The Indigo Platinum Mastercard is a basic bank card targeted towards those with less than perfect credit. While this card has the niche of its in the industry, there are various other cards that you could most likely want to consider.
For a fast guide, below are five things you have to know 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 offers a pre qualification tool to allow you to learn quickly if an approval is apt. Sometimes those with bankruptcies may be approved because of this card. Pre-qualifying also will come with no ding to your credit score.
In the event you would like to progress, an entire credit application is going to have to be done along with a complete credit check. If approved, the credit limit is set at $300, but luckily does not require a security deposit. For rebuilding or perhaps setting up credit, this may not be a huge deal but could make big-ticket purchases challenging.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to lead to a development, or establishment, of credit. By making regular and on-time payments, this card can serve as a springboard for building credit and demonstrating very good financial responsibility. It would likewise be vital to preserve a low balance as credit utilization is a factor in your credit score.
3. It has High Fees
This particular card includes a slew of fees, based on your offer. For many new cardholders, the first annual fee could be pretty much as seventy five dolars, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you could receive the card with only 75 % of your credit limit available to start. Together with all of this, it carries a higher APR, which may be high priced if holding a balance month to month.
The best bet of yours is paying your balance off in full utilizing the website, pay by phone or perhaps mailing your check payment early in case of slow processing times. There are a couple of various other costs, including late penalty costs, overlimit charges & returned payment charges to be mindful of, but those can easily be avoided so 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 type of welcome proposal or perhaps incentives program with the credit cards of theirs. Unfortunately, this card comes with neither. For an in the same way organized card with some kind of reward benefit, consider the Credit One Bank Platinum Visa Card. This card provides one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. When you are going to pay an annual fee, you may as well try and extract as much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla bank card, it does offer some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and more. In addition, rest assured that you’re shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the ability to register free of charge credit monitoring with TransUnion while being a cardholder.
Final Thoughts
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering other cards just for this targeted market. Although it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a cost in the kind of a big APR along with annual fee structure. The minimal credit limit may also make it tough to preserve a low credit utilization, a vital factor in the credit score of yours.
We recommend that you pay the declaration balance in early and full in case processing times are actually slow. With no welcome extra or maybe opportunities to have supplemental credit extended, this card is simply a good choice as a starter credit card. You should be prepared to close the account after you’ve established good credit history and move on to a card with better benefits.