The Indigo Platinum Mastercard is actually a no-frills bank card targeted towards those with below perfect credit. While this card has its niche in the industry, there are various other cards that you may possibly prefer to check.
For a fast guide, the following are five items you need to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has an easy Application Process
The Indigo Platinum Mastercard delivers a pre-qualification tool to enable you to learn quickly if an endorsement is likely. Even those with bankruptcies might be approved for this card. Pre-qualifying also comes with no ding to the credit score of yours.
Should you intend to progress, a full credit application will have to be done along with an entire credit check. If approved, the credit limit is actually set at $300, but luckily doesn’t need a security deposit. For rebuilding or even developing credit, this may not be a huge deal but could make big-ticket purchases difficult.
2. It Could help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card can result in an improvement, or maybe establishment, of credit. By making regular and on-time payments, this card serves as a springboard for building credit and demonstrating perfect financial responsibility. It would also be important to maintain a reduced balance as credit utilization is a component in the credit score of yours.
3. It has Fees that are High
This card includes a slew of fees, depending on your offer. For certain new cardholders, the first annual fee is usually as much as $75, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you could receive the card with just seventy five % of your credit limit readily available to start. In addition to all of this, it carries a large APR, which can be expensive if carrying a balance month to month.
The best bet of yours is paying your balance off in total utilizing the website, pay by telephone or perhaps mailing your check payment early in case of slow processing times. There are a handful of other costs, including late penalty costs, overlimit charges and returned payment fees to be aware of, but those can be avoided as long as you pay your bill on time and keep to the terms of the bank card of yours.
4. There’s No Rewards Program
Numerous cardholders seek some kind of welcome proposal or maybe incentives program with their credit cards. Unfortunately, this card comes with neither. For a likewise structured card with some sort of reward advantage, consider the Credit One Bank Platinum Visa Card. This card gives you 1 % back on all purchases but does charge an annual price of zero dolars to ninety nine dolars, based on creditworthiness. When you are likely to pay an annual fee, you should attempt to extract just as much benefit as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very vanilla credit card, it does offer 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 other things. Also, rest assured that you are shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the potential to join absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when studying other cards to do this targeted market. While it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the type of a high APR along with yearly rate structure. The minimal credit limit could also make it difficult to keep a low credit utilization, a vital element in your credit score.
We suggest that you spend the declaration balance in full and early in case processing times are slow. Without any pleasant bonus or perhaps chances to have supplemental credit extended, this card is just the best choice as a starter credit card. You must be prepared to close the account after you have established positive credit history and move on to a card with better benefits.