When your credit score is not stellar, it can be hard to secure a decent credit card. Credit cards might have messed up your credit score to begin with, so it can be hard to imagine that using the right credit cards wisely is the key to getting great credit once again.
The Indigo Platinum MasterCard is available for those with fair to average credit. It is issued by Celtic Bank. Take a look as to whether this card is the right one for your financial situation.
The Pros
There are some perks to the Indigo Platinum MasterCard, here are a few:
- Past Bankruptcies Accepted: Having a bankruptcy on file is a big no-no with many other card companies. Indigo Platinum MasterCard is one of the few cards that allow
- Pre-Qualify Without a Ding on Your Credit: One big pro of the Indigo Platinum MasterCard is that you can check to see if you are pre-qualified instantly without hurting your credit score.
- Rebuild Your Credit Score: This card reports regularly to all three credit bureaus and allows you to monitor your account online.
- Fraud Protection: Your account is protected in the case your card is lost or stolen. You won’t be held liable for any unauthorized activity, as long as you contact customer service immediately.
The Cons
There are also a few issues with the Indigo Platinum that consumers should be aware of before they apply. Here are a few:
- No Rewards: There are no rewards with the Indigo Platinum, but this card is not meant to be used in such a way. The main purpose of this card is to rebuild your credit score, especially after facing bankruptcy. Once your credit score improves, you can apply for better cards with rewards, like cash back or points.
- Expensive Annual Fee: Your annual fee is based off of your credit worthiness. It can range from $ 0 to $99. If you have poor credit and a previous bankruptcy, then there is a good chance you will have to pay an annual fee of $75 for the first year and $99 for every year after. This fee is costly, especially since you are not getting any rewards or benefits. However, if this is your only choice, then the fee will be worth it. Just try and build up your score quickly so that you can move on to another card.
- High APR: The APR is high at 23.90%, however, it is fixed, which is good. Also, if you pay off your balance each month, you will not have to worry about the interest costs.
- Penalty APR: If you are late on a payment, you will be hit with a 29.9% fee.
- Low Credit Limit: This card only comes with a $300 credit limit
Is the Indigo Platinum MasterCard for You?
If you have not been having any luck finding an unsecured credit card that will approve you, then the Indigo Platinum might be the one for you. Remember, this card is meant for building up your credit, so don’t use it to fund your purchases.
In order to build up your credit score, you will want to put about $100-150 of charges on it each month and pay the bill in total before the due date. Your credit score is calculated based off of your on-time payments and your credit to debt utilization. Therefore, do not charge the full $300 credit limit each month.
Once your credit score improves, then it is strongly suggested that you find a better card with no annual fee and rewards. Don’t use this card longer than you have to.