The Indigo Platinum Mastercard is a basic charge card targeted towards individuals with under perfect credit. While this card has its niche in the market, there are various other cards that you may potentially choose to check.
For a fast guide, the following are 5 things you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard provides a pre qualification tool to enable you to learn rapidly if an endorsement is likely. Even those with bankruptcies might be approved because of this card. Pre-qualifying also will come with no ding to the credit score of yours.
Should you want to move ahead, a full credit application will have to be done 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 even setting up credit, this might not be a huge deal but could make big-ticket purchases difficult.
2. It Can help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to result in an enhancement, or perhaps establishment, of credit. By making regular and on-time payments, this card is a springboard for creating credit and demonstrating great financial responsibility. It would likewise be vital to keep a reduced balance as credit utilization is actually an aspect in the credit score of yours.
3. It’s High Fees
This particular card has a slew of fees, based on the offer of yours. For some new cardholders, the first yearly fee is usually pretty much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you may get the card with only seventy five % of your credit limit readily available to begin. On top of all of this, it carries a large APR, which may be expensive if carrying a balance month to month.
The best bet of yours is paying the balance of yours off in full utilizing the website, pay by telephone or even mailing your check payment early in case of slow processing times. You will find a couple of various other costs, including late penalty costs, overlimit fees & returned payment charges to be mindful of, but those can be easily avoided provided that you pay your bill on time and keep to the terms of the credit card of yours.
4. There is No Rewards Program
Many cardholders seek some kind of welcome proposal or rewards 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 features 1 % back on all purchases but does charge an annual rate of $0 to $99, based on creditworthiness. If you are likely to pay an annual fee, you should attempt to extract the maximum amount of advantage as is possible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla credit card, it does deliver some Mastercard advantages. 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. In addition, rest assured you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the ability to register at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves much to be desired when studying different cards just for this targeted audience. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the form of a high APR along with yearly rate structure. The minimal credit limit may also make it difficult to preserve a low credit utilization, a crucial element in the credit score of yours.
We recommend that you spend the declaration balance in early and full in case processing times are slow. Without great bonus or maybe chances to have extra credit extended, this card is just the best choice as a starter credit card. You should be prepared to close the account after you have established good credit history and move on to a card with better benefits.