The Indigo Platinum Mastercard is a no-frills charge card focused towards people with less than perfect credit. While this card has its niche in the market, there are some other cards that you could most likely want to consider.
For a rapid guide, the following are 5 things you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to enable you to know quickly if an endorsement is likely. Even those with bankruptcies may be approved for this card. Pre-qualifying also will come with no ding to your credit score.
In the event you wish to progress, a complete credit application is going to have to be finished coupled with a complete credit check. If approved, the credit limit is set at $300, but luckily doesn’t require a security deposit. For rebuilding or perhaps establishing credit, this may not be a huge 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 result in an improvement, or maybe establishment, of credit. By making on-time and regular payments, this card serves as a springboard for building credit and demonstrating amazing financial task. It’d likewise be imperative to maintain a low balance as credit utilization is a factor in the credit score of yours.
3. It’s Fees that are High
This card comes with a slew of costs, based on the offer of yours. For some new cardholders, the initial annual fee might be almost as seventy five dolars, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you might get the card with only seventy five % of your credit limit available to begin. On top of all of this, it carries a higher APR, which could be costly if holding a balance month to month.
The best bet of yours is paying your balance off in detailed utilizing the site, pay by telephone or even mailing your check transaction early in case of slow processing times. There are a handful of other costs, including late penalty costs, overlimit charges and returned payment charges to be mindful of, but those can easily be stayed away from provided that you pay your bill on time and keep to the terms of your charge card.
4. There’s No Rewards Program
Numerous 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 advantage, consider the Credit One Bank Platinum Visa Card. This particular card offers one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. If you are likely to pay an annual fee, you should try and extract the maximum amount of benefit as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla charge card, it does deliver some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and more. Additionally, rest assured that you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the capability to register 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 very much to be desired when considering other cards to do this targeted audience. Though it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a cost in the kind of a significant APR and annual fee structure. The low credit limit can also make it difficult to preserve a low credit utilization, a crucial element in the credit score of yours.
We suggest that you spend the statement balance in early and full in case processing times are actually slow. Without any welcome extra or maybe opportunities to have supplemental credit extended, this card is simply a good option as a starter credit card. You need to be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.