The Indigo Platinum Mastercard is a basic credit card targeted towards those with below perfect credit. While this card has the niche of its in the market, there are other cards that you might most likely choose to check.
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 an easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification tool to allow you to know rapidly if an approval is likely. Sometimes those with bankruptcies may be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
If you would like to move forward, a full credit application will have to be finished along with a complete credit check. If approved, the credit limit is actually set at $300, but thankfully does not require a security deposit. For rebuilding or even establishing credit, this might not be a significant deal but could make big ticket purchases challenging.
2. It Could help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card can cause a development, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for building credit and demonstrating excellent financial task. It would likewise be important to maintain a low balance as credit utilization is an aspect in your credit score.
3. It has Fees which are High
This particular card has a slew of fees, depending on the offer of yours. For many new cardholders, the first annual fee might be almost as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you may get the card with only seventy five % of your credit limit readily available to start. On top of all of this, it carries a higher APR, which can be expensive if holding a balance month to month.
The best choice is to pay your balance off in full utilizing the website, pay by telephone or even mailing your check transaction early in case of gradual processing times. There are a handful of other costs, including late penalty fees, overlimit charges and returned payment fees to be mindful of, but those can easily be avoided as long as you pay your bill on time and keep to the terms of the credit card of yours.
4. There is No Rewards Program
Many cardholders seek some type of pleasant proposal or perhaps incentives program with the credit cards of theirs. Unfortunately, this card comes with neither. For a similarly organized card with some kind of reward advantage, check out the Credit One Bank Platinum Visa Card. This card offers one % back on all purchases but does charge an annual fee of $0 to $99, based on creditworthiness. When you are going to pay an annual fee, you might as well attempt to extract as much benefit as is feasible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla credit card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and other things. Also, rest assured that you’re shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the potential to sign up absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering other cards to do this targeted market. While 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 big APR along with yearly rate structure. The minimal credit limit may also make it tough to maintain a low credit utilization, a crucial element in your credit score.
We recommend that you pay the declaration balance in early and full in case processing times are slow. Without great bonus or chances to have additional credit extended, this card is just the best option as a starter credit card. You need to be prepared to close the account after you have established positive credit history and move on to a card with better benefits.