If you are looking for a credit card for bad credit, Indigo may be the right choice. This card has a low credit limit, and a low annual fee. It also offers some benefits to people with bad credit. But, before you sign up for the card, it is important to be aware the potential downsides.
Prequalification
Indigo's Fast prequalification service for those with poor credit is a great choice if you're looking for a new card. This service uses a soft credit check to determine your eligibility. Indigo will not approve credit cards with scores below 650.
The Indigo creditcard is not for responsible consumers. You might not be eligible to use it every day. Prequalification is fast and easy online. It only requires some information. Your credit report will be softly questioned when you submit your card application. The inquiry will not affect your credit score.
Annual fee
The annual fee for Indigo credit cards ranges from $0 to $99 depending on your credit score. This card is best suited for you if your credit rating is excellent and you have never missed a payment. The annual fee will reduce your spending ability and increase your credit utilization.
You should not use the Indigo credit card if your goal is to improve or raise your credit score. It is not a credit card recommended by the community, but it may help your credit score. Even though the card is not reported to credit reporting agencies, it can be used to prove that your financial responsibility and you have made regular payments. It is necessary to submit general financial information.
Overdraft protection
Indigo credit is an excellent choice if your goal is to find an easy-to-use card with a low-annual fee. The annual fee of this card can quickly exceed $300, however it offers a credit limit of $300. The card reports your credit activity to all three major credit bureaus. This can help you improve credit scores.
Overdraft protection on the Indigo credit card allows you to borrow up to ten percent of your credit limit. There is a flat fee of $40 for overdraft protection, and you'll pay a 1% foreign transaction fee. You will also be charged a 5% cash advance charge. In addition, payments are reported to the three credit bureaus every month, and they'll be reported a few days after the end of the billing period.
Foreign transaction fee
The Indigo creditcard charges a foreign transaction cost of one percent on each transaction. This is less than the average three-percent foreign transaction fee. A card fee is also charged, which can vary depending on your credit score. The initial fee is $75, then $99 every year thereafter. It is not clear if the annual fee changes depending on your credit score, but it is higher than the average annual fee on new credit card offers.
The Indigo mastercard starts out with a credit limit of $300 and requires no initial deposit. Credit limits can only be raised once. This means that a high credit limit is impossible. The card helps customers regulate their spending habits and control their credit scores. It reports to all three major credit bureaus, and uploads monthly payment records.
Late payment fee
An Indigo credit card's late payment fee can reach up to $40 if payments are not made on time. The indigo card comes with standard fees. Additional to the $35 late fee, there is an annual fee and foreign transaction fee. The first year fee is $75. $99 per year follows. The fees are not based on your credit score.
Fixed interest rates (APR) are one of the many benefits of the Indigo card. You won't lose your credit score if you make late payments. This card is one the most affordable, compared to other unsecured loans. Many applicants have been approved even with low credit scores. However, applicants with lower credit scores are subject to higher fees and interest rates than those with high credit.