The Indigo Platinum Mastercard is actually a no-frills charge card focused towards those with under perfect credit. While this card has its niche in the market, there are some other cards that you may probably prefer to check.
For a quick guide, the following are 5 stuff you have to find out about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification application to let you know quickly if an endorsement is likely. Even those with bankruptcies may be approved due to this card. Pre-qualifying also comes with no ding to your credit score.
In the event you intend to move forward, an entire credit application will have to be finished coupled with an entire credit check. If approved, the credit limit is actually set at $300, but fortunately doesn’t need a security deposit. For rebuilding or establishing credit, this may not be a huge deal but can make big-ticket purchases difficult.
2. It Can help Build Credit
As a card which reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card can lead to a development, or perhaps establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for building credit and demonstrating amazing financial task. It’d also be imperative to preserve a low 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 costs, based on the offer of yours. For certain new cardholders, the first yearly fee might be as much as $75, increasing to ninety nine dolars in the years following. Combine this with a preliminary credit limit of $300, and you could get the card with only seventy five % of your credit limit available to start. In addition to all of this, it carries a large APR, which may be high priced if holding a balance month to month.
Your best bet is to pay the balance of yours off in detailed utilizing the website, pay by telephone or mailing your check transaction early on in case of gradual processing times. You will find a handful of other fees, including late penalty costs, overlimit fees & returned payment charges to be aware of, but those can be stayed away from as long as you pay the bill of yours on time and keep to the terms of your bank card.
4. There’s No Rewards Program
Many cardholders seek some form of welcome proposal or perhaps incentives program with the credit cards of theirs. The fact is that, 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 card offers 1 % back on all purchases but does charge an annual fee of zero dolars to $99, based on creditworthiness. If you are going to pay an annual fee, you might as well attempt to extract just as much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is definitely a vanilla bank card, it does offer some Mastercard benefits. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, bank accounts, credit cards, debit cards, email address , email addresses and more. Furthermore, rest assured that you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the ability to register at no cost credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards for this targeted audience. Though it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a price in the kind of a big APR and annual fee structure. The low credit limit may also make it tough to keep a low credit utilization, a significant factor in your credit score.
We recommend you pay out the expression balance in full and early in case processing times are slow. Without pleasant bonus or opportunities to have extra credit extended, this card is just a good option as a starter credit card. You need to be ready to shut the account after you have established positive credit history and move on to a card with better benefits.