Indigo Platinum Mastercard – A Credit Card Designed for Poor Credit Rating

For those with less-than-stellar credit history that require a credit card, the Indigo ® Platinum Mastercard ® is one worth considering. Unlike numerous cards geared toward consumers with negative credit report, this card doesn’t require a down payment, but expect a reduced credit line and also few perks.

Pros Cons
No security deposit required Low credit limit
Approval possible with bad credit Potential for a high annual fee
Get prequalified without a hard credit check No rewards program

You might also be on the hook for a steep annual fee with this card. Below’s everything you need to know about the Indigo Credit Card before you use.

Indigo® Platinum Mastercard®
APR

24.90%

Intro APR

N/A

Rewards

None

Annual Fee

$75 – $99

Card Details
  • Less than perfect credit is okay
  • No security deposit needed
  • Account history is reported to the three major credit bureaus in the U.S.
  • Simple and fast application process
  • Fraud protection for stolen or lost cards
  • Select your own style of card design at no extra charge

Testimonial
If you’re simply beginning to develop debt or attempting to restore an inadequate credit report (in the FICO ® Score ☉ series of 300 to 579), the Indigo ® Platinum Mastercard ® is one to take into consideration. It does not have any kind of bells and whistles, but it likewise doesn’t require a down payment, which is what you’ll require if you request a secured charge card.

Also, the card reports your monthly payments and also equilibrium to all three credit score reporting agencies (Experian, TransUnion and Equifax), which can aid you develop an excellent credit rating if you make use of the card sensibly.

Depending upon your credit reliability, you might pay an annual fee as high as $99 with this card– a substantial downside taking into consideration there are a lot of credit cards for those with bad credit rating that don’t bill a yearly charge at all. You’ll likewise have a reduced credit line, which can make it testing to restrain your credit scores usage price– the credit you’re utilizing about your limits.

As you take into consideration whether this card is right for you, here are all the details you need to assist you make your choice.

Prequalify Before Using
One benefit of the Indigo ® Platinum Mastercard ® is its prequalification device, which permits you to identify your eligibility prior to you apply. Prequalifying does not need a difficult credit history query, which can reduce your credit score by a couple of points. The soft credit report check that accompanies prequalification won’t influence your credit report in any way.

To prequalify, you’ll simply need to share your name, address, day of birth, Social Security number and call information. If you do not prequalify, the card’s company, Celtic Bank, might suggest a card that you are prequalified for from a partner bank, such as the First Progress Platinum Elite Mastercard ® Secured Credit Card.

Develop Credit report Throughout All Your Credit history Records
Among the main reasons to consider getting the Indigo ® Platinum Mastercard ® over one more charge card is that your settlements will certainly be reported to the 3 significant credit bureaus every month. By paying all your bills on schedule and also maintaining your equilibrium well listed below your credit line, you might improve your credit history with this card.

Not all charge card for negative credit rating do this– some record to only one or more credit report bureaus, and some might not report whatsoever.

Consider the Low Credit Limit and Possibly High Annual Charge
Depending upon your credit report, you may qualify for among three yearly fee frameworks: no yearly cost at all, a set fee of $59 each year, or a $75 yearly charge that jumps to $99 after the initial year. If you qualify for no annual fee, the card gets on par with other leading bank card for poor credit.

But if you’re paying $75 the initial year and also $99 afterwards, and even $59 per year, it may be worth obtaining a safeguarded charge card instead– because you’ll usually at least obtain your down payment money back at some time with a secured card.

The card’s credit limit is just $300, and also there’s no chance to increase that. This suggests you’ll require to be mindful regarding how you use your card. Your credit report application rate– your equilibrium split by your credit limit– is a significant factor in your FICO ® Rating, as well as the reduced the price, the better. Your credit history will certainly begin to be harmed if your credit score application remains above 30%, which indicates you’ll intend to lug an equilibrium below $90 on this card (ideally none in all).

To prevent racking up a high balance, take into consideration utilizing the card sparingly or making several settlements throughout the month. According to the card issuer, it can use up to 14 days for your account to show a payment, so keep that in mind as you manage your use.

Lastly, anticipate to pay a high rate of interest if you carry an equilibrium on this card. The ongoing rates of interest is 24.90% fixed, which is above average. So make it an objective to utilize the card only when you recognize you can pay it off.

Don’t Anticipate Many Rewards
When it comes to card benefits, the Indigo ® Platinum Mastercard ® gives the bare minimum. You’ll obtain:

Mastercard ID burglary security, which supplies access to identity burglary resolution sources if you fall victim to scams.
A 15% discount on airport meet-and-greet solutions with the Mastercard airport terminal attendant.
Mastercard worldwide service, which provides 24-hour help if your card is shed or swiped, in addition to emergency card substitute and emergency situation cash advances.
You can handle your account online, but there’s no mobile app to make it much easier to keep track when you’re on the go.

Additional Information
Purchase APR: 24.90% fixedGrace period: 25 days
Transfer APR: The card does not allow equilibrium transfersAnnual fee: $0, $59, or $75 the very first year after that $99 afterwards
Cash loan APR: 29.9% fixedBalance transfer charge: The card does not enable equilibrium transfers
Minimum rate of interest charge: $0.50 Cash loan fee: None for the first year, then 5% of the advance amount or $5, whichever is higher
Foreign purchase cost: 1%.
Late repayment charge: Up to $40.
Returned payment charge: As much as $40.
Authorized-User Plan.
If you intend to add a certified individual to your Indigo ® Platinum Mastercard ® account, you can do so at on the house. The authorized customer will certainly obtain a card with their name on it that’s linked to your account, as well as they can make purchases using your credit line. You’ll be responsible for paying off the complete balance, including their purchases.

Is This Card Right For You?
The Indigo ® Platinum Mastercard ® can be a great fit if you’re servicing boosting your credit and also don’t have the money to cover a security deposit. But unless you receive no annual charge, it might be worth conserving up for a down payment and getting a card that does not charge one or one that provides benefits.

However if you do get a $0 yearly charge with the Indigo ® Platinum Mastercard ®, as well as make use of the card moderately as well as responsibly, it can be a fantastic device to assist you build your debt.

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