Destiny Mastercard Review
Finding a company that will approve you for any type of credit card is challenging for people with bad credit. But, the Destiny Mastercard is trying to change that. This is an unsecured credit card aimed at people who have bad to fair credit. The Destiny credit card does have pros and cons associated with it. This is what we’ll look at to give you a good overview of the card. This way, you can see if it’s right for you.
Destiny Mastercard Pros
1. Credit Score Requirements
What credit score do you need to qualify for the Destiny Mastercard? This card is fantastic for people with low credit scores. Anyone with credit from 300 to 670 can qualify for it. Additionally, this company accepts people with previous bankruptcies. It’s a great way to help rebuild your credit if you have previous bad financial decisions that drug it down.
2. Easy to Apply
Did you know that you can pre-qualify for the Destiny credit card? You can sign up online and fill out an application. Once you do, the company will pre-qualify you. You’ll find out in under 60 seconds if they approve you for it or not. This can help the entire application process move along from start to finish. You can apply right on their website, and they’ll ship the card to your door.
3. Chip Technology
People’s security is a top priority for the First Electronic Bank. This is the entity that issues this card. They added chip technology to the Destiny Mastercard. This technology makes it harder for anyone to steal your card’s information. In turn, this reduces your risk of fraud while heightening the card’s security. It’s great for people who use their cards to fill up their tanks.
4. Zero Liability Protection
If you lose your card or someone steals it, you’ll get zero liability protection. This means that Mastercard will forgive any and all fraudulent charges. You won’t have to pay anything out of your own pocket. You do have to report a lost or stolen card so the company can freeze it. They’ll issue a new card and lock down your old one. This can help protect your credit.
5. Reports to All Credit Bureaus
Unlike some cards that only report to one or two credit bureaus, the Destiny Mastercard reports to all three. This means it’s extremely important that you pay your bills on time. This will help you build up a solid payment history and boost your score. You also want to keep your utilization rate low. This shows that you have good spending habits in place.
6. Mastercard ID Theft Protection
Cardholders gain access to Mastercard’s ID Theft Protection program. It monitors a host of critical data to keep your credit intact and safe. It’ll look through the dark web for social security numbers, credit card numbers, and email addresses. If they suspect you had an ID theft problem, they offer resolution services to help restore your name and credit. This is a no-cost perk of having this card.
7. No Application or Monthly Fee
You won’t have to pay a fee to fill out the application and submit it. You also won’t pay any monthly maintenance fees for the first year. The monthly fees will come into play during your second year. However, they’re very low. You can also build up your credit enough in one year to swap out cards.
8. Avoids a Hard Pull for Pre-Qualification
If you have a low credit score, the last thing you want to do is drop it a few points with a hard pull. However, you can pre-qualify for this card using a soft pull. If you don’t meet the criteria, you can search elsewhere without having a large impact on your score. Since every point counts, this is a huge perk.
Destiny Mastercard Cons
1. Annual Fee
Unfortunately, the Destiny Mastercard comes with an annual fee. It’ll range from $59 to $99 per year. Since there are no rewards to balance it out, this can be tough to swallow. It also tacks on the annual fee to your first bill when you open the card. This gives you more expenses to worry about paying right from the start.
2. No Credit Limit Increases
You may not have to pay a deposit with this card, but there is a downfall. What is the Destiny MasterCard credit limit? It tops out at $300 for every cardholder. There are no chances to increase it. This severely limits what you can do with the card. You don’t want to spend more than $99 per billing cycle to keep your utilization within acceptable rates.
3. No Mobile Destiny Mastercard App
You can check your account balance and monitor your card through your PC or laptop. However, there currently is no mobile app for the Destiny Mastercard. This restricts how well you can monitor your account if you’re not able to get to your PC, tablet, or laptop. There are no account alerts to let you know about suspicious spending.
4. No Free Credit Score Monitoring
One huge issue with the Destiny credit card is that it doesn’t offer free credit score monitoring. Since this is vital to help improve and build your credit, this is a considerable fallback. You can monitor it for free through apps like Credit Karma. However, there is no ability to continually monitor it in relation to your card.
5. High APRs
The APR for this card is 24.90% at a fixed rate. It also has a penalty APR of 29.90% at a fixed rate. If you carry a balance from month to month, this can really add up. If you forget to pay your bill, the penalty APR adds even more to it. This can create a slippery slope that is challenging to dig your way back out of once you start to slide in.
6. No Rewards
Unlike the Discover it Secured Card, here are no rewards or bonuses for signing up with the Destiny Mastercard. This makes it even harder to justify the annual fee. This also removes a lot of the incentive to use the card in the first place. However, this isn’t an uncommon feature for many cards aimed at people with bad credit.
Destiny Mastercard YouTube review Video
Pre-qualification for the Destiny Credit Card
Destiny Mastercard – Learn More On Pre-Qualification
Bottom Line on the Destiny Mastercard
The Destiny Mastercard is a very no-frills type of card that can help you rebuild your credit. However, the cons almost outweigh the pros. If you don’t have any other choice, you could try this card. We recommend upgrading at the first chance you get to continue to build your credit.