The Indigo Platinum Mastercard is actually a no-frills credit card focused towards people with less than perfect credit. While this card has the niche of its in the industry, there are various other cards that you may 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’s a simple Application Process
The Indigo Platinum Mastercard delivers a pre qualification tool to allow you to learn quickly if an approval 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 would like to progress, a complete credit application is going to have to be done coupled with an entire credit check. If approved, the credit limit is actually set at $300, but luckily does not require a security deposit. For rebuilding or even developing credit, this might not be a significant deal but can make big ticket purchases challenging.
2. It Can 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 establishment, of credit. By making regular and on-time payments, this card can serve as a springboard for creating credit and demonstrating good financial task. It would likewise be imperative to preserve a low balance as credit utilization is actually a component in the credit score of yours.
3. It has Fees that are High
This card comes with a slew of fees, depending on your offer. For many new cardholders, the initial annual fee could be pretty much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you may get the card with only 75 % of your credit limit readily available to start. On top of all of this, it carries a high APR, which can be pricey if carrying a balance month to month.
Your best bet is paying your balance off in total utilizing the site, pay by phone or even mailing your check payment early on in case of slow processing times. You will find a couple of other fees, including late penalty fees, overlimit fees & returned payment fees to be mindful of, but those can be easily stayed away from so long as 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 welcome proposal or maybe rewards program with their credit cards. Regrettably, this card comes with neither. For an in the same way structured card with some kind of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card features 1 % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. If you’re going to pay an annual fee, you should attempt to extract as much benefit as is feasible.
5. You’ll 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 provides identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and more. Additionally, rest assured you are screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to sign up free of charge credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when viewing different cards to do this targeted audience. Although it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the form of a significant APR and annual fee structure. The low credit limit may also make it tough to preserve a low credit utilization, an important factor in the credit score of yours.
We advocate that you pay the declaration balance in full and early in case processing times are slow. With no pleasant bonus or maybe chances to have supplemental credit extended, this card is just a good option as a starter credit card. You need to be prepared to close the account after you have established good credit history and move on to a card with better benefits.