The Indigo Platinum Mastercard is a basic credit card targeted towards those with less than perfect credit. While this card has the niche of its in the market, there are some other cards that you could potentially prefer to consider.
For a quick guide, below are five items you have to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to let you learn quickly if an endorsement is likely. 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.
In the event you want to progress, a complete credit application is going to have to be completed coupled with a complete credit check. If approved, the credit limit is actually set at $300, but fortunately does not require a security deposit. For rebuilding or even establishing credit, this may not be a big 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 cause a development, or perhaps establishment, of credit. By making regular and on-time payments, this card can serve as a springboard for creating credit and demonstrating effective financial responsibility. It’d also be vital to maintain a reduced balance as credit utilization is actually a factor in your credit score.
3. It’s Fees that are High
This card has a slew of fees, depending on the offer of yours. For some new cardholders, the initial yearly fee is usually almost as seventy five dolars, increasing to $99 in the years following. Combine this with a short credit limit of $300, and you might get the card with just 75 % of your credit limit available to begin. In addition to all of this, it carries a large APR, which could be high priced if carrying a balance month to month.
The best bet of yours is paying the balance of yours off in detailed utilizing the website, pay by phone or mailing your check payment early in case of slow processing times. You will find a handful of other fees, including late penalty costs, overlimit fees & returned payment charges to be mindful of, but those can be easily avoided as long as you pay the bill of yours on time and keep to the terms of your bank card.
4. There’s No Rewards Program
Numerous cardholders seek some type of welcome offer or perhaps incentives program with the credit cards of theirs. The fact is that, this card comes with neither. For a similarly organized card with some sort 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 zero dolars to $99, based on creditworthiness. If you’re likely to pay an annual fee, you might as well try and extract as much advantage as is feasible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is an extremely vanilla charge card, it does deliver some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and more. In addition, rest assured that you’re screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the ability to register at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when considering different cards to do this targeted audience. Although it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the kind of a significant APR and annual fee structure. The minimal credit limit can also make it hard to preserve a low credit utilization, a significant component in your credit score.
We advocate you pay the expression balance in early and full in case processing times are actually slow. Without any welcome extra or perhaps opportunities to have supplemental credit extended, this card is only a good choice as a starter credit card. You should be prepared to shut the account after you have established good credit history and move on to a card with better benefits.