The legacy Visa is an unsecured, pre-paid credit card targeted toward those with poor credit. If your credit rating is poor, it may still be worth investigating. But you must be wary of the high annual percentage rate (APS) and several fees associated with the Legacy Visa. You'll also want to find out if there are any other types of pre-paid cards that interest you more.
You must be a US citizen or a legal resident to apply for the Visa. To apply, you'll need to complete an online form and select one of two payment protection plans. These are usually the standard plans offered by your bank. Your financial information is protected as long as you meet the requirements. You can use the internet to make payments if you choose, so there is no need to use a credit card. You have an introductory balance that you must repay each month, but this is small compared to your debt.
The introductory interest rate lasts for up to nine months and while you're enjoying your low monthly payment, there are no expenses to contend with. You will have made a large initial payment, but there will be a balance due at the end of your term. This is where things get interesting. You can cancel your visa card at any time without incurring late fees. You can only make one payment per month, but if you have a high balance, this may not be sufficient.
Because you cannot charge items above the minimal amount that is required to maintain an account, the Legacy Visa allows you to build credit. When you pay your monthly bill on time, the credit agency will report to the government agency that reported your delinquent payments. This helps to build credit so that when you apply for another Visa card, the next time you apply, your application will be approved.
When you build credit, it also increases your eligibility for other types of credit. The additional payment history, along with your history with the Visa card, can increase your ability to qualify for lines of credit such as a home equity line of credit or a business credit line. The credit rating agency, VISA, also reports information about your spending habits to the IRS, which could cause a negative impact if you are looking to obtain a mortgage. Your credit score will be negatively impacted if you do not own a home and cannot qualify for mortgage financing.
There are two exceptions to using your Visa to pay for goods or services that you intend to use overseas. If you are traveling to a country that does not accept the Visa card, such as China, you can still enjoy the benefits of the Visa card. You can purchase items online, send money online, and even make purchases at establishments that accept the Visa. However, if you do not own a home in that country, your credit score will be negatively impacted by the absence of a home address on record, so it is not advised to use your Visa to make these purchases.
Most credit cards come with one claim discount, which means one year of membership costs will be paid in one claim. However, if you have an open account balance exceeding the credit limit or an unpaid balance due for more than ninety days, you will be charged a higher interest rate on the balance. You can reduce your risk of being assessed a higher interest rate by paying off your balance in full each month, although you will lose the one claim discount. One important point to note: Only use one open account balance to pay off the balance on your Visa.
The most common type of Legacy Visa opened is a non-activated accounts. It has a fixed credit limit that may not be raised until a specified age. This usually occurs at age twenty-five or when the account holder reaches their seventy-first birthday. This type of Visa does not have an annual fee and therefore has very low transaction fees. These are just some of the different types of opens accounts available for those travelling to Australia under the Australian Immigration Visa Program.
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