Individuals who’d like to have the financial flexibility of working with a credit card for payments nevertheless have either a poor credit record or small or no credit history need a different pair of card options for their unique conditions.
These options may include bank cards with a standalone line of credit or a secured card with a deposit account requirement with a balance necessity equal to their credit line.
These cards can be a great fit for someone right out of college or seeking to rebuild their credit. Maintaining a good credit history can also be significant to qualify for better rates on mortgages or personal loans, plus employers and landlords may ask credit history as part of their job or rental application review.
Although the pricing on these accounts can be high because of the risks connected with the bad or lack of credit history, these cards provide customers who make timely payments and manage their accounts nicely, the chance to improve their credit scores and finally build a better credit report to be eligible for a lower interest rate and lower prices with traditional credit cards in the future.
In this Indigo credit card review, we take a look at the Indigo Platinum Mastercard unsecured goods and compare it to three other cards provided to charge challenged applicants.
WHAT IS THE INDIGO PLATINUM MASTERCARD CREDIT CARD?
The Indigo Platinum Mastercard is an unsecured credit card merchandise offered by Celtic Bank (founded in 2001) of Salt Lake City, Utah. The card has been serviced by Genesis FS Card Services.
This is an unsecured credit card, which means the issuing lender is establishing a standalone field of credit to the client, with no related deposit account or equilibrium requirement to affix the line of credit and supply protection against loss for your issuing bank.
As a Mastercard affiliated solution, the card enjoys widespread approval for purchase activity at over 33 million locations in 210 countries.
Our goal is to review the key attributes of the Indigo Platinum Mastercard, including key product performance and benefits, pricing, such as fees and rates of interest, then move on to a direct contrast of the Indigo card versus three competing cards with supplies also positioned to this section of the marketplace.
This will help us to evaluate how it fares concerning the best value for customers who must establish or rebuild their credit history.
No security deposit is necessary, as this is an unsecured card. The Indigo card generally offers a $300 credit limit, with no credit line increase program. Clients can manage their account on line 24/7 through their cell phone, desktop or tablet computers through www.myindigocard.com.
Online performance has the ability to view your statement, pay your bill, track account activity, view transactions and check your balance. Clients can also activate the new card online prior to first use. Paperless statements will also be available.
Cash advances from the Indigo card credit line can be found at many financial institutions. Once approved, the client can call to get a Personal Identification Number to withdraw funds from several ATMs.
As a Mastercard affiliated Solution, the Indigo card also offers several Mastercard Platinum card benefits, such as Master Rental Insurance, Extended Warranty Coverage, Master Road Assist Service or Travel Assistance Services. A complete guide to all these and other benefits is sent to all new clients after their brand new account was set up.
Indigo also wishes to serve as a credit source for clients to encourage the responsible use of charge, and so has submitted a Credit Terminology connection on its own website to help customers understand credit conditions, such as Annual Percentage Yield, Bankruptcy, Credit Reporting, Debt to Income Ratio, Grace Period and others.
Additionally, there is a Frequently Asked Questions list that will help prospects understand how the card works.
The Indigo card carries an yearly charge from between $0 and $99 depending upon the candidate’s credit history. The Annual Percentage Yield is 23.9%. The card is traveler friendly using a low overseas transaction fee of 1%.
Indigo cautions that foreign purchases might be diminished unless the client notifies the lender before their planned travel action. Clients can set up a travel alert by phoning 1 866 946-9545
HOW IT COMPARES
For this Indigo charge card review, we look at the particulars of the Indigo Platinum Card against three competing card products, the First Premier Bank Mastercard Credit Card, Credit One Bank VISA credit card, and Total Visa Credit Card.
The annual fee ranges from $0 to $99 based on the applicant’s credit score, but there is not any extra program fee or monthly fee as charged by numerous competitions highlighted below from the Indigo charge card review.
Additionally, for travelers, the Indigo fee for overseas trades is a reasonable 1%.
Indigo offers a pre-qualification process on its own site which provides a 60-second answer on the probability of credit consent.
Programs may only be performed online, not by telephone. This pre-qualification is readily available for any candidate 18 or older (19 in Alabama) and that hasn’t submitted a petition in the past 60 days.
This pre-qualification has no effect on the candidate’s credit report. Thereafter, the client will have to submit a complete application.
Although charging higher interest rates than their traditional card counterparts (approximately 23.9%), the Indigo card rates compared favorably with all the opponents detailed below in the Indigo credit card review, and are not out of line to an unsecured card serving beneficiaries with low credit ratings.
The late payment fee of around $39 is on par with another three competitor cards discussed below within this Indigo credit card review.
The pre-qualification process offers applicants the ability to get a quick assessment within moments of their likelihood of being qualified for your Indigo card. Thereafter, a full application must be filed, and approved clients will get their card within 14 business days.
A vast majority of consumer reviews on Wallet Hub gave low scores to customer support, from card receipt followup to additional servicing issues. They viewed personnel service amounts as lacking.
He first competitor card we will look at in our Indigo credit card review is the First Premier Bank Mastercard offered by First Premier Bank of Sioux Falls, South Dakota. First Premier, established in 1929, is one of the best 20 Mastercard card issuers in the country.
Credit limits range from $300-$1,000, therefore higher limits are available than with the Indigo card. Besides an yearly fee of $75 the first year plus a range of $45-$49 in subsequent years, there is a one-time program fee which ranges from $25 to $95, making the fees much more costly than with the Indigo card.
Additionally, there is a monthly fee after the initial year that ranges from $6.25-$10.40 each month. On top of this, there is a $29 fee for an additional card.
Prospects are able to apply for an Initial Premier Mastercard either online or by telephone.
INTEREST RATE AND PENALTIES
The yearly Percentage Yield is 36%, which makes it much more expensive for customers than the Indigo card if they carry balances each month and cover interest on those balances.
First Premier says it gives a quick response in 60 seconds online. If not instantly approved, the applicant must wait 7-10 business days for your program to be processed and will be notified by mail of their decision.
First Premier delivers a fantastic range of customer service hours 7 days a week.
CONCLUSION OF THE INDIGO CREDIT CARD REVIEW
The Indigo card, though more expensive than its traditional unsecured counterparts, compares very favorably with regard to its pricing against every one of the 3 competitor cards reviewed above.
The Indigo Platinum Mastercard credit card functions a distinct need for prospective card customers who could not get a traditional credit card because of their bad or inadequate credit history.
The Annual Percentage Yield is lower, and the absence of any program fee or monthly charge helps establish the Indigo card apart as more affordable for the person who desires this kind of card to rekindle or produce a good credit record.
The application process is on a level with the competition, and only some negative comments about customer service responsiveness generated some poor opinions on the card management procedure.
For those individuals with less than perfect credit, the Indigo Platinum Mastercard is a fair choice, a way to an end, to improve one’s credit situation.
Although reviewers mentioned insufficient customer service support, we rate the card 2.5 stars as helping customers manage their credit report in a favorable direction with relatively competitive related fees and rates.