The Indigo Platinum Mastercard is a no-frills charge card focused towards people with below perfect credit. While this card has its niche in the market, there are various other cards that you could potentially choose to check.
For a rapid guide, below are five stuff you have to know 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 application to let you learn quickly if an approval is apt. Sometimes those with bankruptcies are generally approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
Should you wish to progress, an entire credit application is going to have to be done along with a complete credit check. If approved, the credit limit is actually set at $300, but fortunately doesn’t require a security deposit. For rebuilding or perhaps developing credit, this may not be a significant deal but could make big ticket purchases challenging.
2. It Can help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to result in an enhancement, or perhaps establishment, of credit. By making on-time and regular payments, this card is a springboard for creating credit and demonstrating right economic responsibility. It’d likewise be imperative to keep a reduced balance as credit utilization is actually a component in your credit score.
3. It’s High Fees
This card comes with a slew of fees, depending on the offer of yours. For certain new cardholders, the first yearly fee is usually 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 only seventy five % of your credit limit readily available to begin. Together with all of this, it carries a large APR, which may be pricey if carrying a balance month to month.
Your best option is to pay the balance of yours off in detailed utilizing the site, pay by telephone or perhaps mailing your check transaction early on in case of gradual processing times. You will find a handful of various other costs, including late penalty costs, overlimit charges and returned payment charges to be mindful of, but those can be easily avoided so long as you pay your bill on time and keep to the terms of your credit card.
4. There is No Rewards Program
Many cardholders seek some form of welcome proposal or maybe rewards program with their credit cards. Regrettably, this card comes with neither. For a likewise structured card with some sort of reward benefit, consider the Credit One Bank Platinum Visa Card. This card features one % back on all purchases but does charge an annual rate of $0 to ninety nine dolars, based on creditworthiness. If you are going to pay an annual fee, you should attempt to extract just as much benefit as is possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very vanilla credit card, it does provide some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and more. Additionally, rest assured that you’re shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the ability to join absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when studying different cards just for this targeted market. Although it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a cost in the kind of a high APR along with annual rate structure. The minimal credit limit can also make it difficult to keep a low credit utilization, an important component in the credit score of yours.
We advocate that you spend the statement balance in full and early in case processing times are slow. Without welcome bonus or perhaps chances to have supplemental credit extended, this card is simply a good option as a starter credit card. You need to be prepared to shut the account after you have established good credit history and move on to a card with better benefits.