Indigo Platinum Mastercard Review – A Credit-Building Card
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When you're struggling to build credit or looking for a way to repair less-than-average credit, it can be tempting to take the first credit card offer that comes your way. There are many cards out there targeted at those building or rebuilding their credit, and the Indigo Platinum Mastercard is one of them.
The Indigo Platinum Mastercard boasts many benefits for those looking to bump up their credit score quickly, but it's not without its flaws. Ultimately this credit-building card doesn't provide any unique benefits you couldn't obtain with another similar card. Let's closely examine this card's key features, benefits, drawbacks, and who it's best for.
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What is the Indigo Platinum Mastercard?
The Indigo Platinum Mastercard issued by Celtic Bank, an FDIC-insured Salt Lake City-based financial institution, is serviced by Genesis FS Card Services. Celtic Bank was founded in 2001 to provide financing for small businesses. This bank is regularly rated one of the country's top ten small business lenders, but it offers more than small business financial services.
Designed for anyone with no, low, or poor credit, the Indigo Platinum Mastercard is easy to get approved for, has varying credit limits, does not require a deposit, and offers prequalification without pulling your credit. This card reports to all three of the major credit bureaus — Experian, Transunion, and Equifax - allowing you to start growing your credit score with responsible use.
Despite the benefits, this card has some real drawbacks, like the steep annual fee (varying amounts), low credit line limits, late payment penalties, and high APR — annual percentage rate.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
How does the Indigo Platinum Mastercard work?
You can apply for the Indigo Platinum Mastercard online. If you're worried you may not be approved — although Indigo states it's easier to get approved for this card than other comparable options — you can find out if you prequalify here.
For both the prequalification and application processes, you'll need to provide some key information, like your name, address, social security number, date of birth, annual income, income source, and email address. The Indigo card team will assess your creditworthiness and make an approval (or preapproval) decision.
Alternatively, if you've received an offer by mail, you can enter this information when selecting the apply button.
The entire process is quick and easy, and you should receive a decision in minutes. Sometimes, the provider may need more time to process your application, and you may receive a decision by mail. You cannot apply for this card over the phone at this time.
How much does Indigo Platinum Mastercard cost?
Depending on your credit, you may be charged an annual fee for the Indigo Platinum Mastercard. While those with better credit may not be required to pay an annual fee, most applicants with poor or below-average credit can expect to pay between $59 to $99 annually. Considering the credit line only extends to $300, this may be too steep a fee for some applicants.
Other costs you may incur are late fees — up to $40 — and a penalty APR, which bumps up to 29.90% from 24.90% — a significant jump.
Related: Best Credit-Building Credit Cards
Indigo Platinum Mastercard features
Overall, the Indigo Platinum Mastercard is rather lackluster — its main appeal is its easier approval odds — but there are some features that prospective applicants should be aware of.
No deposit
With a card catering to those with credit scores well below 600, it's nice that there's no deposit requirement. While this is not a secured card, the steep $99 annual fee many with poor credit could end up paying can make it feel like an option stuck somewhere between secured and unsecured cards.
Won't ding your credit to check approval odds
There's nothing more frustrating than applying for a credit card only to get denied — and have your credit dip because of the hard inquiry. I like that the Indigo Platinum Mastercard lets you determine your approval chances without impacting your credit first. But, it's important to keep in mind that pre-qualification isn't a guarantee — while it can give you a better idea of whether or not you'll be approved, ultimately, a hard inquiry will be needed to firm up your approval.
Easier approval odds
Building credit can feel like a catch-22 — you need access to credit to boost your score, but you need a good credit score to get access to credit. Indigo claims this card is designed for those with no, poor, or limited credit, allowing you access to an unsecured line of credit that can help you practice responsible credit usage to bump up your credit score.
Fun card design options
You can choose from a variety of card designs for no additional charge. While this isn't a significant benefit, it might be worth considering if you decide between another similar card without personalization options.
Fraud protection
Like all Mastercard credit cards, the Indigo Platinum Mastercard offers fraud protection to protect you from unauthorized purchases if your card or account information is stolen.
Rewards
The Indigo Platinum Mastercard is a basic, credit-building card that does not currently offer rewards or welcome bonuses. If you're looking for rewards and have limited or poor credit, the Discover it® Secured Credit Card, or the Petal® 1 "No Annual Fee" Visa® Credit Card might be better options to explore.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Who is the Indigo Platinum Mastercard best for?
Anyone rebuilding credit looking for an unsecured card. If you're finding it difficult to get approved for a credit card — even those targeted as credit-building cards — you may have better luck with the Indigo Platinum Mastercard. It offers a low credit limit but is not a secured card.
Students and young adults with no or limited credit. Although there are better credit cards for students, the Indigo Platinum Mastercard might be a solid option for any student with no or limited credit history looking to secure their first credit card.
Anyone seeking a low credit line. While most would consider the $225 to $300 credit line that the Indigo Platinum Mastercard offers a drawback, it might be a highlight in some cases. If you know high-limit credit cards tempt you or want to prevent overspending and digging yourself into a significant amount of debt, then a smaller credit line might be a perk, making this card the right choice for you.
Who shouldn't use the Indigo Platinum Mastercard?
Anyone with average or above-average credit. If your credit score exceeds 600, chances are you can get approved for a better card with no or lower annual fees, some rewards system, and no or lower penalties.
Anyone seeking a high credit limit. The $300 credit limit may be perfect for someone just starting their credit journey, but if you're trying to boost your credit score with your credit utilization rate, this card won't make much difference.
Indigo Platinum Mastercard pros and cons
Still not sure if the Indigo Platinum Mastercard is right for you? Here are some pros and cons to consider.
Pros
- Better approval odds
- No deposit
- Prequalification won't impact your credit
- Card design personalization options
Cons
- Steep annual fee (for most applicants)
- Low credit limit of $300
- High penalty fees ($40) and penalty APR (29.90%)
- No welcome bonus
- No rewards
- No ability to request a credit increase
Indigo Platinum Mastercard vs. competitors
How does Indigo Platinum Mastercard stand up to competitors? Let's take a look.
Petal® 1 "No Annual Fee" Visa® Credit Card
Petal 1 "No Annual Fee" Visa® Credit Card
Card Name
Petal 1 "No Annual Fee" Visa® Credit Card
APR
28.49% – 35.74%
Recommended Credit Score
N/A
Annual Fee
$0
Why We Like It
- No security deposit required
- Bad and poor credit possible
- No annual fee
Card Details
Get a credit limit of $300 to $5,000 with $0 annual membership fee. You can earn 2% to 10% at select local and national merchants.
Discover it® Secured Credit Card
Discover It® Secured Credit Card
Card Name
Discover It® Secured Credit Card
APR
28.24%
Recommended Credit Score
N/A
Annual Fee
$0
Rewards Rate
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all your other purchases automatically. 2x cash back with Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
Why We Like It
- Credit-building credit card with limit you set with your deposit.
- Automatic review in 7 months to see if you can transition into an unsecured line of credit and return your deposit.
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
Card Name
Capital One Platinum Secured Credit Card
APR
29.99%
Recommended Credit Score
Limited, Bad
Annual Fee
$0
Special Offer
No annual or hidden fees.
Special Offer Terms
See if you're approved in seconds.
Rewards Rate
N/A
Terms
Why We Like It
- No annual or hidden fees.
- You could earn back your security deposit as a statement credit by making on-time payments.
- Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
- Monitor your credit score for free with CreditWise from Capital One.
Summary of Indigo Platinum Mastercard vs. competitors
Bank | Annual Fee | Deposit | Credit Limit | APR | Rewards |
Indigo Platinum Mastercard | $0 - $99 | None | $300 | 24.90% | None |
Petal 1 "No Annual Fee" Visa® Credit Card | None | None | $300 - $5,000 | 24.74% - 34.24% | 2% - 10% cash-back at qualifying merchants |
Discover It Secured Card | None | $200 (minimum) | Minimum $200 | 27.74% | 2% cash-back at gas stations and restaurants (for up to $1,000 spent each quarter); 1% cash-back on all other purchases; cash-back match for first year’s rewards |
Capital One Platinum Secured Credit Card | $0 | $49 - $200 * refundable | $200 (eligible for higher limit after 6 months) | 29.99% | N/A |
FAQs
Does the Indigo Platinum Mastercard offer cash advances?
Yes, you can get a cash advance with your Indigo Platinum Mastercard, but I'd avoid this option if possible because of the steep fees. Indigo does not publish their cash advance fees, but providers typically charge a fee between 3% - 5% of the cash advance amount, on top of interest and higher APR brackets.
Is the Indigo Platinum Mastercard a secured card?
No, the Indigo Platinum Mastercard is an unsecured card that does not require a deposit. It may, however, require you to pay an annual fee.
What bank issues the Indigo Platinum Mastercard?
Celtic Bank in Utah is the issuer for the Indigo Platinum Mastercard.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
The bottom line
The Indigo Platinum Mastercard is a standard credit-building card that is easy to get approved for but offers a few additional incentives. While it can be a solid card for establishing credit, its lackluster rewards and features, small credit limit, and high fees make it a card you should only consider as a last resort.
The Petal 1 Visa and Discover it Secured cards both offer better perks and lower APRs. If you're worried about getting approved for a credit card, I'd recommend checking out the Petal 1 Visa. And if you don't mind paying a deposit, the Discover it Secured card can pay for itself if you use it responsibly while racking up rewards.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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