The Indigo Platinum Mastercard is a no-frills charge card targeted towards those with below perfect credit. While this card has its niche in the industry, there are various other cards that you might potentially prefer to consider.
For a quick guide, here are 5 items you have to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a simple Application Process
The Indigo Platinum Mastercard delivers a pre-qualification application to allow you to know quickly if an endorsement is likely. Sometimes those with bankruptcies might be approved because of this card. Pre-qualifying also comes with no ding to your credit score.
If you would like to move forward, a full credit application will have to be done coupled with a complete credit check. If approved, the credit limit is set at $300, but thankfully doesn’t require a security deposit. For rebuilding or perhaps establishing credit, this may not be a big deal but could make big ticket purchases difficult.
2. It Could help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to result in an improvement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating awesome financial task. It’d also be vital to keep a reduced balance as credit utilization is a factor in the credit score of yours.
3. It’s Fees which are High
This particular card comes with a slew of fees, depending on the offer of yours. For most new cardholders, the initial yearly fee might be almost as seventy five dolars, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you may get the card with only 75 % of your credit limit available to begin. In addition to all of this, it carries a high APR, which can be expensive if holding a balance month to month.
The best bet of yours is to pay the balance of yours off in detailed utilizing the site, pay by telephone or even mailing your check payment early on in case of slow processing times. You will find a small number of various other fees, including late penalty costs, overlimit fees & 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 is No Rewards Program
Many cardholders seek some form of welcome offer or perhaps incentives program with the credit cards of theirs. Unfortunately, this card comes with neither. For an in the same way structured card with some sort of reward advantage, consider the Credit One Bank Platinum Visa Card. This card gives you one % back on all purchases but does charge an annual fee of $0 to $99, based on creditworthiness. When you’re likely to pay an annual fee, you should try and extract as much advantage as possible.
5. You will Have Access to Mastercard Benefits
While 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. Also, rest assured you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the capability to sign up at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when studying different cards for this targeted market. Although it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the type of a significant APR and annual rate structure. The low credit limit may also make it hard to preserve a low credit utilization, an important element in the credit score of yours.
We advocate that you spend the declaration balance in early and full in case processing times are slow. Without any pleasant bonus or opportunities to have extra credit extended, this card is simply the best choice as a starter credit card. You must be ready to shut the account after you have established good credit history and move on to a card with better benefits.