![]() If approved, you’ll receive your card in the mail within two weeks. If the pre-qualification comes back with a tentative approval, you can continue to the full application. Based on your credit profile and the information you provide, Indigo Card will let you know whether you qualify and your predicted credit limit and fees. This form asks for basic details, like your contact information, debt, and income. To start the process, you’ll fill out the pre-qualification form. There is no paper application or option to apply by phone. To apply for the Indigo Card, you must visit the Indigo Card website. The Indigo Card also has Zero Liability protection for fraudulent use and the option to get a replacement card free of charge. This is lower than most cards.īeyond those benefits, and like many Mastercards, you’ll get Mastercard ID Theft Protection™, which includes monitoring your Social Security number, online accounts, debit and credit cards, and other details to help you avoid identity theft. ![]() and pay a foreign transaction fee of just 1%. You can use the Indigo Card while traveling outside the U.S. That means you can improve your credit scores at each bureau with just one card.Īnother valuable perk is the card’s foreign transaction fee. These other fees are standard across the card agreements.Īs a card designed to help build credit, the Indigo Card reports your account details to all three bureaus. The worse your credit history is, the higher those fees will tend to be. Generally, you can expect to deal with high-interest rates and an annual fee. Rates and feesĪs we’ve mentioned, the Indigo Card has many different card agreements it can offer applicants, each with different fee structures and interest rates. To really understand whether the Indigo Card is a good fit, you need to know all of the card’s details, including its fees and perks. For example, you must be at least 18 years old (19 in Alabama) and haven’t previously had an Indigo Card that was cancelled due to delinquency. Keep in mind that you do have to meet some basic eligibility requirements. This does not impact your credit and can give you a good idea of whether you’ll get approved if you submit a complete application. You can even pre-qualify for the Indigo Card to see if you’re eligible. So unless you’ve had major financial emergencies recently, like declaring bankruptcy, you have a good chance of qualifying. Nothing is guaranteed, but the Indigo Card is explicitly designed for people with poor or no credit. ![]() This gives the card issuer flexibility, tailoring the card offered to the borrower’s credit history and approving more people. Some have a waived or reduced fee in the first year, while others charge the full fee immediately. Some agreements include annual fees, while others use a monthly fee structure. In contrast, the Indigo Card has 20 different card agreements listed on its website, each with different interest rates and fees. Most cards have relatively set fees and may also have a small range of interest rates that they can charge based on each applicant’s credit history. However, one difference is how the Indigo Card handles interest rates and fees for people with different credit profiles. Like the Indigo Card, these cards tend to have high-interest rates and fees to compensate for the fact that no security deposit is required. There are many credit card companies that offer unsecured cards designed for people with poor or limited credit. There isn’t much about the Indigo Card to differentiate it from the competition. In short, this card might be a good option if you have poor or no credit and limited funds. Its low limit also makes it a good fit for people who want to reduce the temptation to overspend. ![]() This card does not require a security deposit, meaning it works great for people who are short on cash or unwilling to offer a deposit. Given that this card is designed to help you build or rebuild your credit, it works best for those with a poor credit score (typically between 300 and 579) or no credit. The Indigo Card is a good fit for a few different types of people. Ready to learn more? Let’s take a look at the details. average of 19.07%) and starts at a credit limit of only $300, it may not be a perfect fit for everyone. However, because the Indigo Card carries a minimum APR of 24.9% (5 basis points above the U.S. This is an intriguing characteristic for people just beginning their credit journey or with no extra cash to put toward opening an account. The Indigo Credit Card is issued by Celtic Bank, a privately owned industrial bank based in Salt Lake City, Utah.ĭesigned for people who have a poor credit history - or have no credit history at all - the Indigo® Mastercard® does not require a security deposit.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |