What is the Indigo Mastercard?
The Indigo Mastercard is a credit card aimed at individuals who may have had difficulty getting approved for traditional credit cards due to a poor credit score or limited credit history. Issued by Celtic Bank, an FDIC-insured bank, the Indigo Mastercard is designed to help cardholders build a positive credit history. The card reports to all three major credit bureaus—Experian, Equifax, and TransUnion—making it a powerful tool for anyone looking to establish or repair their credit score.
Why Choose the Indigo Mastercard?
Before diving into the application process, it’s important to understand why the Indigo Mastercard application might be the right choice for you:
- Credit Building: The Indigo Mastercard is ideal for those looking to build or rebuild their credit. Regular, on-time payments will be reported to the major credit bureaus, helping you improve your credit score over time.
- Pre-qualification Without Impacting Your Credit Score: One of the major benefits of the Indigo Mastercard application process is the ability to see if you pre-qualify without affecting your credit score. This soft credit inquiry does not negatively impact your credit rating and gives you a good indication of your chances of approval.
- Global Acceptance: As a Mastercard, the Indigo card is widely accepted, both domestically and internationally. You can use it for online shopping, in-store purchases, or while traveling abroad, providing versatility and convenience.
- Fraud Protection: Security is a key feature of the Indigo Mastercard. With zero-liability protection, you won’t be held responsible for unauthorized charges, giving you peace of mind with every purchase.
- No Security Deposit Required: Unlike many credit cards aimed at individuals with low credit scores, the Indigo Mastercard does not require a security deposit, making it accessible for those who may not have a significant amount of cash to set aside.
The Indigo Mastercard Application Process
Applying for the Indigo Mastercard is a straightforward process that can be completed entirely online. Here’s a step-by-step guide to help you through the application process:
Step 1: Pre-qualification
The first step in the application process is to check if you pre-qualify for the Indigo Mastercard. This can be done by visiting the Indigo Mastercard website and filling out a simple form. You will need to provide some basic personal information, such as your name, address, date of birth, and social security number. The pre-qualification process only takes a few minutes and does not impact your credit score.
Step 2: Review Your Pre-qualification Status
Once you’ve submitted the pre-qualification form, you’ll receive a response almost immediately. If you pre-qualify, you’ll be invited to proceed with the full application. It’s important to note that pre-qualification is not a guarantee of approval, but it is a positive indicator of your chances.
Step 3: Complete the Full Application
If you decide to proceed after pre-qualifying, you will need to complete the full application. This will involve providing more detailed information about your financial situation, including your employment status and income. The Indigo Mastercard application will conduct a hard inquiry on your credit report, which may have a temporary impact on your credit score.
Step 4: Await Approval
After submitting your full application, you will need to wait for approval. In many cases, you will receive a decision within a few days. If approved, your new Indigo Mastercard will be mailed to you, usually arriving within 7-14 business days.
Step 5: Activate Your Card
Once you receive your Indigo Mastercard, you’ll need to activate it before you can start using it. This can typically be done online or over the phone by following the instructions provided with your card.
Tips for Using Your Indigo Mastercard Wisely
Once you have your Indigo Mastercard, it’s essential to use it responsibly to maximize its benefits and improve your credit score. Here are some tips to help you make the most of your card:
- Make On-time Payments: Payment history is one of the most significant factors in your credit score. Ensure that you make at least the minimum payment on your Indigo Mastercard each month by the due date. Late payments can lead to fees and negatively affect your credit score.
- Keep Your Balance Low: Try to keep your credit utilization rate low by not maxing out your card. Ideally, aim to use less than 30% of your credit limit. For example, if your credit limit is $300, try to keep your balance below $90. Low utilization is a positive signal to credit bureaus and can help boost your credit score.
- Set Up Automatic Payments: To avoid missing payments, consider setting up automatic payments for at least the minimum amount due. This ensures your payment is made on time every month, helping you build a positive payment history.
- Monitor Your Account Regularly: Keep an eye on your account activity by regularly logging in to your Indigo Mastercard account online. Monitoring your account helps you stay on top of your spending and quickly identify any unauthorized transactions.
- Review Your Credit Report: Regularly check your credit report to monitor your progress and ensure that all the information is accurate. You can get a free credit report from each of the three major credit bureaus once a year through AnnualCreditReport.com.
Frequently Asked Questions (FAQs) about the Indigo Mastercard Application
Q: What credit score do I need to apply for the Indigo Mastercard?
A: The Indigo Mastercard is designed for individuals with fair to poor credit. There is no strict minimum credit score requirement, making it accessible for those looking to rebuild or establish their credit.
Q: Will applying for the Indigo Mastercard hurt my credit score?
A: The pre-qualification process does not affect your credit score as it involves a soft credit check. However, if you proceed with the full application, a hard inquiry will be conducted, which may temporarily impact your credit score.
Q: Can I use the Indigo Mastercard for online purchases?
A: Yes, the Indigo Mastercard can be used for online shopping, in-store purchases, and anywhere Mastercard is accepted, providing you with flexibility and convenience.
Q: Are there any rewards or cashback offers with the Indigo Mastercard?
A: The primary focus of the Indigo Mastercard is to help users credit building. As such, it does not offer rewards or cashback programs. The emphasis is on providing access to credit and reporting your payment history to the major credit bureaus.
Q: How can I increase my credit limit on the Indigo Mastercard?
A: Typically, the Indigo Mastercard does not offer credit limit increases. It’s designed as a stepping stone to help you build credit and eventually qualify for a card with better terms and a higher limit.
Conclusion
The Indigo Mastercard application process is designed to be simple and accessible for those who may have faced challenges in obtaining traditional credit cards. By offering a chance to build or rebuild credit without the need for a security deposit, the Indigo Mastercard provides a valuable opportunity for financial growth. If you’re looking for a credit card that can help you improve your credit score, the Indigo Mastercard could be the right choice for you. Start your application today and take the first step towards a stronger financial future.
