The Indigo Platinum Mastercard is actually a basic charge card targeted towards people with less than perfect credit. While this card has its niche in the industry, there are various other cards that you might possibly prefer to consider.
For a quick guide, here are 5 things you need to know 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 let you understand quickly if an endorsement is likely. Even those with bankruptcies may be approved because of this card. Pre-qualifying also will come with no ding to your credit score.
If you wish to move forward, an entire credit application will have to be completed coupled with an entire credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or developing credit, this may not be a huge deal but could make big ticket purchases difficult.
2. It Could 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 serves as a springboard for creating credit and demonstrating ideal financial task. It’d also be important to maintain a reduced balance as credit utilization is a factor in your credit score.
3. It’s Fees that are High
This card includes a slew of fees, based on your offer. For many new cardholders, the first yearly fee could be almost as seventy five dolars, increasing to $99 in the years following. Combine this with a short credit limit of $300, and you might receive the card with just 75 % of your credit limit readily 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.
The best choice is paying your balance off in detailed utilizing the site, pay by telephone or even mailing your check transaction early on in case of gradual processing times. You will find a couple of various other fees, including late penalty costs, overlimit charges & returned payment charges to be mindful of, but those can be avoided provided that you pay your bill on time and keep to the terms of your bank card.
4. There’s No Rewards Program
Numerous cardholders seek some type of pleasant offer or maybe incentives program with their credit cards. The fact is that, this card comes with neither. For a likewise organized card with some form of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card gives you 1 % back on all purchases but does charge an annual price of $0 to ninety nine dolars, based on creditworthiness. If you are likely to pay an annual fee, you should attempt to extract just as much advantage as possible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is an extremely vanilla bank card, it does offer 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’re screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the potential to join at no cost 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 viewing other cards for 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 form of a big APR along with annual fee structure. The low credit limit could also make it hard to keep a low credit utilization, a vital factor in your credit score.
We recommend that you spend the statement balance in full and early in case processing times are slow. Without any great bonus or perhaps opportunities to have extra credit extended, this card is only the best choice as a starter credit card. You must be ready to shut the account after you have established good credit history and move on to a card with better benefits.