The Indigo Platinum Mastercard is actually a no-frills charge card focused towards individuals with below perfect credit. While this card has its niche in the industry, there are other cards that you could potentially choose to consider.
For a fast guide, below are 5 items you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a simple Application Process
The Indigo Platinum Mastercard delivers a pre qualification application to allow you to know quickly if an approval is likely. Sometimes those with bankruptcies are generally approved because of this card. Pre-qualifying also will come with no ding to the credit score of yours.
If you intend to move forward, an entire credit application is going to have to be done along with a complete credit check. If approved, the credit limit is set at $300, but fortunately does not need a security deposit. For rebuilding or perhaps setting up credit, this may not be a big deal but can make big-ticket purchases difficult.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to result in a development, or maybe establishment, of credit. By making on-time and regular payments, this card is a springboard for creating credit and demonstrating ideal economic task. It’d also be vital to keep a reduced balance as credit utilization is an aspect in the credit score of yours.
3. It’s Fees that are High
This particular card has a slew of fees, based on your offer. For some new cardholders, the first yearly fee could be almost as $75, 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 start. In addition to all of this, it carries a large APR, which could be pricey if carrying a balance month to month.
Your best bet is to pay the balance of yours off in detailed utilizing the site, pay by telephone or perhaps mailing your check transaction early in case of slow processing times. You will find a handful of various other costs, including late penalty fees, overlimit charges & returned payment fees to be mindful of, but those can be easily stayed away from so long as you pay the bill of yours on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Many cardholders seek some form of pleasant proposal or incentives program with the credit cards of theirs. Regrettably, 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 gives you 1 % back on all purchases but does charge an annual price of $0 to ninety nine dolars, based on creditworthiness. If you’re going to pay an annual fee, you should attempt to extract the maximum amount of advantage as possible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is an extremely vanilla charge card, it does provide some Mastercard advantages. Mastercard ID Theft Protection supplies 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 you are screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the potential to register for free credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves much to be desired when studying different cards to do this targeted audience. While it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the type of a big APR along with annual rate structure. The low credit limit can also make it difficult to maintain a low credit utilization, an important element in your credit score.
We recommend that you spend the expression balance in full and early in case processing times are actually slow. Without pleasant bonus or perhaps chances to have supplemental credit extended, this card is simply a good choice as a starter credit card. You need to be prepared to close the account after you have established good credit history and move on to a card with better benefits.