Q: Should I apply for a Legacy credit card in order to rebuild my credit score? I heard their name on the forum but am having a hard time finding information about them.
Here is some information that was discovered about the issuer after doing some research. I’ve updated this info for 2017…
Who issues the card?
The Legacy Visa credit card is issued by First National Bank. Their name is a bit confusing since there is a First national Bank in almost every town in the US, so it’s easy to mix them up. This First National Bank shouldn’t be confused with First National Bank of Omaha, though. That is a much larger and well known card issuer, for sure.
Is this bank reputable?
As of the time of writing, their website (http://www.firstnationalcc.com) has almost no information about the company. For example, I do not see any “Contact” or “About” page anywhere. The website is shrouded in secrecy.
It appears this website is only for those who have received Legacy credit card applications in the mail and would like to apply online, because a “reservation number” from the offer must be entered. There is also a login for current cardholders. Besides those two groups of people, this website doesn’t tell you much about the credit card or the company. Such opacity is usually a red flag that the company is guarding a secret (as in their products are crazy expensive and not a good deal).
With that said, First National Bank is a real, legitimate company based in South Dakota. They are a member of the FDIC. Aside from that, I can’t really tell you much more about them since so little information is provided on their website, though other sub-prime lenders like First Premier, are based in that state.
Does the card have any merit?
Although I am not able to access the Legacy credit card application directly, the Legacy Visa Card website did have a link to “credit card contracts” which I could view. There were 6 different offers listed as of August 2014 and below is the pertinent information in each contract:
- Offer #1: no annual fee, 15.6% interest rate, minimum credit limit not disclosed
- Offer #2: $75.00 annual fee, 29.9% interest rate, $350 minimum credit limit
- Offer #3: $75.00 annual fee, 24.9% interest rate, $350 minimum credit limit
- Offer #4: $75.00 annual fee, 14.9% interest rate, minimum credit limit not disclosed
- Offer #4: $75.00 annual fee, 29.9% interest rate, $350 minimum credit limit (appears to be same as #2)
- Offer #4: $75.00 annual fee, 24.9% interest rate, $350 minimum credit limit (appears to be same as #3)
If the Legacy Visa offer you received happened to be #1, that appears to be fair being that there’s no annual fee and an average APR. As far as the other 3 offers, it seems like you might be paying a hefty annual fee for a minimum credit limit that isn’t very high.
Should you apply or not?
Obviously, if you have bad credit your options are going to be limited. But even taking that into consideration, is it worth paying a $75 annual fee to get the Legacy credit card, that might have a limit as low as $300?
If you are okay with that, then by all means go ahead and apply. However I would recommend shopping around and considering all your options because Offers #2 thru 4 from Legacy are definitely nothing special!
Credit Card Forum maintains a ranking of secured credit card offers you should check out.
Written or last edited on January 2017