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Indigo Platinum Mastercard Review | U.S. News

A no-frills unsecured credit card, the Indigo® Platinum Mastercard® can help you access credit and build or rebuild your credit history. It doesn’t offer rewards, benefits or a 0% introductory annual percentage rate, but it does allow you to open an unsecured credit card with a bad or fair credit history without having to pay a security deposit.

Potential cardholders can prequalify for the card to find out if you’re likely to be approved with no impact on your credit score.

While you don’t have to pay a security deposit to open the account, you may have to pay up to a $175 annual fee in the first year and $49 after. With the card’s 35.9% APR, it’s best to avoid carrying a balance month to month.

  • Issuer NameGenesis FS Card Services
  • Credit NeededBad/Poor
  • Annual Fee$175 annual fee in the first year and $49 after
  • Regular APR35.9%
  • Balance Transfer FeeSee Terms

  • Have bad or fair credit and need access to a credit card.
  • Don’t want to pay a security deposit.
  • Are willing to pay an annual fee to have an unsecured credit card.

The Indigo® Platinum Mastercard® is a credit-building card, so you should focus your efforts on using credit responsibly when you open this credit card. Make small purchases – or only as much as you know you can afford to pay – and then pay your balance in full and on time each month. This card reports to all three credit bureaus, so having low credit utilization paired with on-time payments each month can help you boost your credit score.

Because this credit card has a 35.9% APR, it’s costly to carry a balance and is best avoided. You should also consider whether this is a card you want to use long term, because you’ll have to pay an annual fee.

If your account requires an annual fee, consider this card strictly for credit-building and plan to make all payments on time. After the first year, before your next annual fee hits, reassess whether it’s worth it to keep this card. You might contact the issuer to negotiate a waived annual fee or decide that your credit has improved enough that you no longer need to keep the card open. However, closing the account could affect your credit rating, as it could shorten your credit history if the card is your oldest account.

Editor’s Take

While the Indigo® Platinum Mastercard® may appeal to people with bad or fair credit who want to avoid paying a security deposit, it’s not a good long-term choice if you have to pay an annual fee. You might be better served with a secured credit card that refunds your security deposit and doesn’t charge an annual fee.

The Indigo® Platinum Mastercard® has a $175 annual fee in the first year and $49 after. If you get approved for the no-annual-fee Indigo® Platinum Mastercard®, great. But if you don’t, the annual fee could be greater than a one-time refundable security deposit you’d pay with other cards.

For example, the security deposit on the Capital One Platinum Secured Credit Card can be as low as $49. With responsible use, you could get your deposit back and upgrade to a standard unsecured credit card.

Jessica MerrittContributor

The Indigo® Platinum Mastercard® doesn’t provide welcome offers.

The card doesn’t offer rewards.

U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.

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Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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