This year is going to be full of amazing fintech launches and premium reward cards. In this, Indigo’s Mastercard is going to make its own identity. The competitors of this card are based on luxury discounts and signup bonuses whereas such is not the case with Indigo. Indigo’s strategy is long-term. It is promoting a financial revolution. It is giving a transparent system to those with good credit score. Also, its way of working is exactly like traditional banks or Silicon Valley startups.
This is not just limited to a card but is an unprecedented change in consumer behavior and industry strategy that is going to happen in 2025. Traditionally, credit builder cards have been the last option, often with a security deposit, hidden fees and little expectation of upward mobility. But with changing times Indigo has changed that.
It is offering a credit line of Rs 700 without any security deposit and a streamlined approval process that doesn't require a rigorous credit check. For millions of people deprived of credit through the freebies, it's not just a card, it's a way of life. Critics say that for a long time Indigo Mastercard is being made fun of for its lack of awards and relatively high prices.
Despite all this, a new thing has come to the fore. Users are taking advantage of fast certificate checking of the card and monthly reporting to all the three major credit buyers to increase their credit score quickly. And sometimes, it has even been seen increasing from 35 to 55 points.
This hack has also gone viral on social media, which everyone is describing as a secret weapon to stay safe from the trap. Indigo is just playing a game of quantity and speed. Its job is to onboard people quickly and help them build credit which can then be taken up the financial ladder. This has led to a surge in Indigo's offerings and these positive credit results are attracting the attention of Wall Street and Fintech competitors towards it.
A new feature has also been seen along with all this in which a no annual fee variant of Rs 1500 has also come which was spotted by Eagle Eyed consumers on the credit monitoring platform on June 25. This edition was launched only for a select few people.
Seeing all these activities, current banks and fintech startups must also be surprised. They are also reconsidering their credit card policies. If any such competitive product is launched in the market from their side, then it will become a reason for Indigo to launch some new product again.