Indigo® Unsecured Mastercard® Review - A Credit-Building Card
Need help to build or rebuild your credit? If you use it correctly, this card can help. Here’s our review of the Indigo Unsecured Mastercard®–a great option to transition your credit from bad to good.
The Indigo Unsecured Mastercard® is a good option to consider if you’re working on building your credit score. You can pre-qualify for this card if you’re uncertain if you qualify. That’s great because it means you don’t have to get a hard pull on your credit report if you aren’t sure whether or not you’ll qualify for the card. Here’s what you need to know about this credit-building card before you apply.
This card is a very un-fancy option. By that, I mean that it doesn’t have any significant cardholder benefits like points and travel rewards programs. It also doesn’t have any bonus rewards programs or introductory APRs.
The main benefit of this credit card is that it’s an unsecured option for those with poor credit. If you’re working to build your credit score after a bankruptcy or for the first time, it could be a great option for your particular needs.
This card is a step up from a secured credit card, which requires you to put down a deposit before they’ll give you a line of credit. With this card, you’ll likely only get a small line of credit, but you won’t have to have cash on hand for a deposit.
Besides being a credit card that you can get with very low credit, the Indigo Unsecured Mastercard® also comes with a couple of other benefits:
This may not seem like a big deal. But if you have poor credit and need a credit card to help you increase your credit score, you can be between a rock and a hard place. Often to find out if you even qualify for a credit card, you have to fill out an actual application.
This means that the credit card company needs to pull your actual credit score. And that process leaves a mark on your credit report that can pull your credit score down even further. This is especially true if you need to apply for multiple cards before you find one that will give you a line of credit.
With the Indigo Unsecured Mastercard®, though, you can fill out a pre-qualification application. This doesn’t affect your credit score, and will let you know whether or not you’re likely to qualify for the card. If you don’t pre-qualify, you can try to get a secured credit card, instead. And if you do qualify, you can go ahead and move forward with your application without wasting your time.
Online Account Management
With this card, you can also manage your account online or on your phone or tablet. The company has a great website where you can activate your card online, pay your bill, and get transaction history. You can also stay on top of your balance so that you can ensure you don’t spend more on the credit card than you can afford to pay off in a month.
Custom Card Design
This card has a few different design options you can choose, if you’d like. There’s no additional charge to choose a funky card design.
To sign up for the Indigo Unsecured Mastercard, you just need to go to their website. First you’ll fill out the pre-qualification form, which asks for your name, address, date of birth, and Social Security Number. You’ll also give them your email address and phone number.
If you qualify for the card, then you can fill out the rest of the information to actually apply for the credit card. It’s as simple as that!
This card doesn’t have an annual fee, but it does have a steep 24.99% APR. You don’t want to leave a balance sitting there with any credit card, since they all have an APR you don’t want to pay on a regular basis. But this card’s APR is particularly high, as is standard for cards that cater to customers with less-than-optimal credit scores.
Pros and Cons of The Indigo Unsecured Mastercard®
- Available for very low credit customers — This card specifically targets customers and potential customers who have a very low credit score. So if you’re trying to build your credit but don’t want to have a secured credit card, this could be a good option, even if you have a prior bankruptcy.
- Pre-qualification form doesn’t affect your credit score — If you already have low credit, you don’t have to harm it even more by applying for this card but not qualifying for it.
- Reports to all three credit bureaus — If you’re applying for a card for the expressed purpose of boosting your credit score, you really need to be sure the card company reports out your activity to all three credit bureaus. This card does, so you know it can help you build your credit score with responsible use.
- High APR — At almost 25%, this card has a higher-than-average APR, so be extra careful about carrying a balance.
- No additional benefits or rewards — This isn’t unusual with cards that are for those building their credit, but it’s something to be aware of. Some secured credit cards do have spending rewards, so those might be a better option if you’re looking for benefits or rewards.
Is This the Credit Card for You?
The Indigo Unsecured Mastercard® is made specifically for individuals with a poor credit history, or even those with a bankruptcy in their past. This card is a good option if you have negative credit history to deal with and want to go through a pre-qualification process before applying for the credit card. With that said, there are some good secured cards on the market these days that do have some more standard credit card benefits and rewards, so you might check out those cards before you decide the Indigo is right for you.