Indigo is a good choice if you're looking for a card for people with bad credit. With a low credit limit and low annual fee, this card offers a few benefits for bad credit consumers. Before you sign up, be aware of its downsides.
Prequalification
Indigo's Fast prequalification service for those with poor credit is a great choice if you're looking for a new card. This service will use a soft credit pull in order to determine your eligibility. Indigo can deny credit cards to those with lower credit scores than 650.
The Indigo credit card was not designed for responsible consumers. However, it may not be possible to use it for daily purchases. However, prequalification is simple and fast 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 the Indigo credit card varies from $0 to $99, depending on your credit rating. This card will be the best option if you have good credit and have not been late on any payments. The annual fee could reduce your spending power, and increase your credit utilization.
The Indigo Card is not recommended for anyone who wants to improve their credit score. It is not a credit card recommended by the community, but it may help your credit score. Although it is not reported to credit agencies, regular payments will be sufficient to show that you are financially responsible. 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. Although the card allows for a $300 credit limit (but not an annual fee), it can quickly consume this amount. The card does report your credit activity, which can help you improve and protect your credit score.
The Indigo creditcard offers overdraft coverage that allows you borrow up to 10% of your credit limit. There is a flat fee of $40 for overdraft protection, and you'll pay a 1% foreign transaction fee. You will also be charged a 5% cash advance charge. Additional payments are made to the credit bureaus monthly and will be reported within a few business days.
Foreign transaction fee
The Indigo creditcard charges a foreign transaction cost of one percent on each transaction. This is less than the average three-percent foreign transaction fee. The card also charges an annual fee, which varies depending on your credit score. The first year's annual fee is $75 and $99 each subsequent years. It is unclear if the annual fees will be affected by your credit score. However, they are higher than the average annual cost for new credit cards.
The Indigo mastercard comes with a credit limit up to $300. There is no initial deposit. The credit limit can be increased only once. Customers can regulate their spending habits, and maintain their credit score with the card. It reports to three major credit bureaus every month and uploads payment records.
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 Standard fees apply to the indigo Card. There are annual fees as well as foreign transaction fees. The first year fee is $75, followed by $99 each year. The fee is not determined based upon your credit score.
One of the benefits of the Indigo credit card is the fixed interest rate (APR). Your credit score will not be affected by late payments. Compared to other unsecured credit cards, this card is one of the most affordable. In fact, several applicants have been approved despite having low credit scores, with scores in the 600s and under. However, those with lower credit scores will have to pay a higher interest rate and fees than those with good credit.