The Indigo Platinum Mastercard is a basic credit card targeted towards people with under perfect credit. While this card has its niche in the market, there are some other cards that you might possibly choose to consider.

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

1. It’s a simple Application Process
The Indigo Platinum Mastercard offers a pre-qualification application to let you understand rapidly if an endorsement is apt. Even those with bankruptcies are generally approved for this card. Pre-qualifying also will come with no ding to your credit score.

Should you would like to move forward, an entire credit application is going to have to be done coupled with a full credit check. If approved, the credit limit is actually set at $300, but thankfully does not call for a security deposit. For rebuilding or setting up credit, this might not be a huge deal but could make big-ticket purchases challenging.

2. It Can help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Equifax and Experian), this card is able to cause a development, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for creating credit and demonstrating great economic responsibility. It’d likewise be important to maintain a reduced balance as credit utilization is actually a factor in the credit score of yours.

3. It has Fees that are High
This card has a slew of costs, based on the offer of yours. For many new cardholders, the first annual fee is usually almost as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with a short credit limit of $300, and you could get the card with just 75 % of your credit limit readily available to begin. On top of all of this, it carries a higher APR, which may be expensive if carrying a balance month to month.

The best bet of yours is paying your balance off in full utilizing the site, pay by phone or mailing your check payment early in case of slow processing times. There are a small number of various other fees, including late penalty fees, overlimit charges and returned payment fees to be aware of, but those can easily be stayed away from so long as you pay your bill on time and keep to the terms of your credit card.

4. There’s No Rewards Program
Many cardholders seek some kind of welcome offer or incentives program with the credit cards of theirs. Unfortunately, this card comes with neither. For a similarly organized card with some form of reward benefit, consider the Credit One Bank Platinum Visa Card. This particular card gives you one % back on all purchases but does charge an annual price of zero dolars to ninety nine dolars, based on creditworthiness. If you’re going to pay an annual fee, you may as well attempt to extract just as much advantage as is possible.

5. You’ll Have Access to Mastercard Benefits
Although the Indigo Platinum Mastercard is an extremely vanilla bank card, it does deliver 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 other things. Additionally, rest assured that you are screened by Mastercard’s zero liability policy for fraudulent or unauthorized charges. You also have the capability to join 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 a lot to be desired when viewing other cards just for this targeted market. Although it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the type of a significant APR along with annual fee structure. The low credit limit may also make it tough to keep a low credit utilization, a vital component in your credit score.

We recommend you pay out the statement balance in full and early in case processing times are actually slow. Without any great extra or maybe chances to have extra credit extended, this card is just the best choice as a starter credit card. You must be ready to close the account after you have established positive credit history and move on to a card with better benefits.