Indigo might be the right credit card for you if you have bad credit. This card has a low credit limit, and a low annual fee. It also offers some benefits to people with bad credit. You should still be aware that there are downsides to this card before signing 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 a soft credit pull to determine your eligibility for the card. Indigo might not allow you to apply for credit cards if your credit score falls below 650.
The Indigo credit card was not designed for responsible consumers. However, it may not be possible to use it for daily purchases. However, the prequalification process is quick and online, and requires just a small amount of information. While your application for the card is submitted, a soft inquiry to your credit file will be made. This inquiry won't affect your score.
Annual fee
The annual fee of the Indigo credit card ranges between $0 and $99, depending upon 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.
You should not use the Indigo credit card if your goal is to improve or raise your credit score. The community does not recommend this card, but it could improve your credit score. 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. To apply, you will need to complete financial information and verify it.
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. The annual fee of this card can quickly exceed $300, however it offers a credit limit of $300. However, the card does report your credit activity to the three major credit bureaus, which can help you improve your credit score.
You can borrow up to ten per cent of your credit limit with overdraft protection from the Indigo credit cards. Overdraft protection comes with a flat fee $40. You'll also be charged a foreign transaction fee of 1%. There is also a 5% cash advance fee. The card also has a 5% cash advance charge. Payments are sent to the three credit bureaus once a month. They will be reported within days.
Foreign transaction fee
The Indigo credit cards have a one percent foreign transaction charge. This fee is lower than the usual three percent fee. A card fee is also charged, which can vary depending on your credit score. The initial fee is $75, then $99 every year thereafter. 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 is available with a $300 credit limit. No initial deposit is required. You can only increase your credit limit once. The card helps customers regulate their spending habits and control their credit scores. It uploads monthly payment records and reports to the major credit bureaus.
Late payment fee
If you fail to make your payments on time, the late payment fee for an Indigo credit card could be as high as $40 However, the indigo card does come with standard fees. Additional to the $35 late fee, there is an annual fee and foreign transaction fee. First year fees are $75 and $99 respectively. The fee is not determined based upon your credit score.
Fixed interest rate (APR), one of the great benefits of the Indigo Credit Card, is another. This means that your credit score won't be affected if you are late on a payment. This card is more affordable than other unsecured credit cards. Numerous applicants have been approved with low credit scores of 600s and below. However, those with less credit will need to pay a higher interest-rate and more fees than those of good credit.