The Indigo Platinum Mastercard is actually a no-frills credit card targeted towards individuals with less than perfect credit. While this card has its niche in the market, there are other cards that you may probably want to consider.
For a rapid guide, below are five things you have to learn 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 tool to let you know rapidly if an approval is apt. Even those with bankruptcies are generally approved due to this card. Pre-qualifying also comes with no ding to the credit score of yours.
In the event you wish to move ahead, an entire credit application is going to have to be done coupled with a full 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 might not be a significant 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, Experian and Equifax), this card can result in an improvement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating ideal financial responsibility. It’d likewise be important to maintain a reduced balance as credit utilization is actually an aspect in your credit score.
3. It’s Fees that are High
This card includes a slew of costs, based on the offer of yours. For most new cardholders, the first yearly fee could be as much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you could get the card with just 75 % of your credit limit readily available to start. In addition to all of this, it carries a high APR, which can be costly if holding a balance month to month.
The best choice is paying the balance of yours off in full utilizing the website, pay by telephone or perhaps mailing your check transaction early on in case of slow processing times. There are a handful 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 your charge card.
4. There is No Rewards Program
Many cardholders seek some kind of pleasant offer or perhaps incentives program with their credit cards. Regrettably, this card comes with neither. For a similarly organized card with some kind of reward advantage, check out the Credit One Bank Platinum Visa Card. This particular card offers one % back on all purchases but does charge an annual rate of $0 to ninety nine dolars, based on creditworthiness. If you’re going to pay an annual fee, you may as well attempt to extract just as much benefit as possible.
5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is an extremely vanilla charge card, it does offer some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and other things. Additionally, rest assured you are shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to register at no cost credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards for this targeted audience. Although 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 annual rate structure. The minimal credit limit could also make it hard to keep a low credit utilization, a vital element in the credit score of yours.
We suggest that you pay the expression balance in early and full in case processing times are actually slow. Without welcome bonus or perhaps opportunities to have extra credit extended, this card is just the best option as a starter credit card. You need to be ready to shut the account after you have established good credit history and move on to a card with better benefits.