The Indigo Platinum Mastercard is a no-frills credit card focused towards those with below perfect credit. While this card has its niche in the industry, there are other cards that you might most likely choose to consider.
For a rapid guide, below are 5 things you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard provides a pre qualification tool to enable you to know rapidly if an approval is apt. Sometimes those with bankruptcies may be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
In the event you want to progress, an entire credit application is going to have to be completed along with a complete credit check. If approved, the credit limit is set at $300, but luckily does not require a security deposit. For rebuilding or perhaps establishing credit, this may not be a big deal but can make big ticket purchases difficult.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to result in an improvement, or perhaps establishment, of credit. By making on-time and regular payments, this card is a springboard for creating credit and demonstrating quality economic responsibility. It’d likewise be imperative to preserve a low balance as credit utilization is actually a factor in the credit score of yours.
3. It has Fees which are High
This card includes a slew of fees, based on your offer. For many new cardholders, the initial yearly fee is usually pretty much as $75, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you may receive the card with only 75 % of your credit limit readily available to begin. In addition to all of this, it carries a large APR, which may be costly if carrying a balance month to month.
The best bet of yours is to pay the balance of yours off in full utilizing the site, pay by telephone or even mailing your check payment early in case of gradual processing times. There are a handful of various other fees, including late penalty costs, overlimit charges and returned payment charges to be mindful of, but those can be easily avoided so long as you pay the bill of yours on time and keep to the terms of the charge card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome proposal or perhaps incentives program with their credit cards. Regrettably, this card comes with neither. For an in the same way organized card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This card offers 1 % back on all purchases but does charge an annual rate of zero dolars to ninety nine dolars, based on creditworthiness. If you are going to pay an annual fee, you might as well try and extract the maximum amount of advantage as is possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is definitely a vanilla bank card, it does deliver some Mastercard benefits. Mastercard ID Theft Protection supplies identity monitoring, covering the social security number of yours, email address, debit cards, credit cards, bank accounts , email addresses and other things. Also, rest assured that you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the ability to register absolutely free credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when considering 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 price in the form of a big APR and yearly rate structure. The low credit limit could also make it tough to maintain a low credit utilization, an important factor in the credit score of yours.
We suggest that you spend the statement balance in early and full in case processing times are actually slow. With no pleasant bonus or perhaps opportunities to have extra credit extended, this card is simply a good choice as a starter credit card. You should be ready to close the account after you have established positive credit history and move on to a card with better benefits.