Credit Cards » Credit Card Reviews » Destiny Mastercard Review 2021
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Destiny Mastercard Review 2021

While the card doesn't offer any benefits or rewards, the Destiny Mastercard can help you access a small line of credit to rebuild your credit

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In this Review

The Destiny Mastercard offers those with less imperfect credit to rebuild their credit . While the card does not offer any benefits or rewards, it can help you access a small line of credit, which is typically $300.

Although this may seem like a small amount, this is an unsecured card that can help you to build a positive credit history. Your card activity is reported to the three major credit bureaus. So, you can enjoy the convenience of having a credit card and establish a consistent record of payments.

This makes the Destiny Mastercard an ideal option for those who need to build their credit. All credit histories are considered, and you may even qualify if you’ve had a prior bankruptcy.

While the credit criteria for the card is designed to help the credit challenged, there are no guarantees for approval.

The card issuer, Genesis Financial Solutions also allows applicants to prequalify for the card. This means that you won’t damage your credit further by applying and being rejected if you don’t qualify.

The Destiny Mastercard is provided with a number of security protections. This includes ID Theft Protection that alerts you if your email address, cards, bank accounts or social security number is used. There is also Zero Liability Protection, so you can have the reassurance that you won’t be responsible for unauthorized transactions.

Destiny Mastercard
Destiny Mastercard® review

On Destiny Secure Website

Rewards Plan

None

Sign up Bonus

None

0% Intro

None

PROS

CONS

APR

24.90%

Annual Fee

$59 - $99

Balance Transfer Fee

N/A

Credit Requirements

NoCredit / Bad Credit

The card even features protection against foreign transactions. Any transactions outside the US will be declined, unless you have previously set a travel alert to be able to use your card internationally.

You can even manage your Destiny Mastercard account online. There is a secure website where you can create a login and password to manage your account online and easily pay your monthly bill.

This helps you to have even more control over your finances, to develop good financial habits and work on building good credit.

Benefits

As with any financial product, there are both potential positives and negatives associated with this card. It is important to be aware of both before applying to ensure it is the right choice for your specific circumstances.

Many cards are only available to those with a high credit score, but the Destiny Mastercard is designed to assist those who have had credit issues in their past. 

You may even qualify if you’ve had prior bankruptcy.

While the Destiny Mastercard is only offered with a small credit limit, there is no need to provide a security deposit. 

This makes it a great option for those who need a credit card, but lack the funds to provide a security deposit.

Although the criteria for this card is more relaxed than many other cards, there are no guarantees of approval. The Destiny Mastercard offers pre qualification. This is a quick process that lets you know if you meet the card’s criteria without impacting your credit score.

You can manage your account with the online secure website. This allows you to enjoy 24/7 access to your card account even on your mobile device.

There are a number of security and fraud protections. So, you don’t need to worry if your card is stolen or lost. Providing you report the loss immediately, there is zero liability for any unauthorized transactions.

Drawbacks

In addition to the annual fee, there are a number of fees that you can incur for normal use. 

For example, there is a $79 processing fee when you open your account, a $7.25 monthly fee, which is applied after your first year. You can also incur a $55 reinstatement fee and there is a $25 replacement/additional card fee.

This card is only offered with a small credit limit and there are typically no increases, even with frequent on time payments. 

The Destiny Mastercard is designed to help you establish good credit, but there is no automatic upgrade. You would need to apply for another card once you have increased your credit score.

Although the Destiny Mastercard is marketed as a flexible card for practically anyone, there are no guarantees for approval. The issuer will evaluate many aspects of your credit history to determine if you qualify.

Since the Destiny Mastercard is designed for those with a good to poor credit score, the interest rate reflects the risk to the lender. This means that you can expect to pay a high interest rate unless you pay off the balance in full each month.

Unfortunately, the card does not offer any rewards. So, in addition to paying an annual fee, there is no cashback, points or other rewards.

Application Process

You can start the application process on the Destiny Card website. You’ll have two options to get started; whether you want to pre qualify or if you’ve received a mail offer.

If you select Pre Qualified, you’ll then be directed to an online form.

Destiny Mastercard application process - 1

 You’ll need to provide your name, address, email, phone number, date of birth and social security number.

Once you have filled in the required fields, you will need to click “Pre Qualify Now”. Genesis Financial Solutions will use these basic details to assess your suitability for the card and, where applicable, determine the annual fee you would qualify for.

Destiny Mastercard application process - 2

 

The company does state that if it is unable to issue a Destiny Mastercard to you, it may offer prequalification for a card issued by another bank. You can expect to receive the decision within seconds.

Alternatively, if you received a mail offer, there is the option to enter your application code and zip code to sign up.

Destiny Mastercard application process - 3

This will fast track you through the application process.

After you have pre approval, you can review all the terms and conditions and proceed with a full application.

Once you have your approval confirmed and you receive your card, you can then visit the website and create your login and password to manage your account online.

Bottom Line: Is it the right card for your needs?

If you have fair or bad credit and are looking for an unsecured credit card, it is worth checking if you can obtain pre approval for the Destiny Mastercard. Many subprime credit cards charge an annual fee, but the fee for this card is quite reasonable and determined by your specific circumstances. 

Pre approval only requires a soft pull credit check, so it will not impact your credit score. There is only a hard pull if you decide you would like to proceed with the application. So, there really is nothing to lose.

While the APR is high, it is quite typical of a subprime credit card. Of course, if you have good credit, you will be able to qualify for a card with a better rate and card benefits. However, if you’re looking to rebuild your credit, this card does report your activity to all the major credit bureaus and could help you establish a higher credit score for the future.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.