If you are looking for a credit card for bad credit, Indigo may be the right choice. The card comes with a low credit limit and an annual fee. This card is great for people with bad credit. Before you sign up, be aware of its downsides.
Prequalification
Indigo's fast prequalification service is great for those with bad credit. This service uses a soft score pull to determine your eligibility. Indigo can deny credit cards to those with lower credit scores than 650.
The Indigo creditcard is not for responsible consumers. You might not be eligible to use it every day. 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 for Indigo credit cards ranges from $0 to $99 depending on your credit score. This card is recommended for people with good credit and no history or late payments. The annual fee will reduce your spending ability and increase your credit utilization.
You should not use the Indigo credit card if your goal is to improve or raise your credit score. This is not a credit-card that the community recommends, but it might improve your credit rating. It is not reported by credit bureaus but you can still prove your financial responsibility if you make regular payments. To apply, you will need to complete financial information and verify it.
Overdraft protection
Indigo credit is an excellent choice if your goal is to find an easy-to-use card with a low-annual fee. The card has a $300 credit limit but the annual fee can quickly eat into this amount. However, this card does report credit activity to the major credit bureaus. This can help with credit improvement.
You can borrow up to ten per cent of your credit limit with overdraft protection from the Indigo credit cards. There is a flat fee of $40 for overdraft protection, and you'll pay a 1% foreign transaction fee. There is also a 5% cash advance fee. Additional payments are made to the credit bureaus monthly and will be reported within a few business days.
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. A card fee is also charged, which can vary depending on your credit score. 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. You can only increase your credit limit once. The card helps customers regulate their spending habits and control their credit scores. It uploads monthly payments records to the three major credit agencies.
Late payment fee
A late payment fee of up to $40 can be charged on Indigo credit cards if you do not make your payments in time. Standard fees are included with the indigo credit card. There are annual fees as well as foreign transaction fees. The $75 first-year fee is followed by $99 for each subsequent year. The fees are not based on your credit score.
Fixed interest rates (APR) are one of the many benefits of the Indigo card. Your credit score will not be affected by late payments. This card is one the most affordable, compared to other unsecured loans. In fact, several applicants have been approved despite having low credit scores, with scores in the 600s and under. However, applicants with lower credit scores are subject to higher fees and interest rates than those with high credit.