Indigo Platinum Mastercard Vs Petal 1 No Annual Fee Visa Credit Card
The Petal 1 card offers those with thin or fair credit histories another option with its unorthodox approval process. Applicants may be evaluated on more than just credit score and though it may be more difficult to be approved for than the least-palatable offering of the Indigo Platinum, the Petal 1s limited cash back earnings at select merchants, $500 to $5,000 credit limits and no annual fee make it the no brainer winner in this stackup.
What Does It Mean To Have Fair Or Average Credit
When you have a fair credit score, it means that your credit is one level below good but one level above bad or very poor. Credit score typically refers to your FICO® Score, a three-digit number that ranges from 300 to 850 using a scoring model developed by the Fair Isaac Corporation. If your score is between 580 and 669, you land in the range considered fair.
Annual Fees Depend On Your Creditworthiness When You Apply
The Indigo Card annual fee could be $0, $59, or $75 the first year, depending on factors such as your credit history, income and debt. From the second year on, the annual fee is $99.
The average credit card offer has an annual fee of just $21. Furthermore, plenty of credit cards for people with damaged credit have $0 annual fees theyre just all secured cards.
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How Does The Indigo Platinum Mastercard Work
The Indigo® Platinum Mastercard® has a few priorities youll want to concern yourself with.
With this credit card, you can prequalify easily with a soft credit inquiry. This basically means you can see if youre eligible without applying.
No application submitted, no hard credit inquiry. No hard credit inquiry, no affect on your current credit. However, this does not mean youre guaranteed approval.
On the bright side, the Indigo® Platinum Mastercard® does help rebuild creditfor people with bad credit. How? It reports monthly to the three major credit bureaus. Just be sure to pay your bill on time and to not max out your credit line.
The fees do vary depending on your creditworthiness, though. You may qualify for $0, $59, or $75 annual charged fees for the first year and $99 thereafter.
With the Indigo® Platinum Mastercard®, you can borrow up to $300. If you have the card for more than one year and get charged the $99 annual fee, that means you could have as little as $201 to spend at a time.
Unfortunately, the Indigo® Platinum Mastercard® charges interest at a high rate. This means balances that are carried from month to month will quickly accrue interest. We suggest you pay off charged amounts as soon as possible.
Indigo Platinum Mastercard Features And Benefits
The Indigo® Platinum Mastercard® has quite the list of features and benefits.
For starters, youre able to choose from multiple different cards designs to show off your style in whatever way you choose.
As you go further down the features and benefits lineup, youll find that this specific credit card allows 24/7 account access via your cell phone or computer. Not to mention the transactions are more secure with the chip feature that this card showcases.
On the bright side, the Indigo® Platinum Mastercard® will help you build credit through its monthly reporting to the bureaus if payments are made on time.
Additional features and benefits include:
- Extended warranty coverage
- Widely accepted abroad with a 1% foreign transaction fee
- Soft credit pulls with no credit impact before application
- A fast and easy application process that takes less than 5 minutes
- High approval rate
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Is The Indigo Platinum Mastercard Worth It
This question has a tricky answer to it, and it all depends on your personal preference.
This card can give you a good starting point if youre looking to rebuild or start out on your new credit journey.
It will limit you to $300 and will potentially help you stick to a tight budget. If that number doesnt look good and you think youll go over your limit, this may not be the card for you to build credit with.
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Top 5 Unsecured Credit Cards For 400
If you have a credit score between 400 and 550, dont rule yourself out of being able to own a good credit card. Instead, consider applying for an unsecured credit card that will help you build a better credit history. In this article, we highlight the top seven unsecured credit cards for credit scores in the 400 to 550 range. To make an informed decision, youll also learn about the interest rates, fees, and credit limits that these cards can offer you.
What We’ll Cover
Things To Know About The Indigo Platinum Mastercard
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The Indigo Platinum Mastercard;is an option “for those with less than perfect credit, as the cards website states but it may not be an;ideal one.
The card, issued by Utah-based Celtic Bank, comes in a variety of different colors and designs, but dont let that distract you from its potentially high fees. It offers a costly;pathway toward building credit. Even for those with poor credit, better options exist.
Heres what you need to know about this card.
» MORE:;NerdWallets best credit cards for bad credit
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Discover It Secured: Best For Earning Rewards
The Discover it Secured is one of the few secured . You can earn 2% cash back at gas stations;and;restaurants;on up to $1,000 in purchases each quarter you enroll and 1% cash back on everything else. Plus,;Discover will match all the cash back youve earned at the end of your first year. Also, Discover monitors your payments to help determine if you can upgrade to an unsecured card and get your security deposit returned.
This means you can earn rewards while you work to build your credit by;using your card responsibly;and paying your bill each month.
The information for the Discover it Secured has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Why A Higher Credit Score Matters
The reason why pursuing good credit is a worthy goal is that the people with good credit tend to get more opportunities and better offers.
Having a higher credit score typically makes you a more attractive candidate for a credit card, car loan, mortgage or other type of credit account. If your credit is just average or fair, youll likely pay higher interest rates even if youre approved.
For example, if you have a fair credit score of 660 and you apply for a credit card with a variable APR range of 15% 24%, you may be approved for the card with 22% APR. But someone with a good credit score of 700 may get approved for that same card with 18% APR.
Better credit can save you money. When it comes to longer-term loans, like that on a mortgage, getting a better interest rate can save you thousands of dollars over the life of your loan.
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How Your Credit Score Is Calculated
The three major Experian, Equifax, and TransUnion assign credit scores based on a combination of factors. Each one counts for a specific percentage of your credit score.
Your payment history;;35 percent
This record indicates how often you make your payments on time vs. how often you may have missed or skipped payments. In the eyes of credit card issuers and other lenders, paying on time helps establish you as a reliable person to do business with.
How much of your available credit youre using;;30 percent
The term sounds complicated, but its simply a percentage that measures how much credit youre currently using in relation to how much credit you have available to you. As a general rule, experts recommend using no more than 30 percent of your available credit.
Length of credit history;;15 percent
If you just opened your first credit card a month ago, your credit score wont be as strong as someone whos had a credit card for several years and has built up a solid history of paying their bills on time.
New credit;;10 percent
Applications for new lines of credit account for a small part of your credit scores. Just remember that any application involving a hard credit check can put a small, temporary dent in your credit score. Applying for multiple cards in a short period of time might even give potential lenders the impression that youre trying to borrow more than you can afford to repay.
The types of credit you have;;10 percent
Does Indigo Give Credit Increases
One may also ask, does Total Visa give credit increases? You will not automatically get a limit increase after paying your Total Visa annual fee. Howerver, you can ask for one, as limit increases may be approved after your account has been opened for six months and there have been no late payments and no over-the-limit issues.
Then, is Indigo credit card legit?
While it can’t compete with the best rewards cards in terms of perks, Indigo® Platinum Mastercard® may be the best starter card on the market. It offers a great way to build up your if you don’t want to put up a cash deposit for a secured card.
Does Credit One Give credit line increases?
To be clear, you can‘t just give yourself a ; it has to be granted by your card company. Some card-issuers, like Bank, review your account regularly and may notify you when you’re eligible for a . With other card companies, you may have to request one.
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Indigo Platinum Mastercard Rates & Fees
Nobody likes paying fees, but it is part of life. You can find other credit cards that dont charge fees, but theyre generally reserved for individuals with excellent credit. Thats a goal to strive for, and by using low credit cards like the Indigo Platinum Mastercard, you can establish your credit so that you can one day be approved for more lucrative cards without these fees. In the meantime, heres what youre looking at in terms of rates and fees for the Indigo Platinum Mastercard:
The Secured Mastercard From Capital One
The Secured Mastercard® from Capital One is an excellent choice for individuals with Limited/Bad credit because of its low minimum deposit and lack of an annual fee . With the Secured Mastercard® from Capital One, you can pay a deposit as low as $49 and access a $200 credit line. This differs from other secured credit cards, where your credit limit is typically equal to the security deposit amount.
What makes this card so much better than the Milestone® Gold Mastercard® is that it provides all the same credit-building opportunities, but with fewer fees. Because of this, anyone who is approved should choose the Secured Mastercard® from Capital One over the Milestone® Gold Mastercard®.
- The card currently offers a refundable minimum security deposit of $49, $99 or $200.
- Access a higher credit line after making your first five monthly payments on time.
- Secured Mastercard® from Capital One Review
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No Specified Timeline To Increase Credit Limit
When it comes to steadily increasing your credit limit, the Indigo Platinum card leaves much to be desired.
The initial credit limit of $300 is standard for a credit building card, but is still pretty low when it comes to boosting your credit score. Plus, the Indigo Platinum card does not specify any timeline for an account review to increase your credit limit. So while youll get the average credit limit right away without a deposit, you might find your progress inhibited a few months down the line when you cant improve your available credit.
Why You Might Want A Different Credit Card
It has an annual Annual fee
Many;of the;top secured credit cards;don’t charge annual fees. You can even find alternative cards for those with limited or no credit that have no annual fee and no security deposit requirement. Consider the;Petal® 2 “Cash Back, No Fees” Visa® Credit Card, for example, which is also issued by WebBank and touts itself as a low-cost option for;those looking to build a credit history. Petal’s issuer also uses its own;underwriting model to evaluate creditworthiness, considering such things as income,;spending and savings. The annual fee is;$0.
It doesn’t earn rewards
With a starter card, the goal is to establish a credit history.;Rewards arent as important but some starter cards do offer them. The aforementioned;Petal® 2 “Cash Back, No Fees” Visa® Credit Card,;for example, has a rewards program. So does the;Deserve® Pro Mastercard. It;earns 3% cash back on travel and entertainment and 2% cash back at restaurants for purchases up to $500 per billing cycle . For all other purchases, it earns 1% back.
If you have at least fair credit, you can even find rewards-earning options among major lenders. The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% on all spending. It has an annual fee. But it may also offer you access to a higher credit line after you make your first five monthly payments on time.
It has A permanent ‘payment due’ date
A lower credit limit
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What Is An Unsecured Credit Card
An unsecured credit card is exactly what comes to mind when you think of a typical credit card. This is because its the most common type. In essence, unsecured credit cards come with a credit line that is not protected by a refundable security depositunlike secured credit cards. Choosing between an unsecured credit card and a secured credit card is usually based on your credit score. People with limited or poor credit history benefit the most from secured credit cards because secured credit cards often offer them better terms and interest rates . However, if you have a lower credit score and prefer to have an unsecured credit card, there are still good options to choose from that will set you on the right track to improving your credit.
Indigo Platinum Mastercard Vs Discover It Secured Credit Card
The Discover it® Secured Credit Card is also another credit card that caters to those with bad credit or no credit. Its also great for anyone new to the credit card market.
This special card is a lot different from the Indigo® Platinum Mastercard®. For starters, there is absolutely no annual fee.
If you look into the additional benefits, youll find that cash back reward earnings are available, and at the end of the first year, Discover it® will double your cash back rewards.
Not to mention that youll also be able to check your FICO score just about whenever you want.
The only downfalls with this card are that the rewards do cap off. And, this card is a secured card, meaning it will require a deposit that can later be refunded to activate the card.
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Here’s How You Can Make An Indigo Credit Card Payment:
- Online: Sign into your Indigo online account and navigate to the Bill Pay tab. Enter the routing and account numbers for your bank account and select the amount you want to pay and the date you want the payment to be made. Submit your payment by 5pm, Pacific Time to ensure it’s credited the same day. Payments made after 5pm will be credited on the next calendar date.
- You can also make a payment over the phone, by calling Indigo Credit Card customer service at . You will be asked to enter your account number before they connect you to a representative.
- Alternatively, you can send your check or money order through the mail. The address is:
Genesis FS Card Services
The most common Indigo Credit Card complaints among user reviews on WalletHub are about the card’s high fees, the lack of a mobile app to manage the card, and difficulty making payments. These complaints do have some merit, too.
The card’s annual fee can be quite expensive, but it can also be cheap. The fee assigned depends on the applicant’s creditworthiness. The complaints about the lack of an app are also legitimate, as Genesis Financial Solutions does not offer one. And when it comes to trouble making payments, that seems to only be the case for a minority of cardholders. But those aren’t the only gripes that customers have with the card.
Indigo Credit Card Complaints: