Rebuild Your Credit Fast with Indigo Platinum Mastercard

Credit: indigocard.com

If you’re looking to rebuild your credit, the Indigo Platinum Mastercard might be the right choice for you.

This card is designed for people with low credit scores, including those with a history of bankruptcy.

It doesn’t require a security deposit and reports your payments to all three major credit bureaus, making it easier to improve your credit score.

Moreover, the pre-qualification process is simple and won’t affect your credit score.

Key Takeaways

• The Indigo Platinum Mastercard is designed for individuals with low credit scores, including those with a history of bankruptcy.
• No security deposit is required, making it accessible for those who may not have extra funds to set aside.
• The card reports to all three major credit bureaus, helping users build a positive credit history.
• Pre-qualification is quick and easy, and it won’t impact your credit score.
• While the card helps rebuild credit, it comes with high fees and no rewards program.

Understanding the Indigo Platinum Mastercard

The Indigo Platinum Mastercard is a unique credit card designed to help individuals rebuild their credit. It is an unsecured credit card, meaning you don’t need to put down a security deposit to access your credit limit. This card is particularly beneficial for those with poor or no credit history, as it provides an opportunity to establish a consistent payment record while enjoying the convenience of a credit card.

Benefits of the Indigo Platinum Mastercard

No Security Deposit Required

One of the distinctive features of the Indigo Platinum Mastercard is that it is an unsecured card. This means you don’t need to put down a security deposit to access your credit limit. This can be especially helpful for those who may not have the extra funds to set aside for a deposit.

Reports to Major Credit Bureaus

The Indigo Platinum Mastercard reports your payment history to the three major credit bureaus: Equifax, Experian, and TransUnion. This is crucial for building or rebuilding your credit. By making regular, on-time payments, you can establish a consistent payment record that will positively impact your credit score.

Easy Pre-qualification Process

The card offers a simple pre-qualification process that does not require a hard credit check. This allows you to see if you are likely to be approved without affecting your credit score. The pre-qualification process is quick and can be done online, making it convenient for those who are eager to start rebuilding their credit.

How the Indigo Platinum Mastercard Helps Rebuild Credit

Building a Positive Payment History

One of the key ways the Indigo Platinum Mastercard can help you rebuild your credit is by allowing you to establish a consistent payment record. By making on-time payments each month, you demonstrate to lenders that you are responsible with credit. This positive payment history is a significant factor in improving your credit score.

Impact on Credit Score

Using the Indigo Platinum Mastercard responsibly can have a positive impact on your credit score. The card reports your payment activity to the three major credit bureaus: Experian, Equifax, and TransUnion. This means that your good payment behavior is recorded and can help boost your credit score over time.

Tracking Your Progress

The Indigo Platinum Mastercard offers tools to help you track your credit-building progress. You can monitor your account online and see how your credit score improves as you make timely payments. This can be motivating and help you stay on track with your credit goals.

Fees and Costs Associated with the Indigo Platinum Mastercard

Annual Fees

The annual fee for the Indigo Platinum Mastercard can range from $59 to $99, depending on your creditworthiness. This fee is charged every year just for having the card.

APR and Interest Rates

The regular APR for purchases is 24.9%, while cash advances come with a higher APR of 29.99%. It’s important to note that carrying a balance on this card can be costly due to these high interest rates.

Other Potential Charges

• Foreign Transaction Fee: A fee of 1% of the transaction value will be charged for each foreign transaction.
• Penalty Fee: All late payments are subject to a $40 penalty. Returns are also subject to the same fee.
• Cash Advance Fee: Along with the high APR on cash advances, you’ll have to pay a fee of $5 or 5% of the transaction amount, whichever is larger.

While the Indigo Platinum Mastercard does not offer rewards, it does come with some benefits since it is a Mastercard. These additional benefits include ID theft protection and zero liability protection.

Comparing the Indigo Platinum Mastercard to Other Credit Cards

Secured vs. Unsecured Cards

The Indigo Platinum Mastercard is an unsecured card, meaning you don’t need to put down a security deposit to get a credit limit. This is different from secured cards like the Citi Secured Mastercard, which requires a minimum deposit of $200. Unsecured cards can be more appealing if you don’t have extra cash for a deposit.

Alternative Credit-Building Cards

There are other cards designed to help you build credit. For example, the Surge Credit Card is another option. To help you evaluate these two offers and determine which is better for you, WalletHub put together the following side-by-side comparison table showcasing their features:

Feature	Indigo Platinum Mastercard	Surge Credit Card
Annual Fee	$59 – $99	$75 – $99
APR	24.9% – 29.99%	25.9% – 29.9%
Security Deposit	None	None
Credit Limit	Up to $300	Up to $1,000

Pros and Cons

Pros:

• No security deposit required
• Reports to major credit bureaus
• Easy pre-qualification process

Cons:

• High annual fees: As of August 2024, the Indigo credit card charges an annual fee of $175 the first year and $49 thereafter. The higher the annual fee, the less appealing this card becomes.
• Low credit limit
• No rewards program

When comparing the Indigo Platinum Mastercard to other cards, it’s important to weigh these pros and cons to see which card best fits your needs.

Application Process for the Indigo Platinum Mastercard

Pre-qualification Steps

Before you officially apply for the Indigo Platinum Mastercard, you can go through a pre-qualification process. This step helps you check your eligibility without affecting your credit score. Simply visit the Indigo website and enter your personal details, such as your name, address, and Social Security number. The pre-qualification tool will let you know if you are likely to be approved and what your potential annual fee might be.

Full Application Process

Once you are pre-qualified, you can proceed to the full application. To apply now for the Indigo Platinum card, simply head over to the website. You can securely input all of the required information, including your income and monthly expenses. Be prepared for a hard inquiry on your credit report, which may temporarily lower your credit score.

What to Expect After Applying

After submitting your application, you will receive a decision within a few minutes. If approved, you can expect to receive your Indigo Platinum Mastercard within 14 business days. Once you have your card, you can start using it to build your credit by making regular, on-time payments.

Managing Your Indigo Platinum Mastercard

Managing your Indigo Platinum Mastercard is straightforward and can be done through various methods. Here’s how you can stay on top of your account.

Online Account Management

To manage your card online, you need to create an account on the official Indigo website. Once logged in, you can monitor your account activity, pay your bill, view transactions, and check your balance. You can even activate your new Indigo Platinum card online. Unfortunately, there is no mobile app available at this time.

Setting Up Automatic Payments

Setting up automatic payments can help ensure you never miss a payment. You can do this through your online account. Simply log in, navigate to the payment section, and set up your preferred payment method. This way, your payments will be made automatically each month, helping you build a positive payment history.

Customer Service Options

If you need assistance, you can contact Indigo’s customer service. They are available to help you navigate the online bill payment services. You can reach them by phone at 1-800-353-5920. Customer service can assist you with various tasks, including making payments and addressing any issues with your account.

Tips for Maximizing the Benefits of Your Indigo Platinum Mastercard

Making On-Time Payments

One of the most important things you can do to maximize the benefits of your Indigo Platinum Mastercard is to make on-time payments. This helps you build a positive payment history, which is crucial for improving your credit score. Set reminders or use automatic payments to ensure you never miss a due date.

Keeping Credit Utilization Low

Another key tip is to keep your credit utilization low. This means using only a small portion of your available credit. For example, if your credit limit is $300, try to keep your balance below $90. High credit utilization can negatively impact your credit score, so aim to keep it low.

When to Consider Upgrading

As you build your credit, you might want to consider upgrading to a card with better terms and benefits. While the Indigo Platinum Mastercard is a great starter card, it doesn’t offer rewards like points or cash-back. Once your credit improves, look for cards that offer these perks to get more value from your spending.

Who Should Consider the Indigo Platinum Mastercard?

Ideal Candidates

The Indigo Platinum Mastercard is designed for people with poor or limited credit scores. If you have a FICO score between 300 and 579, this card could be a good fit. It’s also suitable for those who have declared bankruptcy in the past and are looking to rebuild their credit.

Situations Where It May Not Be Suitable

This card might not be the best choice if you have a good or excellent credit score. The high annual fees and lack of rewards make it less appealing for those who can qualify for better cards. Additionally, if you need a higher credit limit, this card’s maximum limit of $300 may not meet your needs.

Alternative Options

If the Indigo Platinum Mastercard doesn’t seem like the right fit, consider other options like secured credit cards.

These cards require a security deposit but often come with lower fees and the potential for credit limit increases.

Another alternative is a credit card with no annual fee, which can save you money in the long run.

I’ve written everything I know about this card, so please leave your valuable comments and suggestions for future updates!