The Indigo Platinum Mastercard is a no-frills charge card focused towards people with under perfect credit. While this card has its niche in the market, there are various other cards that you could possibly prefer to check.
For a rapid guide, here are 5 stuff you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a fairly easy Application Process
The Indigo Platinum Mastercard provides a pre qualification application to let you understand quickly if an endorsement is likely. Sometimes those with bankruptcies may be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.
In the event you wish to move ahead, an entire credit application will have to be completed coupled with a complete credit check. If approved, the credit limit is actually set at $300, but luckily does not require a security deposit. For rebuilding or developing credit, this may not be a huge deal but can make big ticket purchases difficult.
2. It Could help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card can cause an improvement, or establishment, of credit. By making regular and on-time payments, this card serves as a springboard for creating credit and demonstrating effective financial responsibility. It would likewise be important to preserve a low balance as credit utilization is an aspect in the credit score of yours.
3. It has High Fees
This particular card has a slew of costs, depending on your offer. For certain new cardholders, the initial annual fee is usually as much as $75, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you could receive the card with only seventy five % of your credit limit available to start. In addition to all of this, it carries a higher APR, which can be pricey if holding a balance month to month.
The best bet of yours is paying your balance off in full utilizing the site, pay by phone or even mailing your check transaction early on in case of gradual processing times. You will find a handful of other fees, including late penalty costs, overlimit fees & returned payment charges to be aware of, but those can easily be avoided provided that 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 incentives program with their credit cards. The fact is that, this card comes with neither. For a likewise structured card with some kind of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card features 1 % back on all purchases but does charge an annual rate of $0 to $99, based on creditworthiness. When you are likely to pay an annual fee, you might as well attempt to extract just as much advantage as is possible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla credit card, it does provide 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 more. Furthermore, rest assured you are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to join at no cost credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards just 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 cost in the kind of a high APR and annual rate structure. The low credit limit can also make it challenging to maintain a low credit utilization, an important element in the credit score of yours.
We recommend that you pay out the statement balance in early and full in case processing times are slow. With no welcome bonus or maybe chances to have supplemental credit extended, this card is just the best choice as a starter credit card. You need to be ready to close the account after you’ve established positive credit history and move on to a card with better benefits.