: 

1. Premium Club Membership 

If you buy the premium club membership of Legacy cards for a charge of $4.95 per month then you can get discounts on several payments like hotels, entertainment, dining, etc. 

2. Visa Offers and Discounts

You can get a few discounts here and there on some particular transactions if you use this card on a regular basis. 

3. Protection from Fraud and Identity Theft

If there are chances of identity theft or someone tries to use your credit card fraudulently, without letting you know then Legacy cards inform you about this through mail and SMS. So that you can be cautious. 

4. Zero Fraud Liability

When you face any financial loss due to any fraudulent activity with the Legacy credit card then you have zero fraud liability. The credit card company will pay for your losses and you will have no liability at all. 

5. Payment Protection Plan

While the other benefits are pretty common and almost all credit card companies offer them, the Payment Protection Plan is a very different and unique plan offered by the First National Legacy Credit Card. 

Under this plan, the credit card company will pay for your expenses but only if you are unable to pay them. So here they offer to pay a maximum of 5,000 for 18 months. But for this, you will have to pay Legacy $0.89 for every $100 that you have on your card. 

You can use this under the following circumstances: 

  • Disability
  • Loss of job
  • Military leave
  • Medical problem 
  • Jury duty
  • Certified family medical leave

But this plan is very hard to avail because they have added many disqualifications here. Also, you can only use this plan once in 120 days. 

When is a Legacy Visa Credit Card Good for Me? 

When is a Legacy Visa Credit Card Good for Me

We would recommend you to go for the Legacy Credit Card in only two circumstances: 

1. You have been Rejected by the Other Credit Card Companies

You should only go with Legacy cards if you are rejected by the other credit card companies. Because their rates and the annual fee are very high whereas the benefits and rewards are very less. 

2. You have Taken Out a Lot of Cash Advance

If you have already taken a lot of cash advances then it is better to go with the Legacy credit card because their cash advance fee is comparatively low. It is only 2 to 3%. 

How to Get a Legacy Credit Card? 

How to Get a Legacy Credit Card

If you have made sure that you want to go for the Legacy credit card then you can follow the procedure given below to apply for the card. 

Required Credit Score

As the company says, they provide their credit cards even to bad credit holders, no matter what your credit score is, you will get this credit card. A credit score of 300 to 580 is considered bad by the company, so if you have a credit score within this range, you will get a card with a low credit limit and high-interest rates. 

Whereas, if you have a better credit score then you can get this card with a higher credit limit and low-interest rate. Though if you have a good credit score, we would not recommend you to go with Legacy credit cards. 

Application Process

The application process is pretty simple. You can only apply for these credit cards if you receive an invitation mail. If you have one then you just simply need to go on their official website and register yourself. 

Once you are done with this, now enter your reservation number and access code that you got in the invitation mail. Now fill up the details and click on the submission button. 

Now Legacy will conduct a hard inquiry into your credit score, which might also result in the loss of some credit score, you do not need to worry about it. 

Once Legacy is satisfied, they will send you an approval mail and soon you will receive your Legacy Credit Card. You can further do a Legacy Visa Credit Card login and check where your application is if it gets late. 

How to Build Credit With Legacy Cards? 

How to Build Credit With Legacy Cards

You can follow these simple tips to build your credit score, not just with the Legacy credit card but with any other credit card as well. 

1. Decrease Your Spending 

You need to keep a check on your Credit Utilization Rate. So try to decrease your spending and expenses and keep it below your credit limit. It will help you increase your credit score. 

2. Pay all the Bills on Time

If you pay the credit card bill on time then you will have to pay no interest at all. It will help your credit score as well as your creditworthiness. 

3. Apply for a Credit Limit Increase

If you have been following the above two tips then your credit score must have improved. Now you can ask your credit card company to increase your credit limit. Once your credit limit is increased, you can earn even more credit scores. 

Alternative Credit Card Options

Alternative Credit Card Options

Now that you know that Legacy Credit Card is not such a great option, let’s have a look at some of the better credit cards that you can go for. 

1. Petal 1 Visa Credit Card

Our Rating: 4.0/5

If you want to go with an unsecured credit card then Petal 1 Visa Credit Card is the best option for you. They easily provide credit cards to people with bad credit scores. They also have no annual fee at all. 

Important Points

  • Required Credit Score: 300 – 669
  • Annual Fee: 0.00
  • Purchase APR: 22.99% to 32.49% (variable)
  • Credit Limit: $300 – $5,000

Pros

  • No annual fees at all. 
  • No credit score is needed. 
  • A credit limit of $300 to $5,000. 
  • 2 to 10 percent cash back rewards.
  • Also, no security deposit is needed. 

Cons

  • Cashback rewards are only given to selected merchants. 
  • Low-interest rate. 

2. Prosper Credit Card

Our Rating: 3.9/5

Prosper is a good credit card with a higher initial credit limit and low annual fee. But the only problem is, they have higher APR. 

Important Points

  • Required Credit Score: 300 – 669
  • Annual Fee: $0.00 – $39
  • Purchase APR: 22.74% to 32.74% (variable)
  • Credit Limit: $500 – $5,000

Pros

  • It has an initial credit limit of $500. 
  • Low annual fee. 
  • No security deposit. 
  • No advance cash fee. 
  • Also, credit scores and credit limits are updated on time. 

Cons

  • Purchase APR of 22.74% to 32.74% so it is a little high. 
  • No cash backs or rewards at all. 

3. Discover it Secured Credit Card

Our Rating: 5/5

Discovering a Secured Credit Card is also a good option for you if you want a secured credit card. You will have to make a security deposit payment of $200 to $2500, depending upon your credit score to get a credit card.  

Important Points

  • Required Credit Score: 300 – 669
  • Annual Fee: 0.00
  • Purchase APR: 25.99% (variable)
  • Credit Limit: $2,500

Pros

  • Several cash backs and rewards.
  • Secured credit card. 
  • No annual fees at all. 
  • No Late fee. 
  • Also, they provide a free FICO score every month. 

Cons

  • Security deposit. 
  • Also, you only get rewards if you spend $1000 in a quarter with this credit card. 

Our Recommendation

Now that you know all about the Legacy Credit Card, we would not recommend you to go with this credit card for the following reasons: 

  1. They have a high annual fee. 
  2. They have a high APR. 
  3. You do not get any rewards as well as cash backs. 
  4. You can only apply for this card through an invite. 

If you are not rejected by the other credit card companies and have other options in hand then you should not go with a Legacy credit card. 

FAQs: Frequently Asked Questions

Q1. What bank is legacy credit card?

Legacy credit cards are given by First National Bank which is one of the leading banks. 

Q2. How do I request a credit increase on my legacy card?

First of all, we would like to tell you that you can only request a credit increase after 6 months of receiving the credit card. So for this, you need to go to their official website and make a Legacy credit card login with your registered name and password. There you will find a particular section for the credit limit increase. Tap on it and also apply for a credit limit increase. 

Q3. Are there any alternative options for Legacy Credit Cards?

Yes, there are several alternative options for the Legacy card so you can go with Discover it Secured Credit Card, Petal 1 Visa Credit Card, and Prosper Credit Card. You can go for any of these, depending on your needs as well as preferences.

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