Things to Find out about the Indigo Platinum Mastercard

The Indigo Platinum Mastercard is actually a no-frills credit card focused towards individuals with under perfect credit. While this card has its niche in the industry, there are other cards that you could potentially want to check.

For a rapid guide, here are five items 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 provides a pre qualification tool to enable you to understand rapidly if an endorsement is apt. Even those with bankruptcies may be approved because of this card. Pre-qualifying also comes with no ding to the credit score of yours.

Should you would like to progress, an entire credit application will have to be finished along with a complete credit check. If approved, the credit limit is set at $300, but thankfully doesn’t need a security deposit. For rebuilding or perhaps establishing credit, this might not be a significant 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, Experian and Equifax), this card can result in an enhancement, or establishment, of credit. By making on-time and regular payments, this card is a springboard for building credit and demonstrating great financial task. It would likewise be vital to keep a reduced balance as credit utilization is actually an aspect in your credit score.

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 initial annual fee is usually pretty much as seventy five dolars, increasing to $99 in the years following. Combine this with a preliminary credit limit of $300, and you could receive the card with only seventy five % of your credit limit available to start. On top of all of this, it carries a higher APR, which could be pricey if carrying a balance month to month.

The best bet of yours is paying your balance off in detailed utilizing the website, pay by phone or mailing your check transaction early in case of gradual processing times. You will find a handful of other fees, including late penalty fees, overlimit fees & returned payment charges to be aware of, but those can be avoided as long as you pay the bill of yours on time and keep to the terms of the bank card of yours.

4. There is No Rewards Program
Numerous cardholders seek some form of welcome proposal or perhaps rewards program with their credit cards. Regrettably, this card comes with neither. For a similarly structured card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This particular card features 1 % back on all purchases but does charge an annual rate of zero dolars to ninety nine dolars, based on creditworthiness. If you’re likely to pay an annual fee, you might as well attempt to extract as-much benefit as is feasible.

5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is a very vanilla bank card, it does offer some Mastercard benefits. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and more. Also, rest assured that you’re protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the potential to sign up free of charge credit monitoring with TransUnion while being a cardholder.

Finalized Thoughts
Whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when studying other cards for this targeted audience. While it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a cost in the form of a significant APR and yearly fee structure. The minimal credit limit can also make it difficult to preserve a low credit utilization, a vital component in the credit score of yours.

We recommend you spend the expression balance in early and full in case processing times are actually slow. With no pleasant extra or opportunities to have extra credit extended, this card is just the best choice as a starter credit card. You need to be ready to shut the account after you’ve established positive credit history and move on to a card with better benefits.