If you are looking for a credit card for bad credit, Indigo may be the right choice. This card offers many benefits for those with poor credit, including a low credit limit as well as a low annual cost. Be aware of the drawbacks before you sign up.
Prequalification
Indigo's Fast Prqualification service, which is available for people with bad credit, can help you find a new credit card. This service uses soft credit to determine your eligibility for the card. Indigo might not allow you to apply for credit cards if your credit score falls below 650.
Although the Indigo credit card is designed for irresponsible consumers, you may not be able to use it for everyday 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 Indigo Credit Card ranges from $0 up to $99 depending on credit scores. This card will be the best option if you have good credit and have not been late on any payments. However, be aware that the annual fee may erode your spending power and increase your credit utilization ratio.
Avoid the Indigo card if you're looking to improve credit scores. 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. It is necessary to submit general financial information.
Overdraft protection
Indigo credit cards might be a good option if you're looking to get a credit card that is easy to use and has a low fee. This card offers a $300 credit limit, but the annual fee can eat up this amount quickly. However, the card does report your credit activity to the three major credit bureaus, which can help you improve your credit score.
Overdraft protection allows you to borrow as much as ten percent from your credit limit on the Indigo card. There is a flat fee of $40 for overdraft protection, and you'll pay a 1% foreign transaction fee. A 5% cash advance fee is included on the card. A monthly payment is made to the three credit agencies. The payments are usually reported within a few working 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. The annual fee for the card is variable depending on credit scores. The initial fee is $75, then $99 every year thereafter. Although the annual fee may change depending upon your credit score, it is still higher than the average annual charge for new credit card offers.
The Indigo mastercard starts out with a credit limit of $300 and requires no 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 reports to all three major credit bureaus, and uploads monthly payment records.
Late payment fees
The late payment fee on an Indigo credit card can run as high as $40 if you don't make your payments on time. The standard fees for the indigo cards are however included. The annual fee and foreign transaction fees are additional to the $35 late payment fee. The first year fee is $75, followed by $99 each year. The fee is not determined based upon your credit score.
The fixed interest rate (APR) is one of the benefits to the Indigo credit card. Your credit score will not be affected by late payments. This card is among the most affordable unsecured credit cards. Numerous applicants have been approved with low credit scores of 600s and below. However, applicants with lower credit scores are subject to higher fees and interest rates than those with high credit.