The Indigo Platinum Mastercard is actually a no-frills credit card focused towards those with under perfect credit. While this card has the niche of its in the market, there are various other cards that you might most likely choose to check.
For a rapid guide, the following are 5 items 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 delivers a pre qualification tool to enable you to know rapidly if an endorsement is likely. Even those with bankruptcies may be approved because of this card. Pre-qualifying also will come with no ding to the credit score of yours.
In the event you would like to progress, a complete credit application is going to have to be finished coupled with a full credit check. If approved, the credit limit is set at $300, but fortunately does not call for a security deposit. For rebuilding or perhaps developing credit, this may not be a huge deal but could make big ticket purchases challenging.
2. It Could help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card can cause an improvement, or maybe establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating good financial responsibility. It’d also be imperative to maintain a reduced balance as credit utilization is a factor in the credit score of yours.
3. It has Fees which are High
This card comes with a slew of fees, based on the offer of yours. For most new cardholders, the initial annual fee might 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 could receive the card with just 75 % of your credit limit available to begin. Together with all of this, it carries a high APR, which can be high priced if carrying a balance month to month.
Your best bet is paying the balance of yours off in full utilizing the website, pay by telephone or mailing your check payment early in case of gradual processing times. There are a couple of other fees, including late penalty fees, overlimit charges & returned payment fees to be mindful of, but those can be easily stayed away from as long as you pay the bill of yours on time and keep to the terms of your credit card.
4. There’s No Rewards Program
Many cardholders seek some kind of pleasant proposal or incentives 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 sort of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card provides 1 % back on all purchases but does charge an annual price of $0 to ninety nine dolars, based on creditworthiness. When you are going to pay an annual fee, you should attempt to extract the maximum amount of benefit as is possible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla charge card, it does deliver some Mastercard benefits. 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 more. Furthermore, rest assured that you are screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the capability to sign up free of charge credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing other 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 significant APR along with yearly rate structure. The low credit limit can also make it difficult to preserve a low credit utilization, a significant factor in your credit score.
We suggest you pay the declaration balance in early and full in case processing times are slow. With no welcome extra or maybe opportunities to have additional credit extended, this card is only a good choice as a starter credit card. You should be prepared to shut the account after you’ve established positive credit history and move on to a card with better benefits.