What Is Celtic Bank?

Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Celtic Bank, based in Salt Lake City, Utah, offers small business financing and issues unsecured credit cards for people with poor credit. SoloSuit explains what you need to know about Celtic Bank.

Here’s a truth you’ll need to learn if you currently have bad credit: Predatory lenders exist, and they will use every opportunity available to scam you out of your money if you let them.

With bad credit, you’ll find it nearly impossible to obtain a loan from any reputable lender. It’s best to improve your score rather than depend on credit from a shady company.

Unfortunately, Celtic Bank is a bit questionable. The little-known regional bank, which has a tiny presence in Salt Lake City, Utah, provides small business loans, equipment financing options, and credit cards for people with bad credit.

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What Celtic Bank has to offer

The Celtic Bank website focuses on its small business lending options. The company specializes in SBA 7(a), SBA 504, equipment leasing, asset-based lending, and construction financing loans. The SBA loans appear legitimate; they have low interest rates in line with federal requirements.

Celtic Bank doesn’t provide much information about its nongovernmental small business loans. It’s possible to obtain business credit at low interest rates, but there is no cap on the interest or fees Celtic Bank charges. You’ll need to apply for a loan to see what the company can offer you.

One page on the Celtic Bank website provides information about its consumer credit cards. Celtic Bank issues Indigo Platinum, Reflex, and Surge Mastercards, and other companies service the cards.

The Indigo Platinum Mastercard offers credit limits between $300 and $2,000, with APRs ranging from 24.9% to 29.9%. Annual fees vary from $0 to $125.

Reflex provides credit limits between $300 and $1,000, with APRs varying from 24.99% to 29.99%. Annual fees range between $75 and $99.

Surge also offers credit limits between $300 and $1,000, with APRs that range from 24.99% to 29.99%. Annual fees vary between $69 and $99.

Credit cards with high interest rates aren’t a new invention. For decades, lenders have capitalized on consumers’ poor credit scores to charge exorbitant fees that someone with good credit won’t tolerate. However, many people who fall prey to these cards find themselves stuck in a money trap that’s hard to recover from.

To learn how to settle a debt with Celtic Bank in three simple steps, watch this video:

What the BBB says about Celtic Bank

Most banks know the importance of Better Business Bureau (BBB) accreditation and aim to keep a decent score with the organization. However, Celtic Bank has no accreditation with the BBB. As of April 26, 2023, there have been 182 complaints against the company in the past few years.

Unfortunately, the BBB website doesn’t display most of the complaints. Only three are available to view, all relating to disputed items on consumer credit reports.

According to 28 customer reviews on the BBB website, the company has 1.46 out of 5 stars. Most customers complain of high interest and unexpected annual fees that must be paid immediately.

What to do if you have a credit card from Celtic Bank

If you already have a credit card issued by Celtic Bank, you’ll want to monitor the interest and fees. You’re unlikely to get much out of your card, especially if your limit is less than $500. Remember, you can obtain better credit cards if you focus on rebuilding your credit.

Are you considering applying for a consumer credit card issued by Celtic Bank? Stop now. The high interest and fees will make the card useless to you, and you’ll ding your credit score when you open the account and later decide to close it. It’s better to find other ways to build your credit instead of taking out a card that will cause you future headaches.

Let’s consider an example.

Example: Shirley Temple is in college, and she doesn’t have any credit history. She needs a new computer for her studies. She finds the Indigo Platinum Mastercard and applies for it. Celtic Bank grants her a $300 credit limit and immediately charges a $99 annual fee. Shirley has $201 in credit to purchase a computer, which isn’t nearly enough. Applying for the card dropped her credit score by 30 points, and now she can’t find another lender.

You should avoid high-interest-rate credit cards like the plague

Many consumers apply for high-interest-rate credit cards when they need immediate access to cash. However, there are better options than allowing a creditor to take advantage of you. Try saving a portion of your income until you have enough to purchase the item outright.

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