The Destiny Mastercard is marketed as an easy credit-building card. But with high fees and interest rates, is it the best option? This post examines the pros, cons, fees, and more.
The Destiny Mastercard is an unsecured credit card aimed at consumers with limited credit history. It offers:
- Credit limits from $300 to $700
- Reporting to all three credit bureaus
- Instant digital card access after approval
- Annual fee of $175 the first year, $49 afterwards
- 35.90% APR on purchases
With a modest credit limit and lack of rewards, this card is strictly for rebuilding credit. But does it actually help or cause more harm?
The Pros of the Destiny Mastercard
Here are some potential benefits if you’re considering the Destiny card:
- Gets Added to Digital Wallet Immediately: As soon as you’re approved, you can add the Destiny Mastercard to services like Apple Pay. This allows you to start spending right away while waiting for the physical card.
- Reports to All Three Credit Bureaus: The Destiny card promises monthly reporting to Equifax, TransUnion, and Experian. This helps build your credit history across all three.
- Choose Between Three Card Designs: While minor, having options between three card designs allows some level of personalization.
Major Cons of the Destiny Card
However, there are also numerous downsides that make other credit builder cards a better choice:
- High Fees Reduce Your Credit Limit: The Destiny card tacks on both an annual fee and monthly fee after the first year. This cuts into your small initial limit of $300 to $700.
- Carrying a Balance Risks Massive Interest: The Destiny card charges a towering 35.90% variable APR. Carrying any kind of balance will cause interest fees to snowball.
- Small Credit Line Limits Your Options: With average starter limits from $300 to $500, it can be tricky to keep credit utilization low. Using over 30% of your limit can hurt your score.
- No Rewards or Cashback to Offset the Costs: Unlike some secured cards, the Destiny offers no rewards programs or cashback to help offset its annual and monthly fees.
How to Apply for the Destiny Card
If you decide the Destiny card is your best option for rebuilding credit, here is what to expect during the application process:
Where to Apply
You can submit an application for the Destiny Mastercard on their website at www.destinycard.com/home. There is an online application that takes around 10 minutes to complete. Simply click on the Apply Now Button and follow each prompt.
Information Needed
Be prepared to provide personal details like your:
- Full legal name
- Social Security Number
- Date of birth
- Home address
- Estimated annual income
Hard or Soft Credit Pull
The Destiny card application involves a hard credit inquiry, meaning your score will be impacted temporarily. Many applicants see initial point drops around 10-15 points.
Application Decision Time
You will receive an instant decision in most cases. If approved, you can access your new Destiny card details online right away.
Credit Limits and Card Delivery
Initial credit limits range from $300 to $500 for those new to credit. Limits up to $700 are reserved for those with established credit history. Expect your new physical card to arrive within 7-14 business days.
Be sure to activate your card as soon as it arrives! Then, you can start using your new Destiny account to begin rebuilding your credit.
Logging In to Your Destiny Card Account
Once you activate your new Destiny Mastercard, you can create an online account to manage your card, track spending, make payments, and more.
Destiny Card Login Website
To login and access your account, visit the card web portal at: www.destinycard.com/home
Information Needed to Login
Have the following pieces of information ready to access your account:
- Your 16-digit card number
- The last 4 digits of your Social Security Number
Managing Your Account Online
When you login, you can use the First Progress portal to:
- Check your current balance
- Review recent transactions
- Set up alerts
- Make payments
- Update your personal details
- Access monthly statements
- Initiate billing disputes
Free Mobile App
First Progress also offers a mobile app for iPhone and Android so you can check your Destiny card activity on the go.
Be sure to login regularly to stay on top of your account, credit utilization, and any fraudulent charges. Monitoring your card activity through the online portal is key for rebuilding your credit effectively.
Frequently Asked Questions about the Destiny Mastercard
Here are answers to some common questions about the Destiny credit card:
Does the Destiny card graduate to unsecured?
No, the Destiny Mastercard does not transition to an unsecured card. You would need to apply for a different card later to avoid fees.
Can you product change the Destiny card?
No. Since First Progress does not offer other cards, you cannot convert to a different product.
- Does the Destiny card do hard or soft credit inquiries?
The Destiny card application requires a hard credit check, which can temporarily impact your credit score.
Is there a way to waive the annual or monthly fees?
Unfortunately, there is no way to waive the annual fee after the first year or the monthly fee that gets charged after month 13. These recurring fees cannot be avoided if you keep the card open.
Should You Apply for the Destiny Credit Card?
The Destiny Mastercard can provide a credit building tool if you have a very poor score or limited options. But the high fees, interest rates, and low limit hold it back significantly. Other secured cards offer cheaper ways to build credit without risking such massive recurring costs or debt.
Before applying, be sure to explore all your options and read issuer terms carefully. Often, secured cards from major banks provide better paths to improving your credit over time.
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