Indigo Mastercard Review: If your credit score is not that great and you are giving up on applying for any credit card, then Indigo Mastercard comes out as a big help. This credit card is not only easily accessible for customers who have a low credit score, but it also helps in building their credit foundation as well.
With Indigo Mastercard, you can get custom card designs, free online payments, extended warranty coverages, and more. If you are interested to know more about this credit card, then you should read the following Indigo Mastercard review in this article.
Key Features of Indigo Mastercard
Here’s everything you need to know about the Indigo Mastercard Credit Card before applying for the same.
- Type of Card: Usually, there are many types of cards that you can apply for which include student cards, rewards cards, business cards, and many more. When it comes to the Indigo Mastercard Credit Card is an unsecured type of credit card which means you will not be asked to deposit any amount in order to open up the account.
- Balance Transfer Fee: The cardholders of Indigo Mastercard Credit Card will get a 0% balance transfer. So, you can also transfer fees from your Indigo card to another card without paying any extra charges.
- Annual Fee of Card: If you qualify for the Indigo Mastercard Credit Card, then there will be a $0, $59, or $75 fee for the first year. These charges depend on the creditworthiness of the cardholder which is quite affordable for many customers. However, after the first year, you have to pay a $99 annual fee.
- Terms of APR: It is important for everyone who is looking to choose Indigo Mastercard Credit Card to first understand its terms. The purchase APR of the card is set at a fixed rate which is 24.9 percent. In addition to that, there will also be balance transfer fees involved with the card, but in general, it has favorable terms.
- Foreign Transaction Fee: There will be a foreign transaction fee with Indigo Platinum Mastercard. However, this fee will be quite low and it will be 1%.
- Low Credit Limit: The low credit limit of Indigo Mastercard Credit Card is $300. This helps the cardholders to prevent themselves from spending more than they can afford. Therefore, Indigo Mastercard is very helpful in rebuilding your credit.
Indigo Mastercard Credit Card Eligibility Criteria
Before you sign-up or Apply for your Indigo Mastercard, you must ensure that you are eligible for this credit card. Therefore, it is an important step that you must fulfill before applying for this card. To know what are the eligibility criteria of Indigo Mastercard, read the following instructions:
- To qualify for the Indigo Mastercard, the applicant must be of 18 years or older. This age limit is acceptable in all US states except for Alabama where you have to be 19 years or older.
- The company may ask for your personal information to get you qualified for the Indigo Mastercard. These details may include your marital status, your occupation, and so on. The main reason to ask for your personal details is to confirm that you are able to make your card repayments on time.
- You will have to provide your address and contact information so that the company can provide you the information regarding your card’s status.
- Credit card companies usually check the applicants’ FICO scores to check whether they have a positive or negative credit record. So, your FICO score will be evaluated once you apply for the Indigo Mastercard.
How to Apply for Indigo Mastercard Credit Card?
The Application Process for the Indigo Mastercard Credit Card is very simple and doesn’t require any in-store visits as it can be done online. To apply for the same, all you need to do is to visit the official Indigo website. On the homepage, you will find a digital application form where you will be asked to provide the details which are as follows: Applicant’s full name & age, Social Security Number, Address, and Contact details.
As soon as you have submitted your application form online, you are going to get pre-approval. After this, a credit check will be conducted on your credit scores, where your FICO score will also be evaluated. After going through the applicants’ full details, the company will provide full approval if they qualify for all the criteria.
What are the Pros and Cons of Indigo Mastercard?
To understand if Indigo Mastercard is best suitable for you, you must know the advantages and disadvantages of the card before applying. So, we are providing you a list where you can check Indigo Mastercard’s Pros and Cons.
Pros
- Indigo Mastercard is also accessible to individuals who have no credit history or have low credit scores.
- It is an unsecured credit card, so at the time of applying you don’t have to pay any charges.
- The annual fee of Indigo Mastercard could be as low as $0, on the basis of their creditworthiness.
- Monthly payments of the cardholder will be reported to all three credit bureaus.
Cons
- After the sign-up process, the applicant doesn’t get any bonus.
- The Indigo Mastercard Credit Card doesn’t offer any reward.
- There are high variable APR.
- There is a $300 credit limit.
- The cardholders will not get redemption on bonuses or reward points.
- The annual fees vary based on creditworthiness, and you will only know your fee once you apply for the card.
Bottom Line
There are many reasons which make Indigo Mastercard one of the ideal credit cards for many customers. The cardholders can get travel and emergency coverage with Indigo Mastercard, including low foreign transaction fees as well. The Indigo Mastercard will help you to move in the right direction in terms of your financial spending as the report of your usage will be forwarded to three credit bureaus. Overall, your credit score will build up if you get Indigo Mastercard. However, you should also consider the negative points that we have discussed above in this article. Before selecting Indigo Mastercard, you must compare other options as well so that you come up with the best credit card according to your preference and financial situation.