Destiny Mastercard®

The Destiny Mastercard is one of the best subprime unsecured starter credit cards for repairing your credit and building a healthy credit history. The card reports to all three major credit bureaus: TransUnion, Equifax, and Experian. You can use the card nationwide wherever Mastercard is accepted, and it allows the user to tap into a range of Mastercard benefits. However, since this is an unsecured credit card in its essence, there is no rewards program or signup bonus to count on.

Instead, you get to enjoy the Mastercard benefits such as zero fraud liability, global service that includes 24/7 emergency assistance, cash disbursement, lost card reporting, and replacement, etc. There is also ID theft protection to take into consideration. This card is designed for repairing damaged credit. All it takes to make it work is to keep your credit utilization low and pay your bills on time.

See the “What is Destiny Mastercard?” web story, and read Destiny Credit Card Review.

Who Is the Destiny Mastercard For?

This card is simply ideal for all those with a past bankruptcy and bad credit history. While the minimum credit requirement includes a 300 credit score, you don’t need perfect credit to apply for this card. It’s also simply ideal for all those who want a Mastercard but don’t fancy the idea of having to make a security deposit. The card can be used abroad for making foreign purchases after first contacting customer service; however, we advise a certain level of financial cautiousness when using this card abroad, as it includes a foreign transaction fee. If you plan on using this card to rebuild your credit, the best way to achieve your goal is to pay your monthly statement in full.

The card allows you to tap into Mastercard’s purchasing power to shift your full focus on your credit repair and establish a positive credit history. The initial credit limit is manageable, and the only cost to worry about is the annual fee, which is quite reasonable, considering this is a subprime credit card. When it comes to the APR, it’s also worth mentioning that it’s not variable with the Prime Rate. In other words, you won’t have to concern yourself with your interest rate going up with time.

Are There Any Disadvantages?

Just like any other credit card, the Destiny Mastercard credit card has certain disadvantages. The first one is rather a steep annual fee. While we are fully aware that this subprime card allows you to tap into some of the Mastercard benefits, its annual fee is still pretty high. Depending on your credit score, the initial annual fee varies for the first year. After that, it gets even higher. However, the biggest drawback is the lack of introductory bonuses and rewards programs. We should also mention a range of fees included and a high-interest rate.

The card charges a high APR. Also, the fact that you can’t increase your credit limit. Once you get approved, your credit limit is set at $700. The card issuer doesn’t include a mobile app, which is also a significant disadvantage as modern consumers are mostly mobile. Finally, the card doesn’t provide any free credit scores, which is a downside since most starter credit cards provide free credit scores of some form.

Still, be that as it may, there are good sides about this card that make things on a more positive side. It all comes down to your financial situation and current needs. If you went through bankruptcy and you’re out of options, it may be worth the risk to try this card.

Should You Use the Destiny Mastercard?

We can safely say that, despite many flaws, the Destiny Mastercard credit card is still a good starter credit card for reestablishing your credit score and history. It has some downsides, it is true, but it also has many upsides to take into consideration. Compared to similar cards from the same category, this card offers a reasonable annual fee and APR. The card comes with a full range of Mastercard benefits, and it allows you to tap into the Mastercard paying power without the need to pay a security deposit. However, don’t think that your credit repair journey ends with getting approved for this card.

This is only the tool, you’re the one who has to use it. Repairing your credit and building a healthy credit history requires the right financial tool, persistence, patience, and responsibility. A card is just a tool that allows you to rely on its benefits to achieve your financial goals. Use it wisely, spend responsibly, but, more importantly, try to pay your bills in full. Aside from looking good on your credit report, this card can give your credit score a much-needed boost.

Advantages of Destiny Mastercard

Reports to All 3 Major Credit Bureaus

• Critical for Credit Building: Regular reporting to TransUnion, Equifax, and Experian aids in building a positive credit history.

No Security Deposit

• Ease of Access: No need for an upfront deposit, making it accessible for those with limited funds.

Mastercard Benefits

• Global Acceptance and Protection: Includes perks like zero fraud liability, 24/7 emergency assistance, cash disbursement, lost card reporting and replacement, and ID theft protection.
• Worldwide Usage: The card is accepted globally, offering convenience for international transactions​​.

Accepted Worldwide

• International Purchases: Can be used abroad, though it’s advisable to be cautious due to foreign transaction fees​​.

Disadvantages of Destiny Mastercard

High Card Fees

• Steep Annual Fee: The annual fee is relatively high, which can be a burden, especially considering its subprime nature.

No Rewards Program

• Lack of Incentives: The absence of a rewards program means users miss out on potential cashback or points that other cards offer.

No Introductory Bonus

• Limited Initial Benefits: New users don’t receive any sign-up bonuses, which are common with other credit cards.

High APR

• Costly Borrowing: A high Annual Percentage Rate (APR) makes carrying a balance more expensive​​.

Conclusion

The Destiny Mastercard stands out as a viable option for individuals seeking to rebuild or establish their credit, particularly those who have faced financial challenges in the past. Its main appeal lies in its accessibility without a security deposit and the ability to report to all major credit bureaus, aiding in credit improvement. However, potential users should weigh these benefits against the drawbacks, such as high fees, lack of rewards, and a high APR. Ultimately, the Destiny Mastercard can be a stepping stone towards better financial health if used responsibly and with a clear understanding of its terms and costs​​.