Indigo® Platinum Mastercard: If you had trouble credit establishment or improvement, the Indigo ® Platinum Mastercard ® Credit Card might be for you. This provides a conditional first-year $0 annual fee, a 1 per cent foreign transaction rate, and reports to all three major credit offices.
The Indigo ® Platinum Mastercard ® Credit Card may forgive the annual fee entirely, depending on your credit profile, rather than providing a one year welcome offer duration. Plus, you can pre-qualify for this card, saving your credit score from a hard pull’s unfavorable slip.
Consider paying off your monthly balance within the span of interest. The Indigo ® Platinum Mastercard ® Credit Card comes with a higher than average purchase APR, and after even one late payment, your APR could bulloon indefinitely. Nonetheless, when used wisely, the travel benefits and choice for no annual fee of the Indigo ® Platinum Mastercard ® Credit Card make this a strong card if you need to establish your credit.
Looking for a credit card that will approve you despite having had bad financial luck in the past? Need a small line of credit to start building your credit history? If either of those scenarios describes your current financial status, then the Indigo Platinum Mastercard could be a great match for your needs.
Issued by the Celtic Bank, which is based out of Salt Lake City Utah, the Indigo Platinum Mastercard caters directly to those individuals with poor credit. Whether from irresponsible spending in the past or a simple lack of credit history, your low credit score won’t be a problem with this card issuer.
The Indigo Platinum Mastercard also comes with a few added benefits like roadside assistance and price protection on new purchases, so you can even enjoy a few perks while building up your credit.
A Closer Look At Indigo® Platinum Mastercard
One way to build credit is to take out a secured credit card like the Discover it® Secured. Another way to start building your credit is to use a low credit score card that offers you the opportunity for easy approval and credit building leverage. The Indigo Platinum Mastercard is exactly that type of credit card, and if you are struggling with a low credit score, this is the review you should be reading.
Quick, Easy Application Process
Application for this card is fast and easy. In fact, that’s one of its strong points. The online application form is a few simple questions. Have your information ready (bank account information, employment records, social security number, etc.), and you can be done in about a minute. As long as you’re 18 years of age or older (19 in the state of Alabama) and have not submitted a pre-qualification request with Indigo in the last 60 days, you can submit a request for the Indigo Platinum Mastercard. Once you apply, you can receive a response in as little as a minute.
Before you’re approved for the Indigo Platinum Mastercard, you can run a pre-qualification application. This tells you whether or not you’re likely to be approved for the card. Why would you do this instead of proceeding straight to the application process? It’s all about the pull. Let’s explain.
When you apply for a credit card (or any other line of credit), the issuer will run a credit check. This is known as a credit pull, and it will lower your credit score slightly for a limited amount of time. For most people, a slight decline in credit score won’t make a significant difference, but for someone with poor credit, it can be a big deal.
The beauty of pre-qualification is that it shows you whether or not you are likely to be approved for the credit card (but doesn’t guarantee it) without pulling your credit, thus keeping your credit score status quo.
No Security Deposit
Another major benefit of the Indigo Platinum Mastercard is that you can get a line of credit without having to put down a security deposit (like you do with secured credit cards). This is beneficial because:
You don’t have to put down extra money as collateral. This is good for people with a limited monthly income.
Your credit limit can sometimes be higher with an unsecured credit card.
Your spending won’t be marked as using a secured credit card, something that can raise flags for some financial institutions.
Next on the positive side of this credit card, is the fact that it reports to the three major credit bureaus (Equifax, TransUnion, and Experian). Reporting to the credit bureaus is how you’re going to establish a consistent record of on-time payments, and here’s how.
You make on-time payments to your credit card each month.
The Indigo Platinum Mastercard reports this activity to the credit bureaus.
The credit bureaus use this information to give you a credit score. Because you’re paying responsibly, your credit score will be higher. It’s like being rewarded for good behavior.
When credit card issuers look into your credit history, they will see this consistent repayment and be more likely to approve you for better cards such as rewards credit cards, lower interest rate cards, or special introductory cards.
So, credit bureau reporting is how you are going to get exactly what you want from this card in the first place.
Someone having trouble getting approved for a credit card
Students with no credit
Anyone else who hasn’t built up enough credit to qualify for a line of credit
Pros and Cons
No security deposit required
Choose your card design
No bells and whistles
A tight credit leash
No security deposit required: Typically, if you have very poor or nonexistent credit, you have to opt for a secured credit card (for which you leave a security deposit that matches the credit limit), or you have to get someone to add you as an authorized user on their account. The Indigo Platinum Mastercard is a rare chance to get credit in your own name without having to put your own money down.
Choose your card design: If this is your first card or the only card you can get, you can at least choose a fun design such as a beach scene or cityscape to match your personality.
No bells and whistles: If you’re looking for any perks, you won’t find them on this card. Secured cards sometimes offer rewards like cash back, a lower introductory APR and/or automatic credit increases or upgrades to an unsecured card as your credit improves.
A tight credit leash: You’ll start out with just a $300 credit limit, which will be reduced by the amount of your annual fee (if any), and that’s all you’ll have for as long as the card is open. That doesn’t give you much wiggle room as far as credit utilization goes, which you’ll need to keep on the lower side to see credit score progress.
Your credit utilization is an important factor in your credit score. It’s calculated as the amount of debt you have divided by your credit limits. You want to keep it as low as possible—definitely below 30%.
How to Get the Most Out of This Card
If approved, once you begin using the card, your credit activity will be reported to the three credit bureaus. This reporting is critical, as consistent positive behavior will lay the foundation for building your credit score.
The best way to improve your credit with this card (or any card) is to make small, regular purchases so you keep the card active and build up a positive payment history. Try keeping your total balance below $100—less than $50 is even better—so you’re never using more than 30% of your available credit.
Most importantly, pay your entire balance on time each month, and in full if you can. The amount of credit you use and your payment history are the two most impactful components of your credit score.
Indigo® Platinum Mastercard Key Features
Fast response time
Bankruptcy applicants accepted
Reporting to all three major credit bureaus
Mastercard Platinum Card Benefits
Indigo® Platinum Mastercard Rewards & Benefits
The Indigo Platinum Mastercard comes with a few benefits that are pretty impressive for such a low range credit card. The Mastercard Platinum Card Benefits include things like:
Master RoadAssist services
Travel assistance services
Master rental insurance
Rental car collision insurance (secondary to your own policy)
Extended warranty coverage
The Indigo Platinum Mastercard is also accepted at over 35 million locations around the world, so you can use it almost anywhere you go. The last thing you want is to be stuck in a foreign country without a credit card to back you up.
You might get more benefits from the Discover it® Secured, but you won’t find nearly as many locations that accept it.
The Indigo Platinum Mastercard offers helpful security features such as:
Identity Theft Resolution Services
These services will help you in the event that your identity has been stolen. Indigo Platinum Mastercard will help you shut down accounts, fight fraudulent charges, and regain control over your life.
Zero Liability Insurance
You won’t be liable for any fraudulent charges made using your Indigo Platinum Mastercard in the event that it is lost or stolen.
While the Indigo Platinum Mastercard doesn’t come with customer benefits like a free credit score (though it will connect you with a third-party provider who can give you a free score), it does provide some basic information about credit card terminology.
You also won’t have access to an app or a customer service chat feature, which some other credit cards offer. But you can call customer service toll free, and access your account anytime from your desktop computer, mobile phone or tablet.
Frequently Asked Questions
Why get the Indigo Platinum Mastercard?
You have bad to fair credit and/or a previous bankruptcy and need a card with good approval odds.
You can qualify for the $0 annual fee.
And you don’t have the money to put down a large security deposit but still want a standard initial credit limit.
How to use the Indigo Platinum Mastercard:
Make regular charges and on-time payments to start improving your credit score.
Pay your monthly balance in full whenever possible to avoid racking up interest charges.
Take advantage of perks such as roadside assistance and extended warranty.
Are there Travel Packages?
Yes there are. Including;
Decline the car rental company’s own insurance to get coverage against collision damage and theft for eligible rental vehicles.
Master RoadAssist Service
Call for help finding emergency services when driving, like tire changes, tow trucks, and fuel delivery.
Travel Assistance Services
Provide pre-trip planning information, assistance with medical and legal referrals, and more.
What is the Credit Limit?
The credit limit of the Indigo Platinum Mastercard is $300.
The Final Verdict
The is designed for people who want an unsecured credit card that can help them build or rebuild their credit. However: That doesn’t mean that it’s the best card for those purposes. Its high fees and lack of perks doesn’t make it a strong choice. Most people may be better served by a different card with fewer fees or a secured credit card that is easy to qualify for.
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