Destiny Mastercard

Andrew Reyes  | 
  • Annual percentage rate (APR): 24.90%.
  • Purchase intro APR: None.
  • Rewards: None.
  • Annual fee: $59 to $99.
  • Late fee: $29 to $40.
  • Credit score: Bad to Fair (300-670).
  • Compare cards here.

Benefits

  • Online prequalification: To apply for the Destiny Mastercard online, you simply need to provide your contact and financial information. The online system runs a soft credit inquiry to see if you prequalify for the card. If you do prequalify and want to proceed, complete the application process online and agree to a credit check. If you’re approved, the system provides you with your credit card terms, including your credit limit, and you can begin using the Destiny Mastercard for purchases at any retailer that accepts Mastercard.
  • Low credit score accepted: The Destiny Mastercard was designed for consumers with low credit scores who are ready to display responsible borrowing habits so they can increase their creditworthiness. Most applicants are accepted and can begin to use the card to build a positive credit history.
  • Unsecured card: Many credit cards that are focused on helping consumers increase their credit scores are secured and require hefty security deposits that set the credit limits for the card. However, the Destiny Mastercard is an unsecured card so there’s no deposit required. Your credit limit is determined by your creditworthiness.
  • Build credit history: When you display responsible borrowing habits while using the Destiny Mastercard, you can build good credit history and increase your credit score. The company reports your actions to all three credit bureaus so if you’re making payments on time and staying below your credit limit, you may begin to see positive changes to your credit report.

Drawbacks

  • No rewards program: The Destiny Mastercard isn’t associated with a rewards program. When you make purchases using the card, you don’t earn cash back or rewards points towards prizes like many other credit cards offer. While there’s no rewards program available, you can use the Destiny Mastercard to build your credit if you’re cautious about your spending and continue making your payments on time.
  • High APR: Since the Destiny Mastercard is designed for consumers with low credit scores, it’s associated with a high 24.90% APR. If you don’t pay your full account balance each month, the remaining balance is subject to this interest, which can add up fast. To combat these additional charges, pay off your balance on time each month. This responsible behavior also contributes to increases in your credit score over time.
  • Additional fees: In addition to the annual fee, you’ll be responsible for a late fee that’s $59 to $99 if you don’t make your monthly payment on time. The minimum monthly payment you can make is 7% of your new balance or $40, whichever is greater. If your monthly charges exceed your credit limit, you’ll owe $29 but if it happens again within the next six months, this fee increases to $40.

What Can You Expect From the Destiny Mastercard?

As a Destiny Mastercard account holder, you have access to several convenient and useful features.

Online Account

Once you’ve activated your Destiny Mastercard, you can sign up for an online account by verifying your identity and creating a username and password. When you sign into this account, you’re able to make a payment, review your recent transaction, or print your statement balance. You can also browse the FAQs to learn more about your account or contact customer service.

Various Payment Options

Each month, you have several different payment methods you can choose from, depending on what’s convenient for you. Sign into your online account to make your payment or call the company and complete your payment by phone. Additionally, you can send a check or money order by mail or send your payment through MoneyGram.

Identity Theft and Liability Protection

You automatically have access to identity theft protection and liability protection with the Destiny Mastercard. If you notice erroneous charges on your account, report them immediately to the company. If it’s found that these charges are fraudulent, you’re not responsible for them and the company will reimburse your account for the total charges.

Who Should Get the Destiny Mastercard?

The Destiny Mastercard is great for people with poor credit who want to focus on building a positive history and increasing their credit score. The card is associated with a hefty annual fee and high APR so it’s best for consumers who are serious about building creditworthiness and plan to pay off their entire balance on time each month.

Compare other similar cards and learn more here.


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