The Indigo Platinum Mastercard is a basic charge card focused towards those with below perfect credit. While this card has the niche of its in the market, there are some other cards that you might probably want to consider.
For a rapid 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 has a simple Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to enable you to understand quickly if an endorsement is apt. Even those with bankruptcies may be approved because of this card. Pre-qualifying also will come with no ding to the credit score of yours.
Should you wish to move forward, an entire credit application is going to have to be finished coupled with a complete credit check. If approved, the credit limit is actually set at $300, but luckily doesn’t call for a security deposit. For rebuilding or even developing credit, this might not be a significant deal but may make big ticket purchases challenging.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can cause an enhancement, or perhaps establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating okay financial task. It’d likewise be vital to keep a reduced balance as credit utilization is actually a component in the credit score of yours.
3. It has Fees that are High
This particular card has a slew of fees, based on your offer. For some new cardholders, the initial annual fee could be almost as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you might get the card with just 75 % of your credit limit available to begin. Together with all of this, it carries a high APR, which may be pricey if carrying a balance month to month.
Your best bet is paying your balance off in full utilizing the site, pay by phone or perhaps mailing your check payment early on in case of slow processing times. There are a couple of other fees, including late penalty costs, overlimit charges and returned payment charges to be mindful of, but those can be stayed away from so long as you pay your bill on time and keep to the terms of the charge card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some form of pleasant offer or maybe incentives program with the credit cards of theirs. Regrettably, 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 card offers 1 % back on all purchases but does charge an annual fee of $0 to $99, based on creditworthiness. If you are going to pay an annual fee, you may as well try and extract as-much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is an extremely vanilla bank card, it does deliver some Mastercard advantages. 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. In addition, rest assured that you are screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the potential to join at no cost credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when viewing other cards just for this targeted audience. Although it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a cost in the form of a high APR and annual rate structure. The minimal credit limit can also make it difficult to preserve a low credit utilization, an important element 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 great extra or opportunities to have additional credit extended, this card is only a good option as a starter credit card. You must be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.