Destiny Credit Card: What To Know & Alternatives

If you have had credit issues in the past that lowered your credit score, it can be difficult to locate a card that does not demand an initial deposit. Destiny Mastercard up to $ 700 Credit Limit is an unsecured credit card available through the First Electronic Bank. This card is designed for individuals who have less than perfect credit or even a past bankruptcy on their credit history.

The Destiny Credit Card is a simple, no-nonsense, unsecured credit card that can help you repair your credit. However, this card comes with many fees to be aware of and only a few benefits. It should only be an option if all your cheaper or more rewarding credit card options for establishing credit have already been tried.

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Highlights of the Destiny Credit Card

• A credit card for people with bad credit, which does not require collateral.
• All credit histories, even those that had previously gone through the bankruptcy process
• All three of the main credit departments.
• The annual fee varies depending on your credit profile.
• Contact Mastercard ID Theft Protection by Mastercard
• A review of your eligibility has no impact on your credit score.

What are the fees for Destiny card?

The Destiny credit card has the following fee structure:

• Annual Fee: The annual fee ranges from $39 to $175, charged upon account opening. After the first year, the annual fee is $49.
• Monthly Maintenance Fee: Some card variants may charge a monthly maintenance fee of $10 to $15 after the first year.
• APR: The purchase APR varies between 29.99% to 35.99%, depending on the assigned card tier.

In summary,

Fee Type	Amount
Cash Advance Fee Minimum	$5
Cash Advance Fee (%)	Starting at 5%
Minimum Cash Advance Fee ($)	$5 – $100
Late Fee Amount	Up to $40
Annual Fee	$75 – $99
Minimum Interest Charge	$0.5
Foreign Currency Transaction Fee	Starting at 1%
Over-Limit Fee	$40
No Interest Grace Period for Late Payment	25 days
Returned Payment Fee	Up to $40

Destiny Mastercard- $700 Credit Limit Benefits

Have a look:

• Pre-qualification Tool: One of the major advantages of the Destiny card is that pre-qualification can be done by a soft credit pull.
• Credit Bureau Reporting: This card reports your payments to all three major credit departments, helping you rebuild your credit history.
• No Penalty APR: A penalty APR is a higher interest rate that applies when your credit card payment is late. With the help of Destiny Mastercard, you will not need to bother about this extra fee.
• Mastercard ID Theft Protection: At Mastercard, they offer identity theft prevention by monitoring the use of your Social Security number, usernames and, passwords, and email addresses etc.
• Zero Liability Protection: Unauthorized charges made using your Destiny Mastercard are not charged to you.
• Autopay: It is very easy for card users to set up autopay online so that payments are not missed or made after the due date.

Disadvantages of the Destiny Mastercard- $700 Credit Limit

Have a look:

• Annual Fee: There is more than one version of the Destiny credit card. Although each has an annual fee, the amount you pay will vary depending on which version you get, and this, in turn, depends on your creditworthiness. The low-priced version costs $39 per annum, and the highest-costing variant will cost $175 in the first year and $49 every succeeding year.
• High APR: Your APR depends on the type of Destiny Mastercard $700 Credit Limit you get, but all options remain high.
• Other Fees: Other versions of the card also incur a $12.50 monthly charge after the first year.
• Low Credit Limits: This credit card has a smaller initial credit limit than other cards, and the annual fee is subtracted from your available credit. This means you get the worst version of the card is approved, your initial credit limit will be $125 if your receive a credit limit of $300 and they knock off 50 percent through their first year’s annual fee deducted from $175.
• No Rewards: There is no cash back or points on your card purchases.

Who Should Get the Destiny Credit Card?

Destiny Credit Card should only be considered if you are intent on rebuilding your credit with an unsecured card and have no other options to use. If you are unable to get approved for an unsecured credit card because of some negative entries on your credit report or a past bankruptcy, this is one of the possible cards that may qualify.

However, you should utilize it only to rebuild your credit score. This may manifest as making a few small payments on the card during the month. Then, pay the bill in full upon closing of the billing cycle to avoid interest charges. After having developed your credit and received approval to apply for a good card, you will likely want to cancel this particular one so as not to pay that annual fee within the subsequent years.

Alternatives to the Destiny Credit Card

There are other options for the Destiny Credit Card:

Avant Credit Card

The card is aimed at those looking to rebuild credit and has an annual fee of between $0-59. It reports payments to the three big credit bureaus and does not require a deposit.

Unlike the Destiny Credit Card, the Avant card never charges over-limit fees. Cardmembers also enjoy Mastercard benefits such as lost wallet assistance, an Airport Concierge Discount, and emergency card replacement which entitles you to 15% off airport meet-and-greet services when travelling.

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Secured Chime Credit Builder Visa Card

There is no interest rate or annual fee for the Secured Chime Credit Builder Visa Credit Card. Applying also does not require a credit check. This secured card can help you to make good credit as it notifies the three major credit bureaus about your payment history whenever you make timely payments.

To qualify for this card, you should have a Chime Checking Account, and the amount of qualifying direct deposit should be at least $ 200 over the past year. However, if you do, the only drawback is that there is nothing like a minimum security deposit² for this card, and whatever amount of money you save can go toward paying your bills.

Tomo Credit Card

The Tomo Credit Card does not charge interest and never performs a hard credit check while applying. Instead of asking for a minimum credit score or down payment, Tomo will ask you to link your bank account so that they can review your entire financial picture.

That is all great news. However, the flip side of this card is that it does not reward you on your spending and not all financial institutions can quickly be linked to your card for approval. Tomo also demands that you clear your balance on a monthly basis. In case of a missed payment, your account will be blocked till you clear the previous period in full.

Conclusion

If you have poor credit or your credit report has bad marks on it, we advise that you compare all the available rebuilding credit cards before getting a Destiny Credit Card. Also, if you are willing to apply for secured cards first, there are number of them that offer low fees and greater rewards than the Destiny Credit Card.

However, if you want to rebuild your credit without having to spend a security deposit, the Destiny Cards could be one of the good unsecured alternatives for those who can afford an annual fee. If you consider the Destiny Credit Card as a short-term solution for building credit, make sure to pay your monthly bill on time so that you can accumulate a favorable credit history even with minimal additional charges and interest for payments.

People May Also Ask

Is Destiny a real credit card? 

Yes, the Destiny card is a real credit card that’s meant for people with not-so-great credit. It’s not secured, which means you don’t need to pay a deposit to use it.

What is the credit limit on the Destiny Mastercard? 

The Destiny Mastercard has a credit limit of up to $700. But remember, if there’s an annual fee, it will reduce the amount you can actually spend.

How to activate the Destiny card? 

To activate your Destiny card, go to the Destiny website and log in. Then, enter your card details like the number and security code, and follow the steps to activate it.

What is the phone number for Destiny credit card customer service? 

If you need to talk to customer service for the Destiny card, you can call them at 1-800-583-5698. They’ll help you with any questions or problems you have.

Does Destiny increase the credit limit?

The Destiny Card has an initial credit limit of $700. Unlike most credit cards available out there, you cannot apply to increase your credit limit. Destiny card is an unsecured credit card for people who have bad credit. However, if used in a right way they can elevate your credit score.

Does destiny increase credit?

At the moment, the issuer does not provide and does not accept appeals to increase a credit limit. That being said, you can use the Destiny Card to boost your credit score.

What is the annual charge for a Destiny card?

1st yr The annual fee for Destiny Card is $ 175; it reduces to $ 49 after the initial year. Destiny Card’s $175 1st year and $49 after the first year annual fee is higher than the average annual fee among new credit card offers right now. However, this is not the only fee you should concern yourself with the Destiny Mastercard.

Destiny is what kind of credit card?

Destiny Mastercard is an unsecured credit card available for those with poor credit or fair credit. It takes less than 60 seconds to prequalify. Destiny Credit Card also communicates all transactions to the three primary credit bureaus. The annual fee is US$59 to $ 99.