The Indigo Credit Card is an expensive credit card for people with bad credit, offering a
$700+ credit limit with no security deposit needed. The Indigo Card has an annual fee of
$175 for the first year (
$49 after), which is joined by a monthly fee after 12 months.
Unless you need to borrow money for an emergency expense, there are cheaper credit cards to build credit with – even some that have rewards. Keep reading below to learn more about the key factors to take into account before applying for the Indigo Credit Card.
Indigo Credit Card Review Highlights
1. Helps you (re)build credit
The Indigo Mastercard is built for people with bad credit and, like all other credit cards, reports to the major credit bureaus each month. So if you pay your bill on time and avoid maxing out your credit limit, it will help you improve your credit score. You can track your progress with
WalletHub’s free daily credit score updates.
2. Very high fees
The Indigo Mastercard will charge an annual fee of
$175 the first year and
$49 after. Although the annual fee drops to
$49 after the first year, a monthly fee of $12.50 gets added to the mix at that point. And if you don’t need an emergency loan,
a secured card is definitely the way to go.
3. Lets you borrow up to $700
The Indigo Credit Card limit is
$700. That means you could have as little as $525 to spend initially considering that the annual fee will be assesed before you begin using your card. And that could make covering emergency expenses kind of tough.
4. Charges interest at a very high rate
Balances carried from month to month with the Indigo Credit Card will accrue interest at an annual rate that could be above the
market averages for secured credit cards and credit cards in general. So you should try to pay off amounts owed as quickly as possible.
