The Indigo Platinum Mastercard is actually a basic charge card focused towards people with less than perfect credit. While this card has its niche in the market, there are various other cards that you might probably prefer to consider.
For a quick guide, here are five stuff you need to learn 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 provides a pre-qualification application to enable you to learn quickly if an approval is apt. Even those with bankruptcies are generally approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
If you wish to progress, a full credit application will have to be finished coupled with a full credit check. If approved, the credit limit is set at $300, but luckily doesn’t need a security deposit. For rebuilding or perhaps setting up credit, this might not be a big deal but may make big ticket purchases difficult.
2. It Can help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card is able to lead to a development, or maybe establishment, of credit. By making on-time and regular payments, this card is a springboard for building credit and demonstrating good financial task. It would likewise be important to preserve a reduced balance as credit utilization is actually a factor in the credit score of yours.
3. It has High Fees
This card has a slew of fees, based on the offer of yours. For many new cardholders, the initial yearly fee might be almost as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you may receive the card with only seventy five % of your credit limit readily available to begin. Together with all of this, it carries a large APR, which could be expensive if holding a balance month to month.
Your best option is to pay the balance of yours off in total utilizing the site, pay by phone or perhaps mailing your check payment early in case of gradual processing times. There are a small number of other costs, including late penalty fees, overlimit fees and returned payment fees to be aware of, but those can easily be stayed away from so 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 form of welcome proposal or rewards program with the credit cards of theirs. Unfortunately, this card comes with neither. For a similarly structured card with some sort of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular 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’re going to pay an annual fee, you may as well try and extract the maximum amount of advantage as possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla charge 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 more. Also, rest assured you are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the capability to join for free credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering other cards just for this targeted market. While it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a cost in the type of a significant APR and annual fee structure. The low credit limit can also make it hard to keep a low credit utilization, a significant component in the credit score of yours.
We advocate you pay the statement balance in early and full in case processing times are slow. Without any great extra or maybe chances to have extra credit extended, this card is simply the best choice as a starter credit card. You must be prepared to shut the account after you’ve established positive credit history and move on to a card with better benefits.