![]() The Application ProcessĪpplicants can get pre-approved for the Indigo Card. The Indigo Card offers options for applications, account management, and customer service. What Can You Expect From the Indigo Card? However, if you carry a balance from month to month, the interest rate can quickly increase your debt and have an unwanted effect on your credit score. The interest rate is not a problem if you plan to make small purchases and pay them off quickly to build a positive credit history. High interest rates: The interest rate, currently at 24.9% to 29.9% for purchases, is very high compared to other credit cards.However, those who want to make larger purchases may hurt their credit score because they will increase their credit utilization ratio, which is the amount borrowed compared to the overall credit limit. This limit is not a problem for those who plan to make small purchases and immediately pay them off. Low credit limit: The Indigo Card has a low credit limit.With the annual fee, however, you have no chance of getting the money returned to you $125 is very expensive for a card with no rewards or perks. When you make a security deposit with a secured credit card, you will get the money back if you do not default on your payments. Applicants with good credit may avoid the annual fee, but they may also qualify for other credit cards with lower interest rates. A high annual fee: The Indigo Card does not require a security deposit, but it does have a very high annual fee (currently $125) in most cases.Though the Indigo MasterCard has benefits that are attractive to some users, it also has some drawbacks that may make it a poor option for others. They also get online account management tools from Indigo. Access to MasterCard account tools: Indigo cardholders have access to MasterCard’s ID theft protection service and protection against unauthorized charges.Applicants need to be 18 years of age or older, have a physical address, a Social Security number, and provide evidence of income and current debts. Also, since this card is for people with bad credit or limited credit history, a poor credit score is not disqualifying. Easy approval process: Applicants go through a pre-approval process for the Indigo MasterCard.As the score increases, users can apply for cards with more perks and lower interest rates. Users who make regular purchases using their Indigo MasterCard and avoid late payments or excessive interest charges should see a quick increase in their credit score. Enjoy quick credit score increases with proper usage: Indigo reports regularly to the three major credit bureaus: TransUnion, Experian, and Equifax.With the Indigo MasterCard, you do not have to tie up as much money as you would with a secured credit card. The Indigo MasterCard allows users to build a positive credit history without a deposit. You can only use such cards if you make a security deposit. Most credit card options available to people with bad credit or no credit history are secured credit cards. No security deposit: Though the Indigo MasterCard has an annual fee, it does not require a security deposit.The Indigo MasterCard offers specific benefits that may appeal to people with bad credit or limited credit history. 1 What Can You Expect From the Indigo Card?.Credit Score and Credit Report Resources. #Indigo platinum mastercard how toHow to Get a Free Equifax Credit Report.How to Get a Free Transunion Credit Report.How to Get a Free Experian Credit Report.How to Remove Something From Credit Report.What’s This Charge On My Credit Card Statement?. ![]()
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