The Indigo Platinum Mastercard is actually a no-frills bank card targeted towards people with under perfect credit. While this card has the niche of its in the market, there are some other cards that you may most likely prefer to check.
For a rapid guide, here are 5 things you need to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification tool to enable you to learn quickly if an endorsement is likely. Even those with bankruptcies are generally approved due to this card. Pre-qualifying also will come with no ding to your credit score.
In the event you want to move forward, a complete credit application will have to be completed coupled with a complete credit check. If approved, the credit limit is set at $300, but thankfully does not need a security deposit. For rebuilding or perhaps setting up credit, this might not be a huge deal but may make big-ticket purchases difficult.
2. It Can help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to cause an improvement, or establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for building credit and demonstrating right economic responsibility. It would also be imperative to preserve a reduced balance as credit utilization is actually a component in the credit score of yours.
3. It has Fees that are High
This card has a slew of costs, based on your offer. For most new cardholders, the first yearly fee might be as much as $75, increasing to ninety nine dolars 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 available to start. In addition to all of this, it carries a large APR, which can be costly if holding a balance month to month.
The best bet of yours is to pay your balance off in detailed utilizing the site, pay by phone or even mailing your check transaction early on in case of slow processing times. There are a handful of various other costs, including late penalty fees, overlimit fees and returned payment fees to be aware of, but those can be easily avoided so long as you pay the bill of yours on time and keep to the terms of your charge card.
4. There’s No Rewards Program
Numerous cardholders seek some form of pleasant offer or maybe rewards program with the credit cards of theirs. The fact is that, this card comes with neither. For an in the same way organized card with some kind of reward advantage, consider 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 $99, based on creditworthiness. If you’re going to pay an annual fee, you might as well attempt to extract the maximum amount of advantage as possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very vanilla charge card, it does provide 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 that you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the ability 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 very much to be desired when studying other cards for this targeted market. Though it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the type of a big APR and annual fee structure. The low credit limit may also make it hard to preserve a low credit utilization, an important component in the credit score of yours.
We recommend that you pay the declaration 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 only the best option as a starter credit card. You should be prepared to shut the account after you’ve established good credit history and move on to a card with better benefits.