The Indigo Platinum Mastercard is a basic charge card targeted towards people with below perfect credit. While this card has the niche of its in the market, there are some other cards that you may potentially prefer to check.
For a rapid guide, here are five stuff you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard provides a pre qualification application to enable you to know rapidly if an endorsement is apt. Even those with bankruptcies might be approved due to this card. Pre-qualifying also comes with no ding to your credit score.
If you wish to progress, an entire 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 fortunately does not require a security deposit. For rebuilding or perhaps setting up credit, this might not be a huge deal but could make big ticket purchases difficult.
2. It Will help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card is able to lead to an enhancement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for building credit and demonstrating okay economic task. It’d likewise be important to maintain a reduced balance as credit utilization is an aspect in your credit score.
3. It’s Fees which are High
This card comes with a slew of costs, based on your offer. For certain new cardholders, the initial annual fee might be almost as $75, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you could get the card with only 75 % of your credit limit readily available to begin. On top of all of this, it carries a large APR, which could be high priced if holding a balance month to month.
Your best option is paying your balance off in full utilizing the website, pay by telephone or mailing your check transaction early on in case of gradual processing times. There are a handful of other costs, including late penalty fees, 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
Numerous cardholders seek some type of welcome offer or incentives program with their credit cards. Unfortunately, this card comes with neither. For a likewise structured card with some form of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card gives you 1 % back on all purchases but does charge an annual rate of zero dolars to ninety nine dolars, based on creditworthiness. If you’re likely to pay an annual fee, you might as well try and extract the maximum amount of advantage as is possible.
5. You will Have Access to Mastercard Benefits
Even though 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, bank accounts, credit cards, debit cards, email address , email addresses and other things. Also, rest assured you’re protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the capability to sign up for 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 studying other cards for this targeted audience. 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 type of a high APR along with annual fee structure. The minimal credit limit could also make it challenging to preserve a low credit utilization, a vital component in the credit score of yours.
We recommend that you pay out the statement balance in early and full in case processing times are actually slow. Without welcome bonus or maybe opportunities to have supplemental credit extended, this card is just a good option as a starter credit card. You need to be ready to shut the account after you’ve established good credit history and move on to a card with better benefits.