A no-frills card for those with less-than-stellar credit to build a consistent payment history.
There aren’t any standout features to the Indigo® Platinum Mastercard® Credit Card, save for one: You may qualify with mediocre, low or no credit. The card offers a 23.9% variable APR. But those who diligently pay their balances could benefit from reporting to all three major credit bureaus.
|Product Name||Indigo® Platinum Mastercard® Credit Card|
|Annual Fee||$75 annual fee for the first year ($99 thereafter)|
|APR (Annual Percentage Rate) for Purchases||23.9% variable|
|Cash Advance Rate||29.9% variable|
|Cash Advance Fee||$5 or 5% of the cash advance amount, whichever is greater|
|Foreign Transaction Fee||1% of the transaction value|
|Interest Free Period||Up to 25 days|
|Late Payment Fee||$38|
|Returned Payment Fee||$38|
|Additional Cardholder Fee||$25|
|Minimum Age||18 years of age|
Indigo® Platinum Mastercard® Credit Card review
If you’ve had trouble establishing or building credit, the Indigo® Platinum Mastercard® Credit Card card might be for you. It doesn’t come with the bells and whistles of other cards. Instead, it offers a chance for those with less-than-stellar credit to strengthen their credit through consistent payments on everyday spending. Depending on your credit, you may even qualify for an annual fee of $99.
However, be sure to pay off your monthly balance within the interest-free grace period. The Indigo® Platinum Mastercard® Credit Card comes with a higher-than-average 23.9% purchase APR, and your APR could balloon to 29.9% variable indefinitely after even one late payment.
- Potential $0 annual fee. If your credit profile meets the requirements, you could qualify for no annual fees.
- Get prequalified. If you have no credit or bad credit, ask for preapproval in minutes.
- Choose your card design. Select your design from an array of fun splashes of color, lion cubs, a city skyline, a beach scene and more.
- Reports to credit bureaus. This card reports your responsible spending to the three major credit bureaus — Equifax, Experian and TransUnion — which can ultimately improve your credit score for better rates on mortgages, car loans and other financing.
The nuts and bolts
- No balance transfers. If you’re thinking about consolidating balances from other cards, consider another card — Indigo® Platinum Mastercard® Credit Card doesn’t offer the option.
- Lenient cash advance fees for the first year. You’ll pay no cash advance fees in your first year. In your second year, the fee is $5 or 5% of the transaction amount, whichever is greater (not to exceed $100). And there’s no grace period for cash advances — you’ll pay 29.9% variable interest for the privilege.
- 25-day grace period for purchase interest. Take advantage of 25 days from the close of each billing cycle to pay off your purchases before paying interest.
- Annual fee depends on your credit. You could qualify for a $0 or $59 annual fee. Another option is paying a $75 annual fee on opening your account and a renewal annual fee of $99.
- Authorized user fee. To add another person to your account, you’ll pay $25.
- Late and returned payment fees. If your late payment is the first in six billing cycles, you’ll pay a $27 fee. Otherwise, the fee is $38. The same structure applies to returned payment fees.
- Foreign transaction fee. To use your credit card for a transaction involving foreign currency, you’ll pay a fee of 1% in US dollars.
- No rewards or cash back. This no-frills card is best for leveraging everyday purchases to build or rebuild your credit score
How to apply for the Indigo® Platinum Mastercard® Credit Card
Always consider your options and your financial situation before you apply for a credit card.
- You’re at least 18 years old (or 19 in Alabama).
Required documents and information
- Your full name and personal contact information
- Your email address and phone number
- Your Social Security number and date of birth
- In some cases, bank account information, employment details and annual income
Options for making a payment on your Indigo® Platinum Mastercard® Credit Card include:
- Immediate payments online through indigo.myfinanceservice.com.
- Paying by phone at 866-946-9545.
- Make a payment through MoneyGram.
- Sending a check or money order to Bankcard Services, PO Box 4477, Beaverton, OR 97076-4477.