The Forbes Advisor editorial team is independent and objective. You should be prepared to close the account after you establish positive credit history and move on to a card with better benefits. With no welcome bonus or opportunities to have additional credit extended, this card is only a good option as a starter credit card.
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We recommend that you pay the statement balance in full and early in case processing times are slow. The low credit limit could also make it difficult to maintain a low credit utilization, an important factor in your credit score. While it does come with reporting to the three major credit bureaus, which is a plus, it comes at a cost in the form of a high APR and annual fee structure. Whether it’s establishing or repairing credit, the Indigo® Mastercard® * leaves much to be desired when considering other cards for this targeted audience.
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Also, rest assured that you are protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges and you can sign up for free credit monitoring with TransUnion while being a cardholder. Mastercard ID Theft Protection™ provides identity monitoring, covering your Social Security number, email address, debit cards, credit cards, bank accounts, email addresses and more. While the Indigo® Mastercard® * is a plain credit card, it does offer some Mastercard benefits. You’ll Have Access to Mastercard Benefits If you’re going to pay an annual fee, you might as well try and extract as much benefit as possible. You’ll get 1% back on all purchases, however, it does charge an annual fee of $39. For a similarly structured card with some sort of reward benefit, consider the Credit One Bank® Platinum Visa Card. Unfortunately, this card comes with neither. Many cardholders seek some type of welcome offer or rewards program with their credit cards. There are a handful of other fees, including late penalty fees, overlimit fees and returned payment fees to be mindful of, but those can be easily avoided as long as you pay your bill on time and keep to the terms of your credit card. Your best bet is to pay your balance off in full by either utilizing the website, pay by phone or mailing your check payment early in case of slow processing times. On top of all this, it carries a high 24.9% APR, which can be costly if carrying a balance month-to-month. Combine this with an initial credit limit of $300, and you might receive the card with only 75% of your credit limit available to start.
For some new cardholders, the initial annual fee could be as much as $75, increasing to $99 in the years following. The Indigo Mastercard comes with a slew of fees, depending on your offer.
It would also be imperative to maintain a low balance as credit utilization is a factor in your credit score. By making regular and on-time payments, this card serves as a springboard for building credit and demonstrating good financial responsibility. It Can Help Build CreditĪs a card that reports to the three major credit bureaus (TransUnion, Equifax and Experian), it can lead to an improvement or establishment of credit. For rebuilding or establishing credit, this may not be a big deal but could make big-ticket purchases difficult. If approved, the credit limit is set at $300, but fortunately does not require a security deposit. If you wish to move forward, you would have to complete a full credit application with a credit check. Pre-qualifying also doesn’t affect your credit score. Even those with bankruptcies may be approved for this card. The Indigo® Mastercard® * offers a pre-qualification tool to let you know quickly if an approval is likely. While this card has its niche in the market, there are other cards you may want to consider.įor a quick guide, here are five things you need to know about the Indigo Mastercard, issued by Celtic Bank (Serviced by Genesis FS Card Services).
The Indigo® Mastercard® * is a no-frills credit card targeted toward those with less-than-perfect credit.
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