The Indigo Platinum Mastercard is actually a no-frills bank card targeted towards people with less than perfect credit. While this card has the niche of its in the market, there are other cards that you could potentially prefer to consider.
For a fast guide, the following are 5 items you have 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 offers a pre-qualification application to let you know rapidly if an endorsement is apt. Sometimes those with bankruptcies may be approved for this card. Pre-qualifying also will come with no ding to the credit score of yours.
In the event you intend to move ahead, a full credit application will have to be completed along with a full credit check. If approved, the credit limit is actually set at $300, but thankfully does not need a security deposit. For rebuilding or perhaps setting up credit, this may not be a huge deal but can make big ticket purchases challenging.
2. It Will help Build Credit
As a card which reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card is able to lead to a development, or maybe establishment, of credit. By making on-time and regular payments, this card can serve as a springboard for creating credit and demonstrating excellent financial task. It’d likewise be imperative to keep a reduced balance as credit utilization is actually a factor in your credit score.
3. It’s High Fees
This particular card has a slew of fees, based on your offer. For some new cardholders, the first yearly fee could be as much as seventy five dolars, increasing to $99 in the years following. Combine this with a short credit limit of $300, and you may get the card with just 75 % of your credit limit readily available to begin. In addition to all of this, it carries a higher APR, which could be costly if carrying a balance month to month.
The best bet of yours is to pay the balance of yours off in full utilizing the website, pay by phone or even mailing your check transaction early on in case of slow processing times. You will find a small number of other costs, including late penalty costs, overlimit fees and returned payment fees to be mindful of, but those can be stayed away from so long as you pay your bill on time and keep to the terms of the credit card of yours.
4. There is No Rewards Program
Numerous cardholders seek some kind of welcome proposal or perhaps rewards program with their credit cards. Unfortunately, this card comes with neither. For an in the same way organized card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This particular card provides one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. When you’re going to pay an annual fee, you should try and extract as-much advantage as is feasible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla bank card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, email address, debit cards, credit cards, bank accounts , email addresses and other things. Also, rest assured that you are shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the potential to sign up for free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves much to be desired when viewing different cards just 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 cost in the type of a significant APR along with yearly fee structure. The minimal credit limit can also make it tough to keep a low credit utilization, a vital component in your credit score.
We suggest you pay the declaration balance in early and full in case processing times are slow. Without any welcome bonus or perhaps chances to have additional credit extended, this card is just a good option as a starter credit card. You must be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.