The Indigo Platinum Mastercard is actually a basic bank card focused towards individuals with less than perfect credit. While this card has the niche of its in the market, there are other cards that you might potentially prefer to check.
For a rapid guide, here are 5 things you need to learn 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 tool to enable you to understand rapidly if an endorsement is likely. Sometimes those with bankruptcies might be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.
If you would like to move forward, a complete credit application will have to be finished coupled with a complete credit check. If approved, the credit limit is actually set at $300, but luckily doesn’t need a security deposit. For rebuilding or perhaps setting up credit, this may not be a huge deal but may make big ticket purchases difficult.
2. It Will help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to cause 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 very good financial task. It would likewise be imperative to maintain a reduced balance as credit utilization is an aspect in the credit score of yours.
3. It has Fees which are High
This particular card has a slew of fees, based on your offer. For most new cardholders, the initial annual fee is usually as much 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 receive the card with only seventy five % of your credit limit readily available to start. Together with all of this, it carries a large APR, which may be expensive if holding a balance month to month.
The best bet of yours is paying your balance off in total utilizing the website, pay by telephone or even mailing your check transaction early on in case of gradual processing times. There are a handful of other costs, including late penalty costs, overlimit charges & returned payment fees to be mindful of, but those can be stayed away from as long as 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 welcome proposal or perhaps incentives program with the credit cards of theirs. Regrettably, this card comes with neither. For a similarly structured card with some kind of reward benefit, check out the Credit One Bank Platinum Visa Card. This card provides 1 % back on all purchases but does charge an annual price of zero dolars to ninety nine dolars, based on creditworthiness. If you’re likely to pay an annual fee, you should attempt to extract as-much advantage as is possible.
5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla charge card, it does provide 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. Also, rest assured you are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the ability to join absolutely free credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing other cards to do this targeted audience. While it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the kind of a high APR along with annual rate structure. The minimal credit limit can also make it difficult to keep a low credit utilization, a crucial factor in your credit score.
We advocate you spend the expression balance in full and early in case processing times are actually slow. Without any pleasant extra or opportunities to have supplemental credit extended, this card is only a good option as a starter credit card. You should be ready to close the account after you have established positive credit history and move on to a card with better benefits.