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
On Indigo’s Secure Website
Not From The Best Options For Building Credit
Poor – Average Credit
Reports to Bureaus
Low Average Credit Limit
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
|Pre-Approval||No 0% APR Introductory Rate|
|Extended Warranty Protection||Low Average Credit Limit|
|Travel Protections||There are Other Options for Building Credit|
|Reports to Bureaus||No Rewards|
|Other Protections||Annual Fee|
|Foreign Transaction Fee|
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.
Extended Warranty Protection
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.
Reports to Bureaus
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.
Here are the most important cons you should consider before applying to the Indigo Platinum card:
No 0% APR Introductory Rate
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.
Low Average Credit Limit
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 Other Options for Building Credit
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.
1% Foreign Transaction Fee
This fee is a little lower than many of the cards on the market that are not travel rewards. If you want to avoid this fee leave this card at a home for one that does not have the fee
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.