The Indigo Platinum Mastercard is a basic bank card focused towards individuals with below perfect credit. While this card has the niche of its in the market, there are other cards that you could potentially prefer to consider.
For a rapid guide, below are 5 stuff you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a fairly easy Application Process
The Indigo Platinum Mastercard provides a pre-qualification tool to enable you to know rapidly if an approval is likely. Even those with bankruptcies are generally approved for this card. Pre-qualifying also comes with no ding to your credit score.
Should you intend to move forward, a full credit application will have to be done along with a full credit check. If approved, the credit limit is actually set at $300, but fortunately doesn’t require a security deposit. For rebuilding or developing credit, this may not be a huge deal but may make big ticket purchases challenging.
2. It Can help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card can cause a development, or maybe establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for building credit and demonstrating very good financial responsibility. It’d likewise be important to maintain a low balance as credit utilization is actually an aspect in your credit score.
3. It has Fees which are High
This card has a slew of costs, based on your offer. For most new cardholders, the first annual fee could be pretty much as $75, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you could get the card with only 75 % of your credit limit readily available to start. Together with all of this, it carries a high APR, which could be expensive if holding a balance month to month.
Your best bet is paying your balance off in full utilizing the website, pay by telephone or perhaps mailing your check payment early on in case of slow processing times. You will find a couple of other costs, including late penalty costs, overlimit charges and returned payment fees to be mindful of, but those can easily be avoided provided that you pay the bill of yours on time and keep to the terms of the charge card of yours.
4. There is No Rewards Program
Numerous cardholders seek some type of welcome proposal or perhaps incentives program with their credit cards. Regrettably, this card comes with neither. For an in the same way organized card with some form of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card gives you 1 % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. If you are going to pay an annual fee, you might as well attempt to extract as-much benefit as is feasible.
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 provides identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and other things. Also, rest assured you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the ability to join absolutely free credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when considering other cards just for this targeted market. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the kind of a significant APR along with yearly rate structure. The low credit limit could also make it tough to preserve a low credit utilization, a significant component in the credit score of yours.
We suggest you pay the statement balance in early and full in case processing times are actually slow. With no welcome bonus or opportunities to have supplemental credit extended, this card is only a good option as a starter credit card. You should be prepared to close the account after you have established good credit history and move on to a card with better benefits.