The Indigo Platinum Mastercard is actually a no-frills credit card targeted towards those with less than perfect credit. While this card has its niche in the market, there are other cards that you might potentially want to check.
For a rapid guide, here are five things you have to find out 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 delivers a pre qualification tool to let you know rapidly if an endorsement is apt. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also comes with no ding to the credit score of yours.
Should you wish to progress, a complete credit application will have to be finished along with a complete credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or developing credit, this might not be a significant deal but may make big ticket purchases difficult.
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 on-time and regular payments, this card can serve as a springboard for building credit and demonstrating okay economic responsibility. It would also be imperative to keep a reduced balance as credit utilization is an aspect in the credit score of yours.
3. It has High Fees
This card includes a slew of costs, depending on the offer of yours. For many new cardholders, the first yearly fee is usually as much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you might get 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 could be high priced if holding a balance month to month.
The best bet of yours is paying the balance of yours off in detailed utilizing the website, pay by telephone or perhaps mailing your check payment early on in case of slow processing times. There are a small number of other fees, including late penalty fees, overlimit fees and returned payment charges to be aware of, but those can easily be avoided provided that you pay your bill on time and keep to the terms of your bank card.
4. There’s No Rewards Program
Many cardholders seek some kind of welcome proposal or maybe rewards program with the credit cards of theirs. Regrettably, this card comes with neither. For a likewise structured card with some kind of reward benefit, check out the Credit One Bank Platinum Visa Card. This card offers 1 % back on all purchases but does charge an annual fee of zero dolars to $99, based on creditworthiness. If you are going to pay an annual fee, you should try and extract just as much benefit as is feasible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla credit card, it does offer some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and more. Furthermore, rest assured you’re shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the ability to register for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when viewing other cards to do this targeted audience. Though it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the type of a big APR along with yearly fee structure. The minimal credit limit could also make it difficult to preserve a low credit utilization, a vital element in your credit score.
We advocate you pay the expression balance in early and full in case processing times are actually slow. Without welcome extra or chances to have supplemental credit extended, this card is just a good option as a starter credit card. You need to be ready to shut the account after you have established good credit history and move on to a card with better benefits.