The Indigo Platinum Mastercard is actually a basic credit card targeted towards those with below perfect credit. While this card has the niche of its in the industry, there are some other cards that you could possibly choose to check.
For a rapid guide, the following are 5 things you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification tool to let you learn rapidly if an approval is apt. Sometimes those with bankruptcies are generally approved because of this card. Pre-qualifying also will come with no ding to the credit score of yours.
Should you wish to move forward, an entire credit application will have to be done coupled with a full credit check. If approved, the credit limit is set at $300, but fortunately does not need a security deposit. For rebuilding or even establishing credit, this might not be a huge deal but may make big-ticket purchases difficult.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to result in an enhancement, or establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating quality economic responsibility. It would also be imperative to keep a low balance as credit utilization is a component in your credit score.
3. It has Fees that are High
This card includes a slew of fees, based on the offer of yours. For many new cardholders, the first yearly fee is usually as much as $75, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you may receive the card with only 75 % of your credit limit readily available to begin. Together with all of this, it carries a higher APR, which could be pricey if holding a balance month to month.
The best bet of yours is to pay the balance of yours off in total utilizing the site, pay by phone or 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 & returned payment fees 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 the charge card of yours.
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 a similarly organized 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 fee of $0 to ninety nine dolars, based on creditworthiness. If you are going to pay an annual fee, you might as well try and extract as much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is definitely a vanilla credit 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 more. Also, rest assured you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the capability to join free of charge credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering different cards to do this targeted market. Though it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a cost in the kind of a big APR along with yearly fee structure. The low credit limit could also make it challenging to keep a low credit utilization, a significant component in the credit score of yours.
We advocate that you pay the declaration balance in full and early in case processing times are actually slow. Without any welcome extra or perhaps opportunities to have supplemental credit extended, this card is just a good choice as a starter credit card. You need to be ready to shut the account after you’ve established good credit history and move on to a card with better benefits.