If you're looking to develop or rebuild your credit but lack the funds to make a security deposit for a secure card, the Indigo® Platinum Mastercard® may be worth considering. Although it won't offer you any bonuses or rewards, this card does not require a security deposit. However, people with no or poor credit histories can use the Indigo® Platinum Mastercard® to build credit history. MoneyGeek's Indigo® Platinum Mastercard® review discusses the card's benefits and drawbacks, as well as other characteristics, to help you decide if you should apply for this card.
MoneyGeek’s Take
Indigo® Platinum Mastercard® Review
Updated: June 10, 2024
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Indigo® Platinum Mastercard®
On Partner's Website
APR
24.9% VariableAnnual Fee
$75 the first year; $99 thereafterRecommended Credit
N/A
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Indigo® Platinum Mastercard® Overview
Quick Take
- Reports payments to three major credit bureaus (Equifax, Experian and TransUnion), giving you easy means to build or rebuild your credit.
- Applying for this unsecured credit card requires no collateral.
- Annual fee may vary from $0 to $99.
Important Card Details
Before applying for a credit card, it’s important to understand how credit cards work, as well as their advantages, fees, interest rates and other features.
The following table details the fees and rates associated with the Indigo® Platinum Mastercard®.
Annual Fee
Some cardholders will be required to pay an annual membership fee ranging from $59 to $99.
Foreign Transaction Fee
A fee of 1% of the transaction value will be charged for each foreign transaction.
Regular APR
The card's regular APR is 24.9% on purchases and 29.99% on cash advances.
Penalty Fee
All late payments are subject to a $40 penalty. Returns are also subject to the same fee.
Cash Advance Fee
Along with the high APR on cash advances, you’ll have to pay a fee of $5 or 5% of the transaction amount, whichever is larger.
Additional Benefits
You might also be interested in learning more about the following features of the Indigo® Platinum Mastercard®:
- Mastercard Benefits: The card comes with additional benefits of a Mastercard at no extra cost. These benefits include ID theft protection and zero liability protection.
- Quick and Easy Pre-Qualification Process: You can find out if you're pre-qualified for the card in minutes by entering a few basic details, including your Social Security number.
- Chip Card for Fraud Prevention: This company offers a chip card, which has a microchip integrated into it and can be used at terminals that are chip-enabled. In turn, this provides an added level of security against counterfeit fraud.
- No Penalty APR: Due to the card's high regular APR, you will not be charged a penalty APR.
How the Indigo® Platinum Mastercard® Compares To Other Cards
Due to the fact that it doesn’t need a security deposit, the Indigo® Platinum Mastercard® could be an excellent option for many individuals who are looking to improve their credit score without having to put money down. However, the addition of an annual charge and a foreign transaction fee may turn some people off. The following table compares it to a secured credit card with similar features.
How the Indigo® Platinum Mastercard® Compares
Indigo® Platinum Mastercard®
- Annual Fee: $59 - $99
- Foreign Transaction Fee: 1%
- Regular APR: 29.9%
- Rewards Rate: None
- Minimum Deposit: None
- Credit Needed: No credit required
- Best For: Those looking for a credit-boosting card with zero deposit
Citi® Secured Mastercard®
- Annual Fee: None
- Foreign Transaction Fee: 3%
- Regular APR: 26.74% variable
- Rewards Rate: None
- Minimum Deposit: $200
- Credit Needed: No credit required
- Best For: Those trying to build credit with a no-annual fee credit card
Frequently Asked Questions
What is the average credit score needed to get approved for the Indigo® Platinum Mastercard®?
To get approved for the Indigo® Platinum Mastercard®, you don’t need to have a credit history or score.
Does the Indigo® Platinum Mastercard® report to all three credit bureaus?
Yes, it does.
Is the Indigo® Platinum Mastercard® application process lengthy? Can you prequalify?
The application process for the Indigo® Platinum Mastercard® is fairly straightforward. It only takes a few minutes to determine whether you are pre-qualified. You will receive the card within 14 business days of approval.
What information is needed to apply for an Indigo® Platinum Mastercard®?
To start the Indigo® Platinum Mastercard® application, you simply need to supply a few personal details, including your Social Security number.
Does the Indigo® Platinum Mastercard® have good customer service or helpful information online?
On its website, Indigo doesn’t provide much information on the Platinum Mastercard. If you have any questions, you may contact their customer care at the number shown on their website.
Does the Indigo® Platinum Mastercard® have a mobile app or the option to pay or manage your account online?
Yes, Indigo accepts online payments and accepts a mobile app.
Does the Indigo® Platinum Mastercard® raise credit limits automatically or charge for limit increases?
No, it doesn’t. Your Indigo® Platinum Mastercard® credit limit is restricted to $300.
Does the Indigo® Platinum Mastercard® offer the option to freeze your credit/account or have other security features?
Indigo offers cards integrated with a microchip for added security. If your card is lost or stolen, you will have to contact their customer service to lock or freeze it.
Does Celtic Bank offer other credit cards besides the Indigo® Platinum Mastercard®?
Celtic Bank, the issuer of indigo Platinum Mastercard issues other credit cards like the Surge Mastercard credit card.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
sources
- Mastercard. "Celtic Bank Credit Cards." Accessed December 15, 2021.
- Indigo. "Frequently Asked Questions." Accessed December 15, 2021.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.