Review of Indigo Platinum MasterCard in 2022

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Triston Martin

Nov 01, 2023

Credit card applications might be challenging if you don't have a good credit score or no credit history, especially if you can't afford a deposit. The Indigo Platinum MasterCard does not need a security deposit, making it possible for persons with bad credit to receive a card.


A $300 credit limit and a $0 annual charge may be conceivable, but your creditworthiness will determine how much you'll have to pay yearly fees.


Details of Additional Cards


For those with "less than excellent credit" or "limited credit history," the Indigo Platinum MasterCard is the best option. There aren't many benefits to this card, typical of credit-building cards. Some perks, such as online account access and reporting to all three major credit agencies, are included in your membership (Equifax, Experian, and Transunion).


Free of charge, you may also pick from various card designs. You may get an idea of your chances of getting approved and the parameters of your offer by prequalifying without submitting an application on its whole and risking a temporary drop in your credit score.


Is This Card Worth It?



The majority of negative credit cards are secured credit cards that demand a cash deposit as security. An alternative to protected cards, the Indigo Platinum MasterCard has several advantages and some disadvantages.


You're limited to a $300 credit limit, for starters. Your beginning credit limit might be as little as $225 if you're approved for an annual fee version of this card.


Another downside is the yearly charge. Your creditworthiness will determine how much you'll be charged when you apply. It may soon build up to a lot of money if your approval comes with an annual cost of $59 or $99 ($75 for the first year). Other cards with no annual fees (and even no annual charge secured credit cards) may be better long-term solutions for maintaining a healthy credit profile.


The Indigo Platinum MasterCard: A Quick Guide


In light of the lack of benefits and the $300 credit limit, the Indigo Platinum MasterCard should only be used to improve your score. Pay your account on time to avoid up to $40 in late penalties and a penalty APR of 29.9 percent if you don't keep up with your payments.


You'll need to be particularly cautious when using your Indigo Platinum MasterCard to raise your credit score because of its low credit limit. To improve your credit score, avoid using more than 30 percent of your credit limit, considered one of the most critical variables.


Tips for the Indigo Platinum MasterCard



There are alternatives for people with less-than-perfect credit, such as the Indigo Platinum MasterCard, but they may not be the best.


Though Celtic Bank's card comes in various colors and styles, please don't allow the card's possibly hefty fees to deter you from applying for it. It's a pricey method to develop credit, but it's an option. People with bad credit can find better solutions.


Build your credit using this service


The Transunion, Equifax, and Experian credit agencies get information from the Indigo Platinum MasterCard. If you're seeking to establish credit, this is an excellent opportunity because these bureaus collect the data needed. A customer's payment history heavily influences these ratings. There are better credit cards available in the future if you keep up with your payments.


But it may cost


Depending on your creditworthiness, there may or may not be an annual fee. You will, however, be charged a yearly cost of $59 or $99 if you have a low credit rating. The $99 annual charge is waived for all new cards for the first year.


This card's allure diminishes as the yearly fee rises. The alternative is to develop your credit and receive your deposit back by making timely payments with a secured credit card deposit of a few hundred dollars. If you pay an annual fee, you won't be able to get your money back.


Prequalify without affecting your score


It's possible to prequalify for the Indigo Platinum MasterCard without damaging your credit scores to determine your chances of acceptance (and the yearly cost you're likely to spend). You'll know where you stand if you do this.


A soft "yes" or "probably" is all that prequalification means, and it doesn't indicate that you've been accepted. It is still necessary to submit a complete application for evaluation, which will result in a temporary blemish on your credit rating.


But a limited credit limit annoys me.


Depending on costs, the credit limit may be as low as $300. For example, your credit limit may be as low as $241 for an account with a $59 annual cost because of the issuer's setup and maintenance expenses.


Having a low credit limit makes it simple to run a high credit usage, which might harm your credit even while trying to improve it. A hefty yearly fee isn't worth paying for a credit limit at the bottom of the range.


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