If you have a low credit score and you’re looking to improve your credit rating, the Destiny Unsecured Mastercard may be ideal for you. It provides a quick pre-qualification option, which lets you know if you are eligible for the card in under 60 seconds. The best part about this is that your pre-qualification inquiry will not affect your credit standing.
This card is also ideal for those looking for their first credit card and want to build a good credit reputation. 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 build your credit standing. 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 Unsecured Mastercard gives you a thorough breakdown of all the benefits of this card and the various charges that come with it.
Although the card does not require an upfront security deposit, it does charge a moderate annual fee of $59–99. The Destiny Unsecured Mastercard comes with many designs which you can choose from at no extra cost.
A solid no-frills credit card with opportunities to repair or build credit
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 Unsecured Mastercard’s advantages and disadvantages.
The Destiny Unsecured Mastercard made it to our list of the best student credit cards. You can know more about the other options by reading our full review.
You can take out cash advances using this card without having to pay any transaction fees for your first year as a cardholder, but it does come with a very high APR rate of 24.9%. You must keep in mind that this could lead to substantial costs if you do not pay off the balances in full by the due date.
Note that the Destiny Unsecured Mastercard 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 $300 credit limit, which means you will be left with only a $241 spending limit in the first month.
You do not need to pay an upfront security deposit to start using the Destiny Unsecured Mastercard, but it does charge an annual fee and its APR rates are very high.
Regular APR
The card charges a high regular APR of 24.9% 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 29.9%. Other cards in the same category offer a lower cash advance APR rate.
Cash Advance Fee
The Destiny Unsecured Mastercard does not charge any fee for cash advances during the first year, which is an uncommon benefit. After this period, 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 29.9%, which will accrue interest from the date of the transaction.
Late Fees
The card charges a fee of $40 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. 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.
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.
If you are going to use the Destiny Unsecured Mastercard as your first or only card, you must keep in mind the limited credit that it offers. With a limit of only $300, 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 $300 credit limit. This is not advisable as you could be charged up to $40 in over-limit fees and doing so may increase your credit utilization ratio and in turn hurt your credit score.
If the Destiny Unsecured Mastercard 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 Unsecured Mastercard 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.
Although the Destiny Unsecured Mastercard could be a good option for those looking to build their credit, there are better options available in the market. We compared this card to others in the same category on some important aspects.
Destiny Unsecured Mastercard
Discover it Secured Credit Card
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.
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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