Imagine a key that can open doors previously locked to you—doors to better financial opportunities, trust, and growth. Meet the Destiny Credit Card, your golden key for those credit doors. Whether you’re just starting out or fixing past credit missteps, let’s dive into how Destiny can reshape your financial journey. Ready to turn the key?
Introduction to the Destiny Credit Card
The Destiny Credit Card is issued by First Electronic Bank and serviced by Genesis Financial Solution Card Services. Genesis Financial Solution Card Services also manages other credit cards, including the Indigo MasterCard and Milestone MasterCard.
Who Is the Destiny Credit Card For?
The Destiny Credit Card caters to individuals with new or challenged credit profiles. It serves as a valuable tool for those looking to build or rebuild their credit. If you have a history of bad credit, such as past bankruptcies, late payments, or collections, this card deserves your consideration.
Benefits of the Destiny MasterCard
Here are some of the key benefits that the Destiny Credit Card offers:
- Credit Reporting: This credit card reports to all three major credit bureaus—Equifax, TransUnion, and Experian. This is a significant advantage as it helps you establish or rebuild your credit history.
- Initial Credit Limit: The Destiny MasterCard starts with a $300 credit limit. While this may seem low, it’s important to remember that this card is designed for individuals with limited or challenged credit histories. It serves as a stepping stone to better credit opportunities.
- Unsecured Credit Card: Unlike secured credit cards that require a security deposit, the Destiny MasterCard is unsecured. This means you don’t need to put down a deposit to open the account.
- Accessible Approval: The Destiny MasterCard is known for its lenient approval criteria. Even if you have below-average credit, with a credit score as low as 500 or even lower, you may still qualify for this card. They readily approve applicants who are working to improve their credit.
- Pre-Qualification Tool: The Destiny MasterCard offers a pre-qualification tool that allows you to check your eligibility without a hard inquiry on your credit report. This helps you avoid unnecessary credit hits.
Fees and Costs
Before applying for the Destiny Credit Card, it’s important to be aware of the associated fees:
- Annual Fee: The first-year annual fee is $75, and in subsequent years, it increases to $99. It’s essential to note that the annual fee is deducted from your available credit. For example, if your credit limit is $300, they will deduct the annual fee, leaving you with a reduced available balance.
- APR (Annual Percentage Rate): The Destiny MasterCard has an APR of 24.9%, which is relatively high. To minimize interest costs, make timely payments and pay your balance in full each billing cycle.
- Foreign Transaction Fee: There is a 1% foreign transaction fee for using the card abroad.
- Cash Advance Fee: The cash advance fee is $0 in the first year and increases to $5 or 5% of the transaction amount (whichever is greater) in subsequent years, with a maximum cap of $100.
- Late Payment Fee: Late payments incur a $40 fee, as do over-the-limit transactions.
- Return Payment Fee: A return payment results in a $40 fee.
- Grace Period: The Destiny MasterCard offers a grace period of ‘X’ days (This is a placeholder. Actual number of days should be added), during which no interest will be charged on purchases, provided the balance is paid in full.
- Balance Transfers: Cardholders looking to consolidate their debt will be pleased to know that balance transfers are possible with the Destiny MasterCard, subject to a fee of ‘X%’ of the transfer amount.
How to Apply for a Destiny Credit Card?
Want to know how to apply for a Destiny Card? Here is the step-by-step process:
1. Visit the Official Website: The first step is usually to visit the official website of the credit card issuer or the specific product page for the Destiny Credit Card.
2. Look for the “Apply Now” Button: Click on the “Apply Now” button on the page.
3. Pre-Qualification: Apply for pre-qualification first. This allows you to check if you might qualify for the card without a hard credit inquiry, which can temporarily reduce your credit score. If this is offered and you choose to use it, you’ll likely need to provide some basic information like:
- Full Name
- Social Security Number or Individual Taxpayer Identification Number
- Annual income
4. Complete the Application: If you decide to proceed after pre-qualification or if you’re going directly to the full application:
- Provide Personal Information: This includes your full name, date of birth, Social Security Number, and contact information.
- Provide Financial Information: You’ll likely need to provide details about your annual income, employment status, and possibly monthly housing payment.
- Additional Information: Depending on the card, you might be asked about existing bank accounts, other credit cards, or if you’ve filed for bankruptcy in the past.
5. Review the Terms and Conditions: Before submitting, always review the terms and conditions. This will provide information on fees, interest rates, and other critical details.
6. Submit the Application: Once you’ve filled out all required sections, you can submit the application.
7. Wait for a Decision: Some cards might give you an instant decision, while others might require more time. If further review is needed, the issuer will typically provide a decision within a week or two, either via email or postal mail.
8. Follow-up: If approved, you’ll receive your card and related information in the mail. If not, you should receive a letter explaining the decision, and you might have the opportunity to discuss or appeal.
- Applicants must be at least 18 years old to qualify for the Destiny MasterCard.
- You can hold only one Destiny MasterCard account.
- While the card lacks rewards, it is a valuable tool for building or rebuilding credit.
Frequently Asked Questions (FAQs)
Q1. Who is eligible for the Destiny MasterCard?
The Destiny MasterCard is primarily designed for individuals with limited or challenged credit histories. It can be a suitable option if you have bad credit with past bankruptcies, late payments, or collections. The eligibility criteria may include being at least 18 years old and meeting specific income requirements. However, it is generally more accessible for those with lower credit scores.
Q2. What is the annual fee for the Destiny MasterCard?
The Destiny MasterCard has an annual fee structure. In the first year, the annual fee is $75. After the initial year, it increases to $99 annually. It’s essential to be aware of these fees and factor them into your budget when considering the card.
Q3. Does the Destiny Credit Card offer rewards or cashback?
No, the Destiny MasterCard does not offer rewards, cashback, or bonus programs. It is primarily focused on helping individuals build or rebuild their credit histories. While rewards can be attractive with other credit cards, the Destiny MasterCard’s main benefit is its potential to improve your creditworthiness.
Q4. Is there a foreign transaction fee for using the Destiny MasterCard abroad?
Yes, the Destiny MasterCard charges a 1% foreign transaction fee for purchases made outside the United States. If you plan to use the card internationally, be aware of this fee and consider using alternative payment methods if you travel frequently.
Q5. What happens if I miss a payment or go over the credit limit with the Destiny MasterCard?
Missing a payment on the Destiny MasterCard may result in a late payment fee of $40. Additionally, going over your credit limit can also incur a $40 over-the-limit fee. It’s crucial to manage your card responsibly, make payments on time, and stay within your credit limit to avoid these fees and maintain your progress in building or rebuilding your credit.
The Destiny Credit Card can be an excellent choice if you are looking to build or rebuild your credit. However, if you already have good credit, it’s advisable to explore other credit card options with better terms and rewards. Keep in mind that responsible use of this card, including making payments on time, can help you on your journey to improved creditworthiness. Remember, your financial decisions should align with your unique circumstances and goals.