Issued by the Celtic Bank, the MyIndigoCard is the perfect credit card for people with a below-par credit score. This credit card provides its cardholders an opportunity to repair their credit scores as it has an easy application method. Moreover, the credit company does not discriminate against its applicants based on their finances.
It is very easy to determine your chances of getting approval through prequalification. Moreover, prequalification considerably enhances the chances of approval. However, it eliminates the danger of further damaging your credit score as it does not require a thorough credit check.
The credit company does not require a security deposit to start with. Moreover, it determines the annual fees on the creditworthiness of each individual cardholder. My Indigo Card offers a standard initial credit limit of $300. However, it has a high APR of around 24.90%, resulting in a considerably higher interest rate.
Advantages of the MyIndigoCard
An Easy Application Process
The MyIndigoCard has a prequalification tool allowing customers to determine the likeliness of getting approval from the credit company with considerable ease. Furthermore, the company does not dig into the applicant’s credit history, thereby preserving it from further damage.
The credit company is impartial towards applicants with deteriorating credit scores. The application process includes a full credit application and a thorough background check. Upon approval, customers receive their cards with a starting credit limit of $300. Another advantage that the card offers is the liberation from paying a security deposit.
It Can Help Build Credit
The MyIndigoCard forwards the credit reports of its customers to three major credit bureaus, i.e., TransUnion, Equifax, and Experian. Hence, if cardholders maintain good payment history, which expresses their capability of paying back their debts on time and keeping their utilization below 30% of the credit limit by responsibly using the credit card for minor expenses, they have a good shot at improving their credit scores.
While the MyIndigoCard comes with basic perks, it offers its customers MasterCard benefits as well. One of these includes MasterCard ID Theft Protection, which provides protection to cardholders’ data. This features masks the social security number, email address, credit card information, bank information, residential information, and identity protection.
Furthermore, another MasterCard benefit that MyIndigoCard has to offer is a Zero-Liability Policy. This feature protects credit card holders from getting framed into unauthorized or fraudulent charges. Also, TransUnion credit monitoring is free for cardholders.