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Indigo Mastercard review

A simple credit-building card with a few interesting features. Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Sept. 28, 2022 Reviewed by Senior Editor, Credit Card Product News Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the Sept. 28, 2022

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Snapshot

2.1 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line Whether you’re just starting out on your credit card journey or you’re looking to regroup after making some mistakes, the Indigo Mastercard is a solid option for people with limited credit or a low credit score. Your creditworthiness determines whether or not you’ll have an annual fee, and the unusually low foreign transaction fee could make purchasing items abroad a little less expensive than usual. on Genesis FS Card Services's secure site

Best for bankruptcy forgiveness

Indigo® Mastercard®

Rewards rate Annual fee Intro offer Intro offer is not available to this Genesis FS Card Services credit card Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Indigo® Mastercard® review A credit-building card for builders and rebuilders alike

The Indigo® Mastercard® can be a decent option for people with or , whether you're a student, recovering from financial missteps or looking for a . And since it doesn't require a credit check or security deposit, the card is an especially accessible option for credit-builders. However, the card may carry an annual fee based on your creditworthiness, has a high APR of 24.90 percent and carries a credit limit of only $300 (and if you have an annual fee, it will eat into your credit limit initially). Along with the potentially high cost of its fees and interest charges, the card's low limit could make it challenging to build credit since it will be harder to keep your low - a significant factor in your credit score. For the right user, the Indigo Mastercard may make sense as a stop-gap credit-building option, but if you have fair credit or are open to putting down a refundable deposit on a , you might want to look elsewhere.

What are the advantages and disadvantages

Pros

Prequalify with bad credit, no credit history or even if you’ve previously declared bankruptcy A low 1 percent foreign transaction fee Reports to all three major credit bureaus: Equifax, TransUnion and Experian No security deposit required

Cons

High regular APR (24.90 percent) Potentially high annual fee, depending on your creditworthiness (up to $99, $75 your first year) Low maximum credit limit of $300 can hobble your credit utilization ratio

A deeper look into the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: N/A Annual fee: $0 to $99 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 24.90 percent

Current welcome offer

Unfortunately, the Indigo credit card does not have any sign-up bonus or welcome offer. It also doesn't offer any rewards or cash back programs, but landing a isn't always the easiest. However, you do receive a 0 percent cash advance fee for your first year (then $5 or 5 percent of the total transaction amount, whichever is greater, but must not exceed $100). You might want to avoid large cash advances if you have bad credit despite the 0 percent fee offered for the first year. You'll still pay interest starting on the transaction date, and cash advances can really stretch your credit limit. When rebuilding credit, you should keep costs low within a manageable budget. Doing so will limit your credit utilization and increase the likelihood you'll be able to afford your credit card bill.

Other cardholder perks

There are a few benefits of using the Indigo Mastercard that make it a decent choice if you have poor credit or limited credit history. At this credit level, you should be more focused on convenience features and basic protections instead of high rewards rates, travel insurance and purchase protection benefits.

Soft credit pull

Whenever you apply for a credit card or any other type of line of credit, you may be subject to a credit check. This check will slightly affect about 10 percent of your credit score for up to two years. People with poor credit may experience problems qualifying for a line of credit as a result, but because the Indigo Mastercard's prequalification does a , your credit will not be impacted.

Fast and easy application process

Many credit cards feature a grueling and time-consuming application process, but the Indigo Mastercard is one of . Have all your basic information ready and you can finish the entire process online in around a minute. As long as you are 18 years old (19 in Alabama) and have a valid social security number plus a US physical and IP address, you can apply and get started.

Build your credit

can be easy since it reports your activities to all three major credit bureaus (TransUnion, Equifax and Experian). If you act responsibly by making payments on time, you'll be on the road to and obtaining credit cards with valuable rewards programs and other benefits. Just keep in mind your annual fee initially eats into your small $300 credit limit, so it could be challenging to keep a low -which is a significant factor of your credit score.

High approval rate

The Indigo credit card is a card designed for those with less than perfect or . With its high approval rate, it creates an easy and quick way to improve your credit.

Standard credit limit without security deposit

You gain access to the Indigo Mastercard credit limit even without a security deposit, making it an . This means you do not have to tie up your finances as collateral for this card upfront.

Rates and fees

The Indigo Mastercard has a regular APR of 24.90 percent for purchases and a 29.90 percent APR for a cash advance. Note that missing a payment bumps your interest rate to the 29.90 percent penalty APR in addition to the late payment fee of up to $40. When it comes to foreign transaction fees, you will incur a 1 percent fee for every transaction, no matter the currency used in the purchase. Although it's not exactly a , that's a solid rate for a non-travel credit card since the typical fee for using your card abroad is 3 percent. When you apply for this card, you will be assigned one of three possible annual fees: $0, $59 or $99, with the third pricing tier starting at $75 during the first year and $99 thereafter. Your creditworthiness ultimately determines your annual fee and Indigo doesn't specify in the cardholder terms whether your annual fee will change as your credit score changes. If you're assigned an annual fee and your credit score improves while you're an Indigo Mastercard cardholder, consider applying for another card that's available with fair or good credit and closing your Indigo card account once your application is approved. Keeping your sights on better, more affordable cards will give you a milestone to work towards and familiarize you with the many rewards and perks available.

How the Indigo Mastercard compares with other credit-building cards

The Indigo Mastercard has many competitors offering similar benefits. Two of the main alternative credit cards to consider include the and the .

Indigo® Mastercard®

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on Genesis FS Card Services's secure site Annual fee Intro offer Intro offer is not available to this Genesis FS Card Services credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card

on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Indigo Mastercard vs Discover it® Secured Credit Card

Discover's secured card is perhaps the best on the market. It requires a $200 minimum security deposit, but you may qualify for a $2,500 maximum credit line, and, more importantly, it's one of the rare secured cards to earn rewards. You'll 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. Even better, earned in your first 12 months, which essentially doubles your first year's rewards. Since the Indigo Mastercard doesn't earn rewards, the Discover it Secured has a clear edge. If you can qualify for the card and come up with the $200 security deposit, you should definitely skip the Indigo card and go with the Discover Secured card instead. While earning rewards shouldn't be your priority if you're focused on building credit, they're a great bonus and can help those struggling financially by putting a little extra cash back into their hands. Plus, the card carries no annual fee and putting down a higher security deposit gets you a higher credit limit, making it easier to keep your credit utilization low.

Indigo Mastercard vs Capital One Platinum Secured Credit Card

The Capital One Secured doesn't charge an annual fee, but in exchange, the APR is 28.49 percent variable, which is high compared to other competitors including the Indigo. The clincher here is that 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' and can speed up the credit-building process. The required deposit to open a Capital One Platinum Secured card 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. If you're looking to keep costs low, it might be worth opting for a secured card over the Indigo Mastercard. With a secured card, you'll get your deposit back when you close your account or graduate to an unsecured card, whereas the annual fee you pay to hold the Indigo Mastercard (if you have one) is nonrefundable. While not everyone can afford to tie up money in a security deposit, Capital One's minimum deposit is less than the annual fee required by Indigo's second and third tiers (and you'll get it back eventually).

Best cards to pair with this card

The best card to pair with the Indigo Mastercard is one that earns a decent rate of rewards, but is also accessible for people with no or limited credit history. The could be a great pairing option because it's available to people with limited credit history but also offers a lucrative welcome bonus and consistent rewards in popular spending categories.

Bankrate s take-Is the Indigo Mastercard worth it

If you have low or no credit, then the Indigo Mastercard may be a good choice for you. Applying for this card does not require an extensive approval process and you can pre-qualify even if you do not have a credit history. Plus, this card doesn't even require a security deposit. On the other hand, the Indigo Mastercard interest rates are relatively high, and the $300 credit limit can be restrictive since you can't request a limit increase. The lack of a bonus or cash back rewards are factors to consider too, but this isn't out of the ordinary for cards focused on credit-building. If you have at least a fair credit score, you should explore other credit cards as they may offer better benefits and potentially higher credit limits.

Frequently Asked Questions

What credit score do I need for the Indigo Mastercard

You could feasibly be approved for an Indigo Mastercard with a score of 300 to 670 on the FICO scale. A main draw for this card is that its credit requirements are designed to benefit those with limited credit, low credit or even those who may have filed for bankruptcy.

Does the Indigo Mastercard give credit line increases

No, the Indigo Mastercard does not offer credit line increases.

What is the credit limit for the Indigo Mastercard

The maximum credit limit for the Indigo Mastercard is $300. This credit limit is not the most competitive and is not subject to an increase, like some other credit cards for limited or bad credit.

Is there an Indigo credit card app

No, there is not currently a mobile app dedicated to Indigo credit cards.

How do I make a payment on my Indigo Mastercard

You can make a payment on your card by logging into your credit account online or making a call to Indigo credit card customer service and paying over the phone.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers. Reviewed by Senior Editor, Credit Card Product News

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