The Indigo Platinum Mastercard is a basic charge card targeted towards individuals with below perfect credit. While this card has the niche of its in the market, there are various other cards that you may most likely choose to check.
For a rapid guide, below are 5 stuff you need to learn about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s an easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification tool to enable you to know rapidly if an approval is likely. Sometimes those with bankruptcies are generally approved due to this card. Pre-qualifying also will come with no ding to your credit score.
If you intend to move ahead, a full credit application is going to have to be finished along with an entire credit check. If approved, the credit limit is set at $300, but fortunately doesn’t need a security deposit. For rebuilding or even setting up credit, this might not be a big deal but may make big-ticket purchases challenging.
2. It Will 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 regular and on-time payments, this card serves as a springboard for building credit and demonstrating good financial task. It would also be important to maintain a low balance as credit utilization is actually a factor in the credit score of yours.
3. It has Fees which are High
This card comes with a slew of fees, depending on your offer. For certain new cardholders, the first annual fee might be 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 seventy five % of your credit limit available to start. In addition to all of this, it carries a high APR, which can be expensive if holding a balance month to month.
The best bet of yours is to pay the balance of yours off in total utilizing the website, pay by phone or even mailing your check transaction early on in case of slow processing times. There are a couple of various other fees, including late penalty fees, overlimit charges and returned payment charges to be mindful of, but those can be easily stayed away from so long as you pay your bill on time and keep to the terms of your credit card.
4. There is No Rewards Program
Many cardholders seek some type of welcome offer or perhaps incentives program with their credit cards. The fact is that, this card comes with neither. For an in the same way structured card with some form of reward benefit, consider the Credit One Bank Platinum Visa Card. This card features one % back on all purchases but does charge an annual rate of zero dolars to $99, based on creditworthiness. When you’re likely to pay an annual fee, you should try and extract as much benefit as is feasible.
5. You will Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla charge card, it does deliver some Mastercard benefits. Mastercard ID Theft Protection supplies identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and more. In addition, rest assured that you’re screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the potential to join absolutely free credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or perhaps repairing credit, the Indigo Platinum Mastercard leaves much to be desired when viewing different cards to do 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 price in the kind of a high APR and annual rate structure. The minimal credit limit could also make it hard to keep a low credit utilization, an important element in the credit score of yours.
We recommend that you spend the statement balance in early and full in case processing times are actually slow. With no welcome bonus or maybe chances to have extra credit extended, this card is only a good choice 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.