The Indigo Platinum Mastercard is actually a no-frills bank card focused towards people with below perfect credit. While this card has the niche of its in the industry, there are various other cards that you may possibly prefer to consider.
For a fast guide, here are 5 things you need to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a simple Application Process
The Indigo Platinum Mastercard provides a pre-qualification tool to let you understand quickly if an approval is apt. Even those with bankruptcies may be approved for this card. Pre-qualifying also will come with no ding to your credit score.
If you would like 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 does not need a security deposit. For rebuilding or even establishing credit, this might not be a big deal but can 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 result in a development, or maybe establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating very good economic responsibility. It would also be vital to preserve a low balance as credit utilization is a component in the credit score of yours.
3. It’s Fees which are High
This card comes with a slew of fees, based on the offer of yours. For certain new cardholders, the first yearly fee could be pretty much as $75, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you may receive the card with just seventy five % of your credit limit available to begin. In addition to all of this, it carries a higher APR, which may be expensive if carrying a balance month to month.
The best bet of yours is to pay your balance off in total utilizing the website, pay by telephone or perhaps mailing your check payment early on in case of slow processing times. You will find a small number of various other fees, including late penalty fees, overlimit charges and returned payment charges to be aware of, but those can easily be avoided so long as you pay the bill of yours on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome proposal or incentives program with their credit cards. Regrettably, this card comes with neither. For a likewise organized card with some sort of reward benefit, consider the Credit One Bank Platinum Visa Card. This card gives you 1 % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. If you’re going to pay an annual fee, you should try and extract the maximum amount of benefit as is feasible.
5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is an extremely vanilla bank card, it does deliver 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 other things. Furthermore, rest assured that you’re protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the potential to join free of charge credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when studying different cards for this targeted market. Although it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the form of a big APR along with annual fee structure. The low credit limit can also make it difficult to preserve a low credit utilization, a vital element in the credit score of yours.
We suggest that you pay out the expression balance in early and full in case processing times are slow. With no great bonus or opportunities to have extra credit extended, this card is just a good choice as a starter credit card. You should be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.