The Indigo Platinum Mastercard is actually a basic bank card focused towards people with below perfect credit. While this card has the niche of its in the industry, there are various other cards that you may most likely choose to consider.
For a fast guide, below are 5 things you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard delivers a pre qualification application to allow you to understand rapidly if an endorsement is likely. Sometimes those with bankruptcies might be approved due to this card. Pre-qualifying also will come with no ding to the credit score of yours.
In the event you intend to move ahead, 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 require a security deposit. For rebuilding or perhaps developing credit, this might not be a significant deal but can make big-ticket purchases challenging.
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 a development, or perhaps establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for creating credit and demonstrating right economic task. It’d also be vital to maintain a low balance as credit utilization is a factor in your credit score.
3. It’s High Fees
This particular card includes a slew of fees, depending on your offer. For many new cardholders, the initial yearly fee might be almost as $75, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you may get the card with only seventy five % of your credit limit available to start. Together with all of this, it carries a large APR, which can be costly if carrying a balance month to month.
The best bet of yours is to pay the balance of yours off in total utilizing the website, pay by phone or even mailing your check payment early on in case of slow processing times. There are a small number of other fees, including late penalty fees, overlimit fees and returned payment fees to be mindful of, but those can easily be avoided provided that you pay your bill on time and keep to the terms of the bank card of yours.
4. There is No Rewards Program
Many cardholders seek some kind of welcome proposal or rewards program with the credit cards of theirs. Unfortunately, this card comes with neither. For a similarly organized card with some kind of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card gives you 1 % back on all purchases but does charge an annual price of $0 to ninety nine dolars, 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’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla charge card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and other things. In addition, rest assured that you are protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the ability to join for free credit monitoring with TransUnion while being a cardholder.
Finalized Thoughts
Whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering different cards just for this targeted audience. While it does come with reporting to the three major credit bureaus, which is a plus, it comes at a price in the kind of a big APR along with yearly fee structure. The minimal credit limit may also make it tough to preserve a low credit utilization, an important factor in your credit score.
We recommend that you pay out the statement balance in full and early in case processing times are actually slow. Without welcome bonus or maybe chances to have supplemental credit extended, this card is only the best choice as a starter credit card. You need to be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.
