For those with less-than-stellar credit rating who need a credit card, the Indigo ® Platinum Mastercard ® is one worth considering. Unlike lots of cards tailored toward customers with poor credit report, this card does not call for a down payment, but expect a reduced credit limit and also few benefits.

Pros Cons
No security deposit required Low credit limit
Approval possible with bad credit Potential for a high annual fee
Get prequalified without a hard credit check No rewards program

You might additionally get on the hook for a steep annual fee with this card. Right here’s everything you require to know about the Indigo Master card before you apply.

Indigo® Platinum Mastercard®
APR

24.90%

Intro APR

N/A

Rewards

None

Annual Fee

$75 – $99

Card Details
  • Less than perfect credit is okay
  • No security deposit needed
  • Account history is reported to the three major credit bureaus in the U.S.
  • Simple and fast application process
  • Fraud protection for stolen or lost cards
  • Select your own style of card design at no extra charge

Evaluation
If you’re simply starting to build credit rating or trying to restore a bad credit history (in the FICO ® Rating ☉ range of 300 to 579), the Indigo ® Platinum Mastercard ® is one to consider. It does not have any type of bells and whistles, but it additionally does not require a security deposit, which is what you’ll need if you look for a safeguarded charge card.

Also, the card reports your month-to-month settlements and equilibrium to all three credit coverage companies (Experian, TransUnion and also Equifax), which can help you establish a good credit report if you use the card sensibly.

Depending on your creditworthiness, you could pay an annual fee as high as $99 with this card– a significant disadvantage taking into consideration there are lots of credit cards for those with negative credit rating that do not bill an annual charge at all. You’ll likewise have a reduced credit line, which can make it challenging to keep down your credit report use price– the credit score you’re making use of relative to your limitations.

As you consider whether this card is right for you, below are all the information you require to assist you make your decision.

Prequalify Before Using
One benefit of the Indigo ® Platinum Mastercard ® is its prequalification device, which allows you to establish your eligibility before you use. Prequalifying doesn’t require a hard credit report inquiry, which can reduce your credit rating by a few factors. The soft credit rating check that accompanies prequalification will not affect your credit history in any way.

To prequalify, you’ll just need to share your name, address, date of birth, Social Security number and contact information. If you don’t prequalify, the card’s company, Celtic Bank, may suggest a card that you are prequalified for from a companion financial institution, such as the First Progress Platinum Elite Mastercard ® Secured Charge Card.

Develop Credit scores Across All Your Credit rating Reports
Among the main factors to consider getting the Indigo ® Platinum Mastercard ® over an additional charge card is that your settlements will certainly be reported to the three major debt bureaus every month. By paying all your costs promptly and keeping your balance well below your credit line, you could improve your credit scores with this card.

Not all charge card for negative debt do this– some record to just one or 2 credit score bureaus, and also some might not report in any way.

Think About the Low Credit Limit and also Possibly High Annual Cost
Relying on your credit report, you might get approved for among 3 yearly charge structures: no yearly charge at all, an established fee of $59 each year, or a $75 annual cost that jumps to $99 after the first year. If you get approved for no annual fee, the card is on the same level with other top credit cards for bad credit rating.

But if you’re paying $75 the first year and $99 after that, or even $59 annually, it might deserve obtaining a protected bank card instead– since you’ll typically at least get your down payment refund at some point with a safeguarded card.

The card’s credit limit is just $300, and also there’s no chance to boost that. This implies you’ll need to be mindful concerning just how you utilize your card. Your credit rating usage rate– your balance separated by your credit line– is a major factor in your FICO ® Rating, and also the reduced the price, the much better. Your credit history will start to be harmed if your credit report usage stays above 30%, which indicates you’ll intend to carry a balance listed below $90 on this card (ideally none at all).

To avoid acquiring a high equilibrium, consider using the card moderately or making multiple settlements throughout the month. According to the card issuer, it can use up to 2 week for your account to mirror a payment, so maintain that in mind as you manage your usage.

Finally, anticipate to pay a high rate of interest if you bring a balance on this card. The recurring interest rate is 24.90% dealt with, which is above average. So make it an objective to make use of the card only when you understand you can pay it off.

Do Not Anticipate Many Perks
When it comes to card advantages, the Indigo ® Platinum Mastercard ® supplies the bare minimum. You’ll obtain:

Mastercard ID theft protection, which offers accessibility to identification theft resolution sources if you succumb fraudulence.
A 15% discount on airport meet-and-greet services through the Mastercard flight terminal concierge.
Mastercard global service, which provides 24-hour support if your card is lost or swiped, in addition to emergency situation card substitute and emergency cash loan.
You can handle your account online, however there’s no mobile application to make it simpler to keep track when you’re on the go.

Added Details
Purchase APR: 24.90% fixedGrace period: 25 days
Transfer APR: The card does not permit equilibrium transfersAnnual cost: $0, $59, or $75 the initial year then $99 afterwards
Cash advance APR: 29.9% fixedBalance transfer charge: The card does not enable balance transfers
Minimum passion cost: $0.50 Cash advance fee: None for the first year, then 5% of the advancement amount or $5, whichever is better
Foreign purchase cost: 1%.
Late repayment fee: Up to $40.
Returned payment fee: Approximately $40.
Authorized-User Plan.
If you wish to include a certified user to your Indigo ® Platinum Mastercard ® account, you can do so at no charge. The authorized customer will certainly get a card with their name on it that’s connected to your account, and also they can make purchases utilizing your line of credit. You’ll be responsible for repaying the complete equilibrium, including their purchases.

Is This Card Right For You?
The Indigo ® Platinum Mastercard ® can be a good fit if you’re dealing with enhancing your credit history as well as don’t have the money to cover a down payment. But unless you qualify for no yearly cost, it may be worth conserving up for a down payment and obtaining a card that does not bill one or one that provides incentives.

Yet if you do receive a $0 annual fee with the Indigo ® Platinum Mastercard ®, and make use of the card moderately and sensibly, it can be a terrific tool to assist you build your debt.