The Indigo Platinum Mastercard is a basic charge card targeted towards those with under perfect credit. While this card has its niche in the industry, there are other cards that you may probably want to check.
For a rapid guide, below are five things you have to find out 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 application to allow you to understand quickly if an approval is likely. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also comes with no ding to your credit score.
In the event you wish to progress, a complete 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 fortunately doesn’t call for a security deposit. For rebuilding or perhaps setting up credit, this might not be a significant deal but may make big-ticket purchases difficult.
2. It Could help Build Credit
As a card which reports to the three 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 serves as a springboard for creating credit and demonstrating right economic responsibility. It’d also be imperative to preserve a reduced balance as credit utilization is a factor in the credit score of yours.
3. It’s High Fees
This card includes a slew of costs, based on your offer. For some new cardholders, the initial yearly fee is usually as much as seventy five dolars, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you might receive the card with just 75 % of your credit limit available to begin. In addition to all of this, it carries a higher APR, which could be high priced if carrying a balance month to month.
Your best bet is paying the balance of yours off in detailed utilizing the website, pay by telephone or mailing your check transaction early in case of gradual processing times. You will find a handful of other costs, including late penalty costs, overlimit fees and returned payment charges to be mindful of, but those can be avoided so long as 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 form of welcome offer or perhaps rewards program with their credit cards. Regrettably, this card comes with neither. For an in the same way organized card with some sort of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card gives you one % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. If you are likely to pay an annual fee, you might as well try and extract as-much advantage as possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla credit card, it does offer 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 that you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the ability to register for free credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering different cards just for this targeted market. Although it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the type of a high APR along with yearly rate structure. The low credit limit may also make it difficult to preserve a low credit utilization, an important element in your credit score.
We suggest that you pay out the statement balance in full and early in case processing times are slow. Without welcome bonus or maybe chances to have additional credit extended, this card is only the best choice as a starter credit card. You must be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.