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Destiny Mastercard® - $700 Credit Limit review: A simple credit building card saddled with too many fees for comfort

The Destiny Mastercard can serve in a pinch, but carries too many fees and too high an APR to recommend over the competition. 

 /  10 min
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Snapshot

Bottom line

The Destiny Mastercard® - $700 Credit Limit falls into the same category as credit building cards like the FIT Mastercard and Indigo Mastercard: it carries too many fees and too high an APR to recommend over the other solid credit building cards on the market.

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Destiny Mastercard® - $700 Credit Limit
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Bad to Fair (300 – 670)
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Destiny Mastercard Overview

The Destiny Mastercard is a credit-building card that can help you rebuild your credit if you have no credit or a bad credit history. 

Unfortunately, this card is rife with fees counterproductive to a consumer’s credit-building efforts. It carries an ongoing annual fee and a $12.50 monthly fee that begins with your second year from account opening. Add an incredibly high ongoing APR to the mix, and you have a credit-building card with the same issues as other fee-heavy cards like the Indigo Mastercard — yes, they might help you build your credit, but that privilege comes at the heavy cost of program, annual and monthly fees eating away at your credit limit and wallet.  

If you need to build credit and the Destiny Mastercard is the only option available, it works in a pinch. But proceed with caution and move on to a card with fewer fees as soon as your credit score allows. 

  • Credit Card Cash Back

    Rewards

    • This card does not offer rewards, which is typical of credit-building cards. 

    Expert Appraisal: Typical
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • 35.90 percent APR
    • $175 annual fee the first year, $49 annual fee thereafter
    • $0 monthly fee the first year, $12.50 annual fee thereafter

    Expert Appraisal: Weak
    See our expert analysis

  • Credit Fair

    Credit-building features

    • Reports to all three major credit bureaus 
    • All credit histories considered

    Expert Appraisal: Unimpressive
    See our expert analysis

Destiny Mastercard pros and cons

Here’s a quick look at the benefits and drawbacks of the Destiny Mastercard. 

Pros

  • Checkmark

    Instant approval allows you to add the Destiny card to your digital wallet for purchases as soon as you’re approved.

  • Checkmark

    Reports to all three major credit bureaus, ensuring your credit-building efforts.

  • Checkmark

    You can choose from three selectable card designs.

Cons

  • Numerous card fees will cut into your starting credit limit and make it more difficult to effectively build credit.

  • Very high APR means carrying a balance on this card can quickly rack up interest.

  • Relatively low credit limit can make maintaining a healthy credit utilization ratio difficult.

Why you might want the Destiny Mastercard

The Destiny Mastercard keeps things simple regarding card features, which can be a blessing if you need to focus on building credit. Here are a few reasons you might turn to the Destiny Mastercard for your credit-building needs. 

Reports to all three credit bureaus

The Destiny Mastercard reports your credit use to all three major credit bureaus: Experian, Equifax and TransUnion. By reporting to all three bureaus, the Destiny Mastercard helps keep your score accurate no matter which bureau an issuer uses to gauge your credit score. 

Despite the importance of this type of reporting, not all issuers report to all three credit bureaus. While they might prove useful in other ways, those cards may not be the best choice for building or rebuilding credit. 

You can use the card immediately after approval 

Once you’ve applied for the Destiny Mastercard and receive approval, you can immediately add the card to your digital wallet. This means you can start using your card to build credit when you get confirmation, with no need to wait for a physical card to appear in the mail. 

While this may not prove exceedingly useful given the modest credit limit, it’s a nice feature if you’re eager to improve your credit as soon as possible. Remember, to use this feature, you’ll need to have a mobile device that supports mobile wallets. 

Why you might want a different credit building card

While the Destiny Mastercard is marketed as a card designed for building credit, the card’s withering fees and low initial credit limit hamper the card’s ability to perform that task. 

Numerous account fees can strain your wallet 

For a credit-building card, the Destiny Mastercard features an unfortunate number of fees. To use the card, you’ll need to pay a $175 annual fee for the first year and $49 for each year afterward. On top of the annual fee, you’ll also pay a monthly fee, which is an uncommon fee on most mainstream credit cards. This monthly fee is waived for the first year from account opening, but Destiny Mastercard will start charging $12.50 per month the following years, for $150 annually. 

Put these two charges together and you’re looking at $199 in costs just to keep the account open. These fees cut directly into your initial credit limit and are charges you don’t want to worry about when you’re focused on building your credit and protecting your finances. 

Sky-high interest rate makes not paying your balance in full risky

The Destiny Mastercard sports a very high interest rate of 35.90 percent variable. Very few cards on the market feature an APR this high, and carrying a balance presents an enormous risk. 

Ideally, cardholders should always pay their statement balance in full at the end of each month to avoid accruing interest. But if you can’t pay the full balance, having the flexibility to pay the minimum without worrying about ballooning interest is a gift, especially if you don’t have much financial wiggle room.  

Small credit line limits your spending options

Your credit utilization ratio — the percent of credit you’re borrowing from your total credit availability —  plays an important role in determining your credit score. To best build credit, you want to keep your ratio to 30 percent or below. Surfing above this percentage over time can ultimately harm the growth of your credit score. 

With an initial credit limit of just $700, you won’t have much room to work with if you want to stay under that 30 percent target. Assuming the Destiny Mastercard is your only source of credit, carrying a balance above $210 will result in a credit utilization ratio greater than 30 percent. 

Adding to the squeeze is the card’s annual and monthly fees. These fees are applied directly to your account and take up precious real estate from your total available credit. 

Lacks credit-building features

The Destiny Mastercard offers surprisingly little when it comes to credit-building features. While it reports to all three major credit bureaus and considers applications from most credit histories, these are standard features on most credit-building cards. Further, the Destiny Mastercard doesn’t offer to increase your credit limit after a certain period of on-time payments and does not mention free FICO credit score access. Both of these features are great to have if you’re serious about boosting your credit score

On the bright side, you can use the Destiny Mastercard immediately if you qualify and add the card to your digital wallet. But this has little impact on your ability to grow your credit in the long run. 

No additional value through cash back or rewards 

While this isn’t uncommon among credit-building cards, the lack of cash back on purchases especially stings given the card’s annual and monthly fees. 

How the Destiny Mastercard compares to other credit-building cards

The Destiny Mastercard best serves as a last resort option for building credit. Other credit-building cards on the market can achieve the same goal without the overwhelming fees. 

Image of Destiny Mastercard® - $700 Credit Limit

Destiny Mastercard® - $700 Credit Limit

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Rating: 0 stars out of 5
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Annual fee

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Intro offer

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Rewards rate

N/A

Recommended Credit Score

Bad to Fair (300 – 670)
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Annual fee

$0

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1% - 2%
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Recommended Credit Score

No Credit History
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Annual fee

$0

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No Credit History
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Who is the Destiny Mastercard right for?

Bankrate’s Take — Is the Destiny Mastercard worth it?

The Destiny Mastercard is a serviceable pick for consumers with a history of poor credit and few other credit-building options available. Unfortunately, the annual fee, monthly fee and high APR make this card a suboptimal — and potentially risky — choice given the other cheaper and just as effective credit-building cards on the market. 

How we rated this card

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When evaluating the best cards for building credit, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that make it easy to build credit history while minimizing costs.

We analyzed over 50 of the most popular cards designed for people with no credit history, bad credit or a fair credit score and rated each based on its cost, APR, credit-building features and more to determine whether it belonged in this month’s roundup.

Here are some of the key factors that we considered:

Frequently asked questions

The information about the Destiny Mastercard has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the issuer.  

Written by
Steve Dashiell
Editor, Credit cards

Steven Dashiell is an editor for Bankrate and CreditCards.com with expertise in rewards credit cards, financial literacy, and helping consumers build and maintain their credit.

Edited by Senior Editor, Credit Cards

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