My Destiny Mastercard is a credit-building card that will assist you in rebuilding your credit if you have a bad credit history. This credit card has a high ongoing APR counterproductive to your credit-building efforts. It has a similar problem as other fee-heavy credit cards that may assist you in building a good credit score, but it comes at a higher cost.
If you want to build credit history then Destiny Card is the easiest and only option available to you. Also, you can switch to a credit card with fewer charges as soon as your credit history permits.
Destiny Credit Card Information
This Destiny Mastercard is well-designed for those people with no credit history. It assists you in rebuilding credit by reporting to the three major credit bureaus. Also, the Destiny credit card comes with limited advantages. You also have to pay the charges. Here is some quick information about Destiny Credit Card:
- Credit Limit: $700
- Reports to all three credit bureaus
- APR: 35.9%
- No rewards
- Annual charges: For the first year $175 and then $49 every year after that
My Destiny Mastercard Pros and Cons
Now, let us discuss about the pros and cons of My Destiny Mastercard:
Pros
- My Destiny Credit card reports to three credit bureaus that ensure your credit-building efforts.
- You don’t have to pay any security deposit.
- My Destiny credit card provides instant approval that helps you to add My Destiny card to your digital wallet as soon as it is approved.
Cons
- High APR means you are carrying a balance on My Destiny credit card that will rack up interest
- High charges might cut into your standing limit of Destiny Mastercard making it difficult to build a credit score
- Low credit card limit will maintain a healthy utilization ratio of credit difficult
Who Must Consider My Destiny Mastercard?
My Destiny Credit card is for individuals with no credit history. As it has high charges and few advantages. you have the easiest option available and if you wish to rebuild your credit score then you should think of getting a My Destiny Mastercard.
Card Approval: You may use My Destiny Credit Card After Arrival
Once your my destiny credit card gets approved, you may quickly add the credit card to your digital wallet. It means that you may start using your credit card as soon as it gets approved, you don’t have to wait for a physical Destiny Mastercard.
While it might not prove useful given the modest credit card limit of My Destiny, it has a nice feature if you want to improve your credit score. You should have a smartphone that supports mobile wallets to use your digital wallet feature of Destiny Mastercard.
Fees: A High Interest Rate May Put Strain Your Wallet
My Destiny credit card has features with high fees for building a credit score. You have to pay $175 yearly for the first year and then $49 for every year afterwards. On top of annual charges, you also have to pay monthly charges which is an uncommon fee on mainstream credit cards. This monthly charge is waived for the first year of opening my Destiny credit card, but you might be charged $12.50 every month after that. These two fees combine to $199 yearly. These charges are directly cut into your low initial credit limit and might make it tough to focus on building your credit score.
My Destiny credit cardholders must pay their statement balance in full every month to eliminate accruing interest. Other credit cards with interest rates might be better if you want to carry a balance. My Destiny credit card has a variable interest rate of 36 per cent. Few credit cards on the market have APR features and present a risk of accumulating expensive interest rates and increasing credit card debt.
No Additional Value
It is not uncommon that rewards or cash back programs on purchases stings considering the credit card fees and monthly charges. Also, with a low credit line, it offers no incentive other than building your credit score.
Benefits
Credit protection, 24/7 account access and autopay are some of the benefits. Overdraft coverage helps you to purchase if you exceed your credit limit with $41 charges. You will have to pay one fee every cycle, but you will be charged two additional charges if your new balance stays over your credit card limit after a billing cycle.
Credit protection covers unemployment, injuries and emergencies. For $1.49 every $100 of your balance, your monthly payments might be cancelled for six months if you have a qualifying event. These charges might add up and you must avoid it unless required.
How We Rate My Destiny Credit Card?
There are a range of factors when evaluating the best credit card for credit score building that includes whether credit card provides features and how credit card score helps in proprietary card rating system that makes it simple to build credit score while reducing expenses.
We have researched and analysed that 50 of the most popular credit cards are well-designed for individuals with bad credit history and rates each based on cost, credit-building features, APR and more to consider whether it belonged in this month’s roundup.
What Destiny Credit Mastercard Holders Think?
Is the yearly charge of my destiny credit, you feel worth it? What credit card features and benefits helped you?
I don’t use credit cards with yearly charges
If this credit card has yearly fees, do you feel it’s worth it to use it? What credit card features helped you offset the cost?
I don’t think it is worth it. I have a low credit limit and yearly fees would be lowering my credit limit more. Another reason I am not willing to pay yearly charges to keep the credit card is that my minimum monthly payments are a lot higher than my other credit cards.
Why would you not recommend this credit card to a friend?
High interest rates along with yearly charges is the reason that would prevent me from recommending it to my friends.