Indigo might be the right credit card for you if you have bad credit. This card offers many benefits for those with poor credit, including a low credit limit as well as a low annual cost. Before you sign up, be aware of its downsides.
Prequalification
Indigo's Fast Credit Prequalification Service is an excellent option for people with low credit scores who are searching for new credit cards. This service uses a soft credit check to determine your eligibility. Indigo will not approve credit cards with scores below 650.
Although the Indigo credit card is designed for irresponsible consumers, you may not be able to use it for everyday purchases. The prequalification process takes only a few minutes and is done online. When you submit your application for the card, a soft inquiry is made to your credit report, but the inquiry does not affect your score.
Annual fee
The annual fee of the Indigo credit card ranges between $0 and $99, depending upon your credit rating. If you have excellent credit and have no history of late payments, this card is likely to be the best choice. The annual fee will reduce your spending ability and increase your credit utilization.
Avoid the Indigo card if you're looking to improve credit scores. This is not a credit-card that the community recommends, but it might improve your credit rating. Even though the card is not reported to credit reporting agencies, it can be used to prove that your financial responsibility and you have made regular payments. Fill out the application and verify your financial information.
Overdraft protection
Indigo credit cards are a good choice for anyone looking for an easy to use credit card that charges a low annual fee. This card offers a $300 credit limit, but the annual fee can eat up this amount quickly. The card will report credit activity to three major credit bureaus. This can help improve your credit score.
Overdraft protection allows you to borrow as much as ten percent from your credit limit on the Indigo card. Overdraft protection is $40, plus a 1% foreign transaction fees. A 5% cash advance fee is included on the card. In addition, payments are reported to the three credit bureaus every month, and they'll be reported a few days after the end of the billing period.
Foreign transaction fee
The foreign transaction fee on the Indigo credit card is one percent of each foreign transaction, which is lower than the average three percent foreign transaction fee. An annual fee is charged for the card, which will vary depending on your credit rating. The initial year's fee is $75, and $99 for each subsequent year. Although it's not clear whether the annual fee will change depending on your credit score or not, it is much higher than the average annual credit card fee.
The Indigo mastercard has a $300 credit limit and does not require an initial deposit. The credit limit can only be increased once, so a large credit limit is not possible. Customers can regulate their spending habits, and maintain their credit score with the card. It uploads monthly payments records to the three major credit agencies.
Late payment fees
If you fail to make your payments on time, the late payment fee for an Indigo credit card could be as high as $40 The indigo card comes with standard fees. Along with a $35 late payment charge, there are also annual fees. First year fees are $75 and $99 respectively. These fees may be based on your credit score, or not.
The fixed interest rate (APR) is one of the benefits to the Indigo credit card. The fixed interest rate (APR) means that you won't have to pay late fees. This will ensure that your credit score doesn't suffer. This card is one the most affordable, compared to other unsecured loans. Many applicants have been approved even with low credit scores. However, applicants with lower credit scores will be required to pay higher interest rates and fees than those with excellent credit.