Question 1

What is the Indigo Platinum MasterCard?

Accepted Answer

The Indigo Platinum MasterCard is a credit card designed for individuals with less-than-ideal credit histories or those looking to establish credit for the first time. It is often considered an option when traditional credit cards are not available due to poor credit.

Question 2

What are the key features of the Indigo credit card?

Accepted Answer

Annual Fees: The card typically comes with an annual fee, which can vary based on your creditworthiness, ranging from no fee to $99 or more. Interest Rates: As of the making of this video, the Indigo card has a high interest rate of 23.9%, which is important to consider when managing your balance. Credit Limit: Your initial credit limit may be as low as $300 or more, depending on your credit history.

Question 3

How can I check my eligibility for the Indigo Platinum MasterCard?

Accepted Answer

You can use the pre-qualification tool on the Indigo website to get an indication of your likelihood of approval. This tool asks for basic information but does not impact your credit score. If you receive a negative response, it's a sign that you may want to explore other options.

Question 4

Will applying for the Indigo credit card hurt my credit score?

Accepted Answer

The pre-qualification tool does not affect your credit score, as it is considered a "soft pull." However, if you proceed with a full application, it will result in a "hard pull," which may have a minor impact on your credit score. If you've received a positive indication from the pre-qualification tool, you're more likely to be approved.

Question 5

Is the Indigo Platinum MasterCard a good way to rebuild or establish credit?

Accepted Answer

While the Indigo card reports your payment activity to the major credit bureaus, it's not the most cost-effective option due to its high fees and interest rates. We recommend considering secured credit cards as a better alternative. These cards require a security deposit but often provide a clearer path to improving your credit score and may eventually transition to unsecured cards with responsible use.

Question 6

Who offers the Indigo Platinum MasterCard?

Accepted Answer

The Indigo credit card is offered by Genesis Card Services, often in collaboration with Celtic Bay or Celtic Bank. Genesis specializes in providing credit solutions for individuals with credit challenges.