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Indigo Credit Card Review

Indigo Credit Card Review

Indigo Credit Card

0.00
6.8

Borrowing Costs:

7.5/10

Annual Percentage Rate:

8.0/10

Flexibility:

7.5/10

Features:

7.5/10

Customer Experience

3.5/10

Pros

  • No security deposit required
  • Choose your card design

Cons

  • No bells and whistles
  • A tight credit leash

The Indigo Platinum Mastercard is designed for these with no credit score or poor credit score as a instrument to begin constructing a optimistic credit score file. Nonetheless, it’s a novel providing, with no requirement for a safety deposit, as you would want with a secured card. Indigo Credit Card Review.

However in contrast to different starter playing cards for folks with dangerous or no credit score, the Indigo Platinum Mastercard (issued by Celtic Financial institution) is a brief answer with no further advantages or rewards, and no computerized pathway to graduate into a greater product.

If it’s good to set up or rebuild your credit score and don’t have the money readily available to place down a safety deposit, the Indigo Platinum Mastercard is perhaps value trying out. You’ll first have to fill out a prequalification software, which is able to assist decide whether or not or not you’ll qualify with out counting as a tough inquiry (which might ding your credit score rating). After getting a reasonably good sense that you simply’ll be accepted (though approval isn’t 100% assured), you possibly can transfer ahead with the precise software.

If it’s good to set up or rebuild your credit score and don’t have the money readily available to place down a safety deposit, the Indigo Platinum Mastercard is perhaps value trying out. You’ll first have to fill out a prequalification software, which is able to assist decide whether or not or not you’ll qualify with out counting as a tough inquiry (which might ding your credit score rating). After getting a reasonably good sense that you simply’ll be accepted (though approval isn’t 100% assured), you possibly can transfer ahead with the precise software.

You’ll solely have a $300 credit score restrict to work with over the lifetime of the account, so the cardboard isn’t good for individuals who have to spend extra inside one billing cycle.

Indigo Credit Card Review

Product Name Indigo® Platinum Mastercard® Credit Card
Card type Mastercard
Annual fee $0 to $99
Purchase APR 24.9% fixed
Balance transfer APR N/A
Cash advance fee $5 or 5% of the cash advance amount, whichever is greater
Cash advance fee description $0 during the first year. After the first year, either $5 or 5% of the amount of each transaction, whichever is greater (not to exceed $100)
Penalty APR 29.9% fixed
Foreign transaction fee 1% of the transaction value
Interest free period Up to 25 days
Late payment fee Up to $40
Returned payment fee Up to $40

Pros – Indigo Credit Card Review

No safety deposit required: Usually, in case you have very poor or nonexistent credit score, you need to go for a secured bank card (for which you permit a safety deposit that matches the credit score restrict), or you need to get somebody so as to add you as an authorized user on their account. The Indigo Platinum Mastercard is a uncommon likelihood to get credit score in your individual title with out having to place your individual cash down.
Select your card design: If that is your first card or the one card you will get, you possibly can not less than select a enjoyable design comparable to a seashore scene or cityscape to match your character.

Cons – Indigo Credit Card Review

No bells and whistles: For those who’re on the lookout for any perks, you received’t discover them on this card. Secured playing cards typically supply rewards like money again, a decrease introductory APR and/or computerized credit score will increase or upgrades to an unsecured card as your credit score improves.

A decent credit score leash: You’ll begin out with only a $300 credit score restrict, which will likely be lowered by the quantity of your annual payment (if any), and that’s all you’ll have for so long as the cardboard is open. That doesn’t offer you a lot wiggle room so far as credit utilization goes, which you’ll have to carry on the decrease aspect to see credit score rating progress.

Get the Most Out of This Card

If accepted, as soon as you start utilizing the cardboard, your credit score exercise will likely be reported to the three credit score bureaus. This reporting is vital, as constant optimistic habits will lay the inspiration for constructing your credit score rating.

The easiest way to enhance your credit score with this card (or any card) is to make small, common purchases so you retain the cardboard energetic and construct up a optimistic fee historical past. Attempt conserving your whole steadiness beneath $100—lower than $50 is even higher—so that you’re by no means utilizing greater than 30% of your obtainable credit score.

Most significantly, pay your complete steadiness on time every month, and in full when you can. The quantity of credit score you employ and your fee historical past are the 2 most impactful elements of your credit score rating.