For those with less-than-stellar credit score that need a credit card, the Indigo ® Platinum Mastercard ® is one worth thinking about. Unlike several cards tailored towards customers with bad debt, this card does not call for a security deposit, but anticipate a reduced credit limit as well as not many benefits.

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 likewise be on the hook for a steep annual fee with this card. Below’s every little thing you require to know about the Indigo Mastercard prior to you apply.

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

Review
If you’re just beginning to construct credit scores or attempting to rebuild a poor credit report (in the FICO ® Rating ☉ series of 300 to 579), the Indigo ® Platinum Mastercard ® is one to think about. It doesn’t have any type of bells and also whistles, however it additionally does not call for a down payment, which is what you’ll need if you look for a secured credit card.

Likewise, the card reports your regular monthly repayments as well as balance to all three credit reporting companies (Experian, TransUnion as well as Equifax), which can help you establish a good credit rating if you make use of the card properly.

Relying on your creditworthiness, you could pay an annual charge as high as $99 with this card– a considerable disadvantage thinking about there are a lot of charge card for those with negative credit rating that do not charge a yearly fee whatsoever. You’ll likewise have a low credit limit, which can make it challenging to restrain your credit score usage rate– the credit scores you’re using about your limits.

As you think about whether this card is right for you, below are all the details you need to help you make your choice.

Prequalify Before Applying
One advantage of the Indigo ® Platinum Mastercard ® is its prequalification device, which allows you to determine your qualification prior to you apply. Prequalifying does not call for a hard credit report inquiry, which can decrease your credit rating by a couple of factors. The soft credit report check that accompanies prequalification will not influence your credit score at all.

To prequalify, you’ll just need to share your name, address, date of birth, Social Security number and also contact details. If you don’t prequalify, the card’s issuer, Celtic Financial institution, may recommend a card that you are prequalified for from a partner bank, such as the First Progression Platinum Elite Mastercard ® Secured Charge Card.

Build Credit scores Across All Your Credit report Reports
Among the primary factors to consider getting the Indigo ® Platinum Mastercard ® over an additional bank card is that your repayments will be reported to the three major credit scores bureaus each month. By paying all your expenses on schedule and also keeping your balance well below your credit limit, you could improve your credit report with this card.

Not all bank card for bad credit do this– some record to just one or more credit report bureaus, and also some might not report at all.

Take Into Consideration the Low Credit Line and Possibly High Annual Cost
Depending on your credit history, you may receive one of 3 yearly fee structures: no yearly cost at all, an established fee of $59 annually, or a $75 yearly fee that jumps to $99 after the first year. If you qualify for no yearly fee, the card is on the same level with other top charge card for bad credit.

Yet if you’re paying $75 the initial year and also $99 afterwards, or even $59 each year, it might be worth getting a protected charge card instead– since you’ll generally a minimum of get your security deposit refund at some point with a secured card.

The card’s credit limit is just $300, and there’s no other way to boost that. This suggests you’ll require to be cautious regarding just how you use your card. Your credit report utilization price– your balance divided by your credit limit– is a major consider your FICO ® Rating, as well as the reduced the price, the far better. Your credit rating will certainly begin to be hurt if your credit score utilization stays over 30%, which suggests you’ll want to carry a balance listed below $90 on this card (ideally none at all).

To stay clear of acquiring a high equilibrium, take into consideration using the card sparingly or making numerous settlements throughout the month. According to the card provider, it can occupy to 14 days for your account to show a settlement, so keep that in mind as you handle your use.

Ultimately, expect to pay a high rates of interest if you carry an equilibrium on this card. The recurring rates of interest is 24.90% taken care of, which is above average. So make it a goal to use the card only when you understand you can pay it off.

Don’t Expect Lots Of Perks
When it pertains to card benefits, the Indigo ® Platinum Mastercard ® offers the bare minimum. You’ll obtain:

Mastercard ID burglary security, which gives access to identity burglary resolution resources if you come down with scams.
A 15% discount rate on flight terminal meet-and-greet services through the Mastercard airport attendant.
Mastercard global service, which offers 24-hour assistance if your card is shed or swiped, along with emergency card replacement and also emergency cash advances.
You can manage your account online, yet there’s no mobile application to make it less complicated to maintain track when you’re on the go.

Extra Information
Acquisition APR: 24.90% fixedGrace duration: 25 days
Transfer APR: The card does not enable equilibrium transfersAnnual cost: $0, $59, or $75 the first year after that $99 after that
Cash advance APR: 29.9% fixedBalance transfer cost: The card does not enable balance transfers
Minimum interest charge: $0.50 Cash loan fee: None for the initial year, after that 5% of the advance quantity or $5, whichever is higher
Foreign purchase cost: 1%.
Late repayment charge: Up to $40.
Returned repayment cost: Up to $40.
Authorized-User Plan.
If you want to include an authorized customer to your Indigo ® Platinum Mastercard ® account, you can do so at no charge. The licensed individual will obtain a card with their name on it that’s connected to your account, and also they can make acquisitions utilizing your credit limit. You’ll be accountable for repaying the full 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 debt as well as don’t have the money to cover a down payment. Yet unless you qualify for no yearly fee, it might deserve saving up for a down payment and getting a card that does not bill one or one that offers incentives.

But if you do qualify for a $0 yearly cost with the Indigo ® Platinum Mastercard ®, as well as utilize the card sparingly as well as properly, it can be a terrific device to help you build your credit rating.