The Indigo Platinum Mastercard is a basic charge card targeted towards people with less than perfect credit. While this card has its niche in the industry, there are various other cards that you might potentially prefer to check.
For a quick guide, the following are five stuff you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a simple Application Process
The Indigo Platinum Mastercard delivers a pre qualification tool to allow you to understand rapidly if an endorsement is apt. Sometimes those with bankruptcies might be approved due to this card. Pre-qualifying also comes with no ding to the credit score of yours.
Should you would like to move forward, a full credit application is going to have to be done along with an entire credit check. If approved, the credit limit is set at $300, but luckily does not call for a security deposit. For rebuilding or even setting up credit, this may not be a big deal but can make big-ticket purchases difficult.
2. It Could help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to cause an enhancement, or establishment, of credit. By making on-time and regular payments, this card is a springboard for building credit and demonstrating excellent financial responsibility. It would also be imperative to keep a low balance as credit utilization is a factor in the credit score of yours.
3. It has High Fees
This card includes a slew of costs, based on the offer of yours. For most new cardholders, the initial annual fee might be as much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you could get the card with only 75 % of your credit limit readily available to begin. On top of all of this, it carries a large APR, which may be high priced if carrying a balance month to month.
Your best bet is to pay the balance of yours off in full utilizing the site, pay by phone or mailing your check transaction early on in case of gradual processing times. You will find a small number of other fees, including late penalty costs, overlimit charges & returned payment fees to be aware of, but those can be stayed away from as long as you pay your bill on time and keep to the terms of the charge card of yours.
4. There’s No Rewards Program
Many cardholders seek some kind of pleasant offer or perhaps rewards program with their credit cards. Regrettably, 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 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 may as well try and extract the maximum amount of benefit as possible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is definitely a vanilla charge card, it does deliver some Mastercard benefits. Mastercard ID Theft Protection supplies 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 you’re screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the capability to sign up for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves much to be desired when viewing other cards to do this targeted audience. Though 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 high APR and yearly fee structure. The minimal credit limit can also make it tough to keep a low credit utilization, a significant factor in your credit score.
We advocate you spend the declaration balance in full and early in case processing times are slow. Without any welcome extra or chances to have extra credit extended, this card is just a good option as a starter credit card. You need to be prepared to close the account after you have established good credit history and move on to a card with better benefits.