An instant pre-qualification tool is available with the Indigo Mastercard to inform you of the likelihood of an approval. This Indigo Credit Card may even be approved for folks with bankruptcy filings. Your credit score won’t suffer if you pre-qualify. A full credit application must be submitted, along with a thorough credit check, if you want to proceed. The credit limit is $300 if accepted, but fortunately no security deposit is needed. This might not be a big concern for creating or establishing credit, but it might make major purchases challenging.
This card can result in the establishment or improvement of credit because it reports to the three main credit agencies TransUnion, Equifax, and Experian. Depending on the promotion, this card has a ton of fees. The first annual fee for certain new cardholders may be as high as $75, rising to $99 in the years that follow. With this combined with a $300 initial credit limit, you might only receive the card with 75% of your credit limit available at first. In addition to all of this, it has a high APR, which might be expensive if paying off an amount each month.
How does Indigo Credit Card work?
In case of slow processing delays, your best option is to mail your check payment early or pay your entire debt in full via the internet, phone, or both. There are a few extra charges to be aware of, such as late payment penalties, over limit costs, and returned payment fees, but you may easily avoid these if you pay your account on time and adhere to the conditions of your Indigo Credit Card. Many credit card users look for some kind of introductory offer or rewards program.
Unfortunately, neither are included with this card. Consider the Credit One Bank® Platinum Visa Card for a card with a comparable structure and a reward feature. The annual fee for this card ranges from $0 to $99, depending on creditworthiness, and it offers 1% cash back on all purchases. If you’re paying an annual fee, you might as well strive to get the most value out of it. The Indigo Mastercard offers several Mastercard advantages even though it is a very basic credit card.
More about Indigo Credit Card
Your social security number, email address, debit cards, credit cards, bank accounts, email addresses, and more are all covered by Mastercard ID techuggy Theft ProtectionTM, which also offers identity monitoring. Additionally, feel secure knowing that MasterCard’s zero liability policy for illegal or fraudulent charges has you covered.
While a cardholder, you can also register for free credit monitoring with TransUnion. When compared to competing cards for this specific clientele, the Indigo® Mastercard® falls well short in terms of building or repairing credit. Although reporting to the three main credit agencies is included, which is a benefit, it has a high APR and annual charge structure. A low credit utilization, a crucial component of your credit score, could be challenging to maintain given the modest credit limit.
In the event that processing periods are lengthy, we advise you to pay the statement balance completely and as soon as possible. This card is just a decent choice as a beginner credit card because it lacks a welcome bonus and options to have additional credit extended. When you have a good credit history, you should be ready to close the accounts and switch to a card with higher perks.