It’s still a secured card, which means your credit limit is based on your security deposit. Like the Indigo Mastercard, you can see if you prequalify for this card without completing a full application. Read our full review of the Platinum Secured Credit Card from Capital One. After six months of proving credit responsibility, you may be able to convert to an unsecured line, and your deposit gets refunded. You can increase your credit limit when you increase your deposit. For instance, you could make an initial deposit of $49 but still get the $200 credit line. This Capital One card is a secured card, but you get some bonus options even for low-entry deposits. Comparable cards Capital One Platinum Credit Card* Enrollment may be required for select American Express benefits and offers. Terms apply to American Express benefits and offers. This may be helpful if you’re traveling outside the country and need to use this card. Many non-travel cards have a standard 3% foreign transaction fee, so we do like that the Indigo Mastercard’s fee is lower. You don’t get any rewards from the Indigo Mastercard. To compare, the Blue Cash Preferred® Card from American Express charges a $0 intro annual fee the first year, then $95 thereafter, but you get a slew of rewards, like 6% cash back at US supermarkets (up to $6,000 per year, then 1%) and on select US streaming services. Your annual fee depends on your credit score, and you won’t know your annual fee until after you complete an application. No rewards, welcome, sign-up, or introductory offer.Since this card focuses more on credit-building and not necessarily perks are rewards, there are some limitations with the Indigo Mastercard, including: For newbie credit users, this is important because that’s the only way to show how responsible you are with credit. This card also reports to the three major credit bureaus - Equifax, Experian and Transunion. It’s definitely a perk if you’re shopping around for a card and don’t want to risk completing an application, getting denied and dinging your credit. You can also see if you’re eligible through prequalification - this lets you know if you’re eligible for the card but doesn’t cause a hard credit check on your credit score. You won’t earn rewards with this card, but it also isn’t secured, which means it doesn’t require a security deposit like other credit-building secured credit cards. The Indigo Mastercard has few perks because its focus is more about building credit and less about earning rewards. Here’s what to know about the Indigo Mastercard, how it works and other alternative cards to explore. It’s also worth considering if you’re rebuilding your score and want a credit card without a security deposit. The Indigo Mastercard can be a helpful first credit card if you want to grow your credit score. But there are some credit cards designed specifically for beginners - and the Indigo® Mastercard®* is one of them. If you’re just starting your credit journey, you probably don’t have many credit card options.
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