The Indigo Platinum Mastercard is a basic bank card focused towards those with less than perfect credit. While this card has its niche in the industry, there are various other cards that you may possibly want to check.
For a quick guide, the following are five items 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 application to allow you to understand quickly if an approval is apt. Even those with bankruptcies might be approved due to this card. Pre-qualifying also comes with no ding to your credit score.
If you want to move ahead, a complete 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 thankfully doesn’t require a security deposit. For rebuilding or even developing credit, this might not be a significant deal but may make big ticket purchases difficult.
2. It Will help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card can cause an enhancement, or establishment, of credit. By making regular and on-time payments, this card is a springboard for building credit and demonstrating effective financial responsibility. It’d likewise be vital to keep a reduced balance as credit utilization is a factor in the credit score of yours.
3. It has Fees that are High
This card includes a slew of fees, depending on the offer of yours. For certain new cardholders, the initial annual fee is usually as much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you could get the card with just 75 % of your credit limit available to start. In addition to all of this, it carries a higher APR, which may be costly if holding a balance month to month.
The best bet of yours is to pay your balance off in detailed utilizing the website, pay by phone or even mailing your check payment early in case of gradual processing times. There are a small number of other fees, including late penalty costs, overlimit charges and returned payment charges to be aware of, but those can be easily avoided so long as you pay your bill on time and keep to the terms of your credit card.
4. There is No Rewards Program
Numerous cardholders seek some kind of pleasant offer or perhaps incentives program with their credit cards. Regrettably, this card comes with neither. For a likewise structured card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This card gives you 1 % back on all purchases but does charge an annual price of $0 to ninety nine dolars, based on creditworthiness. When you’re likely to pay an annual fee, you may as well attempt to extract as-much advantage as possible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is definitely a vanilla credit card, it does offer some Mastercard advantages. Mastercard ID Theft Protection supplies identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and other things. Furthermore, rest assured you are screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You will also have the potential to join free of charge credit monitoring with TransUnion while being a cardholder.
Whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering different cards just for this targeted market. Though it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a price in the kind of a high APR along with yearly fee structure. The minimal credit limit may also make it difficult to keep a low credit utilization, a vital element in the credit score of yours.
We recommend you pay out the statement balance in early and full in case processing times are actually slow. With no pleasant extra or perhaps opportunities to have extra credit extended, this card is simply the best choice as a starter credit card. You need to be prepared to close the account after you’ve established good credit history and move on to a card with better benefits.