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Indigo Platinum Mastercard Review

Indigo Platinum Mastercard Review

The Indigo Platinum Mastercard is a no-thrills card for those with less-than-stellar credit to build a consistent payment history. There aren’t any standout features that come with the Indigo card. The biggest selling point for the Indigo Platinum Mastercard is that you may qualify for one even if you have mediocre, poor, or no credit. The card offers a 23.9% variable APR. Those who diligently pay their balances off, and those who manage their accounts well could benefit from a credit score boost because the Indigo Platinum Mastercard company reports to all three major credit bureaus. Our Indigo Platinum Mastercard review found that the Indigo card is not a predatory card for people with bad credit, but if your credit rating is “not” in the toilet, then you should consider better cards.

Indigo Platinum Mastercard Review – A No-Frills Card For Those With Less-than-stellar Credit

Anyone who is interested in establishing their credit, or rebuilding their credit, can apply for an Indigo Platinum Mastercard. You must be pre-qualified in order to submit a credit application. This simply means that they are going to run a soft search on your credit before you apply. This lets you and them know how likely you are to successfully apply for an Indigo card. It saves you being rejected after having a hard search noted on your credit history.

To be eligible to submit a request for pre-qualification, i.e. to be eligible for them to run a soft search on your credit, you must:
i. Be at least 18 years of age (19 in Alabama)
ii. Have not submitted a pre-qualification request in the last 60 days

What Are The Indigo Platinum Mastercard Benefits?

There are woefully few benefits that come with the card, but you may be able to apply for extra benefits that are linked with the MasterCard company itself. For example, some Indigo Platinum Mastercard card holders have been able to qualify for additional benefits such as “MasterRental Insurance,” “Master RoadAssist Service,” “Travel Assistance Services” and “Extended Warranty Coverage.” If you read the small print terms and conditions after you get your card, then you can read all about the extra benefits that come with this card.

Indigo Platinum Mastercard Review – How Can This Card Help Me Build A Good Payment Record?

Manage your account correctly, demonstrate that you can make payments on time and that you do not overdraw, and this will create a good payment record. A good payment record helps to raise your credit score. It also shows on your credit history, which means you become more creditworthy so that other lenders are more likely to lend to you.

Manage your debt correctly and maintain a good payment and management history, and Indigo Platinum Mastercard will report your behaviour to all three of the credit bureaus that work in the USA. This will be good for your credit rating on the whole. However, if you miss payments, or if you overdraw on your account, then that is also reported to all three credit bureaus.

Are Indigo Platinum Mastercard Users Able To Get Cash Advances?

subject to credit approval, you should be able to use your Indigo Platinum Mastercard to get a cash advance. If you were not already issued with a PIN number, then you may apply for one and have one sent to you by mail. Once you have a pin number, you may use your Indigo Platinum Mastercard at ATM machines and you may draw out cash advances.

There are also other uses that are considered cash advances. These usually involve areas where you are somehow able to gain access to your funds right away, such as uploads to gambling websites, money transfers, and deposits into savings accounts. The money you draw out as a cash advance will be charged at a rate of 29.9% APR.

Indigo Platinum Mastercard Review – Grow Your Credit Rating

To build a good credit rating, you will need to pay your bills on time on, never miss a payment, and be sure you do not spend more than your credit limit. Future lenders will be looking at your credit history and they will use it to judge your creditworthiness. All three major of the US credit bureaus will be informed of your Indigo Platinum Mastercard payment history. The three credit bureaus are Equifax, TransUnion and Experian. Grow your credit score with them, and you will be able to get better rates for a car loans, credit cards, mortgages, and other lending products.

Pre-Qualification (The Soft Search Portion) Is Very Quick

Indigo Platinum Mastercard allows you to get pre-qualified fast. They accept people who don’t have the perfect credit score. Once you have started and submitted your primary application, you will find out if you have be accepted within 60 seconds.

Pre-Qualification is very quick, and you don’t have to worry about it affecting your credit score because it is a soft search on your credit. It is always handy when lenders offer quick decisions rather than keep you waiting for days. It makes shopping around a little easier. However, consider signing up with a burnable email address. A burnable email address is one that you only use occasionally and it be deleted without harm if you are inundated with spam messages.

Choose Your Own Card Design

If you are accepted, you will be able to choose any custom card design free of charge. As an added bonus, you can use mobile account access that operates 24/7. There are no balance transfer options, which means you cannot use your Indigo Platinum Mastercard to consolidate your other debts.

Pay No Fees For Cash Advances During The First Year

You wont have to pay anything for cash advances during the first year. After the first year, the fees will be 5% or $5.00 of the amount you took as an advance. You will pay 29.9% variable for cash advances, which is the same amount they charge for as their penalty APR.

Indigo Platinum Mastercard Review – Grace Period With No Interest

There is no grace period for cash advances. If you take out a cash advance, then you are charged interest for that cash advance right away, and the cash-advance APR of 29.90% applies right away. Plus, if you have had the card for more than a year, then you also have to pay the cash-advance fee.

If you make purchases, then there is a 25 day grace period. If you use your card for purchases between 1 and 25 days after your last billing cycle, and if you pay it off within those 1-25 days, then you are not charged interest.

Just to clarify, here is an example. Your bill is due on the 3rd of March, and you paid it and your balance is cleared. You owe nothing to your credit card. On the 8th, you buy a Vote Hillary sticker from an antique shop and you stick it on Monica Lewinsky’s car. On the 13th, you pay off that amount on your credit card so that your balance is cleared again. Wait until your next bill, and you will not be charged interest even though there was a brief period where you had a balance (owed money) on your card.

Indigo Platinum Mastercard Fees

Here we have a list of the Indigo Platinum Mastercard fees:

23.9% – (APR) Annual Percentages Rate for purchases
29.9% – Cash advances APR
29.9% – Penalty APR for late payments
25 days – Interest free purchases if balance is repaid within 25 days
$0.50 – Minimum interest charge
$0.00 – Cash advance fee for the first year
$5 or 5% – Cash advance fee
1% – Foreign transaction fee per transaction
$38 – Late Payment Fee*
$38 – Overlimit Fee
$38 – Returned Payment Fee
$0.00 or $59 or $99 – Annual Fee

* If you miss any payments, then the late payment fee goes from $27 to $38 if you do it within the first six billing cycles. The late payment fee may never return to $27 during the lifetime of your card if you miss a payment within the first six months of having your card.

That Sneaky Annual Fee

From the looks of the fees schedule on the Indigo Platinum Mastercard website, it looks like there is no annual fee. In fact, here is a quick screenshot to show you what it says on their website.

Indigo Platinum Mastercard says there are no annual fees

The image above shows the fee schedule that says there are no annual fees when in fact there are, yet that is not the sneakiest part. The sneakiest part is that you do not find out what your annual fee is until the final stages after you have had your hard credit search.

They run the soft credit search and tell you that you are eligible to have the Indigo Platinum Mastercard (that you pre-qualify). But, they do not tell you which annual fee you will be paying until you have completed your application, until you have agreed to take the card, and until you are on the finalizing stages of getting your card after you have received all the terms and conditions. Only then, will you find out if you are on one of the annual fee plans listed below.

[O] 23.9% APR with $0 Annual Fee
[O] 23.9% APR with $59 Annual Fee
[O] 23.9% APR with $75 the first year, and $99 annual fee thereafter

Applying For An Indigo Platinum Mastercard Credit Card

Here is a list of information Indigo will ask for. These are the things they ask for after you have been prequalified (after your soft search). This is the stuff they ask for when they are ready to process your entire application.

[O] Your email address and phone number
[O] Your full name and personal contact information
[O] Bank account information
[O] Your Social Security number and date of birth
[O] Employment details
[O] Annual income
[O] Required documents and information such as photo ID
[O] Eligibility criteria such as residency permits

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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