Indigo credit cards are great for those with poor credit. 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 a soft credit check to determine your eligibility. Indigo will not approve credit cards with scores below 650.
The Indigo credit card was not designed for responsible consumers. However, it may not be possible to use it for daily purchases. 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. You should be aware of the fact that the annual fees can decrease your spending power as well as increase your credit utilization ratio.
The Indigo card is not recommended if you want to improve your credit score. The community does not recommend this card, but it could improve your credit score. You can still show financial responsibility by making regular payments, even though it isn't reported to credit bureaus. The application process requires you to fill out general 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. Although the card allows for a $300 credit limit (but not an annual fee), it can quickly consume this amount. However, this card does report credit activity to the major credit bureaus. This can help with credit improvement.
The Indigo creditcard offers overdraft coverage that allows you borrow up to 10% of your credit limit. Overdraft protection comes with a flat fee $40. You'll also be charged a foreign transaction fee of 1%. The card also has 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 card charges a foreign transaction fee of one percent for each foreign transaction. This is lower than the three percent average foreign transaction fee. An annual fee is charged for the card, which will vary depending on your credit rating. The annual fee is $75 for the first year and then $99 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 comes with a credit limit up to $300. There is no initial deposit. A credit limit cannot be increased more than once so it is not possible to have a large credit limit. Customers can use the card to manage their spending and improve their credit scores. It uploads monthly payment records and reports to the major credit bureaus.
Late payment fees
An Indigo credit card's late payment fee can reach up to $40 if payments are not made on time. However, the indigo card does come with standard fees. Additional to the $35 late fee, there is an annual fee and foreign transaction fee. The first year fee is $75, followed by $99 each year. Whether these fees are based on your credit score or not is not specified.
One of the benefits of the Indigo credit card is the fixed interest rate (APR). The fixed interest rate (APR) means that you won't have to pay late fees. This will ensure that your credit score doesn't suffer. This card is among the most affordable unsecured credit cards. 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.