The Indigo Platinum Mastercard is a basic credit card focused towards individuals with under perfect credit. While this card has its niche in the industry, there are other cards that you might probably want to consider.

For a fast guide, the following are 5 items you need to find out 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 enable you to know rapidly if an approval 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.

If you would like to move ahead, a full credit application is going to 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 setting up credit, this may not be a big deal but could 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 can lead to a development, or maybe establishment, of credit. By making regular and on-time payments, this card serves as a springboard for building credit and demonstrating good economic task. It would also be imperative to preserve a reduced balance as credit utilization is actually an aspect in the credit score of yours.

3. It’s High Fees
This particular card includes a slew of costs, depending on the offer of yours. For certain new cardholders, the first yearly fee might be almost as $75, increasing to $99 in the years following. Combine this with a short credit limit of $300, and you could receive the card with just seventy five % of your credit limit available to begin. Together with all of this, it carries a high APR, which could be pricey if holding a balance month to month.

The best choice is to pay your balance off in total utilizing the website, pay by telephone or mailing your check payment early in case of slow processing times. There are a small number of various other costs, including late penalty costs, overlimit fees & returned payment charges to be mindful of, but those can easily be avoided so long as you pay the bill of yours on time and keep to the terms of the bank card of yours.

4. There’s No Rewards Program
Numerous cardholders seek some type of welcome offer or maybe incentives program with the credit cards of theirs. The fact is that, this card comes with neither. For a likewise structured card with some form of reward advantage, 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 ninety nine dolars, based on creditworthiness. If you’re going to pay an annual fee, you may as well try and extract the maximum amount of benefit as possible.

5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is a very vanilla bank card, it does offer some Mastercard benefits. Mastercard ID Theft Protection provides identity monitoring, covering your social security number, email address, debit cards, credit cards, bank accounts , email addresses and more. Additionally, rest assured you are protected by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You’ll have the capability to join at no cost credit monitoring with TransUnion while being a cardholder.

Final Thoughts
Regardless of whether it’s establishing or repairing credit, the Indigo Platinum Mastercard leaves a lot to be desired when viewing different cards just for this targeted audience. While it does come with reporting to the 3 major credit bureaus, which is a plus, it comes at a price in the type of a significant APR and annual fee structure. The minimal credit limit may also make it challenging to preserve a low credit utilization, a crucial element in the credit score of yours.

We advocate that you spend the declaration balance in early and full in case processing times are slow. Without welcome extra or maybe chances to have extra credit extended, this card is just the best option as a starter credit card. You should be ready to close the account after you have established positive credit history and move on to a card with better benefits.