Whichever the case, the Indigo credit card can be what you are looking for.
This credit card is designed to help those with poor or fair credit to make it better. Also, customers with zero credit history can start here.
However, even with these attractive promises, this credit card also has its flaws. For instance, it can become a costly route to building your credit. That’s why we are here – to help you make an informed choice.
This piece intends to explore everything there is to know about the Indigo Credit Card. Right from its benefits to the not-so-attractive features you might want to avoid.
Let’s start with what the card offers;
Main Features of the Indigo Credit Card
Here is what you get for using the Indigo Credit Card:
Inclusivity tops the list of the card’s attractive features. Whether you’re a seasoned credit veteran or just dipping your toes into the credit waters, the Indigo Credit Card is designed to be accessible to a wide range of credit profiles. Therefore, if you’ve had a few financial hiccups in the past, fear not – Indigo might just be your ticket to rebuilding your credit.
The card is also easy to apply and get approved. Ever felt like applying for a credit card is a marathon of paperwork and confusion? Indigo has your back. The application process is straightforward and can be completed online.
Customization is another aspect the card prides itself on. With this card, you can say goodbye to the days of one-size-fits-all credit cards. Indigo believes in the power of choice. With a variety of card designs and options, you can pick the one that suits your style and preferences.
Then comes the ultimate feature – building credit. The Indigo credit card reports all your transactions to the credit bureaus that matter. These include Experian, TransUnion, and Equifax.
This way, as you do your daily shopping or spending, each transaction and payment contributes to your credit history. In the long run, you enjoy having a shopping partner on your side and being able to improve your credit.
And did we mention that the card is unsecured? That’s right! You don’t need any security deposit before qualifying for the card.
How the Indigo Credit Card Works
The Indigo credit card is easy to access. All you need is to visit their site and start with a prequalification test. The best thing is that the pre-qualification stage doesn’t affect your credit score in any way. Also, even if you have poor credit, you might still qualify.
Once you complete the application and qualify, you receive an initial card limit. But how much does Indigo approve for spending? You’ll get a $300 initial limit. This is not as attractive as with many other cards, but it works best for people starting on their credit-building or re-establishing journey.
Usually, for new cardholders, the annual fee is $75 for the first year. This will shoot to $95 for the subsequent years.
As for the annual interest rate, the card charges around 24.90%. This can be high, especially if you are used to carrying balances over to the following months.
One more thing to note is that the card offers some Mastercard benefits. While this credit card is just a plain card, you will enjoy features like Mastercard theft protection and a $0 liability policy.
Pros and Cons of the Indigo Credit Card
Every credit card has its strong and weak sides. The Indigo credit card is not an exception. Let’s explore both sides of this coin.
Benefits of Using the Indigo Credit Card
First things first, let’s look at the better side of the Indigo credit card.
A hassle-free application comes at the top of this list. Most people dread the complex application process that many credit cards entail. That is not the case for the Indigo credit card.
Indigo keeps it simple, allowing you to do everything online in just a few clicks. From here, you are on your way to shop online, in-app, or in-store using the Indigo credit card.
The second benefit comes in terms of inclusivity. The Indigo credit card is not for excellent credit score holders only. Even with your poor credit score or even a bankruptcy report, you can still get approved for this card. That is more than what many credit card issuers would offer.
And who said credit cards can’t be stylish? Indigo gives you choices. With a variety of designs and options, you get to pick a card that screams “you.” Why settle for boring when you can swipe in style?
The credit card’s limits also make sense, right? Nobody likes surprises, especially when it comes to credit limits. Indigo keeps it real with sensible credit limits that match your financial situation. For instance, you start off with a $300 initial limit – that’s reasonable.
Cons of Using the Indigo Credit Card
We cannot just look at the shiny side of this credit card and forget about what makes it not so much attractive. Here are the downsides of using the Indigo credit card:
Fees, Fees, Fees. Indigo doesn’t shy away from charging a bit more than your average credit card. From an annual fee to potential maintenance fees, it’s like they’ve invited a few extra friends to the fee party. Make sure you read the fine print to avoid any unexpected surprises.
The Indigo credit card also hits you with APR blues. The 24.9% APR for purchases is higher than for many other credit cards. Also, the 29.9% APR on cash advances is not in any way favorable.
Everyone loves rewards. The Indigo credit card offers none – it doesn’t have any rewards program. So, if you’re a rewards junkie, this might not be the plastic for you.
Lastly, you will feel the initial credit limit pinch. The $300 is pretty modest for many people. If you want more, you better look for an alternative credit card.
Rates and Fees for the Indigo Credit Card
The first area we shall cover here is the Indigo credit card interest rate (APR). Usually, the Indigo credit card has an APR of 24.9% for purchases. Additionally, cash advances attract an APR of 29.9%. These rates are on the higher side when compared to some other cards.
When it comes to fees, this card has several. Let’s start with the $75 annual fee that you must pay to use the card. However, this fee is only for the first year of your card approval. Subsequent years charge an annual fee of $99.
Cash advance fees amount to $5 or 5% of each transaction, whichever is greater – but it shouldn’t exceed $100. Luckily, the foreign transaction fee here is pretty low, at only 1% of every transaction.
Other charges that you might incur for using this card include the $40 for late payment, the $40 overlimit fee, and the $40 returned payment fee.
Eligibility Criteria and Requirements
Who qualifies for the Indigo credit card? First, anyone below 18 years of age doesn’t. You must have attained the legal adult age, which for many credit card issuers is 18 years.
You must also be a US citizen or have a physical resident in the country with a social security number. From here, the bank requests your credit report to determine your eligibility for card approval.
How to Apply for the Indigo Credit Card
Suppose you want to apply for the Indigo credit card, start by visiting their official site. Here, you will see a Get Started icon, which you should click.
Start with the pre-qualifying stage to find out if you are eligible for the card. The best thing is that this won’t affect your credit score in any way. You will have your card within 14 days of approval.
But do you know how to activate your Indigo credit card? It’s easy! Visit their official page, click on the My Account tab, then go to Register Your Account. From here you can start using your credit card.