Differences in Fees and Rates
The fees for these two cards fall within the same range. In Credit One's Case, the annual fee will range between $0 and $99.
For Indigo, the annual fee will either be $0, $59 or you may be charged $75 for the first year and $99 from the second year onwards.
In terms of APR, Credit One ranges from 17.99% to 23.99% while with Indigo, it will be 24.9% for every card member.
Unlike many other sub-prime cards, these two cards do not charge any one-time application fee or monthly maintenance fees.
Reward Programs
While most sub-prime cards do not have any reward program, Credit One Bank is one of the rare ones that do. Card members will be offered one of the following cash back programs:
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1% cash back on gas, groceries, mobile phone service, internet service, and cable & satellite TV service, or
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1.1% cash back on dining purchases and 1% on all other purchases, or
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1% cash back on all purchases
Indigo does not have any reward program so from this aspect, Credit One comes out ahead.
Free Credit Score
Credit One is also one of the rare cards in this space to offer a free credit score. Lots of readers have speculated that it could be an Experian FICO. But nobody is exactly sure at this moment. Customer reps can only confirm it is a score from Experian. Indigo does not offer any free credit scores for their card members.
Chip Technology
Credit One Bank is perhaps the only
unsecured credit card for bad credit folks that actually used Chip and Signature Technology. While most prime cards now have Chip Technology, the sub-prime space is still lagging behind. Credit One has jumped ahead and their cards have chip and signature. Indigo, unfortunately, does not have any.
Credit Line Increases
Credit One Bank has a record of increasing credit lines. Some of the credit line increases are automatic while some are given upon request and requires a fee. According to card members, the best way to get a credit line increase is to actually pay your bills in full. In fact, after your annual fee is posted on your first statement, many who chose to pay it off in full have gotten an increase not long after.
In contrast, Indigo does not seem to have a record of giving credit line increases. Many card members have been stuck with a $300 credit limit for a long time.
Which Card To Choose? Credit One or Indigo
Both these cards are actually good choices for rebuilders. The reason is that their fees are reasonable compared to other similar cards. They have no application fee or monthly fees. All they have is just a straight annual fee.
But if we look at factors other than fees, Credit One comes out ahead. They have a cash rewards program, give you a free credit score and also has a track record of credit line increases. They are one of the rare cards in this space that has already implemented Chip and Signature technology.
If I had to pick a one, I would choose Credit One over Indigo. Having said that, many folks have both these cards to help their rebuilding efforts.
Mr Credit Card