Indigo could be the best choice for you if your credit score is not good. 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 prequalification service for those with poor credit is a great choice if you're looking for a new card. This service uses a soft credit pull to determine your eligibility for the card. Indigo will not approve credit cards with scores below 650.
Even though the Indigo card is intended for irresponsible shoppers, you might not be able use it for everyday purchases. Prequalification is easy and quick online and only requires a little information. While your application for the card is submitted, a soft inquiry to your credit file will be made. This inquiry won't 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 best suited for you if your credit rating is excellent and you have never missed a payment. However, be aware that the annual fee may erode your spending power and increase your credit utilization ratio.
The Indigo Card is not recommended for anyone who wants to improve their credit score. It is not a credit card recommended by the community, but it may help your credit score. It is not reported by credit bureaus but you can still prove your financial responsibility if you make regular payments. You will need to provide general financial information, and then verify it.
Overdraft protection
Indigo credit cards are a good choice for anyone looking for an easy to use credit card that charges a low annual fee. Although the card allows for a $300 credit limit (but not an annual fee), it can quickly consume this amount. The card will report credit activity to three major credit bureaus. This can help improve your credit score.
The Indigo creditcard offers overdraft coverage that allows you borrow up to 10% of your credit limit. Overdraft protection is $40, plus a 1% foreign transaction fees. The card has a 5% cash advances fee. Additional payments are made to the credit bureaus monthly and will be reported within a few business days.
Foreign transaction fee
The Indigo creditcard charges a foreign transaction cost of one percent on each transaction. This is less than the average three-percent foreign transaction fee. The card also charges an annual fee, which varies depending on your credit score. The initial year's fee is $75, and $99 for each subsequent year. Although the annual fee may change depending upon your credit score, it is still higher than the average annual charge for new credit card offers.
The Indigo mastercard is available with a $300 credit limit. No initial deposit is required. You can only increase your credit limit once. Customers can manage their spending habits and their credit scores with the card. It reports to all three major credit bureaus, and uploads monthly payment records.
Late payment fee
A late payment fee of up to $40 can be charged on Indigo credit cards if you do not make your payments in time. However, the indigo card does come with standard fees. There are annual fees as well as foreign transaction fees. The first year fee is $75, followed by $99 each year. The fees are not based on your credit score.
Fixed interest rates (APR) are one of the many benefits of the Indigo card. Your credit score will not be affected by late payments. 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 less credit will need to pay a higher interest-rate and more fees than those of good credit.