Indigo® Platinum Mastercard®
- Intro offer: N/A
- Annual fee: $0 – $99
- Regular APR: 24.90%
- Recommended credit score: 300-670 (Bad to Fair)
The Indigo Platinum Mastercard* can help you build a better credit score (if you practice good credit habits) with monthly reporting to the three credit bureaus. Unlike many other options for building credit, this is an unsecured credit card, so it doesn’t require a cash deposit as collateral. But you may incur an annual fee, depending on your creditworthiness when you apply.
At a Glance
- Monthly payment reporting to the three credit bureaus for people with limited credit history or poor credit
- Annual fee of $0, $59, or $75 the first year, depending on your creditworthiness ($75 version charges a $99 annual fee after the first year)
- Unsecured credit card with no security deposit required
- Standard variable APR of 24.90%
Available to individuals with no credit history or low credit scores
Unsecured credit card
Annual fee could be as low as $0 depending on your creditworthiness
Monthly payments report to all three credit bureaus
Annual fees vary depending on creditworthiness, and you won’t know your fee until you apply
High variable APR
$300 credit limit
Additional Card Details
The Indigo Platinum Mastercard is geared toward people with “less than perfect credit” or minimal credit histories. Like other credit-building card options, it doesn’t offer a lot of perks.
You will get a few benefits, like online account access and reporting to all three credit bureaus (Equifax, Experian, and TransUnion). You can also choose from multiple card designs for no extra charge.
Prequalification is another benefit of the Indigo Platinum Mastercard. Prequalifying is a great way to gauge your approval odds and the terms of your offer without filling out a full application and undergoing a credit check, which can temporarily hurt your credit score. If you do choose to apply after pre-qualifying, you’ll still be subject to credit approval with a hard credit inquiry.
Should You Get this Card?
Many credit cards available to people with bad credit scores are secured credit cards that require a cash deposit as collateral. The Indigo Platinum Mastercard offers an alternative to secured cards for building better credit, but has its own drawbacks.
For one, your credit limit is capped at $300. If you’re approved for a version of this card with an annual fee, it’ll be automatically applied, which means your starting limit could be as low as $225.
The annual fee itself is another drawback. The amount you’re charged will depend on your creditworthiness when you apply. If your approval comes with an annual fee, that $59 or $99 ($75 the first year) charge can quickly add up over time. Consider other cards with no annual fee (and even no annual fee secured credit cards) that may make better long-term options for building a healthier credit profile.
How to Use the Indigo Platinum Mastercard
Because the Indigo Platinum Mastercard doesn’t offer any rewards and your credit limit is just $300, you should use this credit card for the sole purpose of improving your credit score. Only make purchases you can afford to pay off when your statement is due, and pay your bill on time to avoid up to $40 in late fees and a penalty APR up to 29.9%.
Building a great credit score, whether you’re starting from no credit history or repairing damaged credit, requires a foundation of good credit habits your credit card can help establish — such as timely payments, low credit utilization, and paying off your balances in full each month.
The Indigo Platinum Mastercard’s low credit limit means you’ll need to be extra careful with your spending to improve your credit score. Using more than 30% of your available credit can hurt your credit utilization rate — one of the most influential factors in your credit score. With a credit limit of $300, that means you should keep your charges below $90.
The goal of a card like Indigo Platinum Mastercard is to, over time, improve your credit score enough to qualify for a better credit card. Use this card to establish and maintain the healthy credit habits (like timely payments in full, low utilization, and consistently paying down balances) that will improve your credit long-term, and help you qualify for a card that’s better suited for your spending habits in the future.
Indigo Platinum Mastercard Compared to Other Cards
Indigo® Platinum Mastercard®
- Intro offer:N/A
- Annual fee:$0 – $99
- Regular APR:24.90%
- Recommended credit:300-670 (Bad to Fair)
- Learn more At our partner’s secure site
*All information about the Indigo Platinum Mastercard has been collected independently by NextAdvisor and has not been reviewed by the issuer.
If your credit score isn’t great and you want to start building the credit foundation to move in the right direction, the Indigo Platinum Mastercard can help by reporting your usage to the three credit bureaus — if you practice good habits that will reflect positively on your report. But you may also take on a pricey annual fee and risk high utilization due to the card’s low credit limit. Before applying, consider other cards for bad credit and secured credit cards with no annual fee that may better serve your credit-building goals.
Frequently Asked Questions
Is the Indigo Platinum a Good Credit Card?
The Indigo Platinum Mastercard is a decent option for consumers with poor credit who don’t want to put down a security deposit on a secured credit card. Check your prequalification terms, and compare other options for people with fair credit or bad credit before applying.
What is the Credit Limit for the Indigo Platinum Mastercard?
The credit limit for the Indigo Platinum Mastercard is $300. If you get approved for a version with an annual fee, your annual fee will be deducted from your credit limit.
Do You Need to Put Down Collateral to Get the Indigo Platinum Mastercard?
The Indigo Platinum Mastercard is an unsecured credit card, so you do not have to put down a cash deposit as collateral.