The Indigo Platinum Mastercard is a basic credit card focused towards people with below perfect credit. While this card has its niche in the industry, there are other cards that you could possibly want to check.
For a quick guide, here are five items you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a fairly easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification application to let you learn rapidly if an endorsement is apt. Sometimes those with bankruptcies may be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.
If you wish to progress, a complete credit application is going to have to be finished along with a complete credit check. If approved, the credit limit is set at $300, but fortunately doesn’t call for a security deposit. For rebuilding or perhaps establishing credit, this may not be a huge deal but could make big ticket purchases challenging.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can lead to an enhancement, or perhaps establishment, of credit. By making regular and on-time payments, this card is a springboard for creating credit and demonstrating quality economic task. It would likewise be important to preserve a low balance as credit utilization is actually a factor in your credit score.
3. It has High Fees
This card has a slew of costs, based on the offer of yours. For some new cardholders, the initial annual fee could be pretty much 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 start. On top of all of this, it carries a high APR, which could be expensive if carrying a balance month to month.
The best choice is paying the balance of yours off in full utilizing the website, pay by telephone or perhaps mailing your check transaction early in case of gradual processing times. There are a small number of other costs, including late penalty costs, overlimit fees and returned payment charges to be aware of, but those can easily be stayed away from provided that you pay your bill on time and keep to the terms of the charge card of yours.
4. There is No Rewards Program
Many cardholders seek some form of pleasant offer or perhaps rewards program with the credit cards of theirs. Unfortunately, this card comes with neither. For a similarly structured card with some kind of reward advantage, check out the Credit One Bank Platinum Visa Card. This card offers one % back on all purchases but does charge an annual fee of zero dolars to $99, based on creditworthiness. If you are likely to pay an annual fee, you may as well attempt to extract just as much benefit as is possible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is definitely a vanilla credit card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, email address, debit cards, credit cards, bank accounts , email addresses and other things. Furthermore, rest assured that you are screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the potential to join for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering different cards just for this targeted market. Although it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a cost in the type of a significant APR along with yearly rate structure. The minimal credit limit could also make it hard to maintain a low credit utilization, an important element in the credit score of yours.
We suggest that you spend the expression balance in full and early in case processing times are slow. With no great extra or maybe opportunities to have extra credit extended, this card is just the best option 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.