Indigo® Mastercard® for Less than Perfect Credit

In-Depth Review: Indigo® Mastercard® for Less than Perfect Credit

If you’re in the market for a new credit card, the Indigo® Mastercard® Credit Card is worth considering. Whether you’re looking to establish or rebuild your credit, this card offers a range of benefits and features that can help you achieve your financial goals.

Who Can Benefit from the Card?

The Indigo® Mastercard® Credit Card is designed for individuals who want to establish or rebuild their credit. If you have a limited credit history or a low credit score, this card could be a viable option to consider. Using this card responsibly, you can build a positive credit history over time. The Indigo® Mastercard® reports to all three major credit bureaus, further enhancing its effectiveness in improving your creditworthiness.

How to Get the Card

Credit Needed

As mentioned, the biggest selling point of the Indigo Card is the chance to establish a positive credit history with unsecured credit. Typically, this means people with a bad FICO Score (between 300 and 580) are eligible to apply.

Indigo welcomes those applicants with a challenging credit history – people who have declared bankruptcy. This simple fact is a great selling point for the Indigo card for those looking for a fresh start but do not want a store credit card or a secured card.

Here is a quick rundown of who is eligible to apply for the Indigo Mastercard:

• United States citizens or permanent residents 18 years of age or older
• Must have a physical U.S. address and not a Post Office Box
• Valid Social Security Number (SSN)
• Must provide evidence to show income can support the minimum monthly payments on the card

Application Information

The application process with the Indigo Card is equally quick and easy. Once the application has been reviewed, approved applicants must pay their annual fee to activate their account. Applicants can be approved for one of three Indigo credit card offers, depending on their creditworthiness.

Remember, this is still a credit card application – although approval odds may be higher than other card offers, approval is not guaranteed. Not everyone will qualify for the lowest annual fee (or APR, as terms are subject to change).

Design Your Card

New accounts can choose a card design at no extra cost. This feature lets you showcase your personality every time you use your card for a purchase. Below are some examples of the available Indigo credit card designs:

Building Credit Benefits

The Indigo Mastercard offers a variable annual fee as a credit card designed to help rebuild damaged credit. However, certain Indigo Card applicants may be eligible for a card with no annual fee, while others may have an annual fee that can go as high as $99 per year.

Successful applicants are granted a starting credit line of $700 regardless of the annual fee. This starting credit limit is considerably higher than the card’s previous offer and is highly competitive in the unsecured, subprime credit card market.

With the Indigo Mastercard, you can build credit with every purchase and on-time payment you make. The best part is that your monthly payments are reported to the three major credit bureaus. This means that you can establish a positive credit history in no time.

You can improve your credit score over time by consistently making on-time payments and using your Indigo Mastercard responsibly. This can open up doors to better interest rates and credit options in the future.

Other Card Benefits

Another notable benefit of the Indigo Mastercard is its online account management tools. You can easily access your account, view your balance, make payments, and track your spending through the Indigo website or mobile app. This level of convenience and control makes it easier to stay on top of your finances and make informed decisions about your credit.

In addition to these features, the Indigo Mastercard also offers fraud protection and zero liability for unauthorized charges. You are not responsible for fraudulent transactions if your card is lost or stolen. This added security feature gives cardholders peace of mind and protects them from potential financial losses.

Comparison

The Destiny Mastercard and Milestone Mastercard are two comparable cards to consider. Here’s how the three cards compare across key features:

Annual Fees

All three cards charge a variable annual fee, but only the Indigo Mastercard provides a no annual fee option for particularly qualified applicants. The annual fee with Indigo ranges from $0 to $99 per year, while both Milestone and Destiny feature an annual fee of $75 for the first year and $49 thereafter, though your particular offer may vary.

Starting Credit Limits

All three cards feature similar credit limits, but the Milestone Mastercard and Destiny Mastercard offer a higher starting credit limit for most applicants. These cards both provide a starting limit of $700, while Indigo provides a starting limit of between $300 and $1,000.

Before choosing your next near-prime credit card, carefully compare all aspects of the cards. Compare the terms and conditions of different credit cards to find one that aligns with your needs. Additionally, take into account any fees associated with each card and consider whether they are worth the benefits provided.

Tips for Building Credit

• Check your credit file: Checking your credit report is crucial for understanding your financial well-being. It helps maintain an accurate credit history, protect against identity theft, and make informed financial decisions. You can ask for a free credit report from a credit-reporting agency every 12 months.
• Keep credit utilization low: Aim to keep your credit card balances well below your credit limit. High credit card utilization can negatively impact your credit score. A general rule is to keep credit utilization below 30% of your credit limit.
• Pay on time: Always pay your bills on time as your payment history significantly influences your credit scores. Late payments can hurt your credit and may result in reduced credit limits or closed accounts.
• Become an authorized user: Being added as an authorized user on someone else’s credit card account can help boost your credit growth. The card’s payment history and credit utilization are often reported on your credit report, potentially boosting your credit score if the primary cardholder manages their credit responsibly.
• Limit new applications: Avoid applying for too many credit cards in a short timeframe. Each application results in a hard inquiry on your credit report, which can temporarily lower your score. Be selective about applying for new credit to protect your credit score.

What We Like About the Indigo® Mastercard® for Less than Perfect Credit

Perhaps the best feature of the Indigo Mastercard is its simplicity. This straightforward card is designed for credit-builders who prefer no nonsense. With this card, you can forget about tracking rewards and bonus categories. While the perks are minimal, the card offers essential protections for loss or theft.

This no-fuss credit card is a great option if you want to establish or improve your credit. By focusing on simplicity, you can avoid the hassle of managing rewards and bonus categories. Plus, with its built-in protection, you can have peace of mind knowing you’re covered in case your card is ever lost or stolen.

Things to Consider

For all the advantages this card has, there are also some drawbacks to be aware of:

Fees

The card also charges several fees, including an annual fee, which you must pay after opening an account. This requirement will reduce your initial credit limit by up to $99, depending on your offer. Once you make the payment, you will receive your full credit line.

FAQs