The Indigo Platinum Mastercard is actually a no-frills bank card targeted towards people with below perfect credit. While this card has the niche of its in the industry, there are other cards that you might potentially prefer to check.
For a fast guide, below are five things you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard delivers a pre-qualification application to enable you to learn rapidly if an approval is apt. Even those with bankruptcies might be approved for this card. Pre-qualifying also will come with no ding to your credit score.
In the event you intend to progress, an entire credit application will have to be completed along with a complete credit check. If approved, the credit limit is set at $300, but luckily does not require a security deposit. For rebuilding or establishing credit, this might not be a big deal but can make big ticket purchases challenging.
2. It Could help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can result in an improvement, or perhaps establishment, of credit. By making on-time and regular payments, this card is a springboard for creating credit and demonstrating quality financial responsibility. It would likewise be important to maintain 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, depending on the offer of yours. For certain new cardholders, the first yearly fee is usually almost as seventy five dolars, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you could get the card with just 75 % of your credit limit available to start. Together with all of this, it carries a higher APR, which can be costly if holding a balance month to month.
Your best bet is paying the balance of yours off in total utilizing the website, pay by phone or perhaps mailing your check payment early in case of gradual processing times. You will find a handful of various other costs, including late penalty costs, overlimit charges & returned payment charges to be mindful of, but those can easily be stayed away from as long as you pay the bill of yours on time and keep to the terms of your charge card.
4. There is No Rewards Program
Numerous cardholders seek some kind of pleasant offer or perhaps rewards program with the credit cards of theirs. The fact is that, this card comes with neither. For a likewise organized card with some form of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card offers 1 % back on all purchases but does charge an annual price of zero dolars to $99, based on creditworthiness. If you are likely to pay an annual fee, you should attempt to extract as-much benefit as is feasible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is an extremely 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. Also, rest assured that you are shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the potential to join free of charge credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing other cards to do this targeted audience. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the form of a significant APR along with annual fee structure. The minimal credit limit may also make it tough to maintain a low credit utilization, a crucial factor in the credit score of yours.
We advocate that you spend the statement balance in full and early in case processing times are slow. With no pleasant bonus or perhaps chances to have additional credit extended, this card is just the best choice as a starter credit card. You should be ready to shut the account after you have established good credit history and move on to a card with better benefits.