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This card is also ideal for those looking for their first credit card and want to build a credit history. Even those with prior bankruptcies can qualify for the card. This card reports to all three major credit bureaus, which is good if you want to establish payment history faster. You can also use this card without having to pay an upfront security deposit, unlike some other cards for people with mediocre credit.
Our review of the Destiny Mastercard® - $700 Credit Limit gives you a thorough breakdown of all the benefits of this card and the various charges that come with it.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Recommended CreditPoor–Fair
Destiny Mastercard® - $700 Credit Limit at a Glance
Although the card does not require an upfront security deposit, it does charge a moderate annual fee (see terms*).
- Destiny Mastercard® - $700 Credit Limit
A solid no-frills credit card with opportunities to repair or build credit.
- Poor–FairRecommended Credit
- See terms*Annual Fee
- 3# of Reporting Bureaus
- See terms*APR
Pros & Cons Explained
Although the card does not charge a security deposit, there are other fees that you must keep in mind, as they can become rather costly, depending on how you use the card. Let’s take a look at the Destiny Mastercard® - $700 Credit Limit’s advantages and disadvantages.
- No upfront security depositUsually, cards for those with bad to poor credit scores are secured with an upfront deposit, but this card does not charge a security deposit.
- Quick pre-qualificationThis card does a quick pre-qualification check, which takes only 60 seconds to let you know whether you qualify for it.
- Low minimum credit scoreYou can qualify for this card with a bad to poor credit score. Even those who have declared bankruptcies in the past can qualify.
- Reports to all three credit bureausThis card sends reports to all the three major credit bureaus, which helps establish a good credit score with proper card usage.
- Annual feeThe annual fee varies (see terms*). While it tends to be relatively low, other entry-level cards have no annual fee.
- High APRThe card has a considerably high variable purchase APR (see terms*). This could lead to significant charges if you do not pay off your balance in full every month.
- No rewards programUnlike other cards that help build credit, this card does not provide any rewards or cash back offers.
- Foreign transaction feeThis card charges a fee of 1% on all international transactions, which makes it less than ideal if you want to use it abroad.
The Destiny Mastercard® - $700 Credit Limit made it on our list of the best student credit cards. You can know more about the other options by reading our full review.
Other Features Explained
- Card FeatureDescription
- Cash advance feesYou will be charged a fee of $5 or 5% of the transaction amount, whichever is higher.
- Credit limitThe card offers a very low credit limit of $700.
- Annual feeDepending on your eligibility, the Destiny Mastercard® - $700 Credit Limit may charge you an annual fee (see terms*).
Note that the Destiny Mastercard® - $700 Credit Limit deducts the annual fee from your credit limit, which further restricts your spending capability. For example, if your annual fee is $59, this amount will be deducted from the $700 credit limit, which means you will be left with only a $641 spending limit in the first month.
Understanding the Fine Print
You do not need to pay an upfront security deposit to start using the Destiny Mastercard® - $700 Credit Limit, but it does charge an annual fee and its purchase APR rates are very high (see terms*)
- Card FeatureAmount or Rate
- APRSee terms*
- Annual FeeSee terms*
- Balance Transfer FeeN/A
- Balance Transfer APRN/A
- Late FeesUp to $41
The card charges a high regular APR (see terms*) and does not provide any intro APR offer. This means the APR will start accruing interest from the date of your first transaction.
Cash Advance APR
The cash advance APR for this card is also 35.90%. Other cards in the same category offer a lower cash advance APR rate.
Cash Advance Fee
There is a charge of $5 or 5%, whichever is higher (up to a limit of $100). Note that although there is no cash advance fee, you will still be charged a significantly high APR of 35.90%, which will accrue interest from the transaction date.
The card charges a fee of up to $41 for any late payments. This is in addition to the APR charges that accrue on the total outstanding amount. Missing payments may also impact your credit score.
You can compare this card with other cards for students or those with lower credit scores. You must keep in mind the charges that the cards levy, such as the APR and annual fees. You can find this information on the card provider’s website, in your last bill statement or on the credit card agreement database provided by the Consumer Financial Protection Bureau.
Who Should & Shouldn’t Consider Destiny Mastercard® - $700 Credit Limit?
Other Considerations for Destiny Mastercard® - $700 Credit Limit
It is important to consider whether this will be your only card or whether you are going to use it with other cards, as its pros and cons may vary depending on your use case.
Things to Consider if This Will Be Your First or Only Credit Card
If you are going to use the Destiny Mastercard® - $700 Credit Limit as your first or only card, you must keep in mind the limited credit that it offers. With a limit of only $700, this card could be unfit to meet all your spending requirements.
This card does give you the option of over-limit coverage that lets you spend more than the card's $700 credit limit. This is not advisable as you could be charged up to $41 in over-limit fees and doing so may increase your credit utilization ratio and in turn hurt your credit score.
Things to Consider if This Will Be an Additional Card in Your Wallet
If the Destiny Mastercard® - $700 Credit Limit is going to be used in combination with other cards, you must keep in mind the credit limit and the foreign transaction fee.
If you have another card with a higher credit limit that does not charge an international transaction fee, then this could be a good choice as a supplemental card. Not utilizing the entire limit on the Destiny Mastercard® - $700 Credit Limit can also help boost your credit score.
If another card that you own offers rewards points and cash back, then you could use this card to improve your credit while at the same time earning benefits using the other card.
Our transparent and comprehensive approach for reviewing credit cards considers important aspects that could impact your finances. Our in-depth process assesses all the necessary information which includes compiling reports from the Consumer Finance Protection Bureau’s database.
How Destiny Mastercard® - $700 Credit Limit Compares to Other Cards
Although the Destiny Mastercard® - $700 Credit Limit could be a good option for those looking to establish their credit, there are better options available in the market. We compared this card to others in the same category on some important aspects.
Quick Comparison of Destiny Mastercard® - $700 Credit Limit
Destiny Mastercard® - $700 Credit Limit
- Annual fee: See terms*
- Recommended credit score: Bad to poor
- Intro APR offer: No
- Cash back rewards: No
- Mini verdict: Best for those who want to build credit without a security deposit
Discover it® Secured Credit Card
- Annual fee: $0 (requires a minimum $200 deposit)
- Recommended credit score: Poor
- Intro APR offer: 10.99% intro APR on balance transfers for 6 months
- Cash back rewards: 2% cash back (select categories). 1% cash back on all other purchases
- Mini verdict: Best for those with poor credit who want to improve their standing and earn rewards
Other Helpful Decision-Making Q&As
If your credit score is not great and you are committed to improving it, there are many good options available in the market. Knowing what other users look for before making a decision can help you too.
Still not sure about this card? Consider these options.
If you’ve not yet made up your mind about which card is best suited for you, you can take a look at our list of the best student cards. If you are looking for other options, you can also check some of the best cards for bad credit or a secured card with benefits.
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Learn more about credit cards in general
- Consumer Finance Protection Bureau. "Credit card agreement database." Accessed September 9, 2021.
- Destiny Card. "Destiny Mastercard® - $700 Credit Limit from First Electronic Bank." Accessed September 9, 2021.
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