The Indigo Platinum Mastercard is actually a no-frills credit card targeted towards those with under perfect credit. While this card has the niche of its in the industry, there are various other cards that you might most likely prefer to check.
For a rapid guide, here are five stuff you have to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard delivers a pre-qualification application to let you learn quickly if an endorsement is likely. Even those with bankruptcies may be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.
In the event you want to move forward, an entire credit application is going to have to be completed coupled with a complete credit check. If approved, the credit limit is set at $300, but fortunately does not call for a security deposit. For rebuilding or perhaps setting up credit, this may not be a significant deal but can make big ticket purchases challenging.
2. It Could 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 serves as a springboard for creating credit and demonstrating very good economic responsibility. It’d also be imperative to preserve a low balance as credit utilization is a component in your credit score.
3. It has Fees that are High
This card has a slew of costs, based on the offer of yours. For some new cardholders, the first annual fee might be pretty much as $75, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you could receive the card with just seventy five % of your credit limit readily available to start. In addition to all of this, it carries a large APR, which may be costly if carrying a balance month to month.
The best bet of yours is paying your balance off in full utilizing the website, pay by phone or 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 fees to be mindful of, but those can easily be stayed away from as long as you pay the bill of yours on time and keep to the terms of your credit card.
4. There’s No Rewards Program
Numerous cardholders seek some form of pleasant offer or incentives program with their credit cards. Regrettably, this card comes with neither. For a similarly organized card with some form of reward benefit, check out the Credit One Bank Platinum Visa Card. This particular card features one % 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 the maximum amount of advantage as possible.
5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla bank card, it does provide 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. Additionally, rest assured that you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the potential to register free of charge credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering different cards for 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 cost in the kind of a big APR and annual rate structure. The minimal credit limit can also make it hard to preserve a low credit utilization, a significant factor in your credit score.
We recommend that you pay out the statement balance in early and full in case processing times are slow. With no welcome extra or maybe opportunities to have additional credit extended, this card is simply 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.