Indigo Platinum Mastercard Review – Is It The Best Option To Build Credit?

3.5 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Indigo Platinum Mastercard is an everyday credit card for customers who do not have good credit. 

There are no points or cashback rewards with this card. It reports on-time payments to all three of the major credit bureaus so the cardholder can build their credit history. The Indigo card is issued by Celtic Bank, which is better known for its commercial products than its consumer products. 

The Indigo is not a familiar brand but consumers don’t need to worry because it is backed by a reputable bank. Mastercard is a widely received credit card brand with many protections.

Indigo Platinum Card

Indigo Platinum Mastercard review

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Here’s a summary of the main pros & cons (click to see explanation or scroll down):



Indigo Platinum Card - Benefits

Let’s take a look at the benefits of the Indigo Platinum card and see if it’s the right one for your wallet or not.

Indigo Platinum Mastercard allows potential cardholders to apply for pre-approval before they do a hard pull on your credit. 

They do what is called a soft pull by checking data on your credit but not actually pulling your credit history. 

This pre-approval will let you know if you may qualify for the Indigo card, without affecting your credit.

Indigo Platinum Mastercard will double the manufacturer warranty on products you purchase with the card.

Indigo Platinum Mastercard does have some protections included with using the card. 

Also, they include rental car insurance, roadside assistance, and travel assistance in an emergency. These benefits are through Mastercard.

Indigo Platinum Mastercard is for those with limited or poor credit. It is a benefit that it reports to all three of the major credit bureaus. 

This will help cardholders build a credit history.

Indigo Platinum Mastercard also has ID theft protection and zero fraud liability, meaning you would not be responsible for unauthorized purchases.

Indigo Platinum Card - Drawbacks

Here are the most important cons you should consider before apply to the OpenSky Secured card:

Indigo Platinum Mastercard does not offer an introductory rate like many cards on the market.

Therefore, if you need or are looking for an introductory rate, you will have to look at other offerings.

Most that are approved for Indigo Platinum Mastercard start out with a low credit limit of $300. This low limit is due to the fact that many of the users have poor to no credit. 

But it is very easy to go over the 30% utilization rate of the credit limit, which can lower your credit score.

There are dozens of other products and services that help borrowers build credit. Many of these options are cheaper. 

Foe instance, one option potential cardholders should look into is secured credit cards. This is where you put money upfront on a credit card. 

These cards are easier for consumers with poor credit because they are secured and many do not cost as much

Many cards on the market offer rewards for spending like cashback rewards, points, or travel rewards. Also, the Indigo Platinum Mastercard does not offer any rewards.

Indigo Platinum Mastercard has 3 different annual fees that are assessed based on your credit. 

Once you are approved, this fee is charged immediately to your card, before you spend a dime. The tiers are $0, $59, and $99. 

The highest tier of $99 charges $75 for the first year. This fee is very high for a card with no rewards and a low credit limit.

With any credit card, the goal is to pay off your balance every month. However, life happens and sometimes you may not be able to pay off your statement balance in full. 

If this happens with the Indigo Platinum Mastercard you’re going to feel the sting as you get hit with a 24.9% APR which is high compared to other secured credit cards.

Alternatives to Indigo Platinum Card

There are several other secured credit card options that will help you establish credit history and fix your credit score. Let’s take a look at a few alternative options:

The Capital One Platinum credit card is an ideal option for those with average credit who need to take some time to build credit before they can qualify for a better rewards credit card. 

You can apply with average credit score, not paying usual fees such as balance transfer or annual fee and get a credit limit raise after you make on-time payments for the first 5 months. 

However, you won’t be able to participate in any rewards program and get the usual benefits as well any sign-up bonus.

The Discover It Secured Credit Card is a great card for any new card holder who is looking to open a line of credit. This card, designed to help card holders build or rebuild their credit score. 

The Discover It Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically, and Earn unlimited 1% cash back on all other purchases. The biggest difference between these two cards is the APR. 

However, the Discover It Secured Credit Card has a set APR of 22.99%, compared to the 24.9% of the Indigo Platinum Card.

The Discover it Secured card’s benefits include a $0 annual fee.

The AvantCard Credit Card is a great starting place for anyone who is looking to build a line of credit, or has limited credit options due to past credit encounters. 

Despite the fact that the Avant Card has limited bonus options and perks when compared to other credit cards, it does give a lot of love for people who are looking for a card that can help boost their credit score quickly, especially when it comes to people who are applying for a first credit card.

While for some AvantCard Credit Card holders the annual fee may be $29, the company does state that this is subject to change based on market testing. 

Is the Indigo Platinum Card Right for You?

Indigo Platinum Mastercard is best for consumers looking to build or rebuild their credit. This card is designed for those who have poor credit and borrowers who have limited options in trying to secure credit. 

The average consumer with okay to excellent credit should research other cards that have better benefits, protections, and rewards. 

For those with limited credit options, this is a good product that can help build your credit due to the fact that the Indigo card reports to all three of the major credit bureaus.

This card has very high fees compared to others in the marketplace, has a large annual fee for many of those who are approved for it, and high interest rates for late fees. 

Those with limited credit options may want to look at a secure credit card before using this card with its high fees. 

If you do decide to use this card, use it sparingly and do not hold onto it for years. Once your credit is rebuilt, close this card and move on to better credit cards with better rewards and benefits.