The Indigo Platinum Mastercard is a basic bank card targeted towards people with below perfect credit. While this card has the niche of its in the market, there are various other cards that you might most likely choose to check.
For a fast guide, below are 5 things you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a simple Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to enable you to understand quickly if an endorsement is likely. Sometimes those with bankruptcies may be approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
In the event you want to move ahead, a complete credit application will have to be finished along with a full credit check. If approved, the credit limit is set at $300, but thankfully doesn’t call for a security deposit. For rebuilding or perhaps establishing credit, this might not be a significant deal but may make big-ticket purchases challenging.
2. It Can help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to lead to an enhancement, or establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for creating credit and demonstrating effective financial task. It’d also be important to preserve a low balance as credit utilization is a factor in your credit score.
3. It has Fees that are High
This card has a slew of costs, depending on the offer of yours. For certain new cardholders, the first annual fee could be almost as $75, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you may receive the card with just seventy five % of your credit limit available to start. On top of all of this, it carries a higher APR, which may be expensive if holding a balance month to month.
The best bet of yours is paying your balance off in full utilizing the website, pay by phone or perhaps mailing your check payment early in case of gradual processing times. There are a couple of various other fees, including late penalty costs, overlimit charges and returned payment charges to be mindful of, but those can easily be avoided so long as you pay your bill on time and keep to the terms of your charge card.
4. There is No Rewards Program
Numerous cardholders seek some kind of pleasant proposal or incentives program with the credit cards of theirs. Regrettably, this card comes with neither. For a likewise organized card with some kind of reward benefit, check out the Credit One Bank Platinum Visa Card. This particular card gives you 1 % back on all purchases but does charge an annual price of zero dolars to $99, based on creditworthiness. When you are likely to pay an annual fee, you might as well try and extract just as much benefit as is possible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla charge card, it does offer some Mastercard benefits. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and other things. Also, rest assured that you’re shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the ability to join free of charge credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering different cards for this targeted audience. While it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the kind of a high APR along with yearly fee structure. The low credit limit can also make it challenging to keep a low credit utilization, a crucial factor in the credit score of yours.
We suggest you spend the expression balance in early and full in case processing times are slow. With no great extra or chances to have supplemental credit extended, this card is simply the best option as a starter credit card. You need to be ready to close the account after you’ve established positive credit history and move on to a card with better benefits.