Consumer Reviews, Fees, Credit Score, Application & Best Alternatives
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The Destiny Mastercard, issued by First Electronic Bank and serviced by Genesis FS Card Services, Inc., is a perfect financial tool for all those with less than perfect credit score. It allows the user to tap into Mastercard paying power, and it provides an array of Mastercard benefits. Aside from a considerable upside of not paying for a security deposit, this card allows you an opportunity to improve your credit history by paying your bills on time and keeping your account in healthy financial standing.
Even with a prior bankruptcy, you're still eligible to apply for this card. A pre-qualify won't impact your credit score in any way, as the card issuer only performs a soft pull on your credit. The application is quick and easy, and you can get an answer very quickly. The card reports to all three major credit bureaus; it doesn't include a monthly maintenance fee and allows you to manage your credit account online. While there is no rewards program, you're still able to get access to a $300 credit line.
- All the benefits of a Mastercard, without a security deposit
- Keeping your account in good standing may help establish and/or improve your credit history
- Less than perfect credit is okay, even with a prior bankruptcy!
- Prequalify for a card today and it will not impact your credit score
- Reports to all three major credit bureaus
- The Destiny Mastercard is issued by First Electronic Bank and serviced by Genesis FS Card Services, Inc.
The Destiny Mastercard is one of the best subprime unsecured 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 & 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.
Who Is This Card For?
This card is simply ideal for all those with a past bankruptcy and poor 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 the 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 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 higher APR than a range of the average credit cards. Then, there's also the fact that you can't increase your credit limit. Once you get approved, your credit limit is set at $300. 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 subprime 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 This Card?
Since our job is to give honest card reviews to our readers, we can safely say that, despite many flaws, the Destiny Mastercard is still a good subprime unsecured 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.
- Easy and fast pre-qualification
- Reports to all 3 major credit bureaus
- No security deposit
- Mastercard benefits
- Accepted worldwide
- No rewards program
- No introductory bonus
- Card fees
- High APR
Rates & Fees
|Introductory APR (%):||N/A|
|Regular APR Type:||N/A|
|Annual Fee:||See Terms*|
|APR on Cash Advances:||29.90%*|
|Grace Period:||25 days*|
|Late Payment Fee:||Up to $40*|
Alternatives, Compare Destiny Mastercard® With Similar Offers
Min. Credit Level
Bad Credit OK*