That’s a notably low and firm number, given that some other unsecured cards aimed at those with credit challenges offer initial limits of between $300 and $1,000. Low Credit Limit: If approved for an Indigo Platinum Mastercard, you’ll be awarded a credit line of $300.Unlike traditional cards, then, credit score isn’t necessarily a consideration, since many applicants for the card may not have the credit history necessary to create a score. The fee you pay, along with whether you qualify for the card at all, depends, Indigo says, on a review of your income and debt. Which one you’ll qualify for is dependent on your creditworthiness as it may cost $75 for the first year and $99 after that. Annual Fee: When you submit your loan application, you’ll actually be considered for three different Indigo Platinum Mastercards.
Provided that activity is positive, the reporting allows you to build a credit history that eventually facilitates getting further credit products, such as traditional credit cards and loans. As with a secured card, your activity of the card is reported to the major credit bureaus. Instead, you get access to a revolving line of credit, from which the annual fee is deducted, if your history doesn’t qualify you for a card without an annual fee. The Indigo Platinum Mastercard skips the need for a security deposit.
Requires No Security Deposit: Since traditional (unsecured) credit cards are largely unavailable to people with poor credit or no credit history, such consumers typically have turned to a secured card these require a security deposit that also serves as the card’s credit limit.
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