Destiny Credit Card Details and Alternative Options
Are you looking for the best credit card with considerable offers? Or did you recently acquire the Destiny credit card and wish to know more about it? Finding out how good the Destiny credit card is on this post will help you choose wisely and also maximize all offers available on the Destiny credit card.
While the Destiny Mastercard might be a bad deal for some people, remember that it lets you build credit without a security deposit.
Unless you absolutely cannot qualify for any other card, then avoid Destiny. It’s an expensive trap for those trying to improve their credit.
Destiny Credit Card Review
The Destiny credit card is a basic, no-frills, unsecured credit card for users. It is marketed as a credit-building credit card, but any credit card that reports to the major credit bureaus can build your credit when used well.
Unfortunately, this card has a lot of fees to watch out for like a high APR, a high annual fee, and a high monthly fee after year one including a few perks.
You should only consider this card if you’ve used up all other lower-cost credit card options.
The Destiny Mastercard is a way to rebuild a good credit history, but you need to be aware of its charges. That is to say, it is best for people with bad credit.
It demands a high annual fee, even after the first year, and has a super high interest rate. This means your transaction charges will be very expensive.
There are better alternatives for those with low credit scores. Secured credit cards exist that build credit and sometimes even deliver rewards, all with lower fees.
Benefits of the Destiny Credit Card
Despite the fact that it delivers to all three credit bureaus and has basic security measures it has high fees and is not cheap.
Nevertheless, you are eligible to enjoy the following benefits from using a Destiny credit card:
1. Credit Building
Its usage assists in credit rebuilding if they are used well, although there are better services with the below costs.
2. No Penalty APR (but High Regular APR)
There is no punishment for being one day late on a payment, but the purchase interest rate is steep, making it costly for balances to be left on the card.
3. Security Features
This service consists of ID Theft Protection, Zero Liability Protection, and Autopay for users’ convenience.
Pitfalls of Destiny Credit Card
While considering the benefits of the Destiny credit card, you should also watch out for possible financial challenges this card might pose to you.
1. Extremely High Fee
The first year has an annual cost of $175, while for the following years, the fee is $150 per year, including $12. 50 monthly fee after the first year.
The cardholder charges include the late payment fee, returned payment fee, the over-limit fee, and the foreign transaction fee.
2. Low Credit Limit
It starts from a mere $700, but the annual fee modifies and reduces this amount. You may need to rethink if you need a credit card with a higher amount for cash advances.
Other credit cards for bad credit offer higher credit limits and there is no need to pay the fee for its annual use.
For example, the Varo credit card has a limitation that allows for maximum credit card purchases of up to $10,000 in a billing cycle only.
3. No Rewards
With your Destiny credit card, you will not get any points or even cash back for the staked purchases.
In that regard, the Destiny Mastercard is a costly product when looking at establishing credit lines.
Look into secured cards or perhaps other cheaper credit cards and even come with some form of reward.
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How Much is the Destiny Credit Card Annual Cost?
The cost of Destiny credit card is $175 yearly, then $49 every other year and $12. 50 monthly fee from the second year up to the following year.
On that note, it is worth pointing out that the yearly cost can go up to $199.
Defaulting on payment, having a payment returned, and going over your credit limit will cost you anything up to $41.
All of these charges imply that the Destiny Mastercard can be expensive if one is to build credit.
What we have is the percentage of available credit that you use known as credit utilization and that figure is already at 25%.
How to Apply For Destiny Credit Card
The Destiny Mastercard can only be applied for online. You can find the application on the Destiny website itself, or on partner sites like the Credit Card website.
The process is quick and easy, but be sure to review the terms and conditions carefully before submitting your application, especially regarding the annual and monthly fees.
The Destiny Mastercard application process and PIN setup are separate but these are steps to apply.
Apply for Destiny Mastercard (online)
- Visit the Destiny website or their partner sites, like the CreditCards homepage
- Locate the application for the Destiny Mastercard.
- Fill out the application form with your personal and financial information.
- Submit your application and wait for a decision (approval can take several days).
- Change Destiny Mastercard PIN (after receiving the card):
Note: You cannot change the PIN online.
- Locate the customer service phone number on the back of your Destiny Mastercard.
- Call customer service and identify yourself as the cardholder.
- Inform them you want to set up a PIN for your card.
- Follow the instructions provided by the customer service representative to create your new PIN.
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Alternatives to the Destiny Credit Card
Here are a few alternative credit card options for you to consider in search of the perfect service provider.
1. Avant Credit Card
The Avant Credit Card is also geared toward helping individuals looking to rebuild their credit. It has an annual fee that ranges from $0 to $75.
This credit card reports payments to the three major credit bureaus and doesn’t require a deposit.
Unlike the Destiny Credit Card, the Avant Card doesn’t demand over-limit fees.
Card members also get Mastercard benefits like lost wallet assistance, emergency card replacement, and an airport concierge discount, where you get 15% off airport meet-and-greet services when traveling.
2. Secured Chime Credit Builder Visa Credit Card
The Secured Chime Credit Builder Visa Credit Card charges no annual fee or interest rate. There is also no credit check to apply.
This secured card assists you build credit by reporting your payment history to the three major credit bureaus when you make on-time payments.
You must have a Chime checking account to be qualified for this card and receive a qualifying direct deposit of at least $200 or more.
Meanwhile, as long as you meet that requirement, there’s no minimum security deposit for this card, and whatever money you do set aside can be used to pay your bill.
3. Tomo Credit Card
The Tomo Credit Card doesn’t perform a hard credit check when you apply and doesn’t demand interest.
Rather than demanding a certain credit score or a deposit, Tomo will ask you to connect your bank account to evaluate your full financial picture.
On the flip side, this card doesn’t offer rewards on your spending, and not all financial institutions can easily be linked to your card for approval.
Furthermore, Tomo requires you to pay off your balance each month. If a missed payment, your account will be frozen until the previous period has been fully paid.
While this can build responsible credit behavior, it could also cause an issue if an emergency arises.
Is the Destiny Credit Card a Good Choice?
If you enjoy getting charged exorbitant fees for products and services you did not ask for or want, then the Destiny Mastercard must be your best shot.
For everyone else, the Destiny Mastercard® should be completely avoided and not even considered as one of the credit options.
This card aims to make you spend a lot of money to establish credit history and this is not accurate at all.
If you want a guide on rebuilding or repairing your credit, we suggest getting one of our favorite secured cards.
There are other unsecured credit cards that one can apply for in the absence of security deposits, which you can find in our list above.
Our Thoughts
The Destiny Mastercard has credit-building facilities incorporated into the card, but its drawbacks are exceptionally severe.
They can be expensive due to high annual monthly rates and possible charges for late payments.
Though relatively decent security measures are included in the package, there are no reward programs to counter the cost of its services.
Prepaid credit cards or credit cards with lower costs and possible rewards for their use are more suitable for credit building.
If you find better options, do not try to get the Destiny Mastercard mainly due to its high-rate charges.
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