The Indigo Platinum Mastercard is actually a no-frills 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 probably choose to consider.
For a fast guide, here are five stuff you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard provides a pre-qualification application to allow you to know quickly if an endorsement is apt. Even those with bankruptcies may be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
Should you want to move forward, an entire credit application is going to have to be finished along with an entire credit check. If approved, the credit limit is actually set at $300, but thankfully does not call for a security deposit. For rebuilding or perhaps developing credit, this might not be a significant deal but can make big ticket purchases difficult.
2. It Will help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to lead to an enhancement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating ideal economic responsibility. It’d also be imperative to keep a reduced balance as credit utilization is a component in your credit score.
3. It has High Fees
This particular card has a slew of costs, depending on the offer of yours. For some new cardholders, the initial yearly fee could be almost as $75, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you might receive the card with just seventy five % of your credit limit readily available to begin. On top of all of this, it carries a high APR, which could be costly if carrying a balance month to month.
The best bet of yours is to pay the balance of yours off in full utilizing the site, pay by telephone or perhaps mailing your check payment early on in case of slow processing times. There are a handful of various other fees, including late penalty costs, overlimit fees and returned payment charges to be aware of, but those can be easily avoided provided that you pay your bill on time and keep to the terms of your credit card.
4. There’s No Rewards Program
Numerous cardholders seek some type of pleasant proposal or perhaps rewards program with their credit cards. Regrettably, this card comes with neither. For a likewise organized card with some sort of reward advantage, consider the Credit One Bank Platinum Visa Card. This card gives you one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. If you’re likely to pay an annual fee, you may as well attempt to extract as-much advantage as is possible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very 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. Also, rest assured that you’re shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the capability to sign up absolutely free credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering other cards for this targeted audience. While it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the type of a significant APR and yearly fee structure. The minimal credit limit may also make it difficult to keep a low credit utilization, a vital component in the credit score of yours.
We advocate you pay the statement balance in early and full in case processing times are actually slow. With no great bonus or 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’ve established good credit history and move on to a card with better benefits.