Indigo Credit Card – 2018 Review

Indigo Credit Card – 2018 Review
Amy Fontinelle
on March 29, 2018
Read in 1 min

Have you been rejected for loans or other credit cards because your credit isn’t good enough?

If so, the Indigo credit card might be worth considering in 2018.

The Indigo Platinum MasterCard aims to give consumers with limited or below-average credit a chance to improve their credit histories.

And unlike other cards designed for this group, the Indigo credit card is not secured, which means cardholders don’t have to put down a deposit equal to their credit line.

This review will give you some of the in’s and out’s of the Indigo credit card, so you can make a more informed decision.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$5,000

The Indigo Credit Card’s Unique Application Process

The application process is geared toward consumers who can’t afford any dings to their credit score.

Consumers are first asked to prequalify, which has no credit score impact, by filling out an online form that asks for their name, address, city, state, zip code, date of birth, Social Security number, email address, and phone number.

If you prequalify, you will then need to complete a full application to be evaluated for approval.

Prequalifying is no guarantee of approval.

Also, if you don’t prequalify for the Indigo card, you may be offered the opportunity to apply for another card.

Indigo credit card customers’ payment history is reported to all three major credit bureaus – Equifax, Experian, and TransUnion.

That’s useful if you’re trying to establish or rebuild credit, as long as you make consistent, on-time payments.

Further Review of the Indigo Credit Card

While the Indigo card isn’t a secured credit card, it does have a credit limit of only $300.

Be careful not to exceed that amount, because the card also has a $38 overlimit fee.

If you’re approved, your card will either have no annual fee, a $59 annual fee, or a $75 annual fee in the first year and a $99 annual fee thereafter.

In any case, your APR will be 23.9%. The penalty APR is 29.9% and may apply indefinitely if you make a late payment.

The late payment fee may be up to $38.

If you get approved for an annual fee card, the annual fee will reduce your available credit until you pay down your balance.

If you don’t want to pay the annual fee, you can close the card after getting approved but before making any charges and you won’t be responsible for paying the fee.

The cash advance fee is 0% during the first year.

After that, it’s $5 or 5% per advance, whichever is greater, but not to exceed $100.

The foreign transaction fee is 1%. There is no balance transfer option.

Other Things to Know

Since the Indigo card is a MasterCard, it comes with MasterCard Platinum Card benefits such as rental car insurance and extended warranty coverage.

If a credit card doesn’t feel right for you, there are still other options for potentially getting the financing you need.

Need Cash? Get a Personal Loan Today

$5,000
I want to borrow
$1,000
$5,000
Amy Fontinelle Finance Journalist

Amy Fontinelle is a writer, editor, and personal finance expert.

Her articles have appeared at Investopedia, Bankrate, MassMutual.com, The Simple Dollar, Interest.com, Yahoo, Forbes.com, SFGate.com, Bankaholic, Mortgage-Calc.com, Saving Advice and other sites.

Amy’s clients include personal finance websites, financial institutions, public policy organizations, academic journals, and professional economists.

Recommended for Business Loans
Lendio
Lending Express

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.