Is Destiny Mastercard The Right Credit Card for Building Credit?

Is Destiny Mastercard The Right Credit Card for Building Credit?


The Destiny Mastercard is designed to help you rebuild your credit, especially if you have a limited or poor credit history.

Watch Out for Fees because this card comes with fees that aren’t exactly friendly for your credit-building journey. Brace yourself for an ongoing annual fee and a $12.50 monthly fee, kicking in from your second year after opening the account. Toss in a sky-high ongoing APR, and you’ve got a credit-building card facing the same challenges as other fee-laden options like the Indigo Mastercard. Sure, they might help build your credit but it comes at a hefty cost: program fees, annual fees and monthly fees that nibble away at your credit limit and wallet.

Important: If Destiny Mastercard is your only ticket to building credit, it can be a quick fix. But proceed with caution. As soon as your credit score allows, make a switch to a card with fewer fees. That’s the way you can keep building your credit without the extra burden on your finances.

Key Features of Destiny Mastercard

  • Fraud Protection: Don’t worry, you won’t be responsible if someone uses your card without permission. If anything fishy happens, there’s no fraud liability.
  • Pre-Qualification Ease: Don’t take stress of your credit score, it’s okay. Pre-qualifying won’t mess with it, so go ahead and feel confident. Pick the credit card that fits your needs best.
  • No Security Deposit Needed: Getting an unsecured credit card shouldn’t cost you. The good news is that no security deposit is required for Destiny Mastercard. Access your card without any extra hassle.
  • Destiny Nationwide Acceptance: Wherever Mastercard is accepted, you’re good to go online, in stores or through apps. It’s accepted across the nation.
  • Fast Pre-Qualification: Need quick answers? Pre-qualifying is fast and straightforward. Find out if you’re in without any impact on your credit scores.
  • Card for Everyday Use: This destiny card has your back for daily needs. Use it for everything, from shopping to paying bills, the perfect partner for your daily expenses.
  • Credit History Visibility: The three credit bureaus watch how you pay your bills. They can see when you use credit responsibly.
  • Flexible Usage: Your Destiny Mastercard is versatile because you can use it anywhere, whether in an app, online or at your favorite stores. It all depends on you!

Why Choose the Destiny Mastercard for Credit Building?

The Destiny Mastercard keeps things simple, making it a good choice if you’re focusing on building credit. Here’s why it might be the right fit for you:

Reporting to All Three Credit Bureaus

The Destiny Mastercard reports your credit activity to all three major credit bureaus: Experian, Equifax and TransUnion. This broad reporting ensures that your credit score stays accurate, no matter which bureau a lender uses to assess your creditworthiness. Not all credit cards report to all three bureaus, so having this comprehensive reporting can be crucial for effective credit building.

Immediate Use After Approval

Once you’re approved for the Destiny Mastercard, you can instantly add it to your digital wallet. This means you can start using the card to build credit right away, without waiting for a physical card to arrive in the mail. While the credit limit may be modest, this feature is handy if you’re eager to enhance your credit as soon as possible.

Keep in mind that you’ll need a mobile device that supports mobile wallets to take advantage of this immediate use feature.

The Ups and Downs of Destiny Mastercard

Destiny Card Advantages

  • Quick Approval and Digital Wallet Access: Get approved instantly and start using your Destiny card for digital purchases right away.
  • Credit Reporting to All Bureaus: Your credit-building efforts are in good hands because Destiny Mastercard reports to all three major credit bureaus.
  • Design Choices: Express yourself with three card designs to choose from.

Disadvantages of Destiny Mastercard

  • Fee Overload: Be wary because various card fees might eat into your starting credit limit, making it harder to build credit effectively.
  • High APR Warning: Watch out for a high APR because carrying a balance on this card can lead to quick interest accumulation.
  • Credit Limit Challenges: Be mindful of a relatively low credit limit, which could make it tricky to maintain a healthy credit utilization ratio.

Considerations for Choosing a Different Credit Building Card

For a credit-building card, the Destiny Mastercard comes with too many fees. In the first year alone, you face a $175 annual fee, followed by $49 annually. Additionally, there’s a monthly fee of $12.50 starting from the second year, totaling $150 annually. This accumulates to a hefty $199 just to maintain the account, cutting into your initial credit limit and adding unnecessary financial strain.

High Risk with Sky High Interest of Destiny Mastercard

The Destiny Mastercard carries a remarkably high variable interest rate of 35.90 percent. This is a considerable risk, especially if you can’t pay your balance in full each month. The flexibility to pay the minimum without worrying about steep interest is crucial, especially when financial flexibility is limited.

Restrictive Credit Limit and Utilization Challenges

With an initial credit limit of only $700, your spending options are limited. To maintain a healthy credit utilization ratio below 30 percent, you’ll struggle, especially considering the additional burden of annual and monthly fees. Balancing your credit use becomes difficult, potentially hindering the growth of your credit score over time.

Destiny Card Limited Credit-Building Features

Surprisingly, the Destiny Mastercard lacks essential credit-building features. While it reports to all three major credit bureaus, this is standard among credit-building cards. Not offering credit limit increases after consistent on-time payments and lacking free access to your FICO credit score are missed opportunities for those serious about improving their credit.

Absence of Cash Back or Rewards

Unlike some credit-building cards, the Destiny Mastercard doesn’t offer any cash back or rewards. This is notable, especially when considering the card’s annual and monthly fees, making it less appealing for those looking to get some value back from their purchases.

In summary, if you’re seeking a credit-building card with fewer fees, a lower interest rate and additional features for credit improvement, exploring alternatives might be in your best interest.

Conclusion: Making Smart Credit Choices

Choosing a credit card, like the Destiny Mastercard, for building credit is an important decision. While it offers some benefits, such as quick approval and digital wallet access, it comes with significant drawbacks, notably high fees and a hefty annual percentage rate (APR).

If you’re solely relying on the Destiny Mastercard for credit building, be cautious. The fees, especially in the second year, can add up quickly, impacting your initial credit limit and financial well-being. Additionally, the high APR poses a risk if you can’t pay your balance in full each month.

Also read: High Risk Merchant Accounts with

Considering the card’s limited credit-building features and the absence of cash back or rewards, it may not be the best long-term choice for those serious about improving their credit score.

For a more balanced and financially friendly approach, exploring alternative credit-building cards with fewer fees, lower interest rates, and additional features may be a smarter move. Always prioritize a card that aligns with your financial goals and helps you build credit without unnecessary financial strain.

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