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Indigo Credit Card Review: A Comprehensive Guide for Credit Builders
Are you struggling to get approved for a credit card due to poor credit history? The Indigo® Mastercard® might be worth considering. In this detailed review, we'll explore everything you need to know about this unsecured credit card, from its features and benefits to potential drawbacks.
What Is the Indigo Credit Card?
The Indigo Credit Card is an unsecured Mastercard issued by Celtic Bank, specifically designed for individuals with less-than-perfect credit scores. Unlike secured credit cards, it doesn't require a security deposit, making it accessible to those who might not have funds readily available for collateral. The card reports to all three major credit bureaus, helping cardholders build their credit through responsible use.
Indigo Credit Card Pros & Cons
Pros:
- No security deposit required
- Reports to all three credit bureaus
- Pre-qualification with no impact on credit score
- Multiple card designs to choose from
- Accessible to people with past bankruptcy
- Quick application process
- Worldwide Mastercard acceptance
Cons:
- High variable APR (24.99% - 31.99%)
- Annual fee varies ($0 - $99) based on creditworthiness
- Limited initial credit limit ($300 - $1,000)
- No rewards program
- Foreign transaction fee of 1%
- Late payment fee up to $41
Who Is the Indigo Credit Card For?
The Indigo Credit Card is primarily designed for:
- Individuals with poor credit history (FICO scores below 600)
- People recovering from past bankruptcy
- Those looking to rebuild credit without a security deposit
- Last-resort applicants who've been denied by other credit card companies
- Consumers seeking a starter credit card with credit reporting features
Comparing the Indigo Credit Card With Other Credit Cards
When considering the Indigo Credit Card, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Capital One Quicksilver Secured Cash Rewards Credit Card (rate & fees):
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on all purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Indigo Credit Card excels in being accessible to those who might not have funds readily available for collateral
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
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Consider Using Kudos
While building credit with the Indigo Card, maximize your benefits by using Kudos, a free AI-powered browser extension. Kudos helps you:
- Track your credit-building progress
- Find the best credit card offers as your score improves
- Maximize rewards on your everyday purchases
- Get personalized recommendations for credit card upgrades
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. They're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Indigo Credit Card serves its purpose as a credit-building tool, particularly for those with limited options. While the fees and APR are higher than traditional credit cards, it provides an opportunity to rebuild credit without a security deposit. Consider it a temporary stepping stone toward better credit card options as your credit score improves.
Indigo Credit Card FAQ
What credit score do you need for the Indigo Credit Card?
While there's no official minimum credit score requirement, applicants with FICO scores above 550 typically have better approval odds.
Is there a 14-day hold on available credit?
Yes, new cardholders may experience a 14-day hold on their available credit while the account is being verified.
How can I increase my credit limit?
Celtic Bank reviews accounts periodically for credit limit increases based on payment history and credit utilization ratio.
Does the Indigo Card offer a zero-interest introductory period?
No, the card does not offer a 0% APR introductory period.
What is the maximum credit limit?
Initial credit limits range from $300 to $1,000, with potential increases based on account performance.
How long does the application process take?
The online application process typically takes less than 5 minutes, with instant pre-qualification decisions.
Can I choose my card design?
Yes, approved applicants can select from multiple card designs at no additional cost.
Is credit protection available?
Yes, optional credit protection coverage is available for an additional fee, though it's not recommended for most users.
Supercharge Your Credit Cards
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
