Destiny Card Review: Should You Apply for the Destiny™ Mastercard®?

According to Oliver Wyman’s Financial Inclusion and Access to Credit Report,28 million Americans have no credit history. Plus, Experian’s 2021 Consumer Credit Review,16% of Americans have bad credit.

You probably don't have perfect credit if you belong to any of these two categories. But that’s not a problem! The Destiny Card has low and lenient credit requirements. So, whether you’re a student looking to create a credit history from scratch or someone looking for ways to improve your credit, you can likely qualify for the Destiny™ Mastercard®.

This “second chance” at your credit score is available to people with less-than-perfect credit histories, including prior bankruptcy. Not sure what your credit score is? Click here to check your FICO credit score instantly.

With the Destiny Card, there’s no guesswork around whether you qualify for it. First, you’ll be prompted to pre-qualify. The pre-qualification process is quick and easy.

Now, we know what you’re thinking: Will this butcher your credit score? Good news—It won’t!

This pre-qualification only warrants a soft inquiry into your credit history and won’t hurt your credit score in the long run.

Note for those of us who tend to freak out: Soft inquiries may or may not be recorded in your credit reports, depending on the credit bureau. But since these aren’t connected to a specific new credit application, they’re only visible when you view the credit reports.

Let’s get this straight. If you’re considering getting a credit card with high interest rates and fees, you’re here on one mission—improving your credit score. And the easiest way to do that is to pay your credit card bills on time and only ensure you have a low credit debt utilization rate.

Simple, right? Except, your discipline won’t positively impact your credit score if your card issuer doesn’t report your account to the national credit bureaus.

The bureaus create your credit reports that need to reflect your new credit card account. You don’t have to worry about this with the Destiny™ Mastercard®. This credit card gets reported to all three major bureaus—Experian, TransUnion, and Equifax.

The Destiny™ Mastercard® is an unsecured credit card that doesn’t require you to pay a security deposit. This can help you save on your initial investment to get a credit card. Usually, secured credit cards will need you to pay a security deposit equivalent to the card’s credit limit.

Secured card issuers return this security deposit when you close your card account. As an unsecured credit card, the Destiny™ Mastercard® doesn’t require you to provide a security deposit to get the card. If approved, your account will have a $300 credit limit.

These issuers can also keep some of your security deposit if you fail to pay your credit card balance. This places unsecured cards like the Destiny Credit Card in a favorable position.

The Destiny Credit Card comes with Mastercard benefits at no additional charge. These benefits include:

• Mastercard ID Theft Protection™—Includes thorough identity monitoring covering your social security number, debit cards, email addresses, credit cards, bank accounts, usernames, and passwords for web logins.

• Zero Liability protection—Ensures you aren’t responsible for unauthorized transactions on your Mastercard.

• Global accessibility—According to Nilson’s 2021 report, Visa and Mastercard merchant acceptance networks are the largest among the global card brands, with 80 million at the end of the third quarter of 2021.

For more, read the Mastercard Guide to Benefits.

Your Destiny account will let you view your balance, transactions, statement, and schedule a payment 24 hours a day, throughout the year. This ensures you’re on top of your credit card finances.

According to the Bureau of Consumer Financial Protection, the share of consumers that enroll in automatic payments continues to grow. These trends aren’t surprising considering the benefits of autopay, including making on-time payments.

Thankfully, the Destiny Card gives you access to easy automatic payments, so you don’t have to worry about monthly deadlines.

The purchase APR on the Destiny Card is higher than average. Why does this matter? The APR gets added to your purchases if you don’t pay off your account balance in full every month. This rate can quickly add to your credit card debt if not kept in check.

Besides the high APR, the Destiny Card also has a high annual fee. While there is an expensive fee, it can sometimes be a more affordable alternative to a high upfront security deposit. Note: These high interest rates and fees are expected as this credit card caters to lower credit scores.

Credit Card Payoff Template for Excel

Lay out your credit card debt with the minimum payments and interest to see how long it will take to pay off!

What you will get:

• Interactive dashboard

• Customizable to your needs

• Stay on track with charts and graphs

• Suitable for up to 16 or 32 debts!

Get this template

The Destiny™ Mastercard® won’t make it on the list of the best rewards credit cards because it doesn’t offer any signing-up bonus or a rewards program. This is in line with most unsecured credit cards targeted towards people with bad credit history.

You can access cards with great offers once you achieve a good credit score.

The Destiny™ Mastercard® has straightforward requirements. To be pre-qualified or approved, you must:

• Be at least 18 years of age (19 in AL), have a valid social security number, physical address, and a US IP address.

• Not have Destiny credit cards that were charged off due to delinquency.

• Meet additional credit qualification criteria, including a review of your income and your debt, and other identity verification requirements.

You’ll simply need to submit a quick pre-qualification form. You’ll get the results within minutes.

Your payment history with the Destiny Credit Card is reported to all major credit bureaus. But that’s pretty much all a credit card can do to improve your credit. Your credit score ultimately depends on your money habits, including making on-time monthly payments and maintaining a low credit utilization rate.

Ben Waterman, COO & Co-Founder at Strabo, a global portfolio management tool, outlines more tips to fix bad credit. He says, “Firstly, look for errors in your credit score. TheFederal Trade Commission found that almost 25% of people had errors on their credit reports. Next, set up autopay on bills that are paid using your card to avoid going unnecessarily overdrawn. And lastly, do not apply for credit unless you actually need it—hard credit checks can gradually reduce your score.”

The Destiny™ Mastercard® doesn’t currently offer a balance transfer option.

You can use your Destiny Card for cash advances at many financial institutions. However, it’s subject to approval. Your cardholder agreement will have more details on cash advances.

The Destiny™ Mastercard® isn’t a scam. It’s a legit Genesis Mastercard that’s issued by First Electronic Bank. Does the Destiny™ Mastercard® sound like the perfect credit-boasting card for you? Apply now to get started on your journey to boost your credit!

The Indigo™ Mastercard® allows you to improve bad credit without requiring a security deposit. You can apply for this unsecured credit card with less-than-perfect credit.

The card, however, comes with high interest rates and fees. The ongoing APR is 24.90%, the annual fee is $75 for the first year, and $99 after that.

The FIT™ Mastercard® is designed for cardholders looking to rebuild or establish credit. One of its biggest advantages is its initial $400 credit limit. Cardholders may also be eligible for a credit limit increase after six months. However, this credit card can be expensive.

It comes with a 29.99% variable APR on purchases, and a $99 annual fee. The FIT™ Mastercard® also charges an $89 one-time processing fee, usually waived for the first year.