The Indigo Platinum Mastercard is a no-frills charge card targeted towards individuals with under perfect credit. While this card has its niche in the industry, there are other cards that you may potentially want to check.
For a quick guide, below are 5 stuff you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It has a simple Application Process
The Indigo Platinum Mastercard provides a pre qualification tool to let you understand rapidly if an approval is apt. Even those with bankruptcies might be approved due to this card. Pre-qualifying also will come with no ding to your credit score.
In the event you wish to move ahead, a complete credit application will have to be done coupled with a full credit check. If approved, the credit limit is set at $300, but fortunately doesn’t require a security deposit. For rebuilding or setting up credit, this might not be a huge deal but could make big ticket purchases difficult.
2. It Can help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), this card can lead to an enhancement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating ideal economic responsibility. It’d also be imperative to preserve a low balance as credit utilization is actually a factor in the credit score of yours.
3. It’s Fees which are High
This particular card has a slew of fees, depending on the offer of yours. For some new cardholders, the initial yearly fee might be pretty much as $75, increasing to $99 in the years following. Combine this with an initial credit limit of $300, and you might get the card with just 75 % of your credit limit available to start. On top of all of this, it carries a higher APR, which can be expensive if carrying a balance month to month.
The best bet of yours is paying the balance of yours off in detailed utilizing the website, pay by telephone or mailing your check transaction early in case of slow processing times. You will find a small number of various other fees, including late penalty fees, overlimit fees & returned payment fees 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 the bank card of yours.
4. There’s No Rewards Program
Many cardholders seek some kind of pleasant offer or incentives program with the credit cards of theirs. Regrettably, this card comes with neither. For a similarly organized card with some kind of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card offers one % back on all purchases but does charge an annual price of $0 to $99, based on creditworthiness. If you are going to pay an annual fee, you may as well try and extract the maximum amount of benefit as possible.
5. You will Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla charge card, it does offer some Mastercard advantages. Mastercard ID Theft Protection supplies 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 you’re screened by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You will also have the ability to sign up absolutely free credit monitoring with TransUnion while being a cardholder.
No matter whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when considering other cards 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 kind of a big APR and yearly rate structure. The minimal credit limit can also make it tough to preserve a low credit utilization, a significant component in your credit score.
We suggest you pay the declaration balance in full and early in case processing times are slow. Without great extra or maybe opportunities to have additional credit extended, this card is simply the best option as a starter credit card. You should be prepared to close the account after you have established good credit history and move on to a card with better benefits.