The Indigo Platinum Mastercard is a no-frills credit card focused towards those with less than perfect credit. While this card has its niche in the market, there are some other cards that you might potentially choose to consider.
For a fast guide, here are five items you need to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a fairly easy Application Process
The Indigo Platinum Mastercard provides a pre-qualification application to let you know quickly if an endorsement is apt. Sometimes those with bankruptcies may be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
Should you want to progress, an entire credit application is going to have to be completed coupled with a full credit check. If approved, the credit limit is actually set at $300, but thankfully does not call for a security deposit. For rebuilding or establishing credit, this might not be a significant deal but can make big-ticket purchases challenging.
2. It Can help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can cause an improvement, or maybe establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating awesome economic task. It’d likewise be imperative to maintain a low balance as credit utilization is an aspect in your credit score.
3. It has Fees which are High
This card includes a slew of fees, depending on your offer. For certain new cardholders, the initial yearly fee could be pretty 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 get the card with only 75 % of your credit limit available to begin. On top of all of this, it carries a higher APR, which may be costly if carrying a balance month to month.
Your best bet is to pay the balance of yours off in total utilizing the site, pay by phone or even mailing your check transaction early on in case of gradual processing times. There are a handful of other fees, including late penalty costs, overlimit fees and returned payment fees to be aware 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 credit card.
4. There is No Rewards Program
Numerous cardholders seek some kind of pleasant proposal or rewards program with their credit cards. The fact is that, this card comes with neither. For a likewise organized card with some sort of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card gives you one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. If you’re likely to pay an annual fee, you might as well try and extract as much advantage as possible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla bank card, it does deliver 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 other things. Also, rest assured you are screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the capability to register free of charge credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves a lot 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 happens to be a plus, it comes at a cost in the type of a big APR and yearly rate structure. The low credit limit could also make it challenging to keep a low credit utilization, an important element in the credit score of yours.
We suggest that you pay the expression balance in early and full in case processing times are slow. Without any welcome extra or maybe opportunities to have extra credit extended, this card is simply the best choice as a starter credit card. You should be ready to shut the account after you’ve established good credit history and move on to a card with better benefits.