The Indigo Platinum Mastercard is actually a basic bank card focused towards those with less than perfect credit. While this card has its niche in the market, there are various other cards that you may potentially want to check.
For a rapid guide, the following are 5 things you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a simple Application Process
The Indigo Platinum Mastercard provides a pre-qualification application to allow you to understand quickly if an endorsement is apt. Even those with bankruptcies may be approved for this card. Pre-qualifying also comes with no ding to the credit score of yours.
In the event you wish to progress, a complete credit application will have to be finished coupled with a complete credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or developing credit, this may not be a significant deal but may make big ticket purchases difficult.
2. It Can help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to result in an enhancement, or establishment, of credit. By making regular and on-time payments, this card serves as a springboard for creating credit and demonstrating awesome financial task. It would likewise be important to keep a low balance as credit utilization is actually an aspect in your credit score.
3. It has Fees that are High
This card includes a slew of costs, based on the offer of yours. For most new cardholders, the first annual fee could be almost as seventy five dolars, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you may receive the card with only 75 % of your credit limit readily available to begin. Together with all of this, it carries a high APR, which could be pricey if holding a balance month to month.
The best bet of yours is to pay your balance off in total utilizing the website, pay by phone or perhaps mailing your check transaction early on in case of gradual processing times. You will find a small number of other costs, including late penalty fees, overlimit charges and returned payment fees to be mindful of, but those can easily be stayed away from provided that you pay your bill on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Many cardholders seek some type of pleasant proposal or incentives program with their credit cards. The fact is that, this card comes with neither. For a likewise structured card with some form of reward advantage, check out the Credit One Bank Platinum Visa Card. This card gives you 1 % back on all purchases but does charge an annual fee of zero dolars to $99, based on creditworthiness. If you’re going to pay an annual fee, you should try and extract as-much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very vanilla charge 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. Furthermore, rest assured that you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the ability to sign up for free credit monitoring with TransUnion while being a cardholder.
Finalized Thoughts
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards for this targeted audience. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the form of a high APR along with yearly fee structure. The minimal credit limit can also make it challenging to maintain a low credit utilization, a crucial element in your credit score.
We advocate you pay the declaration balance in full and early in case processing times are slow. Without any pleasant bonus or perhaps opportunities to have extra credit extended, this card is simply the best option 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.