The Indigo Platinum Mastercard is actually a no-frills credit card focused towards those with less than perfect credit. While this card has the niche of its in the industry, there are some other cards that you could potentially prefer to consider.
For a fast guide, here are 5 things you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard provides a pre qualification application to enable you to understand rapidly if an endorsement is likely. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
If you want to move forward, a complete credit application will have to be done along with a full credit check. If approved, the credit limit is actually set at $300, but luckily does not call for a security deposit. For rebuilding or developing credit, this might not be a big deal but can make big-ticket purchases challenging.
2. It Will help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to cause a development, or establishment, of credit. By making regular and on-time payments, this card can serve as a springboard for building credit and demonstrating very good financial responsibility. It’d also be vital to preserve a low balance as credit utilization is a factor in the credit score of yours.
3. It’s Fees which are High
This particular card includes a slew of fees, depending on the offer of yours. For many new cardholders, the initial annual fee is usually pretty much as $75, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you may receive the card with only seventy five % of your credit limit readily available to begin. In addition to all of this, it carries a high APR, which could be high priced if holding a balance month to month.
Your best option is to pay the balance of yours off in detailed utilizing the website, pay by telephone or mailing your check transaction early in case of gradual processing times. You will find a small number of various other costs, including late penalty fees, overlimit fees and returned payment charges to be mindful of, but those can easily be stayed away from so long as you pay your bill on time and keep to the terms of your credit card.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome offer or perhaps rewards program with their credit cards. Regrettably, this card comes with neither. For a likewise structured card with some kind of reward benefit, consider the Credit One Bank Platinum Visa Card. This card gives you one % back on all purchases but does charge an annual rate of $0 to $99, based on creditworthiness. When you are going to pay an annual fee, you should attempt to extract as much advantage as is feasible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is definitely a vanilla charge card, it does offer some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and more. Additionally, rest assured that you are shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the capability to register at no cost credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards to do this targeted market. Though it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the kind of a high APR and yearly rate structure. The minimal credit limit could also make it tough to keep a low credit utilization, a crucial factor in the credit score of yours.
We recommend that you spend the expression balance in full and early in case processing times are actually slow. Without any great extra or opportunities to have additional credit extended, this card is only the best option as a starter credit card. You need to be ready to close the account after you’ve established good credit history and move on to a card with better benefits.