By : 
Mr Credit Card
Mr Credit Card
The Indigo Mastercard $700 Credit Limit version is an unsecured credit card that is issued by Celtic Bank and serviced by Concora Credit. It has a $700 credit limit and charges both an annual fee and a monthly fee from the second year onwards. During the first year, the annual fee is $175 and is reduced to $49 from the second year onwards. There is a monthly fee of $12.50/month that is billed after the first year (ie from the second year onwards). As the Indigo Mastercard is part of the Concora Credit, it now has a mobile app where you can manage your accounts and make payments.
The launch of the Indigo Mastercard $700 limit version replaces their previous Indigo $300 credit limit version. It is targeted at people with bad credit score in the 500-600 FICO score area. Indigo accepts and approves applicants who have just been discharged from bankruptcy.
The launch of the Indigo Mastercard $700 limit version replaces their previous Indigo $300 credit limit version. It is targeted at people with bad credit score in the 500-600 FICO score area. Indigo accepts and approves applicants who have just been discharged from bankruptcy.
Pros and Cons
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Card Details
| Credit Limit | $700 |
| Annual Fee |
Year 1 = $175 Year 2 Onwards = $49 |
| Monthly Fee |
Year 1 = $0 Year 2 Onwards = $12.50/month ($150 annually) |
| Cash Advance Fee | Min of $5 or 5% of cash advance |
| Foreign Transaction Fee | 1% |
| Penalty Fee |
Late Payment - $41.00 Returned Payment - $41 Over-The-Credit-Limit - $41 |
| APR | 35.9% |
| Bank Issuer | Celtic Bank |
| Serviced by | Concora Credit |
| Customer Service Phone Number | 1-800-353-5920 |
| Corresponding Address |
Concora Credit PO Box 4477, Beaverton, OR 97076-4477 |
Indigo $700 charges both an annual fee and monthly fee
The Indigo Mastercard $700 version charges both an annual fee and a monthly fee from the second year onwards.Annual Fee - During the first year, the annual fee is $175. From the second year onwards, the annual fee is reduced to $49.
Monthly Fee - There is no monthly fee during the first year. From the second year onwards, a monthly fee of $12.50 will be charged to the account. This works out to $150 a year. Hence, from the second year onwards, the total fees is $49 + $150 = $199.
Has Fixed $700 Credit Limit
The credit limit for this Indigo card is $700. Indigo does not increase credit limits so it will be $700 for as long as you have the card.Low Foreign Transaction Fee
The Indigo Mastercard charges a 1% foreign transaction fee. This is lower than the standard 3% that most credit cards charge for this type of fee.Requirements
- Credit Score Range - The FICO score range to get approved for the Indigo Mastercard is 510-650.
- Debt to Income ratio - Your monthly debt interest payment should be no more than 40% of your income. And this includes your rent or mortgage.
- Settled Charge offs - You have either have settled or paid off all charge offs and collections.
- No delinquencies for the last year - You should have no delinquent accounts during the 12 months by consistently paying off your bills on time.
- Minimum Income - You should have an income of at least $30,000 a year. You will have to fill in your income during the application process and this will be verified by Indigo using a third-party income verification service. Income can include income from your job, spouse or partner, social security, alimony, retirement, trust income, investments. Be prepared to upload suporting documents if it is required.
- Absolute Debt Level - Your absolute debt level should not be more than two times your annual income
Analysis - Total Fees to Credit Limit Ratio (TFCL)
TFCL Ratio for Indigo $700
But first, I'll do the calculation of the TFCL ratio for the Indigo $700. During the first year, the Indigo $700 has a $175 annual fee. The TFCL ratio is $175/$700 = 25%. During the second year, the annual fee is reduced from $175 to $49. A monthly fee of $12.50/month will be charged and that works out to $150 a year. The TFCL ratio from the second year onwards is $(49 + 150)/$700 = 28.43%.| Card | Annual Fee | Monthly Fee | Credit Limit | Total Fee to Credit Limit Ratio |
|---|---|---|---|---|
| Indigo $500 | $125 | $0 | $500 | $125/$500 = 25% |
| Indigo $700 |
Year 1= $175 year 2 = $49 |
Year 1 = $0 Year 2 = $12.50/month |
$700 |
Year 1 = $175/$700 = $25% Year 2 = $(49 + ($12.50 X 12))/$700 = 28.43% |
| Indigo Cash Back |
Year 1= $75 Year 2 = $99 |
$0 | $300 |
Year 1 = $75/$300 = 25% $99/$300 = 33% |
| Milestone $700 |
Year 1= $175 year 2 = $49 |
Year 1 = $0 Year 2 = $12.50/month |
$700 |
Year 1 = $175/$700 = $25% Year 2 = $(49 + ($12.50 X 12))/$700 = 28.43% |
| Destiny $700 |
Year 1= $175 year 2 = $49 |
Year 1 = $0 Year 2 = $12.50/month |
$700 |
Year 1 = $175/$700 = $25% Year 2 = $(49 + ($12.50 X 12))/$700 = 28.43% |
| Reflex $750 | $125 | $0 |
Month 0-5 = $750 6 Months= $1,500 |
Month 0-6 = $125/$750 = 16.67% Month 6 = $125/$1,500 = 8.3% |
| Reflex $1,000 | $125 | $0 |
Month 0-5 = $1,000 6 Months= $2,000 |
Month 0-6 = $125/$1,000 = 12.5% Month 6 = $125/$2,000 = 6.25% |
Comparison with Other Indigo Credit Cards
Indigo has 3 versions of their credit card. Aside from this $700 credit limit version, they also have the Indigo Mastercard with Higher Credit Limit - with $500 Credit Limit and the Indigo Mastercard with Cash Back Rewards where you can earn 1.5% cash back on all purchases.As you can see from the table above, all three Indigo Credit Cards have different fees and credit limits, we will compare them using the Total Fee to Credit Limit ratio. All three cards have a TFCL ratio of 25% during the first year. From the second year onwards both the Indigo $700 version and the Indigo CashBack version have higher TFCL ratios because teh Indigo $700 version added a monthly fee and the Indigo Cashback version increases their annual fee during the second year. The Indigo $500 version remains at 25% because both the annual fee and credit limits do not change. The Indigo $700 version has a 28.43% TFCL ratio from the second year onwards whilst the Indigo CashBack Rewards has a 33% TFCL ratio.
If I were to choose among these three cards, I would go for the Indigo $700 because it has the highest credit limit even though the TFCL ratio is slightly higher than the Indigo $500 limit version from the second year onwards.
Compared to Other Concora Credit Cards
Concora Credit has two other credit cards that are similar to the Indigo $700 limit version. They are the Destiny Mastercard with $700 Credit Limit and the Milestone Mastercard with $700 Credit Limit.All three cards are identical and you should be indifferent between any of them.
Compared with other $700 Credit Limit Cards
Another credit card that I am going to compare the Indigo $700 card to is the Reflex Mastercard from Continental Finance. The Reflex Mastercard requires you to go through a pre-approval and there are four versions that you may be offered with the following credit limits ($300, $500, $750 and $1,000). If you pay on-time for the first 6 months, your credit limit will double to ($600, $1,000, $1,500 and $2,000) respectively. I am going to compare with the $750 and $1,000 limit version. The $750 and $1,000 version have $125 annual fee. Unlike the Indigo $700, both the Reflex $750 and $1,000 version does not charge any monthly fee from the second year onwards.Since the Reflex $750 and $1,000 have higher credit limits which doubles after 6 months, the TFCL ratio is much lower compared to the Indigo $700. If a higher credit limits are important to you, then the Reflex Mastercard (especially the $750 and $1,000 version) is a very good alternative.
What We Like
- Good $700 Credit Limit - A $700 credit limit is actually very good for a subprime credit card where most credit cards start you off with only a $300 credit limit.
- No One-time Program Fee - The Indigo $700 does not charge any one-time program fee.
- Has Mobile App - Indigo has finally got a mobile app where you can monitor and manage your account.
- Low Foreign Transaction Fee - Indigo charges a 1% foreign transaction fee. This is lower than the standard 3% that most credit cards charge.
- Approves those with past bankruptcy - Indigo approves those who have been discharged from bankruptcy. In fact, it might be easier top get approved because your debt would have been discharged and wiped out and you are starting from a clean slate.
Typical Complaints About Indigo
- $700 Credit Limit Does Not Increase - The $700 credit limit that you get will not increase. In fact, neither Indigo or any other Concora Credit Cards increase their credit limits.
- Charges Monthly Fee from the second year onwards - The Indigo $700 version charges a monthly fee from the second year onwards. This is quite common among unsecured credit cards that target people with bad credit.
- No Pre-approval Process - Many unsecured credit cards allow you to go through a pre-approval process to pre-qualify for their cards. Going through a pre-approval process has no impact on your credit score. The Indigo $700 does not have a pre-approval process. Instead, when you apply, you will experience a hard inquiry and you will know almost instantly whether you will be approve or denied.
Our Take: A Good $700 Credit Limit
Since Genesis Financial was rebranded as Concora Credit in September 2023, they have also introduced a mobile app which old Indigo card holders lacked. They also have a 1% foreign transaction fee which is much lower than a typical credit card. Cardholders also report that they report to all three major credit bureaus consistently and payments clear and reflect in your credit limits very fast. Indigo also approves those who have been discharged from bankruptcy.
The only thing that you have to be aware of is that the $700 credit limit does not increase.
To sum up, based on our review and evaluation of the Indigo Mastercard with $700 Credit Limit, we give it a 4 stars out of 5 for it's good credit limit, low foreign transaction fee, mobile app, consistent credit bureau rating, quickness of clearing payments and willingness to approve applicants who have just been discharged from bankruptcy. The fact that the credit limit does not increase hold us back from giving it a higher rating.
If you meet the criteria for the Indigo Mastercard or have just been discharged from a bankruptcy and are looking for an unsecured credit card, then the Indigo Mastercard is a decent unsecured credit card to consider.
Customer Reviews
Before I got this card, I have been reading reviews on various forums and most people seem to have the version with $300 credit limit. But when I applied, the terms and conditions clearly state that the credit limit is $700. I figured that a $700 limit is better than $300 so I went for it and got approved.
Before getting the Indigo card, I had an unsecured card with $300 limit and lots of fees. This card gives me a $700 limit and though I still have to pay some fees, the $700 limit is worth it IMO. They do report consistently to credit bureaus as well compared to my other cards.
This card reports to credit bureaus consistently about 2 days after statement due date and they is also hardly any payment holds. My payments clears in a few hours and is reflexted in the credit limits. The mobile app is not the best but ok.
