We take a look and review the 5 most important things you need to know about the Indigo Platinum Mastercard. The whole idea of this card is its ability to structure and restructure the operation of credit card to suit its purpose of shopping that comes with bonuses and rewards and also to ease purchases.
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The Indigo Platinum Mastercard is issued under the authority of Utah-based Celtic Bank. The card may not be a perfect type due to the role to accommodate people with unimpressed credit records.
The good news is, the card can help to build your credit chances even with poor credit records.
Table of Contents
#1. It can help you build credit
The Indigo Platinum Mastercard is a credit card for people willing to build their credit scores.
Remember your payment history is important to build your scores, therefore be committed to your payment as at when due, to qualify you for better credit cards in the near future.
TransUnion, Equifax and Experian are bureaus that receive a report from The Indigo Platinum Mastercard.
#2. Indigo Platinum Mastercard comes with a price
One of the determinant factors in enjoying the Indigo Platinum Mastercard is your creditworthiness. For there is no charge to an annual fee except you have a poor credit record that can attract a fee of $59 or $99.
The card becomes less attractive when the annual fee comes higher. It is better to save some hundred dollars in order to secure a credit card deposit that could guarantee you to build credit back again.
Applicants with a poor credit record are charged with this card at an interest rate of 23.9%. This implies that carrying a balance will be so expensive.
#3. You can pre-qualify without hurting your score
For you to become a family member of the Indigo Platinum Mastercard, ensure you check your pre-qualify status to know your chances whether to be considered or not.
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#4. The disadvantage of Low Credit Limit
Considering the high nature of credit limit that could go as $300, if an account is charged with $59 annual fee, then the credit limit might initially be $241 due to issuers setup and maintenance fees.
A low credit limit makes it easy to run a high credit utilization, which can hurt your credit even as you’re working to improve it. It’s not worth paying a high annual fee for a credit limit that’s floor-low.
With poor credit, you again might be better off with a secured credit card, where the credit limit is generally as high as the amount you can deposit.
Another card the Indigo Platinum offered is a Secured Mastercard from Capital One. This card has a credit limit of $200 for a deposit of $49, $99 or $200. This opens up room for higher credit in six months of playing time. It doesn’t necessarily matter your amount of deposit.
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#5. There are some side Benefits
The Indigo Platinum Mastercard offers exciting benefits, which include extended warranty coverage and travel assistance services, among others.
And as a Mastercard, it’s travel-friendly and widely accepted abroad. It also has a low 1% foreign transaction fee, although you can find some cards that don’t charge this fee at all.