The Indigo Platinum Mastercard is a no-frills bank card targeted towards people with less than perfect credit. While this card has the niche of its in the industry, there are some other cards that you might possibly want to consider.
For a fast guide, the following are 5 stuff you need to know 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 delivers a pre-qualification application to let you learn rapidly if an endorsement is apt. Even those with bankruptcies might be approved because of this card. Pre-qualifying also will come with no ding to your credit score.
Should you intend to move forward, a full credit application is going to have to be finished coupled with a full credit check. If approved, the credit limit is actually set at $300, but thankfully does not call for a security deposit. For rebuilding or even setting up credit, this may not be a big 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 lead to a development, or perhaps establishment, of credit. By making on-time and regular payments, this card is a springboard for building credit and demonstrating 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’s Fees that are High
This card includes a slew of fees, based on your offer. For most new cardholders, the first yearly fee might be pretty 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 might receive the card with only seventy five % of your credit limit readily available to begin. Together with all of this, it carries a high APR, which could be pricey if carrying a balance month to month.
Your best option is paying your balance off in total utilizing the website, pay by phone or perhaps mailing your check transaction early on in case of gradual processing times. You will find a small number of various other fees, including late penalty fees, overlimit charges & returned payment fees to be aware of, but those can be easily avoided provided that you pay your bill on time and keep to the terms of the credit card of yours.
4. There’s No Rewards Program
Many cardholders seek some kind of welcome offer or rewards 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 advantage, check out the Credit One Bank Platinum Visa Card. This particular card provides 1 % 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 should try and extract as-much benefit as possible.
5. You’ll Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is a very 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. In addition, rest assured you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You’ll have the ability to sign up 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 studying other cards just for this targeted market. While it does come with reporting to the three major credit bureaus, which happens to be a plus, it comes at a cost in the type of a big APR and yearly rate structure. The low credit limit could also make it hard to maintain a low credit utilization, a significant component in your credit score.
We suggest you pay the statement balance in full and early in case processing times are actually slow. Without any welcome bonus or opportunities to have extra credit extended, this card is only 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.