The Indigo Platinum Mastercard is a basic charge card targeted towards people with under perfect credit. While this card has the niche of its in the market, there are other cards that you might probably want to consider.
For a fast guide, below are five items you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard provides a pre qualification application to enable you to learn quickly if an approval is apt. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also comes with no ding to your credit score.
Should you would like to move forward, a full credit application is going to have to be finished along with a full credit check. If approved, the credit limit is set at $300, but thankfully does not call for a security deposit. For rebuilding or even setting up credit, this might not be a huge deal but could make big-ticket purchases difficult.
2. It Can help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card is able to cause an enhancement, or establishment, of credit. By making regular and on-time payments, this card serves as a springboard for creating credit and demonstrating quality financial responsibility. It would also be important to preserve a reduced balance as credit utilization is an aspect in your credit score.
3. It has Fees that are High
This card has a slew of fees, depending on the offer of yours. For many new cardholders, the initial yearly fee might be as much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you could receive the card with just 75 % of your credit limit readily available to begin. Together with all of this, it carries a large APR, which could be costly if holding a balance month to month.
The best choice is paying your balance off in total utilizing the website, pay by phone or even mailing your check transaction early in case of slow processing times. You will find a handful of various other fees, including late penalty fees, overlimit fees & returned payment charges to be aware of, but those can be easily avoided provided that you pay the bill of yours on time and keep to the terms of the charge card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome proposal or perhaps rewards program with their credit cards. Unfortunately, this card comes with neither. For an in the same way structured card with some sort of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card features 1 % back on all purchases but does charge an annual rate of $0 to ninety nine dolars, based on creditworthiness. When you’re going to pay an annual fee, you might as well attempt to extract the maximum amount of advantage as is feasible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla charge card, it does offer some Mastercard benefits. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and other things. Additionally, rest assured you are screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the potential to register absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when considering different cards just for this targeted audience. While it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the type of a significant APR along with annual fee structure. The minimal credit limit may also make it tough to maintain a low credit utilization, a crucial component in the credit score of yours.
We recommend that you pay out the expression balance in full and early in case processing times are actually slow. Without pleasant extra or opportunities to have supplemental credit extended, this card is only a good option as a starter credit card. You must be ready to close the account after you have established good credit history and move on to a card with better benefits.