In the market for a credit card with fraud protection, credit protection, and low credit score requirements? The Indigo Platinum credit card ticks all of those boxes. However, there are still a few things you need to look out for when you both apply for and use this credit card not highlighted in www.indigoapply.com mail offers.
The Indigo Platinum Card is for people who have low credit, need a credit card, and have already gotten a rejection letter or two. This is not a first choice card, but it isn't a bad choice provided you pay a lot of attention to how you use it.
First, the basic purchase interest rate for all customers is 24.9% APR. If you make a late payment even once, that interest rate can be raised to 29.9% APR permanently. Cash advances are always charged at the 29.9% APR rate.
This isn't completely unreasonable given the type of "credit building" card this is and this is how the indigoapply.com notice markets the card. A basic secured card from a larger company typically comes with around the same amount of APR as the standard rate, though those cards also come with no annual fee.
The maximum credit limit on the Indigo Platinum MasterCard is $300. The problem with this is that it will be very easy to use up in regular everyday use. Cellphone bills, electricity bills, and an average-sized family grocery run may easily take up over $100 or 30% of your credit limit.
Again, if you pay it off in full every month, on the day your bill comes in, you should be able to avoid any negative impact this could have on your credit score. Further, if you don't already have a credit card, any available credit is often better than none.
One standout issue with the Indigo Platinum MasterCard is late and lengthy payment processing (obviously they won’t say this on www.indigoapply.com mailers). For example, if you make a payment as soon as you get your bill every month, it may take as many as 14 days to apply that credit to your account. Because billing cycles are typically aligned with the length of a month, this shouldn't be a problem.
However, if you pay your card a week before the payment due date, it may take so long to process that you are hit with a late fee. While this is occasionally able to be refunded, it's not an easy thing to deal with.
If you do apply for the Indigo Platinum card through www.indigoapply.com or directly through their site, please only use it on months where you can pay it off immediately or at the start of the next credit cycle. This is the only way to reliably avoid high late fees.
Some of the fees listed below are variable depending on your credit score or the creditworthiness assigned to you by the credit card company itself. In general, the higher your score is, the lower the fees you can expect to pay.
- Annual Fee – The annual fee for the Indigo Platinum card is $75 for the first year and $99 each year after that. If you sign up with good or better credit, then the fee is only $59 per year and, with the best credit, you may qualify for a zero-fee card. It's also possible to ask to be upgraded to another tier after your first year.
- Cash Advance – For the first year you have the Indigo Platinum card, you will have the ability to request a cash advance with zero fees, though each transaction will still draw interest. After that, each transaction will cost $5 or 5%.
- Foreign Transaction – 1% of the total purchase amount is the foreign transaction fee for the Indigo Platinum card.
- Late Payment Fee – The late payment fee for the Indigo Platinum card is up to $40.
- Overlimit Fee – The overlimit fee for the Indigo Platinum card is up to $40.
- Return Payment Fee - The returned payment fee for the Indigo Platinum card is up to $40.
- Authorized User Fees – No authorized users or additional cards.
- Balance Transfer – Balance transfers are not allowed with this card.
The Indigo Platinum MasterCard has no rewards program and no plans to implement on in the future.
Pros – Advantages of the Indigo Platinum Credit Card
The Indigo Platinum card offers a few standout benefits that cost little to nothing or that may save you money long-term.
- Fraud Protection – Just like every MasterCard out there, the Indigo Platinum will have a high level of fraud protection and you will be liable for no more than $50.
- Voluntary Credit Protection Plan – For $1.49 per month for every $100 you carry as a balance on your card, you can choose to enroll in the credit protection plan. This means that if you involuntarily lose your job or become disabled, several minimum payments will be covered on your behalf by the lender.
- Room to Grow – With the Indigo Platinum MasterCard it's possible to negotiate fees down to $0 annually or get your interest back to the standard rate if you have incurred a penalty. That makes this card better than any other that sticks you with a recurring fee for life.
Cons – Disadvantages of the Indigo Platinum Credit Card
Fees for things that aren't your fault are the top of the iceberg when it comes to the Indigo Platinum card. Consider these items before utilizing a www.indigoapply.com acceptance letter.
- Lengthy Payment Processing – Even with a grace period longer than 20 days, it's hard to justify why it would take a company more than a week to process a payment and have it posted to your account. Worse, they will tack on fees if it takes them too long to process a payment you've already authorized.
- Questionable Customer Service – The customer service team associated with the Indigo Platinum card seems to lack a cohesive thread. While some members of the team are generous with refunds, others seem to brush off most concerns, no matter how genuine they are.
- Indefinite Penalty Interest – While not the highest interest rate out there, the penalty rate for the Indigo Platinum card is 5% over their standard rate and lasts indefinitely.