The Indigo Platinum Mastercard is a no-frills credit card targeted towards individuals with less than perfect credit. While this card has its niche in the market, there are other cards that you could potentially want to consider.
For a fast guide, here are five things you have 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 offers a pre-qualification application to enable you to learn rapidly if an approval is apt. Sometimes those with bankruptcies are generally approved for this card. Pre-qualifying also comes with no ding to the credit score of yours.
If you intend to move ahead, a complete credit application is going to have to be done along with a complete credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or perhaps establishing credit, this may not be a huge deal but can make big-ticket purchases challenging.
2. It Will help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to lead to an enhancement, or perhaps establishment, of credit. By making regular and on-time payments, this card is a springboard for creating credit and demonstrating effective financial responsibility. It’d likewise be important to keep a low balance as credit utilization is a factor in your credit score.
3. It has Fees which are High
This particular card includes a slew of fees, depending on the offer of yours. For certain new cardholders, the first annual fee is usually as much as seventy five dolars, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you might get the card with just 75 % of your credit limit readily available to start. Together with all of this, it carries a high APR, which can be pricey if holding a balance month to month.
The best bet of yours is paying your balance off in full utilizing the website, pay by telephone or perhaps mailing your check payment early on in case of slow processing times. There are a couple of other costs, including late penalty costs, overlimit fees and returned payment charges to be aware of, but those can easily be stayed away from provided that you pay the bill of yours on time and keep to the terms of your charge card.
4. There’s No Rewards Program
Many cardholders seek some kind of pleasant proposal or perhaps incentives program with the credit cards of theirs. Regrettably, this card comes with neither. For a similarly structured card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This card gives you one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. When you are going to pay an annual fee, you may as well try and extract as much advantage as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla bank card, it does provide 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 more. In addition, rest assured you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the capability to sign up at no cost 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 viewing other cards for this targeted audience. While it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a price in the kind of a significant APR and annual rate structure. The minimal credit limit can also make it tough to keep a low credit utilization, a crucial component in your credit score.
We suggest that you spend the statement balance in early and full in case processing times are actually slow. With no great bonus or chances to have additional credit extended, this card is only the best choice 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.