The Indigo Platinum Mastercard is a basic credit card targeted towards individuals with below perfect credit. While this card has its niche in the industry, there are some other cards that you might most likely want to check.
For a fast guide, the following are five things you have 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 application to let you know rapidly if an approval is apt. Even those with bankruptcies are generally approved because of this card. Pre-qualifying also comes with no ding to your credit score.
If you would like to progress, a full credit application will have to be finished 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 even setting up credit, this may not be a big deal but could make big-ticket purchases difficult.
2. It Will help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can cause an enhancement, or maybe establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating okay economic task. It would likewise be vital to preserve a low balance as credit utilization is a component in the credit score of yours.
3. It’s Fees that are High
This particular card has a slew of costs, depending on your offer. For many new cardholders, the initial annual fee might be as much as $75, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you may get the card with just 75 % of your credit limit available to start. In addition to all of this, it carries a high APR, which may be costly if carrying a balance month to month.
The best choice is to pay your balance off in detailed utilizing the site, pay by telephone or even mailing your check payment early in case of slow processing times. You will find a handful of other fees, including late penalty fees, overlimit charges and returned payment fees to be mindful of, but those can be stayed away from as long as you pay your bill on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Many cardholders seek some kind of pleasant proposal or perhaps incentives program with their credit cards. Regrettably, this card comes with neither. For a likewise structured card with some form of reward benefit, check out the Credit One Bank Platinum Visa Card. This card offers one % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. When you’re going to pay an annual fee, you may as well try and extract the maximum amount of benefit as possible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla credit 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. Furthermore, rest assured that you are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the potential to register at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when studying different cards just for this targeted audience. Although it does come with reporting to the three major credit bureaus, which is a plus, it comes at a price in the kind of a high APR along with annual rate structure. The minimal credit limit may also make it challenging to maintain a low credit utilization, a vital factor in your credit score.
We recommend that you pay the statement balance in early and full in case processing times are slow. With no welcome extra or chances to have additional credit extended, this card is only the best option as a starter credit card. You should be prepared to close the account after you have established good credit history and move on to a card with better benefits.