The Indigo Platinum Mastercard is a no-frills credit card focused towards those with below perfect credit. While this card has its niche in the industry, there are various other cards that you might potentially want to check.
For a rapid guide, here are 5 things you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard provides a pre qualification application to allow you to learn quickly if an approval is likely. Sometimes those with bankruptcies might be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.
If you wish to move forward, a complete credit application is going to have to be completed coupled with a full credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or even developing credit, this may not be a significant deal but could make big ticket purchases difficult.
2. It Could help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can result in a development, or establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating effective financial responsibility. It’d likewise be imperative to preserve a low balance as credit utilization is a component in the credit score of yours.
3. It has Fees which are High
This card comes with a slew of fees, based on the offer of yours. For most new cardholders, the initial annual fee could be as much as seventy five dolars, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you could get the card with just 75 % of your credit limit readily available to start. On top of all of this, it carries a higher APR, which could be costly if carrying a balance month to month.
The best choice is paying your balance off in full utilizing the site, pay by phone or mailing your check transaction early in case of slow processing times. You will find a small number of various other fees, including late penalty costs, overlimit charges & returned payment fees to be aware of, but those can easily be stayed away from provided that you pay the bill of yours on time and keep to the terms of the bank card of yours.
4. There is No Rewards Program
Many cardholders seek some type of pleasant offer or maybe incentives program with the credit cards of theirs. 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 particular card offers 1 % back on all purchases but does charge an annual fee of zero dolars to ninety nine dolars, based on creditworthiness. When you are going to pay an annual fee, you may as well try and extract the maximum amount of advantage as is possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla charge card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and other things. Additionally, rest assured you’re shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the ability to sign up at no cost credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when studying other cards for this targeted market. Although it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a price in the form of a high APR and yearly rate structure. The low credit limit can also make it difficult to keep a low credit utilization, a vital factor in your credit score.
We recommend you pay out the statement balance in full and early in case processing times are actually slow. With no welcome extra or perhaps chances to have additional credit extended, this card is only the best option as a starter credit card. You should be ready to shut the account after you have established good credit history and move on to a card with better benefits.