If you have a challenging credit history, you might think that getting a credit card is impossible. But that’s not true. There are credit cards designed for people like you, who need a fresh start and a chance to prove themselves. One of these cards is the myindigocard, a Mastercard that offers easy pre-qualification, no security deposit, and monthly reporting to the three major credit bureaus. In this myindigocard review, we will cover the pros and cons of this card, the benefits and fees, and how to apply and manage your account online. By the end of this article, you will have a better idea of whether the myindigocard is the right card for you.
Table of Contents
What is myindigocard?
Myindigocard is a credit card that is marketed to people with less-than-perfect credit. It is one of the products offered by Indigo, a brand that claims to serve “the true original” and help people achieve their dreams.
According to the Indigo website, myindigocard can help you:
- Build credit while creating the life you’ve always dreamed of
- Go where you want, when you want
- Shop online, in-store, and in-app with confidence
- Enjoy benefits such as credit bureau reporting, fraud protection, and Mastercard benefits
However, myindigocard also has some drawbacks that you should be aware of before applying for it. For example, it has:
- A low credit limit, ranging from $300 to $1,000, depending on your creditworthiness
- A high annual fee, ranging from $0 to $99, depending on your creditworthiness
- A high-interest rate, 24.90% APR, which applies to purchases, cash advances, and balance transfers
- No rewards, no low intro APR, and no balance transfer option
- High fees, such as a $40 late payment fee, a $40 returned payment fee, a $5 or 5% cash advance fee, and a 1% foreign transaction fee
As you can see, myindigocard is not a very attractive credit card for people with bad credit. It can help you build credit, but it can also cost you a lot of money in fees and interest. It also does not offer any incentives or benefits that can make using it more rewarding or convenient.
What are the pros and cons of the myindigocard?
Like any credit card, the myindigocard has its advantages and disadvantages. Here are some of the pros and cons of this card:
Pros
- No security deposit is required. Unlike some other credit cards for bad credit, Myindigocard does not require you to put down a refundable security deposit to get approved. This means you can keep your money and use it for other purposes.
- Easy pre-qualification. You can check if you are eligible for the myindigocard online, without affecting your credit score. This is a great way to see if you have a chance of getting approved before you apply.
- Credit bureau reporting. The Myindigocard reports your monthly payments to the three major credit bureaus, which can help you improve your credit score over time, as long as you pay on time and keep your balance low.
- Low foreign transaction fee. The Myindigocard charges only 1% for transactions made in foreign currencies, which is lower than the average 3% fee charged by most credit cards. This can save you money if you travel abroad or shop online from international merchants.
Cons
- High annual fees. Depending on your creditworthiness, the myindigocard may charge you an annual fee ranging from $0 to $99. This fee is deducted from your initial credit limit, which means you will have less available credit to use. The annual fee also reduces the value of the card, as you will have to pay it every year to keep the account open.
- Low credit limit. The myindigocard has a maximum credit limit of $300 to $1,000, depending on your creditworthiness. This is a very low limit compared to other credit cards, and it can limit your purchasing power and your ability to improve your credit utilization ratio, which is the amount of debt you have relative to your available credit. It is advisable to use no more than 30% of your available credit to maintain a good credit score, which means you should not spend more than $90 to $300 on your myindigocard.
- No rewards. The myindigocard does not offer any rewards, such as cashback, points, or miles, for using the card. This means you will not earn anything from your spending, unlike some other credit cards that reward you for your purchases.
- No low intro APR. The Myindigocard does not offer any introductory interest rate for purchases or balance transfers. This means you will have to pay the regular APR of 24.90% from the start, which is quite high compared to the average credit card APR of 16.28%. If you carry a balance on your myindigocard, you will incur a lot of interest charges, which can add up quickly and make it harder to pay off your debt.
How does myindigocard compare to other credit cards for bad credit?
There are many other credit cards for bad credit that you can consider besides myindigocard. Some of them are secured cards, which require a refundable deposit that acts as your credit limit. Others are unsecured cards, which do not require a deposit but may have higher fees and interest rates.
Here are some examples of credit cards for bad credit that you can compare to myindigocard:
- Capital One Platinum Secured Credit Card: This is a secured card that requires a deposit of $49, $99, or $200, depending on your creditworthiness. The deposit gives you a credit limit of $200, which can increase to $500 after making your first five monthly payments on time. The card has no annual fee, no foreign transaction fee, and a 26.99% APR. It also offers credit monitoring, fraud protection, and access to a higher credit line after six months of responsible use.
- Discover it Secured Credit Card: This is another secured card that requires a deposit of at least $200, which matches your credit limit. The card has no annual fee, no foreign transaction fee, and a 22.99% APR. It also offers rewards, such as 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter), and 1% cash back on all other purchases. Plus, it matches all the cash back you earn in your first year. It also offers free FICO score access, fraud protection, and the opportunity to graduate to an unsecured card after eight months of responsible use.
- Credit One Bank Platinum Visa for Rebuilding Credit: This is an unsecured card that does not require a deposit, but has a variable annual fee of $0 to $99, depending on your creditworthiness. The card has a credit limit of at least $300, which can increase over time with good payment behavior. The card has a 23.99% APR, a 3% or $1 foreign transaction fee, and a $19 annual fee for adding an authorized user. It also offers rewards, such as 1% cash back on eligible purchases, such as gas, groceries, and utilities. It also offers free credit score access, fraud protection, and customizable account alerts.
As you can see, these credit cards for bad credit offer more features and benefits than myindigocard, while having lower or no annual fees. They also have lower or comparable interest rates, and some of them offer rewards or cash back. They can help you build credit while saving you money and giving you more value for your spending.
How to apply for the myindigocard?
If you are interested in applying for the myindigocard, you can follow these steps:
- Visit the myindigocard website and click on the “Pre-Qualify Now” button. You will be asked to enter some personal information, such as your name, address, date of birth, and social security number. You will also be asked to answer some questions about your income and expenses and to agree to the terms and conditions. This process will not affect your credit score, as it is only a soft inquiry.
- After you submit your pre-qualification request, you will see if you are eligible for the myindigocard, and what annual fee and credit limit you may receive. You can choose to accept or decline the offer. If you accept the offer, you will be asked to provide some additional information, such as your email address, phone number, and bank account details. You will also have to consent to a hard inquiry on your credit report, which may lower your credit score by a few points.
- Once you complete the application, you will receive a decision within seconds. If you are approved, you will receive your myindigocard in the mail within 14 business days. You will have to activate your card online or by phone before you can use it.
How to manage your myindigocard account online?
Once you receive and activate your myindigocard, you can manage your account online by following these steps:
- Visit the myindigocard website and click on the “Log In” button. You will have to register your account first, by entering your card number, last name, zip code, date of birth, and social security number. You will also have to create a username and password and set up some security questions and answers.
- After you register your account, you can log in with your username and password. You will be able to view your balance, transactions, and statements, and make or schedule payments. You can also set up autopay, which will automatically deduct your minimum payment or full balance from your bank account every month. This can help you avoid late fees and interest charges, and improve your credit score.
- You can also access your account from your mobile device, by downloading the myindigocard app from the App Store or Google Play. The app has the same features as the website, and it also allows you to receive alerts and notifications, and contact customer service.
FAQs
Here are some frequently asked questions about the myindigocard:
What is the myindigocard customer service number?
The Myindigocard customer service number is 1-866-946-9545. You can call this number to report a lost or stolen card, dispute a charge, request a credit limit increase, or ask any other questions about your account. The customer service is available 24/7.
How can I increase my credit limit on my myindigocard?
The Myindigocard does not offer automatic credit limit increases, unlike some other credit cards. You have to request a credit limit increase by calling the customer service number. However, there is no guarantee that you will be approved, as it depends on your credit history, income, and payment behavior. You may also have to undergo another hard inquiry on your credit report, which may lower your credit score.
How can I cancel my myindigocard account?
If you want to cancel your myindigocard account, you have to call the customer service number and request a closure. You will have to pay off your balance in full before you can close your account. You should also redeem any rewards you may have earned, as they will expire when you close your account. Closing your account may also affect your credit score, as it will reduce your available credit and your credit history length.
Conclusion
The myindigocard is a credit card for people with less-than-perfect credit, who want to build or rebuild their credit history. The card offers easy pre-qualification, no security deposit, and monthly reporting to the three major credit bureaus. However, the card also has high annual fees, low credit limits, no rewards, and no low intro APR. The card is best suited for people who need a credit card for emergency purposes, and who can pay off their balance in full every month. If you are looking for a credit card that offers more benefits and rewards, you may want to consider other options.