The Indigo Platinum Mastercard is actually a no-frills credit card targeted towards those with less than perfect credit. While this card has its niche in the market, there are some other cards that you could potentially prefer to consider.
For a rapid guide, here are five things you need to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard delivers a pre-qualification application to allow you to learn quickly if an endorsement is likely. Even those with bankruptcies might be approved because of this card. Pre-qualifying also will come with no ding to your credit score.
Should you intend to move ahead, a full credit application will have to be done along with a full credit check. If approved, the credit limit is set at $300, but luckily doesn’t call for a security deposit. For rebuilding or perhaps developing credit, this may not be a huge deal but can make big ticket purchases challenging.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to cause an enhancement, or maybe establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating okay economic task. It would likewise be vital to preserve a reduced balance as credit utilization is an aspect in your credit score.
3. It’s Fees that are High
This card includes a slew of fees, depending on your offer. For most new cardholders, the initial annual fee could be pretty much as $75, increasing to $99 in the years following. Combine this with a short credit limit of $300, and you could get the card with just seventy five % of your credit limit available to start. On top of all of this, it carries a higher APR, which can be expensive if carrying a balance month to month.
The best choice is paying the balance of yours off in detailed utilizing the site, pay by telephone or even mailing your check payment early on in case of gradual processing times. You will find a handful of various other costs, including late penalty fees, overlimit charges & returned payment fees to be mindful of, but those can easily be avoided provided that you pay your bill on time and keep to the terms of the bank card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of pleasant offer or perhaps rewards program with their credit cards. Regrettably, this card comes with neither. For an in the same way structured card with some form of reward benefit, check out the Credit One Bank Platinum Visa Card. This card features 1 % back on all purchases but does charge an annual rate of $0 to ninety nine dolars, based on creditworthiness. If you’re likely to pay an annual fee, you may as well attempt to extract just as much benefit as is feasible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla credit card, it does offer some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and other things. Furthermore, rest assured that you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to join for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing other cards just for this targeted market. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the type of a high APR and yearly fee structure. The minimal credit limit could also make it tough to keep a low credit utilization, a vital component in the credit score of yours.
We suggest that you spend the declaration balance in full and early in case processing times are actually slow. With no welcome extra or opportunities to have supplemental credit extended, this card is just a good choice as a starter credit card. You need to be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.