Indigo Credit Card – Indigo® Platinum Mastercard® Review, Pros, and Cons
The Indigo Platinum Mastercard is for people with exclusively fair credit. This fact makes the Indigo Mastercard unique and well liked. The Indigo Platinum is also a very good option for anyone who wants to rebuild their credit. We will be reviewing this credit building card in this post, along with pros and cons. You’ll be able to tell if the Indigo credit card is a good option for you once we’re finished.
Indigo® Platinum Mastercard® Pros
Indigo Platinum Mastercard Pre-Qualification Offer
The Indigo card offers a pre-qualification option for potential card holders. This is very good news for people who have bad credit or no credit. Once you ask, the entire approval process for the Indigo credit takes a few minutes. You’ll get your Indigo Platinum Mastercard and begin building your credit.
Big Events like Bankruptcy is Okay
If you’ve ever tried to get a credit card after a bankruptcy, you know this can be challenging. However, the Indigo credit card allows you to have a previous bankruptcy on your credit history. Unlike a lot of other cards, the Indigo credit won’t penalize you further for this.
History is Sent to All Three Credit Bureaus
Unlike prepaid cards, the Indigo credit card reports to all three credit bureaus. This is a key factor when it comes to rebuild or build your credit. As long as you make your payments on time and use the Indigo credit card responsibly, it’ll work for you. You should see your credit score rise within the first few months.
Low Foreign Transaction Fee
The average foreign transaction fee is 3 percent. This can hurt if you travel or do a lot of international business. However, the Indigo credit card offers a lower foreign transaction fee of 1 percent. With this lower rate, you’ll continue using your card for travel or business without worrying about a large fee. This rate is lower than a lot of other cards that you’d use to rebuild your credit as well.
Annual Fee Varies
If you are eligible for the Indigo Platinum Mastercard, you could pay a $0 annual fee. This card offers a $0, $35, $75, and a $99 annual fee, and your credit rating will determine it. So, if you have a decent payment history and a slightly higher score, you could qualify for the lower fee.
The Indigo credit card works off of the MasterCard network. Your card is accepted at many vendors because MasterCard is very popular. This will make it easier to use your card for everyday use. You won’t have to wonder if you’ll be able to pay with it, and this will lower your stress levels.
Indigo® Platinum Mastercard® Cons
Low Initial Credit Limit
Since this card is for fair and average credit, the issuer caps your initial credit line. You will get $300 until you demonstrate you can use this card responsibly. As you make on time payments, your credit line can go up. However, there is no set time before they have to raise it.
No Rewards of Cash Back with the Indigo Credit Card
The Indigo credit is a basic card that will allow you to build your credit. That said, it offers no rewards and no cash back. So, you use the card, and you get what you put into it, nothing more. This can be a drawback for anyone looking for immediate rewards for using their card responsibly.
This card is used to rebuild credit, so the APR is higher. This should only be a problem if you carry a balance from month to month. The APR for the Indigo credit is 23.9 percent. This is normal for a credit card that caters to lower credit scores. You should only use this card until your score is high enough for a different one.
Authorized User Fee
If you decide that you want to add an authorized user to this card, you’ll pay a fee. The fee is $25 per authorized user you allow onto your account. This is fairly normal, but you could still have minor sticker shock the first time you add someone.
Dual Application Process
If you choose to use the pre-qualification option, you’ll fill out one application. This will result in a soft credit check. If you pass, you’ll fill out the actual application. This application will result in a hard credit check. So it is slightly more time consuming to fill out both applications.
Final Thoughts on the Indigo Platinum Mastercard
Finally, the Indigo credit card is an excellent option for anyone who wants to rebuild their credit. It offers a flexibility many credit building cards don’t have. The Indigo card is a tool anyone with fair or average credit should responsibly utilize to build their credit. So, the ability to see if you’re pre-qualified can save you a hard credit check. If your score is low, every point counts, so pre-qualification is a bonus. If you’re looking to rebuild your credit, check into the Indigo credit card. It’s a very good option.
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