Issued through Celtic Bank, the Indigo Platinum Mastercard is a decent option for specific consumers. While someone with good to excellent credit might not want a card with limited benefits and a high annual fee, customers looking to establish or re-establish their credit might find the option enticing. However, before choosing the Indigo card, understand precisely what you are getting from the arrangement.
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What Are the Features and Benefits of the Indigo Credit Card?
There is no denying that the Indigo Platinum Mastercard has limited benefits, but that does not mean it doesn’t have any. As the card is intended to help establish or re-establish the user’s credit, it is a benefit that Indigo reports to all three credit bureaus. People with lower credit will also appreciate that you can pre-qualify for the card without hurting your score with a hard inquiry. Beyond that, as a Mastercard holder, the user gets access to Mastercard Global Services, meaning you can get emergency assistance for cash advances, ATM locations, card replacements, or report a lost or stolen card.
Who Would Use the Indigo Credit Card?
The Indigo Platinum Mastercard is for people with poor credit; even those with previous bankruptcy can apply and have a decent chance at approval. Obviously, if your credit is good enough for a traditional credit card that does not have an annual fee or a limited initial limit, that is probably the better choice.
When Should You Use the Indigo Credit Card?
As a Mastercard, the Indigo card can be used anywhere Mastercard is accepted. However, it is crucial to practice responsible use. Most people with lower credit scores know the dangers of overusing credit cards. The Indigo card provides an opportunity to prove your creditworthiness. Be sure to pay your bill on time, and never charge more than you can afford to pay off in a single billing cycle.
Examples of Using the Indigo Credit Card
Because the Indigo Platinum Mastercard has a small credit limit, only $300, you will mainly use the card for minor purchases. It is best to reserve credit card use for routine purchases budgeted into your monthly finances — for example, gas or groceries. By making credit card usage a regular part of monthly finances, you ensure that the bill is paid in full every month and that you avoid any excessive interest charges.
Steps for Securing an Indigo Credit Card
There is a process every credit card applicant should consider before applying, especially when applying for a card with an annual fee. It is a five-step process.
- Understand why you want the card (to rebuild credit)
- Understand all financial responsibilities (fees, APR, etc.)
- Fill out the application and read the terms and conditions
- Submit your application
- Wait for a decision
While most credit cards require a fair to good credit score for approval, the Indigo Platinum Mastercard is designed for people with bad credit. If you have a score below 600, this credit card option could help you build credit.
The Indigo Platinum Mastercard offers an initial credit limit of $300. However, that is not the amount you will have access to initially because the card does come with an annual fee that is immediately taken out of your available limit.
The Indigo credit card does offer credit limit increases, but these opportunities do not come around often. You will probably get reviewed for a limit increase after having had the card for at least a year. As long as you have not missed any payments and you keep your balance to a minimum, Indigo might provide a higher limit.
The Indigo Platinum Mastercard is not for everyone. People with decent credit should apply for options without annual fees and a lower APR. However, if your credit is low or bad, applying for the card is a decent option for improving your credit score. you would like to learn about more bad credit options, check out our round-up of the Best Credit Cards for Bad Credit here