The Indigo Platinum Mastercard is actually a no-frills charge card targeted towards people with less than perfect credit. While this card has its niche in the market, there are various other cards that you may most likely want to consider.
For a fast guide, below are 5 things 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 offers a pre qualification application to allow you to learn quickly if an approval is likely. Sometimes those with bankruptcies are generally approved due to this card. Pre-qualifying also will come with no ding to your credit score.
In the event you want to move forward, a full credit application will have to be finished coupled with a complete credit check. If approved, the credit limit is actually set at $300, but luckily does not need 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 which reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card is able to result in an enhancement, or maybe establishment, of credit. By making regular and on-time payments, this card serves as a springboard for building credit and demonstrating quality financial task. It would also be imperative to maintain a reduced balance as credit utilization is a component in the credit score of yours.
3. It has Fees that are High
This particular card includes a slew of costs, depending on your offer. For many new cardholders, the initial annual fee could be almost 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 seventy five % of your credit limit readily available to begin. Together with all of this, it carries a high APR, which can be high priced if carrying a balance month to month.
Your best option is to pay the balance of yours off in full utilizing the site, pay by phone or mailing your check transaction early on in case of gradual processing times. There are a couple of various other costs, including late penalty costs, overlimit charges & returned payment fees to be mindful of, but those can be avoided as long as you pay your bill on time and keep to the terms of your charge card.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome proposal or maybe rewards program with the credit cards of theirs. The fact is that, this card comes with neither. For a similarly structured card with some kind of reward advantage, check out the Credit One Bank Platinum Visa Card. This card provides 1 % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. If you’re going to pay an annual fee, you should try and extract as-much advantage as is possible.
5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla charge card, it does offer some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and more. In addition, rest assured that you are protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the potential to register free of charge credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when studying other cards for this targeted market. Though 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 and annual rate structure. The minimal credit limit may also make it hard to keep a low credit utilization, an important element in the credit score of yours.
We recommend that you spend the expression balance in early and full in case processing times are actually slow. With no pleasant bonus or perhaps chances to have additional credit extended, this card is only the best option 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.