The Indigo Platinum Mastercard is actually a no-frills charge card focused towards those with under perfect credit. While this card has its niche in the industry, there are some other cards that you could potentially want to consider.
For a fast guide, here are five stuff 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 provides a pre-qualification tool to allow you to understand rapidly if an endorsement is apt. Even those with bankruptcies might be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
If you would like to progress, a complete credit application will have to be completed coupled with a complete credit check. If approved, the credit limit is actually set at $300, but thankfully doesn’t call for a security deposit. For rebuilding or perhaps developing credit, this might not be a big deal but could 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 maybe establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating awesome financial responsibility. It would also be vital to maintain a reduced balance as credit utilization is a component in your credit score.
3. It has High Fees
This card comes with a slew of fees, depending on your offer. For many 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 75 % of your credit limit available to start. In addition to all of this, it carries a large APR, which could be high priced if holding a balance month to month.
Your best bet is paying your balance off in full utilizing the website, pay by phone or perhaps mailing your check transaction early on in case of slow processing times. You will find a couple of other fees, including late penalty costs, overlimit charges & returned payment charges to be mindful of, but those can easily be avoided provided that you pay your bill on time and keep to the terms of the charge card of yours.
4. There is No Rewards Program
Numerous cardholders seek some form of pleasant proposal or perhaps incentives program with their credit cards. Unfortunately, this card comes with neither. For a similarly structured card with some kind of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card provides 1 % back on all purchases but does charge an annual price of zero dolars to $99, based on creditworthiness. If you’re likely 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
Although the Indigo Platinum Mastercard is definitely a vanilla credit card, it does deliver some Mastercard benefits. 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 are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the capability to join absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards to do this targeted audience. Although it does come with reporting to the three major credit bureaus, which is a plus, it comes at a price in the type of a high APR and annual fee structure. The minimal credit limit may also make it challenging to preserve a low credit utilization, a significant element in your credit score.
We suggest that you spend the declaration balance in full and early in case processing times are slow. Without any welcome extra 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.