The Indigo Platinum Mastercard is a basic credit card focused towards people with below perfect credit. While this card has the niche of its in the market, there are various other cards that you may most likely prefer to check.

For a fast guide, here are 5 items you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).

1. It has an easy Application Process
The Indigo Platinum Mastercard offers a pre-qualification application to let you learn quickly 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.

In the event you intend to move forward, a full credit application is going to have to be done along with an entire credit check. If approved, the credit limit is actually set at $300, but thankfully doesn’t need a security deposit. For rebuilding or setting up credit, this might not be a big deal but could make big-ticket purchases difficult.

2. It Could help Build Credit
As a card that reports to the three major credit bureaus (TransUnion, Experian and Equifax), this card can cause an improvement, or perhaps establishment, of credit. By making regular and on-time payments, this card is a springboard for creating credit and demonstrating awesome economic task. It would likewise be imperative to preserve a low balance as credit utilization is actually an aspect in the credit score of yours.

3. It has High Fees
This particular card includes a slew of costs, depending on the offer of yours. For most new cardholders, the initial annual fee could be almost as seventy five dolars, increasing to ninety nine dolars 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 readily available to start. Together with all of this, it carries a large APR, which could be costly if holding a balance month to month.

The best bet of yours is paying the balance of yours off in total utilizing the website, pay by phone or even mailing your check payment early in case of gradual processing times. You will find a handful of various other costs, including late penalty costs, overlimit charges and returned payment fees to be aware of, but those can easily be 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
Numerous cardholders seek some kind of welcome proposal or perhaps incentives program with their credit cards. Unfortunately, this card comes with neither. For a similarly structured card with some kind of reward advantage, consider the Credit One Bank Platinum Visa Card. This particular card offers 1 % back on all purchases but does charge an annual fee of $0 to $99, based on creditworthiness. When you are likely to pay an annual fee, you might as well try and extract the maximum amount of advantage as is feasible.

5. You will Have Access to Mastercard Benefits
Even though the Indigo Platinum Mastercard is definitely a vanilla charge card, it does deliver 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. Furthermore, rest assured you are shielded by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the potential to sign up for free credit monitoring with TransUnion while being a cardholder.

Finalized Thoughts
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves much to be desired when considering different 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 price in the type of a significant APR and annual fee structure. The low credit limit may also make it challenging to preserve a low credit utilization, a crucial component in the credit score of yours.

We advocate you pay the expression balance in early and full in case processing times are actually slow. With no welcome extra or maybe opportunities to have extra credit extended, this card is only a good option as a starter credit card. You must be ready to shut the account after you have established positive credit history and move on to a card with better benefits.