Do you have bad credit or no credit history? Indigo Platinum Mastercard is designed for people who are looking to build or rebuild their credit. It’s a great way to start establishing a good credit history and improve your credit score. With this card, you can enjoy all the benefits of being a cardholder, like low foreign transaction fees and building your credit limit over time.
In this Indigo Platinum Mastercard review, we’ll take a look at the features and benefits of this card so you can decide if it’s the right fit for you.
What is an Indigo Platinum Mastercard?
Indigo Platinum Mastercard is a good option for those with bad credit or no credit history. Indigo Platinum Mastercard does not require a credit check for prequalification, making it ideal for students and people who need a credit card after declaring bankruptcy.
Using Indigo Platinum Mastercard allows you to build or rebuild low credit as long as you make regular payments. However, note that you may be charged an annual fee based on your creditworthiness.
Additionally, Indigo Platinum Mastercard has a high APR of 24.90 percent, and it carries a credit limit of $300.
Nevertheless, Indigo Platinum Mastercard is one of the best credit cards to help you build good credit. Indigo Platinum Mastercar-d offers many features including online account access and customer service support. You can also use Indigo Platinum Mastercard anywhere MasterCard is accepted.
What does platinum mean on a credit card?
Platinum credit cards offer cardholders a host of perks and privileges that are not available with other cards. Platinum cards typically have a higher credit limit than other cards, and they may also offer rewards such as cashback or travel points.
In addition, platinum cardholders often enjoy special treatment from merchants, such as preferred pricing or VIP access to sales and events. Platinum cards can also come with a variety of built-in protections, such as extended warranty coverage and purchase protection.
For many people, the benefits of a platinum card outweigh the higher annual fee. As a result, platinum credit cards are becoming increasingly popular.
Highlights of the Indigo Platinum Mastercard
- Annual fee: $0 to $99
- Regular APR: 24.90 percent
- There is no security deposit required, so you may keep more money in your pocket.
- Pre-qualify without affecting your credit score
- It’s all right if your credit isn’t perfect.
- Use a credit card to make yourself stand out.
- You can also get a Mastercard credit card that works online, in stores, and within apps anywhere you see the Mastercard logo.
- Build a reputation for yourself as a credit risk with elegance.
- $0 Liability on Unauthorized Debits! Spend worry-free with no risk of being penalized for unauthorized charges!
- The three largest credit bureaus in the United States are notified about your financial history.
- For your everyday requirements, you’ll get more credit.
Let’s discuss the Indigo Platinum Mastercard review in detail:
Benefits of the Indigo Platinum Mastercard
Let’s look at some of the benefits that the Indigo Platinum Mastercard offers:
Here are some of the key benefits of the Indigo Platinum Mastercard:
- No security deposit is required
- You can pre-qualify without affecting your credit score
- For those who qualify, a $0 yearly charge is available.
- Only 1% foreign transaction fee
- Build on your credit history
- $0 liability on unauthorized charges!
- Soft credit pull
- High approval rate
Below are a detailed explanation of some of the benefits:
#1.No security deposit is required
The Indigo Platinum Mastercard is a great choice for those with less than perfect credit. One of the main benefits is that no security deposit is required.
This means that you can get the card without having to put down a deposit, making it more accessible for people with limited finances.
#2. You can pre-qualify without affecting your credit score
Applying for a credit card can be a tricky process. On the one hand, you want to find a card that fits your spending habits and offers the best rewards.
On the other hand, you don’t want to apply for too many cards and end up with a bunch of hard inquiries on your credit report. The Indigo Platinum Mastercard is a great option for people who are looking for a new credit card.
One of the best things about this card is that you can pre-qualify without affecting your credit score. This means that you can see if you’re likely to be approved for the card without having to worry about the impact on your credit.
Read More: The Best Airline Credit Cards for Bad Credit in 2022
#3. For those who qualify, a $0 yearly charge is available.
As anyone who has ever applied for a credit card knows, annual fees can add up quickly. For those who are trying to keep their expenses down, the Indigo Platinum Mastercard offers a great solution: a $0 annual fee for qualifying cardholders.
This means that you can enjoy all of the benefits of the Indigo Platinum Mastercard without having to worry about paying an annual fee.
#4.Only 1% foreign transaction fee
For anyone who travels regularly, having a credit card that doesn’t charge a foreign transaction fee can be a godsend. With the Indigo Platinum Mastercard, you’ll only be charged a 1% fee on all transactions made in a foreign currency.
That’s lower than the average 2-3% fee charged by other cards in this category. This can add up to substantial savings, particularly if you’re making a large purchase or withdrawing cash from an ATM while abroad.
#5. Build on your credit history
The Indigo Platinum Mastercard is designed for people with less than perfect credit. By offering a relatively low credit limit and charging an annual fee, the card issuer is able to minimize its risk.
As a result, holders of the Indigo Platinum Mastercard can build their credit history without having to worry about being denied a loan or being charged a high-interest rate.
#6.$0 liability on unauthorized charges!
Have you ever been worried about making a purchase online or over the phone, lest your information be stolen and your hard-earned money taken from you?
Well, with the Indigo Platinum Mastercard, you can rest easy knowing that you won’t be held responsible for any unauthorized charges made to your account!
#7.Soft credit pull
Applying for a new line of credit can be a stressful experience, especially if you’re worried about your credit score taking a hit.
The good news is that the Indigo Platinum Mastercard doesn’t require a hard credit check during the prequalification process, so your score won’t be affected. This means that you can shop around for the best rates without worrying about the impact on your credit.
#8. High approval rate
The Indigo Platinum Mastercard is a great option for those with less-than-perfect or no credit history. The card has a high approval rate, so you’re likely to be approved even if your credit isn’t perfect.
And, because the card is from a major credit card company, it’s easy to use and quick to improve your credit. The Indigo Platinum Mastercard is a great choice for anyone who’s looking to improve their credit score.
Cons of the Indigo Platinum Mastercard
Now that we’ve looked at some of the benefits of the Indigo Platinum Mastercard, let’s take a look at a few of the potential drawbacks:
#1. The credit limit is relatively low
One of the downsides of the Indigo Platinum Mastercard is that it has a relatively low credit limit. This can be problematic for people who are looking to use the card for large purchases or who want to have a lot of flexibility in their spending.
However, for people who are trying to build their credit or who only need a small line of credit, the Indigo Platinum Mastercard can be a great option.
#2.High annual fees for most card options
The Indigo Platinum Mastercard is a popular option for people with bad credit, but it comes with some significant drawbacks.
One of the biggest negatives is the high annual fee. Depending on the card option you choose, you could be paying an annual fee of $0-$99. That’s a lot of money to shell out every year, especially if you’re already struggling to make ends meet.
#3. No intro APR
For people who are looking to transfer a balance or make a large purchase, the Indigo Platinum Mastercard is not a good option. This is because the card doesn’t offer a low intro APR.
Instead, you’ll be stuck with the card’s standard APR, which is currently 24.90%. That’s much higher than the average credit card APR, so you’ll end up paying a lot in interest if you carry a balance on your card.
#4.No rewards program
Lastly, the Indigo Platinum Mastercard doesn’t offer any type of rewards program. This means that you won’t be able to earn points or cash back on your spending.
For people who are looking for a way to save money or earn rewards on their spending, the Indigo Platinum Mastercard is not the right choice.
#5.No specified timeline to increase your credit limit
One of the biggest negatives is that there’s no specified timeline to increase your credit limit. This means that you could be stuck with a low credit limit for a long time, which can be frustrating.
Rates and fees of the Indigo Platinum Mastercard
Regular APR and late fees
The Indigo Platinum Mastercard offers a regular APR of 24.90 percent for purchases and a 29.90 percent APR for a cash advance. If you miss a payment, your interest rate will be increased to the 29.90 percent penalty APR, in addition to being charged a late payment fee of up to $40.
Cash advance fees
During the first year, there are no cash advance fees associated with this card. After the first year expires, you will be charged either $5 or 5 percent of each transaction amount (whichever is larger) as a cash advance fee; this fee cannot exceed $100 total per transaction.
Foreign transaction fees
You will also incur 1% foreign transaction fees for every purchase made outside of the United States; however, this is still lower than the average 3% foreign transaction fee that most cards charge.
Three possible annual fees come with this card: $0, $59, or $99; although, during the first year only those who qualify for the third pricing structure ($75) will pay that much—everyone else pays either nothing or $59 annually.
Overall, the Indigo Platinum Mastercard has some higher than average fees; however, if you are someone who pays your balance in full each month, most of these fees can be avoided entirely.
Compare the Platinum Mastercard to other credit-building cards
If you have bad credit, there are a few different types of credit-building cards that you can choose from. Each has its own set of benefits and drawbacks that you’ll need to consider before making a decision.
Here’s a quick comparison of the Indigo Platinum Mastercard with five other popular credit-building cards:
- Capital One Platinum Secured Credit Card
- Discover it Secured Credit Card.
- Bank of America Customized Cash Rewards Secured Credit Card
- Petal® 1 “No Annual Fee” Visa Credit Card
- Milestone Gold Mastercard
Indigo Platinum Mastercard Vs. Capital One Platinum Secured Credit Card
While both the Indigo Platinum Mastercard and the Capital One Platinum Secured Credit Card have their benefits, the Capital One Platinum Secured Credit Card is the better choice for most people.
For one, the Capital One Platinum Secured Credit Card doesn’t charge an annual fee, making it more affordable in the long run.
Additionally, you’ll be automatically considered for a higher credit line in as little as six months with on-time monthly payments, which is an earlier timeline than other cards’.
Finally, the required deposit is $49, $99, or $200 based on your creditworthiness—which is much lower than many other cards’ deposits—and it can be paid in ($20 minimum) installments within the first 35 days of your application.
All things considered, the Capital One Platinum Secured Credit Card is a more attractive option for most people.
Indigo Platinum Mastercard vs. Discover it® Secured Credit Card
The Indigo Platinum Mastercard offers a $300 credit limit to those with fair credit while the Discover it Secured Credit Card requires a minimum $200 security deposit.
However, you may qualify for a $2,500 maximum credit line with Discover.
It’s one of the rare secured cards that also earn rewards. You can earn 2 percent cash back at gas stations and restaurants (on up to $1,000 in purchases per quarter, then 1 percent), plus 1 percent on all other purchases.
In your first year rewards will be matched by Discover. When it comes to building credit, both cards report to the major credit bureaus.
The Indigo Platinum Mastercard has a higher annual fee of $99 while the Discover it Secured Credit Card has no annual fee.
When reviewing the two cards, the Discover it Secured Credit Card is the better choice for those looking to establish or re-establish their credit history.
Read More: Best Credit Card for Bad Credit in 2022
Indigo® Platinum Mastercard® vs. Bank of America® Customized Cash Rewards Secured Credit Card
If you’re looking for a good credit card to help you rebuild your credit or establish credit, the Bank of America Customized Cash Rewards Secured Credit Card is a great option.
This card offers 3% cash back in your category of choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; and unlimited cash back on all other purchases.
Plus, there’s no annual fee for this card. And, if you need to, you can expand your credit line by depositing up to $5,000 (above the minimum $200 deposit).
So, if you’re looking for a good secured credit card with great cash back rewards, the Bank of America Customized Cash Rewards Secured Credit Card is a great choice.
Indigo Platinum Mastercard vs. Petal 1 “No Annual Fee” Visa Credit Card
When it comes to credit cards, there are a lot of options out there. But two of the most popular options for those with fair or thin credit histories are the Indigo Platinum Mastercard and the Petal 1 Visa Credit Card. Both cards offer attractive features, but which one is the better option?
To start, let’s look at the Indigo Platinum Mastercard. This card offers a $300 credit limit to those with fair credit.
One of the biggest selling points of this card is that it reports your activity to all three major credit bureaus, which can help you build or rebuild your credit history.
On the other hand, the Petal 1 Visa Credit Card offers a more unique approval process that takes more than just your credit score into consideration. Additionally, this card offers cash back at a wider range of merchants, as well as no annual fee.
And while Petal 1’s credit limits are lower than the Indigo Platinum Mastercard, they’re still pretty generous.
Indigo Mastercard unsecured credit card vs. Milestone Gold Mastercard
If you’re looking for a high-interest credit card with no rewards or low intro APR, you might be wondering which one to choose between the Indigo Platinum Mastercard and the Milestone Gold Mastercard.
Both cards have their pros and cons, so it’s important to compare them side by side to see which one is the best fit for you.
The biggest difference between the two cards is the annual fee. The Indigo Platinum has a $0 annual fee for its best tier, while the Milestone Gold’s lowest annual fee is $35.
This means that if you’re planning on carrying a balance on your card, the Indigo Platinum will be the cheaper option. However, if you’re able to pay off your balance in full every month, the annual fee won’t make much of a difference.
Another thing to consider is the interest rate. Both cards have high-interest rates, so if you’re carrying a balance, you’ll want to choose the card with the lower rate.
The Indigo Platinum has a slightly higher interest rate than the Milestone Gold, so if you’re trying to save money on interest, the Milestone Gold is the better choice.
How to Use the Indigo Platinum Mastercard?
The Indigo Platinum Mastercard is a great way to improve your credit score. Because it doesn’t offer any rewards and your credit limit is just $300, you should use this credit card for the sole purpose of improving your credit score.
Only make purchases you can afford to pay off when your statement is due, and pay your bill on time to avoid up to $40 in late fees and a penalty APR of up to 29.9%.
By using the Indigo Platinum Mastercard responsibly, you can improve your credit score and eventually qualify for a better credit card with more perks and a higher credit limit.
How to improve credit with the Indigo Platinum Mastercard?
Indigo Platinum Mastercard gives the cardholder a chance to improve their credit. Payment history is the most important factor, making up 35% of the credit score. It is crucial to pay on time every month.
The second most important factor is credit utilization which is the amount of credit used compared to the total credit limit. It is best to keep it under 30%.
If Indigo Platinum Mastercard is the only card, you have to be careful with the relatively low starting credit limit. You can use tools like Discover’s Credit Scorecard to track your progress for free.
Overall, paying on time and keeping credit utilization low are the two best ways to improve your credit with Indigo Platinum Mastercard.
Bottom line: Why get the Indigo Platinum Mastercard?
Using a credit card responsibly is a great way to help improve your credit score. But what if you have bad credit or a bankruptcy on your record? It can be tough to get approved for a traditional credit card.
That’s where the Indigo Platinum Mastercard comes in. This card is specifically designed for people with fair or poor credit. And while there is an annual fee of $75, you can get access to a standard credit limit without putting down a large security deposit.
The only downside is that the Indigo Platinum Mastercard doesn’t offer any rewards or a low intro APR. But if you’re looking to rebuild your credit, this card can be a great option.
So if you’re looking for a card that can help you rebuild your credit, the Indigo Platinum Mastercard is worth considering.
Do you have the Indigo Platinum Mastercard? What has your experience been like? Let us know in the comments below.
Frequently Asked Questions
Is the Indigo Platinum a good credit card?
Yes. The Indigo Platinum Mastercard is a good credit card for people with fair or poor credit. This card doesn’t offer any rewards or a low intro APR, but you can get access to a standard credit limit without putting down a large security deposit. And, the Indigo Platinum Mastercard is specifically designed for people who are looking to rebuild their credit.
What is the Credit Limit for the Indigo Platinum Mastercard?
The Indigo Platinum Mastercard has a starting credit limit of $300.
How can I get a higher credit limit on my Indigo Credit Card?
Many people find that they need a higher credit limit at some point. Perhaps you have a larger purchase to make or you want to have a buffer in case of emergencies. Whatever the reason, it’s understandable to want a higher credit limit. Unfortunately, the Indigo Credit Card does not offer the option to request a credit limit increase.
Do You Need to Put Down Collateral to Get the Indigo Platinum Mastercard?
The Indigo Platinum Mastercard does not require you to put down any collateral in order to be approved for the card. This makes it a great option for people with limited or no credit history, as well as those who may not have the assets to put up for collateral.
Is Indigo Platinum Mastercard a safe credit card?
The Indigo Platinum Mastercard is a safe credit card that is issued by FDIC-insured Celtic Bank. The Indigo Credit Card has standard credit card security features, such as $0 fraud liability protection and a 3-digit security code printed on the back.
In addition, the Indigo Credit Card offers 24/7 customer support and online account management. account holders can also receive text and email alerts if there is suspicious activity on their accounts. As a result, the Indigo Platinum Mastercard is a safe and secure credit card for consumers.
How much does the Indigo Credit Card annual fee cost?
The Indigo Credit Card annual fee is $0 – $99, depending on your creditworthiness when you apply. That’s higher than the average annual fee among new credit card offers right now, which is $0 – $87.
And it’s not the only fee you need to worry about with the Indigo® Mastercard® for Less than Perfect Credit, either. Additional fees include a cash advance fee (none in the first year, then either $5 or 5%), a foreign transaction fee (1%), and a maximum late payment fee of $40.
So make sure you read the fine print before you sign up for this card. Otherwise, you could be in for a nasty surprise when your first bill arrives.
How can I cancel my Indigo Credit Card?
If you’re interested in canceling your Indigo® Mastercard® for Less than Perfect Credit, you can do so by calling (866) 946-9545. While there’s an annual fee of $0 – $99, it may still be a good idea to cancel the card depending on your financial situation.
Canceling any credit card will slightly affect your credit score, but the impact isn’t massive. Ultimately, the decision of whether or not to cancel your Indigo Credit Card is up to you.
However, if you decide that canceling is the best option for you, caller customer service will be able to assist you further.
How can I get an Indigo Credit Card cash advance?
Mastercard offers cash advance services to cardholders in need of emergency funds. To get a cash advance with an Indigo Mastercard for Less than Perfect Credit, customers must first call (866) 946-9545 to request a PIN. The customer will then receive the PIN in the mail.
Once received, they can take their Indigo credit card to any ATM that has the same card network logo as their credit card and withdraw cash.
If customers are unsure of which ATMs will allow them to withdraw cash from their Indigo card, they can call customer service for assistance. With a few simple steps, customers can access the cash they need, when they need it.
What are some typical Indigo Credit Card complaints from cardholders?
The Indigo Credit Card is a popular choice for those with bad credit, but it comes with a few complaints from cardholders. The most common ones are the high fees, the lack of a mobile app to manage the card, and difficulty making payments.
The card’s annual fee can be quite expensive, but it can also be cheap. The fee assigned depends on the applicant’s creditworthiness. The complaints about the lack of an app are also legitimate, as Genesis Financial Solutions (the card’s issuer) does not offer one. For those who are struggling to make ends meet, the Indigo Credit Card can be a helpful tool.
But for others, it may be more trouble than it’s worth.