I received an offer for the Legacy visa and I will never acquire this card.
At first, with my mediocre credit, I thought it wasn't too unreasonable to pay a $50 annual fee with an 18.9% APR... But then I kept reading. The terms and conditions brochure has the fees, for just having this card in your hands, split between two boxes. Although this card offer says I could get "up to $1,500" (key words "up to") the fees alone start at $275 NOT INCLUDING a second card fee of $20 or an "express processing fee" of another $5 if you wish to receive your card quicker. THAT'S $300 in fees.
Only one part of the fees are divided monthly. The fee is their monthly fee of $6 ($72 annually). Another fee is when they increase your credit line. During the first year of this card you may actually pay $275 in fees when the minimum credit limit that they may give you is $250. Upon receiving the card, with fees you pay, your balance may already be $184.
$184 out of a $250 means you already have a debt that would be at 74% of you credit line, WHICH CAN ALREADY HURT YOUR CREDIT. CREDIT AWARENESS WILL SUGGEST THAT YOU SHOULD NOT EXCEED 45%.
If you are unlucky or desperate enough to acquire this card, your inital available credit may only be $66. Here is the breakdown:
Annual Fee: $50
Participation Fee: $72 (Split monthly—$6/mth)
Processing Fee: $9 (One time only —BUT YOU PAY THEM to shuffle the very JUNKMAIL they stuffed into YOUR mailbox)
Acceptance Fee: $119 (One time only
OTHER FEES:
First Credit Limit Increase Fee: $25 (YOU PAY THEM to thank you for YOUR PAYING THEM ON TIME—how about that for a reward!).
Optional Additional Card Fee: $20
Express Processing Fee: $5 (In case the $9 Processing Fee wasn't enough for you to take the bait).
Credit card companies will resort to any tactic to take advantage of consumers, especially those consumers who need the credit the most. All i can say is stay away from this one.
Sadly, you think this card is bad. I think there's another one that's even worse called "Aspire Visa". This is another one to watch out for... I have posting about it also. The annual fee for this one is $150 a year.
Please read the fine print on a credit card offer. It has saved me many, many headaches given that I think these credit card companies get slimier every day.
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