Indigo Credit Card Review - Is Indigo Mastercard a good unsecured credit card for bad credit?

Hi, I'm Adam Jusko and this is strictly

credit

card

s, where we're talking strictly about

credit

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s. Subscribe, why don't you do it in this video? I'm going to

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the Indigo Mastercard. The Indigo Mastercard is a credit card that is not perfect for people who have less than perfect credit, which generally means bad credit, although to some extent they may be aimed at some people who are also more in the average credit zone. fair, so the Indigo Mastercard is a card marketed by a company called genesis fs card services and if you have bad credit yourself, you can also get offers from some of the other cards that they market that are in the similar space, it's The Milestone MasterCard and also the Destination MasterCard, which also come from Genesis FS Card Services and are somewhat similar in terms and conditions. that they're going to offer you in terms of fees and interest rates and that sort of thing, but the Indigo Mastercard is what we're looking at here, so while the Indigo Mastercard is a card product, it can have different fees and rates depending on who.

They are marketing it depending on how bad or intermediate your credit is, but in general, you can expect there to now be annual fees and small lines of credit for most customers if you really go

indigo

. site, as far as I know, doesn't show you any credit card agreements, so you can look around and see what you're getting into. They want you to pre-qualify on their site so they can get you into the funnel and see if they can give you that card; however, the

indigo

mastercard

, although marketed by genesis fs card services, the card itself is issued by a partner bank called celtic bank and on the celtic bank website they do show it.

Six potential Indigo Mastercard deals showing the annual fees you could pay and the interest rates you could pay, so we'll go over some of them to give you an idea of ​​what you could expect from Indigo before you go for it. I should mention that all of the Indigo Mastercard offers I'm talking about are for

unsecured

credit cards, meaning you don't have to make any kind of security deposit to get the card. Let's look at some of those offers. and I'll start with the best offer for people who I assume have the best credit that Indigo could send an offer to or who could use the prequalification tool on the Indigo site, so there is a no annual fee version of The Mastercard Indigo, under the terms and conditions of the cardholder agreement, would likely have a credit limit of 300 and the interest rate would be 24.9.

Obviously that's not a great interest rate and 300 isn't a very big line of credit, but with no annual fee if you're someone trying to rebuild your credit, this is potentially a way to do it without having to pay any fees. Yes, you don't have much of a line of credit, but you do use the card a little and pay. If you pay it off in full every month, you won't have to pay any interest, although it is a very high interest rate. You don't have to pay interest if you don't actually have a balance, so you could use this card to build your account. credit backup, the card reports to all three major credit bureaus, so it's not a bad deal if you're someone who's trying to rebuild and your credit is maybe in the middle, now there's a

good

chance it won't get it, no. annual fee offer which is the best of the potential offers for Indigo Mastercard.

Looking at the rest of the list, there is another version that gives you the same 300 line of credit, but has a 75 annual fee in the first year and a 99 annual fee in the second. year and up and a 29.9 percent interest rate, so if you look at that card, you still have a very small line of credit, but now you're paying a considerable chunk just to get it, so pay $75 on that first year that you are already going to pay. you'd be on the hook for 75 and your line of credit would essentially start at $225 so there wouldn't be much line of credit to use and a high fee on top of that and then obviously if you keep the card in the second year that annual fee evens out . bigger and then you have the version that gives you a line of credit of 400, which is a little better, but in that one you have to pay an annual fee of 99 the first year and every year after, so they will give you a little more . line of credit but they will charge you more at the same time and then you could potentially even get a 500 line of credit, however that will come with a 125 dollar annual fee for the first year and a 125 annual fee each year after that.

You might get a little more line of credit, but you're going to pay a lot more to get it, which means you're going to pay a big chunk of it and still not have as big of a line of credit to start with. For starters, the Indigo Mastercard is one of those types of offset credit cards for people who have bad credit, want an

unsecured

card, and maybe are willing to pay a little to get it and build credit. Hopefully, they will get to a place where they can get a better credit card in the future; will report to the three major credit bureaus.

If you are interested in the card, you can go to their website and do a pre-qualification which would only be an Initially, do a soft survey on their credit, at least to see what offers you could get from them and then you could decide what offer you think is going to receive and if you actually received it, then apply for the card, there would be a thorough investigation, so A gentle pull of your prequalification will not affect your credit score, but it would be a difficult investigation if you go ahead and get the card, so it is A basic card, there are no rewards, not much happens with this card and you will have to pay a fairly small line of credit, but it is not necessarily the worst card out there if you are trying to rebuild your credit and have bad credit history.

There are other cards with higher fees and interest rates, the first being the Mastercard Premier. I always consider it the worst of the lot, this one isn't as bad or as bad as some of the others, at least I don't think it's that bad. I'm getting out of cardholder agreements that I can actually get them by searching for them on the Internet. You might get a worse deal than the one I mentioned so be sure to look closely if you get anything in the mail or pre-qualify now with all that said every time I talk about cards that target the bad credit market, I always make a suggestion for secured credit cards as an alternative which is better for many people who are trying to rebuild credit, a secured credit card does require you to make a security deposit, so you should get some cash that you will send to the issuing bank of that card and that money will simply be set aside as a deposit in case you don't.

It doesn't pay your bills, but then you'll get a credit card and you can use it like any other and if you make your payments on time, it can help you build your credit score and when you get to the end point with that secured card, whether that means They upgrade you to an unsecured card or you just don't want it anymore for whatever reason, they give you back that security deposit assuming you've paid all your bills, the reason I like secured credit cards better in general This is because because they sometimes have no annual fees or will likely have lower annual fees than a card like the Indigo Mastercard.

Sometimes they have rewards too, they will usually have lower interest rates and the best secured credit cards. Often, they will have a path to an unsecured card, a card like the Discover Secured card. They will begin

review

ing your credit history in as little as eight months to see if they can potentially move you to an unsecured version of your Bank of America card. you have a path where they could potentially give you an unsecured card in the future if you do well with your secure card and there are others as well, so not only do you have kind of a path potentially to an unsecured card, but you can also get one card in the future from a larger bank, which might be what you want to start with anyway, so if you start with Discover you know you might end up with an unsecured Discover or if you start with Bank of America you might end up with an unsecured Bank of America in the future instead of starting with a company you know, like Indigo, where there is no clear path for you to get an unsecured card that will have a larger line of credit, so if you are considering With the Indigo Mastercard, make sure you go in with your eyes open in terms of what you're getting, you're probably going to pay an annual fee for a fairly small line of credit.

In my opinion, the Mastercard Indigo is not the worst in the bad credit market, but it is not necessarily the best either. It's just there with many other cards that offer something similar, but it can help you build your credit if you want to go that route, although I suggest using secured cards. That's all for this video. Thanks for seeing it. If you have any comments or questions, please post them in the comments section below, subscribe and we will talk to you soon.