Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.
With more than 10 years of accounting experience, Danielle Marshall has a deep understanding of many financial disciplines, including personal and commercial lending, retirement annuities, financial forecasting, and general bookkeeping. She has a bachelor's degree from the University of Florida's Fisher School of Accounting and currently manages all accounts receivable and payable for the parent company of CardRates.com. She works directly with credit card issuers and advertising partners to ensure our content meets compliance expectations and regulatory standards.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Obtaining an unsecured credit card is a challenge when you have poor credit. First, you have to identify cards willing to approve your application — including cards such as Destiny Mastercard® that cater to consumers with abysmal credit.
Second, you must choose a card that has something — anything — that distinguishes it from competitors. This credit card review assesses whether the Destiny Mastercard® is your best choice (spoiler alert: It’s not) and compares it to three other subprime credit cards that have higher overall ratings.
Finally, we’ll address the question of whether you’d do better with a secured credit card. You may find the answer surprising.
Unfortunately, its APR is very high. The card imposes a costly monthly maintenance fee after the first year of ownership. In its favor, the card doesn’t charge a sign-up fee, and its foreign transaction fee is lower than most.
How to Qualify and Apply
You can qualify for the card with a credit score as low as 500. You must also earn enough income to afford the monthly minimum payment, plus:
Be 18 or older
Have a physical US address
Have a US email address
Have a valid Social Security number
Own a bank account
Not have had a Destiny account that was charged off due to delinquency
You can apply on the bank’s website and access the card’s terms and conditions below:
Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.
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CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
To apply for the card, you must provide your name, address, phone number, date of birth, SSN, and your monthly income and expenses. When you apply, you can request optional over limit coverage and/or credit protection. You should get an immediate decision, and if favorable, the card should arrive within 14 business days.
Benefits & Drawbacks to Consider
The card’s benefits are slim, but its drawbacks are significant. Consider the following before you decide to apply for this card.
Benefits
Building credit: The card reports your activity to the three major credit bureaus (Equifax, Experian, and TransUnion), which can help you build credit.
Access despite poor credit: You can qualify for the card despite low credit scores and other credit issues, including prior bankruptcies.
No security deposit required: The card is unsecured and available without a security deposit. It also doesn’t charge a one-time program fee, unlike some of its competitors.
24/7 account access: You can manage your account online, where you can take advantage of around-the-clock access.
Fraud protection: As a Mastercard®, you get Identity Theft Protection and Zero Liability Protection. You’ll also receive alerts for unauthorized use of personal information.
If you want a card that doesn’t confuse you with all sorts of perks, this one fits the bill.
Drawbacks
Multiple fees: The card imposes various charges, such as an annual fee and a monthly fee that kicks in after the first year. There are also fees for overlimit spending, overdue payments, cash advances, and foreign transactions.
High interest rate: The card’s interest rate is exceptionally high. You can avoid it by paying your entire balance every month.
Low credit limit: The card offers a relatively small credit limit.
No rewards: Unlike many other credit cards, this one does not offer any rewards program. It also lacks an introductory 0% APR.
Few cards offer so little at such a high price. You owe it to yourself to check out the alternative cards in the following section.
Best Alternatives Worth a Look
Our editors give the following three cards a higher score than the Destiny Mastercard®. They all cater to applicants with subprime credit, and one even offers cash backrewards.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
You can use your card everywhere Mastercard is accepted. But be sure to read the card’s pricing and terms, as it’s not the cheapest option on the block, either.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
The Revvi Card is unique in this group because it offers cash back rewards. Its APR matches that of the Destiny Mastercard®, but its annual fee is lower. However, it imposes a one-time program fee, and its second-year monthly maintenance fee is higher.
This Visa® credit card offers similar benefits to those of the Destiny Mastercard®, which is to say meager. You’ll have to earn a lot of cash back to offset the card’s high costs.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Greater access to credit than before - $700 credit limit
Get a Mastercard accepted online, in store and in app
Account history is reported to the three major credit bureaus in the U.S.
$0 liability* for unauthorized use
Access your account online or from your mobile device 24/7
*Fraud protection provided by Mastercard Zero Liability Protection. If approved, you'll receive the Mastercard Guide to Benefits that details the complete terms with your card.
The Milestone® Mastercard® is a little different from the Destiny Mastercard®, as it requires a fair to good credit score for approval. It also offers fraud protection, 24/7 account access, and reports to all three credit bureaus.
The card’s initial credit limit is $700, which is good if you are trying to rebuild your credit, and is on par with that of the Destiny Mastercard®.
Cardholder Reviews Around the Web
Looking at anecdotal evidence can help sway your decision one way or another. We sourced the web to find reviews from real cardholders, but what we found was almost uniformly critical reviews of the card’s costs.
“This card has annual fees, no rewards, and scary high-interest rates (not that interest rates should come into play when deciding on a new card — you should always pay off your statement balance every month). I’d definitely say to avoid this. They don’t post their terms somewhere easily discoverable, which is a red flag.”
“I have had this card for going on two years and have appreciated the opportunity it provided me. For me, this was an opportunity to re-educate and rebuild my credit. This was a restart, so I wasn’t thinking of this card for groceries, repairs, or travel. With a $300 limit, this card became an ‘incidentals’ card, used for small things like fast food, corner stores, small Target runs, always trying to stay below 30% ($90).”
We would be remiss if we didn’t point out that forum contributors tend to be highly opinionated. In this case, those opinions are decidedly negative.
FAQs: What Is the Card’s Credit Limit?
The Destiny Mastercard® offers a credit limit of $700. The card does not grant or accept requests for a higher credit limit.
Usually, the card declines any transactions that would put you over your credit limit. But you can sign up for over-limit coverage that allows you to exceed your credit limit. The card charges a fee each time you spend beyond your limit.
Even if you request over-limit coverage, the issuer may decline a transaction that would cause you to go over your credit limit if you have yet to establish a payment history, are past due, or are significantly over your credit limit.
Is It Hard to Get Approved?
It’s relatively easy to get the Destiny Mastercard®, but it’s not guaranteed. The card serves consumers with very low credit, including persons who’ve emerged from bankruptcy.
The lack of a program fee is encouraging, but the annual fee is steep. The card penalizes you with a significant APR if you don’t pay your entire balance each month.
What Is the Minimum Payment?
The bank requires a monthly minimum payment of 5% of your new balance or $40, whichever is greater, rounded to the nearest dollar. If you elect not to pay your new balance in full, you must pay at least the monthly minimum payment by the payment due date shown on your statement.
Your monthly minimum payment will also include any past-due amounts. Suppose your new balance is less than or equal to your monthly minimum payment. In that case, your monthly minimum payment will be similar to your new balance.
If the card charges you interest, the cost will be no less than $1.
Would a Secured Credit Card Be a Better Choice?
A secured credit card requires you to lay out a security deposit, which typically sets the card’s credit limit. This deposit acts as collateral and minimizes risk for the issuer, which makes it much easier to obtain the card even if you have a limited or poor credit history. Secured cards are helpful in building or improving credit, as they usually report your activity to each major credit bureau.
The following chart compares the Destiny Mastercard® to a typical secured card:
Destiny Mastercard®
Typical Secured Card
Credit Check
Required
May not be required
Approval Odds
Fair to poor credit accepted; no guarantee of approval
Fairly high, especially for those with poor or no credit history
Security Deposit
None
Required; often equal to the credit limit
Credit Limit
$700
Typically equal to the security deposit
Annual Fee
See terms
Varies; often lower or $0
Monthly Fee
$0 the first year, then a monthly fee
None
APR
See terms
Varies; lower than unsecured cards
Reporting to Credit Bureaus?
Yes (all three major bureaus)
Yes (usually to all three major bureaus)
Rewards Program
None
Some offer cash back or points
Credit Line Increase
N/A
Possible over time, with additional deposits
Target Users
Individuals looking to rebuild credit without a deposit
Individuals starting or rebuilding credit with some funds for a deposit
You should consider acquiring a secured credit card rather than an unsecured card for poor credit. A typical secured card usually has lower fees and interest rates, better benefits, and sometimes cash back rewards. True, you must fork over a security deposit, but the card will refund it when you close or upgrade the account. Many secured cards automatically move you to an unsecured card after as few as six months of timely payments.
Is the Destiny Mastercard® Legitimate?
We believe it to be legitimate despite many customer comments to the contrary. The issuer designed the card for individuals with less-than-perfect credit histories, including those who have experienced bankruptcy.
The card carries the Mastercard® logo, which should prove its legitimacy. It also provides certain Mastercard® benefits, including ID Theft Protection and Zero Liability protection, and supports 24/7 account access.
For the most part, the card does not throw up most of the following red flags that indicate a low-quality card:
Lack of a secure website: Legitimate credit card issuers have secure, professional websites (indicated by “https://” and a security symbol in the URL bar). This is true of Concora Credit, the sponsor of the Destiny Mastercard®.
High fees or charges: Excessive fees, especially if demanded upfront, can be a sign of a scam. While the Destiny Mastercard® charges high fees, it does not impose a program fee. Cards that assess this fee require you to submit it before receiving the card.
Too-good-to-be-true promises: Illegitimate cards frequently promise guaranteed approval or unusually high credit limits, no matter your credit history. This is not the case for the Destiny Mastercard®.
No physical address or contact information: Legitimate issuers have verifiable physical addresses and customer service contact information. Concora Credit’s address is 14600 NW Greenbrier Pkwy, Beaverton, OR 97006-5745.
Better Business Bureau accreditation: Concora Credit (formerly Genesis FS Card Services) is BBB-accredited with a BBB rating of A. However, its BBB customer score is only 1.13 out of five, and the BBB received 1,939 complaints about Concora in the last three years.
Pressure to act quickly: Scammers often create a sense of urgency to prevent you from researching or overthinking about the offer. We don’t detect this card exerting any pressure on consumers.
Requests for personal information: Be cautious if asked for sensitive information, such as your Social Security number, without any security measures or application process in place. While the bank collects confidential information, there is nothing unusual about its application process.
You may have reservations about getting the Destiny Mastercard®, but legitimacy shouldn’t factor into your decision.
This Card May Be For You If You…
Have poor to fair credit and are looking to build or rebuild credit
Have experienced bankruptcy and are seeking a fresh start
Do not qualify for other unsecured credit cards due to your credit history
Are willing to pay higher fees and APRs as a trade-off for accessing an unsecured credit line
If you do decide to apply for this card, we advise you to use it for a year to rebuild your credit and then switch to a better credit card — one with lower costs and better benefits. By canceling before the 12-month mark, you’ll avoid the second year’s annual fee and monthly maintenance charges.
About the Author
Eric Bank
Finance Expert
Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
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