I agree with complaints about First National Credit Card's "Legacy Visa." The fine print alluded to start-up and processing fees for this card, which extends $250 worth of credit. I expected fees of $50 to $100, maybe $150; but the first bill from the company, even before the card was activated, was for $200! At payments of $30 per month, it would take six months for a subscriber to use the card, at all. I understand its value in establishing, or repairing credit, but do not see that as the company's intent. Rather, it is obviously a means for First National Bank, in Sioux Falls, to make a great deal of money in a very short time. That, of course, is their prerogative and, for them, successfully lucrative.
Two other factors disturb me. (1) The one and only time I attempted to use the card — for a $19 purchase — it was denied. I have no idea why. (2) Making payments is inconvenient: there is no mechanism for electronic funds transfer from my bank to the account, no way to arrange automatic payments, and payment is limited to mail-in or money-wiring.
Finally, I attempted to cancel the initial credit application, realizing that the terms had not specifically itemized the amounts of start-up and processing fees. It was too late. There was no phone number to contact, and instead of any "convenience" at all — I had incurred an immediate debt almost equal to the credit line offered.
All in all, this card might offer advantages to some. For me, it has been an expensive hassle.
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