Is the Indigo® Platinum Mastercard® Worth It?
The Indigo® Platinum Mastercard® isn’t worth it for most borrowers. Its main advantage is that it’s an unsecured credit card you can get with less-than-perfect credit, but it’s not the best deal out there.
These are the most noteworthy features of the Indigo® Platinum Mastercard®:
- Rigid credit limits: Although it’s possible to get a credit limit of up to $2,000 on the Indigo® Platinum Mastercard®, many applicants will receive $500 or less. What’s more, in contrast to many cards, you can’t increase your credit limit, so if you get one on the lower end of that range, you’ll be stuck with it.
- Wide range of annual fees: The Indigo® Platinum Mastercard® can either be free or quite expensive. The best offers get you a $0 annual fee, whereas some require you to pay up to $125 per year.
The Indigo® Platinum Mastercard®’s wide range of borrowing terms is a consistent theme. There are 20 different offers that you can receive for this card, with terms that depend on your creditworthiness.
Although this makes the card accessible to a wider range of borrowers, it also makes it impossible to know whether you’ll get a good deal until after you’ve been approved.
Pros & Cons
Who Is the Indigo® Platinum Mastercard® Best For?
The Indigo® Platinum Mastercard® credit card isn’t a particularly good card for anyone. However, it’s aimed at the following people:
- Young adults who are new to credit: Although you shouldn’t use the Indigo® Platinum Mastercard® as a long-term credit card, it isn’t the worst card to start building your credit history with, especially if you qualify for a low annual fee.
- Credit rebuilders who are strapped for cash: The Indigo® Platinum Mastercard® allows people with troubled credit histories to rebuild their credit without putting down a security deposit. However, if you get stuck with the highest annual fee, you’ll be charged $125 in your first month, which you could’ve put toward a refundable deposit on a secured card instead.
If you have damaged credit but still want to find a card that’s a better deal, look through these lists:
Rates & Fees
Fees
- Annual fee: $0–$125
- Foreign transaction fee: 1%
- Cash advance fee: $5 or 5% (whichever is higher)
- Late payment fee: Up to $40 or $41
- Returned payment fee: Up to $40 or $41
- Over-the-limit fee: Up to $40 or $41
If you have an annual fee on the Indigo® Platinum Mastercard®, it will be added to your initial balance when you open the card. Be prepared to pay it off quickly or you’ll have to pay interest (and potentially late fees if you miss your minimum monthly payment).
Interest Rates
- Purchase APR: 24.90%–29.90% (fixed)
- Cash advance APR: 29.90% (fixed)
- Penalty APR: None
- Minimum interest charge: $1.00
A credit card’s APR (annual percentage rate) is the yearly rate of interest you’ll pay on a balance that you carry from one month to the next. To avoid paying interest, pay off your credit card balance in full each month.
Rewards
Rewards aren’t common among credit cards for bad credit, but they do exist, especially in secured credit cards. Consider shopping around and paying a deposit if credit card rewards are important to you.
Credit Limit
Your credit limit affects your credit score through a metric called your credit utilization rate, which measures how much of your available credit you’re using. Using less is better for your score, so the higher your credit limit is, the better.
Benefits
The Indigo® Platinum Mastercard® gives you access to several perks. All are fairly standard and can be found on other Platinum Mastercard® credit cards.
| Benefit | What It Means |
|---|---|
| Fraud and ID theft protection | Protection against identity theft (including lost wallet assistance), TransUnion credit report monitoring for signs of fraud, and dark web monitoring to check for misuse of your personal information. |
| Zero liability protection | You won’t have to pay if someone uses your credit card to make a fraudulent transaction. |
| 24-hour assistance for lost or stolen cards | Access to an emergency phone number, which you can use to report that your card was lost or stolen, request emergency card replacement, and access emergency cash advances. |
| Discounted airport meet-and-greet services | 15% savings on Mastercard® airport concierge services. |
How to Get the Indigo® Platinum Mastercard®
Credit Score Required
The Indigo® Platinum Mastercard® is available to borrowers with bad credit or limited credit histories. You may be able to qualify with a FICO score under 580, which is considered “poor.”
Keep in mind that your credit score will determine which offer you receive for this card. If you have bad credit, you’re more likely to get an undesirable offer (with a high annual fee and low credit limit).
How to Apply
You can only apply for the Indigo® Platinum Mastercard® online, not over the phone. Start by filling out the card’s prequalification form.
When you apply, you’ll first go through the pre-approval process, which will let you know whether you’re likely to qualify for the card or not. This initial check won’t affect your credit score.
If you want to proceed, you’ll fill out a formal application. This second stage will involve a credit check called a hard inquiry, which will lower your credit score by a few points. The effect will be minor and will last for just a few months to a year.
Building Credit With the Indigo® Platinum Mastercard®
Credit Reporting
Credit reporting is an important part of building credit since your credit score is updated based on the information your lenders provide to the credit bureaus.
Bear in mind that your card can have either a positive or negative effect on your credit. Paying your bills on time will improve your credit score, whereas making late payments will hurt it.
Tips for Building Credit
To establish or rebuild your credit with the Indigo® Platinum Mastercard®, take these steps:
- Pay every credit card bill on time: Your payment history is the most important factor influencing your credit score, so be sure to not to miss any payments.
- Limit your spending: It’s best for your score if you use under 10% of your credit limit on all of your credit cards. This means that if you have a $300 credit limit on your Indigo® Platinum Mastercard®, for example, you should try to keep your balance under $30.
- Keep your card active: Your card issuer might close your Indigo® Platinum Mastercard® account if you don’t use it at least once every few months. This will hurt your credit utilization by abruptly lowering how much available credit you have, so try to avoid it.
Comparable Cards
To figure out whether the Indigo® Platinum Mastercard® credit card is right for you, it’s helpful to compare it with similar cards for bad-credit borrowers.
Indigo® Platinum Mastercard® FAQs
Which bank issues the Indigo® Platinum Mastercard® credit card?
The Indigo® Platinum Mastercard® is issued by Celtic Bank.
Does the Indigo® Platinum Mastercard® have a grace period?
Yes, the Indigo® Platinum Mastercard® gives you a 25-day grace period that begins on the first day of each new billing cycle.
If you pay your bills in full by your payment due date, your purchases during the grace period won’t accumulate interest. However, if you carry a balance from previous billing cycles, you’ll have to pay interest on any charges to your card in the grace period.
Does the Indigo® Platinum Mastercard® allow cash advances?
The Indigo® Platinum Mastercard® credit card lets you make cash advances (borrowing money with your credit card, e.g., at an ATM) at an APR of 29.90% (fixed).
However, you’ll need to pay a cash advance fee of either $5 or 5% of the cash advance amount (whichever amount is greater) for each transaction. This can get expensive, so it’s best to only use your credit card to get cash when it’s an emergency.
Does the Indigo® Platinum Mastercard® allow balance transfers?
The Indigo® Platinum Mastercard® credit card doesn’t allow balance transfers. These transactions involve moving debt from one credit card to another, and they’re often used during debt consolidation.
Many cards that offer balance transfers aren’t available to borrowers with poor or limited credit histories, although there are exceptions.
Does the Indigo® Platinum Mastercard® have an app?
No, the Indigo® Platinum Mastercard® doesn’t have its own app. You also can’t use the Celtic Bank app to manage your Indigo® credit card account, according to the app’s customer reviews.
However, you can still manage your account online at the Indigo® Platinum Mastercard® website.
What’s the customer service number for the Indigo® Platinum Mastercard®?
If you have more questions about the Indigo® Platinum Mastercard® or you need help with your credit card application, you can contact customer service by phone at (800) 353-5920.
Alternatively, you can write them a letter at the following address:
Genesis FS Card Services
PO Box 4477
Beaverton, OR 97076-4477
