The Destiny Mastercard is often mentioned for folks with a bad credit history who want to start again. According to different evaluations, it’s a double edged sword on the one hand, it allows for credit rehabilitation without requiring a security deposit, but on the other, it comes with exorbitant costs and an annual percentage rate.
This introduction seeks to guide users through the complicated environment of the Destiny Mastercard, offering a basic look at what they may anticipate from this financial instrument.
Contents
Destiny Mastercard Costs: Fees and APR
One of the most major challenges with the Destiny Mastercard is its fee structure. Initially, the card has an annual cost of $175, which is reduced to $49 in succeeding years.
In addition, beginning with the second year, a monthly tax of $12.50 is levied, reaching $150 every year. The APR for purchases is 35.9%, making it a costly alternative if you carry a balance (NerdWallet) or credit cards.
Most helpful Positive Review For My Destiny Card
Given the nature of your request, I’ll highlight some succinct favorable characteristics of the Destiny Mastercard that may be seen as useful reviews:
- Helpful for Credit Building: Users often find the Destiny Mastercard useful for developing or repairing credit due to its reporting to the main credit agencies.
- No Security Deposit Required: One big benefit is that it does not need a security deposit, making it affordable to individuals on a limited budget.
- Easy Application procedure: The simple and fast application procedure is widely lauded, making it easier for people with less than perfect credit to apply.
- Accessible Customer Service: Many consumers like the timely and friendly customer service, which improves their entire card management experience.
How to Qualify and Apply Card
You must fulfill a few specified conditions to qualify for the Destiny Mastercard, even if your credit score is as low as 500 points. Here’s a simple approach to understanding the requirements:
To qualify for the Destiny Mastercard, applicants need to meet the following criteria:
- Credit Score: Minimum of 500, suitable for credit rebuilding.
- Income: Sufficient to cover monthly payments and other expenses.
- Age: At least 18 years old.
- Residency: Must have a physical U.S. address (no P.O. Boxes).
- Email: Must have a U.S. based email for account communication.
- Social Security Number: Required for identity verification.
- Bank Account: Ownership necessary for financial management.
- Account History: No previous Destiny accounts charged off due to delinquency.
Destiny Mastercard Benefits
- Credit Building: Reports to Equifax, Experian, and TransUnion to aid in credit building.
- Accessibility: Available to those with low credit scores and past credit issues, including bankruptcies.
- No Deposit: Unsecured card, requiring no security deposit or one time program fee.
- 24/7 Access: Online account management available anytime.
- Fraud Protection: Includes Identity Theft and Zero Liability Protection, with unauthorized use alerts.
Destiny Mastercard Reviews 5 Website
Following a comprehensive investigation, these are the top five websites providing reviews on the Destiny Mastercard:
- NerdWallet: Provides an in depth evaluation of the Destiny Mastercard’s costs, advantages, and how it compares to other credit building cards.
- Credit Karma: Provides user generated evaluations and ratings to provide a more comprehensive picture of cardholder experiences.
- CreditCards.com: Provides a full evaluation, including comparisons to other credit cards geared for persons with bad to fair credit, as well as discussion of the advantages and downsides.
- WalletHub: This website combines expert research with user feedback, providing a comprehensive insight of the card’s performance in real world settings.
- CardRates.com: Provides an assessment of the difficulties of acquiring unsecured credit cards with bad credit, with a particular emphasis on the Destiny Mastercard’s benefits and restrictions.
Destiny Mastercard Credit Limit
The Destiny Mastercard is primarily intended for those with weak to fair credit ratings, thus it has a lower credit limit than cards designed for people with outstanding or exceptional credit.
While the particular credit limit you are awarded may vary depending on your individual creditworthiness and the card’s criteria at the time of application, the Destiny Mastercard’s introductory credit limit is typically between $300 and $700.
It’s worth noting that the card’s annual fee might effectively cut the initial credit limit. For example, if you are accepted for a $300 limit and the card has an annual cost of $175 (as previously stated), the actual amount accessible to you upon getting the card will be lowered by the fee amount.
Destiny Mastercard Pros & Cons
| Pros | Cons |
|---|---|
| Accessible to individuals with poor credit | High initial annual fee of $175, then $49 in subsequent years |
| No security deposit required | Monthly fee of $12.50 starts in the second year |
| Reports to all three major credit bureaus | High APR of 35.9% |
| Can help improve credit score with responsible use | Limited benefits and no rewards program |
Conclusion
The Destiny Mastercard allows consumers with weak to good credit to get credit card advantages without requiring a security deposit. However, its hefty fees and APR make it a pricey choice. Before selecting, compare it to other credit building cards to see which one best suits your financial objectives and circumstances. Consider not just the ease of use, but also the long term effect on your money, including the cost of fees and possible perks such as awards or reduced interest rates provided by other cards.