The Indigo Platinum Mastercard is a no-frills charge card targeted towards individuals with below perfect credit. While this card has its niche in the market, there are other cards that you could possibly prefer to check.
For a rapid guide, here are 5 stuff you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard delivers a pre qualification tool to enable you to know rapidly if an endorsement is likely. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also comes with no ding to your credit score.
If you wish to move ahead, an entire credit application is going to have to be finished along with an entire credit check. If approved, the credit limit is set at $300, but thankfully does not need a security deposit. For rebuilding or even setting up credit, this may not be a huge deal but may make big ticket purchases challenging.
2. It Will help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card can cause an improvement, or maybe establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for building credit and demonstrating ideal financial task. It’d likewise be vital 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 particular card includes a slew of costs, depending on your offer. For some new cardholders, the first annual fee might be as much as seventy five dolars, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you might receive the card with just 75 % of your credit limit available to start. Together with all of this, it carries a high APR, which could be costly if carrying a balance month to month.
The best choice is to pay your balance off in total utilizing the site, pay by phone or perhaps mailing your check transaction early in case of gradual processing times. There are a couple of other costs, including late penalty fees, overlimit fees and returned payment charges to be mindful of, but those can be avoided as long as you pay your bill on time and keep to the terms of the credit card of yours.
4. There is No Rewards Program
Numerous cardholders seek some form of welcome offer or maybe incentives program with the credit cards of theirs. The fact is that, this card comes with neither. For a similarly organized card with some form of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card offers one % back on all purchases but does charge an annual rate of $0 to $99, based on creditworthiness. If you’re likely to pay an annual fee, you should attempt to extract as much advantage as possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is an extremely vanilla credit card, it does provide some Mastercard advantages. 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. In addition, rest assured you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the potential to sign up absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when studying other cards for this targeted market. Although it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the kind of a big APR along with yearly rate structure. The low credit limit can also make it challenging to preserve a low credit utilization, a crucial component in the credit score of yours.
We advocate you pay out the statement balance in early and full in case processing times are actually slow. With no great bonus or opportunities to have extra credit extended, this card is only the best choice as a starter credit card. You should be prepared to shut the account after you have established positive credit history and move on to a card with better benefits.