The Indigo Credit Card offers both benefits and significant drawbacks. Learn five essential things you should know before applying for this card.
When it comes to credit options, the Indigo Credit Card Mastercard could be a good choice for those with a lower credit score.
Issued by Celtic Bank, this card offers both advantages and disadvantages that should be carefully considered before making a decision. Below, you will find five important things to know about this card.
To begin with, the application process for the Indigo Credit Card Mastercard is straightforward. You will need to provide basic information such as:
Once you complete the initial form, a credit check will be performed. If approved, the initial credit limit will be $700, but this amount will be reduced by the annual fee, which could make larger purchases more challenging. Therefore, it’s essential to keep this in mind when considering this card.
Additionally, the Indigo Credit Card Mastercard can help improve your credit score, as it reports to the three major credit bureaus: TransUnion, Equifax, and Experian.
To make the most of this advantage, it’s important to keep your balance low, since credit utilization plays a key role in determining your credit score. Managing your limit carefully is a smart strategy for those looking to enhance their financial history.
One critical aspect of this card is its fees. In the first year, the annual fee can reach $175, and starting from the second year, it drops to $49. Additionally, there is a $12.50 monthly fee after the first year.
This means that, with a starting limit of $700, you may only have 75% of your credit available for immediate use. Another important detail is the APR (Annual Percentage Rate) of 35.90%, which can make carrying a balance costly month to month.
To avoid unpleasant surprises, it’s recommended to pay the full balance whenever possible, whether online, by phone, or by check.
While many credit cards offer rewards programs or welcome bonuses, the Indigo Credit Card Mastercard doesn’t provide such options. If you’re looking for ways to earn points or cashback, this card might not be ideal.
Alternatives like the Credit One Bank® Platinum Visa® offer 1% cashback on qualifying purchases with an annual fee of $39, which could be a more beneficial choice for those wanting to recoup some of their spending.
Despite its limitations, the Indigo Mastercard offers some benefits tied to the Mastercard brand. These include Mastercard’s ID Theft Protection, which monitors your Social Security number, email, and bank details. Another benefit is the zero liability policy, which protects you from unauthorized charges.
Finally, if you’re considering alternatives to the Indigo Mastercard, here are some interesting options:
These options might provide more flexibility and benefits than the Indigo Mastercard, making them alternatives worth considering if you’re looking to build credit more advantageously.
To cancel your Indigo Credit Card, you need to contact customer service at 800-353-5920. After requesting the cancellation, it’s necessary to return all cards related to the account for the closure to be effective. Also, make sure to cancel any automatic billing agreements linked to the card.
The Indigo Credit Card Mastercard was designed for people with limited or lower credit scores. While no minimum score is officially required, the card is geared toward consumers with a FICO score below 669, which includes those classified as having “fair” or “poor” credit.
Yes, it’s possible to increase your credit limit. If you’d like to try, you can contact customer service at 800-353-5920. Whether or not your limit is increased may depend on factors like your improved credit score, increased income, or good payment history with the card issuer.
You Are Here:
