The Indigo Platinum Mastercard is a no-frills charge card focused towards those with less than perfect credit. While this card has the niche of its in the market, there are other cards that you might probably choose to consider.
For a quick guide, the following are 5 things you need to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a simple Application Process
The Indigo Platinum Mastercard delivers a pre-qualification application to enable you to know quickly if an endorsement is apt. Sometimes those with bankruptcies might be approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
Should you would like to move forward, a full credit application is going to have to be finished coupled with a full credit check. If approved, the credit limit is set at $300, but luckily doesn’t require a security deposit. For rebuilding or perhaps setting up credit, this may not be a big deal but may make big-ticket purchases challenging.
2. It Could help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to lead to a development, or establishment, of credit. By making regular and on-time payments, this card can serve as a springboard for creating credit and demonstrating perfect financial task. It would also be imperative to maintain a low balance as credit utilization is actually an aspect in the credit score of yours.
3. It’s High Fees
This particular card includes a slew of fees, depending on the offer of yours. For many new cardholders, the first 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 receive 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 can be high priced if carrying a balance month to month.
The best choice is paying your balance off in full utilizing the site, pay by telephone or mailing your check payment early on in case of gradual processing times. You will find a handful of various other fees, including late penalty costs, overlimit fees and returned payment charges to be mindful of, but those can easily be avoided so long as you pay the bill of yours on time and keep to the terms of your credit card.
4. There is No Rewards Program
Many cardholders seek some form of pleasant offer or rewards program with the credit cards of theirs. The fact is that, this card comes with neither. For a likewise organized card with some form of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card offers 1 % back on all purchases but does charge an annual fee of $0 to $99, based on creditworthiness. When you’re going to pay an annual fee, you might as well attempt to extract just as much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla bank card, it does deliver some Mastercard benefits. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, email address, debit cards, credit cards, bank accounts , email addresses and other things. Furthermore, rest assured you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to register free of charge credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering different cards just for this targeted market. Although it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the kind of a big APR and yearly fee structure. The low credit limit may also make it difficult to keep a low credit utilization, an important factor in the credit score of yours.
We advocate you pay out the statement balance in early and full in case processing times are slow. Without pleasant extra or perhaps chances to have extra credit extended, this card is only a good choice as a starter credit card. You should be ready to shut the account after you have established positive credit history and move on to a card with better benefits.