How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
The Indigo® Mastercard® for Less than Perfect Credit makes credit accessible if you have limited or poor credit. However, its annual fee will cost you money each year, even when you don’t carry a balance or incur other fees. The annual fee ranges from $175 - $199 per year, based on your creditworthiness.
We suggest comparing the Indigo® Mastercard® for Less than Perfect Credit to fee-free secured credit cards and saving up a security deposit so you can build up your credit score without draining your bank account.
Intro Purchase APR
N/A
Regular Purchase APR
35.9%
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$175 - $199
Cash Advance Fee
See terms
Foreign Transaction Fee
1% of each transaction in U.S. dollars
Balance Transfer Fee
N/A
Get up to a $700 credit limit with no security deposit
Security deposits are often required for credit cards for bad credit, but the Indigo® Mastercard® for Less than Perfect Credit doesn’t require one. It’s possible to get a credit limit up to $700 with no deposit.
Note that your annual fee, if one is assessed, is added to your credit card statement when you open the account. This will lessen the amount of credit available for your first month. In other words, if you have a $175 annual fee and a credit limit of $700, you’ll have an actual credit limit of $525.
Reports to three major credit bureaus
The Indigo® Mastercard® for Less than Perfect Credit reports to the three major credit bureaus: Equifax, Experian and Transunion. This is a key feature for building credit with a credit card. When you apply for another type of credit — like an auto loan or personal loan — the prospective lender will see your payment history, no matter which credit bureau they pull your credit report from.
Comes with a high annual fee
The annual fee for the Indigo® Mastercard® for Less than Perfect Credit is based on your creditworthiness and ranges from $175 - $199.
No sign-up bonus or rewards program
Sign-up bonuses and rewards programs sweeten credit card offers, especially when there’s an annual fee involved. However, the Indigo® Mastercard® for Less than Perfect Credit doesn’t offer a bonus or rewards. This could be a positive because you won’t be tempted to overspend to earn rewards. However, if you’re a responsible card user looking to earn rewards, this is a drawback.
If rewards are an important factor for you, you can find cards for applicants with low credit scores that offer cash back programs.
High APR
Like many cards geared toward consumers building credit, the Indigo® Mastercard® for Less than Perfect Credit has a high APR of 35.9%. However, by using your card responsibly it’s possible to avoid this altogether.
| Credit Cards | Our Ratings | Annual Fee | Regular APR | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|
|
Indigo® Mastercard® for Less than Perfect Credit*
|
$175 - $199 | 35.9% | Poor / Fair | ||
Discover it® Secured Credit Card*
|
$0 | 27.74% Variable APR | Limited / Poor | ||
AvantCard Credit Card*
|
$59 | 35.99% | Limited / Poor / Fair | ||
OpenSky® Secured Visa® Credit Card*
|
$35 | 25.14% (variable) | Poor |
As a Discover it® Secured Credit Card cardholder you earn cash back rewards while building credit, and you may qualify to upgrade to an unsecured card in less than a year. If you can afford to put down the deposit, the Discover it® Secured Credit Card will save you money over the long term due to no annual fee.
As an unsecured credit card, the AvantCard Credit Card doesn’t require a security deposit. It does, however, charge a $59 annual fee which could be less than what some Indigo® Mastercard® for Less than Perfect Credit users pay. This is a fee that you’ll pay year after year and is not refundable.
The AvantCard Credit Card offers credit lines starting at $300 and can go as high as $3,000, which is nice if you’d like the ability to make larger purchases. However, remember to pay your balance as soon as possible to keep your credit utilization ratio low. Accounts are periodically reviewed for credit limit increases, but you can also request them through the mobile app.
A highlight of the OpenSky® Secured Visa® Credit Card is that it doesn’t do a credit check and only requires a $35 annual fee and a minimum $200 security deposit. If you’d like a larger line of credit, subject to approval, you can deposit up to $3,000.
Also, unlike the Indigo® Mastercard® for Less than Perfect Credit, the OpenSky® Secured Visa® Credit Card may let you graduate to an unsecured card in as little as six months.
Unless you cannot get approval from another credit card, we suggest comparing your options before applying for the Indigo® Mastercard® for Less than Perfect Credit. You can find better cards for bad credit that offer no annual fee and rewards programs, while still assisting you in building credit.
Consider the Discover it® Secured Credit Card as one of the best secured credit cards. It costs nothing in the long term since it has a $0 annual fee. Its refundable security deposit is a better deal because you’ll get it back when you close your account or graduate to an unsecured card.
The information related to the Indigo® Mastercard® for Less than Perfect Credit, Discover it® Secured Credit Card, AvantCard Credit Card and OpenSky® Secured Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
