Indigo® Platinum Mastercard® Review 2022 | Things To Know

Those with poor credit or no credit history have a fantastic alternative with the Indigo credit card. Since it does not require a credit check for prequalification, it can significantly assist students and those needing a credit card after filing for bankruptcy. If you use this card and make timely payments, you can improve or restore poor credit.

However, be aware that an annual fee can be assessed depending on your creditworthiness. The Indigo Platinum Mastercard also has a credit limit of $300 and a hefty APR of 24.90 percent. It’s still one of the best credit cards for establishing good credit.

Is the Indigo Platinum Credit Card Reputable?

When it comes to consumers with bad credit who don’t want to make a security deposit for a secured credit card, the Indigo Platinum Mastercard is the right choice. Before applying, check your prequalification terms and look at other possibilities for those with fair or terrible credit.

The Indigo Platinum Mastercard: Useful Information

It would be best if you used the Indigo Platinum Mastercard exclusively for raising your credit score because it doesn’t come with any benefits and has a $300 credit limit. When making purchases, be sure you can afford to pay them off when your statement is due. You can prevent up to $40 in late fees and an APR penalty by paying your account in time to avoid these penalties.

You’ll need to be very frugal with your spending if you want to raise your credit score because of the Indigo Platinum Mastercard’s low credit limit. One of the most critical aspects of your credit score is your credit usage rate, which can be negatively impacted by using more than 30% of your available credit. You should limit your expenses to no more than $90 if your credit limit is $300.

With a card like the Indigo Platinum Mastercard, you can gradually raise your credit score to the point where you can apply for a better credit card. Use this card to build and maintain good credit practices (including on-time, total payments, low utilization, and periodic balance reductions). These will help to enhance your credit over time and increase your ability to get future credit cards that are more appropriate for your spending patterns.

How much will it cost?

Your creditworthiness will determine whether you are assessed an annual fee. But if your credit is bad, you’ll probably have to pay a recurring monthly cost of $59 or $99. The $99 annual charge for new cardholders reduces to $75 for the first year.

The less desirable this card is, the greater the annual charge. After all, if you save up a few hundred dollars for a secured credit card deposit, you can establish credit and eventually earn that money back as long as you make your payments on time.

Additionally, the card levies a constant interest rate of 23.9 percent APR (rate accurate as of March 2019). It falls within the average range for a card that accepts applicants with bad credit. However, it means that keeping a balance will be costly.

Can the Indigo credit card aid in credit-building?

TransUnion, Equifax, and Experian are the three main credit bureaus that get reports from the Indigo Platinum Mastercard. Because these bureaus gather the data necessary to determine your credit ratings, that is excellent news for anyone attempting to establish credit.

A significant component of those scores is payment history. In the future, if you make your payments on time, you may be eligible for better credit cards.

Indigo credit card benefits

Using the Indigo Platinum Mastercard has numerous significant advantages. When you have bad credit or no credit history at all, it is fantastic. It does not include a welcome bonus or a cash-back scheme but provides typical features for easy money management.

Standard credit limit without security deposit

The Indigo Platinum Mastercard is an unsecured card since you can use its credit limit without putting down a security deposit. This indicates that you are not required to put up your money as a down payment for this card.

High rate of approval

The Indigo credit card is for people with bad credit or no credit history. Due to its high acceptance rate, it offers a simple and efficient means of enhancing credit.

Improve your credit

This card makes it simple to build credit because it sends your activity to all three leading credit agencies (Experian, Equifax, and TransUnion). You’ll be on the right track to building good credit and getting credit cards with worthwhile rewards programs and other perks if you behave properly and pay your bills on time.

Remember that your annual charge initially reduces your $300 credit limit, making it challenging to maintain a low credit use ratio, which is a crucial component of your credit score.

Swift and straightforward application procedure

The application process for many credit cards can be arduous and time-consuming. However, the Indigo Platinum Mastercard is one of the more straightforward cards to obtain. You may complete the entire process online in about a minute if you have all the necessary information. 

You are eligible to apply and begin as long as you are 18 years old (19 in Alabama), have a valid social security number, a US physical address, and a US IP address.

Soft credit pull

You might be the subject of a credit check whenever you apply for a credit card or any other line of credit. The checks will modestly impact your credit score by 10% for up to two years

People with bad credit may have trouble getting approved for a line of credit. Still, your credit will not suffer because Indigo Platinum’s prequalification uses a soft credit pull rather than a hard credit check.

Who is the Indigo credit card suitable for?

The Indigo® Platinum Mastercard® might be an excellent alternative for folks having trouble getting approved for other cards. Still, if you have other options for establishing credit, we don’t advise it.

It is unquestionably advantageous to receive authorization with less-than-perfect credit. However, the high annual charge and purchase APR could result in you paying a significant sum only to obtain credit. You may constrain your potential and purchasing power if you consider the relatively small credit line

We advise looking at a card that doesn’t charge an annual fee and gives you access to more perks over time. These cards might not be as alluring and can even need a security deposit upfront. However, they provide more options in the long run to raise your credit score.

Author: Jay Batson

My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.

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