The Indigo Platinum Mastercard is actually a no-frills bank card focused towards those with under perfect credit. While this card has the niche of its in the industry, there are other cards that you may potentially choose to check.
For a fast guide, below are 5 stuff you have to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a simple Application Process
The Indigo Platinum Mastercard delivers a pre-qualification tool to let you know quickly if an approval is likely. Even those with bankruptcies are generally approved due to this card. Pre-qualifying also will come with no ding to the credit score of yours.
If you want to move ahead, an entire credit application is going to have to be finished coupled with an entire credit check. If approved, the credit limit is actually set at $300, but fortunately does not need a security deposit. For rebuilding or perhaps setting up credit, this may not be a significant deal but could make big ticket purchases challenging.
2. It Will help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to cause a development, or maybe establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for building credit and demonstrating right economic task. It would also be important to keep a low balance as credit utilization is an aspect in the credit score of yours.
3. It has High Fees
This particular card comes with a slew of costs, depending on your offer. For some new cardholders, the first yearly fee might be almost as $75, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you might get the card with only 75 % of your credit limit available to begin. Together with all of this, it carries a higher APR, which may be high priced if carrying a balance month to month.
The best bet of yours is to pay your balance off in total utilizing the site, pay by telephone or even mailing your check transaction early in case of slow processing times. You will find a handful of various other fees, including late penalty fees, overlimit fees & returned payment fees to be aware 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 the charge card of yours.
4. There is No Rewards Program
Numerous cardholders seek some form of pleasant offer or rewards program with the credit cards of theirs. Unfortunately, this card comes with neither. For an in the same way structured card with some form of reward benefit, consider the Credit One Bank Platinum Visa Card. This card provides 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 may as well try and extract just as much advantage as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla credit card, it does provide some Mastercard benefits. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and more. In addition, rest assured you’re shielded by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the ability to register for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when studying different cards just for this targeted audience. While 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 rate structure. The minimal credit limit may also make it difficult to maintain a low credit utilization, an important element in the credit score of yours.
We recommend that you pay out the statement balance in full and early in case processing times are actually slow. Without any pleasant bonus or maybe chances to have extra credit extended, this card is only the best choice as a starter credit card. You must be ready to close the account after you’ve established good credit history and move on to a card with better benefits.