The Indigo Platinum Mastercard can be a good fit for someone right out of college or high school who is trying to build a credit history from the ground up. Let’s take a look at what this credit card for bad credit has to offer.
When your credit needs some work, you may have several options to consider. You could apply for a secured card. However, it requires you to make a cash deposit in exchange for a line of credit. Or, you may qualify for an unsecured card like Indigo Platinum Mastercard. Both options have their merits. But you should know that this card could be great if you don’t like the idea of putting down a cash deposit.
Prequalification without a hard inquiry
Having some blemishes or gaps in your credit history won’t automatically disqualify you from being able to receive the Indigo Platinum Mastercard. You can even prequalify without a hard inquiry on your credit reports. Just remember that prequalification is not a guarantee of approval. If you do end up actually applying for the card, you’ll have a hard inquiry in your credit files.
Reporting to the three major bureaus
All three major consumer credit bureaus are notified of your card usage, including payment history. Thus, your credit may see some improvement over time if you’re using the card responsibly. Use your Indigo Platinum Mastercard responsibly. By doing this, you may be able to qualify for a more rewarding credit card for bad credit in the future.
High annual fee and High purchase APR
Indigo Platinum Mastercard comes with an annual fee of $75 the first year ($99 after that). Unfortunately, annual fees tend to be a fact of life if you have less-than-perfect credit and are shopping for an unsecured card. The card also has a relatively high purchase APR of 24.9%. If you start racking up interest charges, the interest rate on this credit card bad credit could end up hurting rather than helping your financial bottom line.
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If you’re trying to establish credit history for the first time or if you’re rebuilding your credit, Indigo Platinum Mastercard may be a great choice. Besides, if you’re a responsible cardholder paying off your balance in full and on time each month your credit may improve to the point that you can qualify for a better credit card for bad score with no annual fee or a lower purchase APR.