Have you be pre-selected for an Indigo Platinum credit card? Are you considering it? If you are, you probably have bad credit. Are you surprised? I’m not psychic at all. I only happen to know that Indigo credit cards are mostly marketed to people with poor credit scores.
If you are going to get it, it’s best you know exactly what you’re getting into and what other more appealing options are out there for people in your credit bracket.
Who Is Indigo Platinum Credit Card Good For?
Indigo credit cards may be right for you if you are building or rebuilding your credit. While it is a legitimate credit card and it reports to the three major credit bureaus, it charges a very high annual fee. There are many other options out there offering far better terms for people with poor credit scores.
Other Things We Don’t Like About The Indigo Credit Card
Apart from the fact that Indigo credit card charges a high annual fee, what’s even more galling is that they automatically take it out of your credit card balance in a lump-sum.
The first year’s annual fee is $75 and then $99 every year after that.
When you first apply for a credit card — let’s say one with a $300 credit limit — Indigo takes $75 out, and you receive only $225 on your card when you get it.
Indigo credit card also charges an APR of 24.90% on purchases, and 29.90% on cash advances, which are pretty average rates in the credit card industry. However, there are cards out there that charge 0% APY. Citi Cards and Capital One, for instance, have credit building cards that charge no annual fee.
Other Fees
- Late payment fee $39
- Overlimit fee is $39
- Returned payment fee $39
- No cash advance during the first year. However, after the first year, there’s either a $5 fee or 5% of the amount of each transaction, whichever is greater.
How To Open An Indigo Credit Card
Opening an Indigo credit card is pretty simple and straightforward. It would help if you met the following conditions:
- You must be at least 18 years old.
- Must have a valid social security number.
- You must have a physical U.S. address.
- Must authorize Indigo to gather information about your employment history, credit report, and banking report to verify your identity.
Once you’re approved, you’ll receive your card in the mail, and you can start your credit-building journey.
What’s Good About Indigo
Even though this hasn’t been a glowing review about the Indigo credit card, there are some good things about the credit card that’s worth noting, and here they are:
- Zero fees on cash advances during the first year.
- They offer a standard APR of 24.9% – 29.99% on purchases and cash advances.
Related:
- 15 Amazingly Simple Ways To Pay Your Debt
- Frustrated About Your Bills? Here’s How You Can Make Some Extra Money
- 22 Ways To Cut Cost, Save Money And Make Your Budget Work
Bottom Line
Indigo credit card is a card for people with bad credit. If you have excellent credit, this card wouldn’t be worth your while. It is worth noting that though this card is for people with bad credit scores, it is one of the worst ones you can get. There are many credit-builder cards out there that offer better rates and better terms than the Indigo credit card.
The post Indigo Platinum Credit Card Review: Read This Before You Open An Account appeared first on WholesomeWallet - Make Money | Save Money | Manage Money | Invest Money.