The Indigo Platinum Mastercard is a no-frills charge card focused towards individuals with below perfect credit. While this card has its niche in the market, there are various other cards that you could most likely choose to consider.
For a rapid guide, the following are five items you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to let you learn quickly if an approval is likely. Even those with bankruptcies may be approved because of this card. Pre-qualifying also comes with no ding to your credit score.
If you wish to move ahead, an entire credit application is going to have to be completed along with a full credit check. If approved, the credit limit is set at $300, but luckily doesn’t call for a security deposit. For rebuilding or establishing credit, this may not be a huge deal but could make big ticket purchases challenging.
2. It Could help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to cause an enhancement, or perhaps establishment, of credit. By making regular and on-time payments, this card serves as a springboard for building credit and demonstrating very good financial task. It’d likewise be important to preserve a low balance as credit utilization is actually a factor in your credit score.
3. It has Fees that are High
This card has a slew of fees, depending on the offer of yours. For certain new cardholders, the initial annual fee might be almost as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you might get the card with only seventy five % of your credit limit readily available to start. Together with all of this, it carries a high APR, which can be expensive if carrying a balance month to month.
The best choice is paying your balance off in detailed utilizing the site, pay by phone or even mailing your check transaction early on in case of slow processing times. You will find a couple of various other costs, including late penalty costs, overlimit fees and returned payment charges to be aware of, but those can be avoided as long as you pay your bill on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome offer or rewards program with the credit cards of theirs. The fact is that, 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 offers one % back on all purchases but does charge an annual price of zero dolars to $99, based on creditworthiness. If you’re likely to pay an annual fee, you might as well attempt to extract as much benefit as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very vanilla charge card, it does offer some Mastercard advantages. 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. Additionally, rest assured you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the potential to sign up at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when studying different cards to do this targeted audience. Although it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the type of a big APR and yearly rate structure. The minimal credit limit may also make it hard to keep a low credit utilization, a significant element in your credit score.
We recommend that you spend the statement balance in full and early in case processing times are slow. Without any welcome bonus or maybe opportunities to have extra credit extended, this card is only a good option as a starter credit card. You should be prepared to shut the account after you have established good credit history and move on to a card with better benefits.