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Destiny Mastercard® Review: An Expensive Way to Build Credit

Review Updated
Lyle Daly
Lyle Daly
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Offer status

The Destiny Mastercard® is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.

The Destiny Mastercard® is designed for building credit, and there's no minimum credit score required to get it. But it also has costly fees, including an annual fee and a monthly fee starting the second year. Keep reading our Destiny Mastercard® review and see if it's a good way to raise your credit score.

Ratings Methodology

Destiny Mastercard®

Destiny Mastercard®
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Annual Fee Circle with letter I in it. Annual fee of $175 the first year, $49 thereafter

$175

  • With high fees and hardly any perks, this card charges you a premium to build your credit.

    • Lenient approval requirements
    • Reports to all three credit bureaus
    • No security deposit required
    • Excessive fees
    • No rewards
    • High APR

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Destiny Mastercard® review

This credit card is a good fit for: People with bad credit who have been declined for other credit cards.

Top perks

While it doesn't have a lot to offer, the Destiny Mastercard® offers a couple of benefits.

Helps you build credit with lenient approval requirements

It's harder to get a credit card when you have a low credit score. And that puts you in a tough spot, because a credit card is one of the best ways to build credit.

The Destiny Mastercard® is an option that's available to anyone. Have bad credit because of late payments, delinquent accounts, or any other reason? You could be eligible for this card. The same is true if you're new to credit -- but in that case, you may be able to qualify for better starter credit cards.

Another reason this card helps you build credit is because activity is reported to all three credit bureaus. There are three companies, Equifax, Experian, and TransUnion, that calculate a credit score for you. You wouldn't want a credit card that only reports to one or two of them. For example, if your card doesn't report to Equifax, then you won't have a credit score with Equifax. You won't need to worry about that with the Destiny Mastercard®.

OTHER OPTIONS: Best Credit Cards for Bad Credit

No security deposit required

Many of the cards for building credit are secured credit cards. These require a security deposit to open. They're easier to get, because the card issuer has more protection. If you don't pay your bill, it can use your deposit to cover what you owe.

The Destiny Mastercard® is one of few credit cards for poor credit that doesn't require this. It's an unsecured card with no deposit needed, so it saves you money upfront. But before you get too excited about that, know that this card doesn't save you money for long. It has a $175 annual fee that's charged to your account during the first billing cycle.

What could be improved

There are a few reasons why the Destiny Mastercard® is one to avoid.

Excessive fees

The worst part about this card are the setup and maintenance fees. It charges:

  • An annual fee of $175 the first year, $49 thereafter
  • A monthly fee of $0 the first year, $12.50 per month thereafter ($150 per year)

I've seen plenty of credit cards that charge an annual fee. I've seen a few that charge a monthly fee. An annual fee and a monthly fee is way too much. It gives the impression that this card issuer wants to take advantage of people who have poor credit and squeeze every last dollar it can out of them.

A secured credit card is a much better option. It costs you money upfront, but at least you can get that money back. Your deposit is refunded if you're able to upgrade to an unsecured card or if you close the account in good standing.

With a Destiny Mastercard®, there's not even an option to upgrade. After you've built your credit and can qualify for top credit cards, you'll need to cancel this card to stop paying its costly fees.

No rewards

The Destiny Mastercard® doesn't earn you anything back on purchases. There's no cash back and no points. This isn't a surprise. It's not a feature you see often with credit cards for bad credit (although a select few offer rewards). But it shows that the expensive setup and maintenance fees you pay for this card don't get you a whole lot.

High APR

As you may have expected, the Destiny Mastercard® charges a ton of interest. It has one of the highest APRs you'll find on a credit card. Considering credit cards are known for high interest rates, that's saying something.

A good rule to follow with credit cards is to always pay your card's full balance by the due date. When you do that, you're not charged credit card interest. It's especially important with a Destiny Mastercard® because of its enormous APR.

Suggested credit score

There's no minimum credit score to get the Destiny Mastercard®. According to the card issuer, it will consider applicants with all credit histories, including if you have a prior bankruptcy filing.

Keep in mind that approval isn't guaranteed. This is one of the easiest credit cards to get, but applications are still reviewed by the card issuer, and it's possible to be approved or denied.

The Destiny Mastercard® is right for you if:

You've tried applying for other credit cards already and have been declined. Make sure you've tried secured credit cards, too, before turning to the Destiny Mastercard®.

The Destiny Mastercard® is a last resort. You can use it to build your credit, but you'll pay nearly $200 a year for it, and you won't be able to upgrade it to anything better.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • First Electronic Bank issues the Destiny Mastercard®. The card is serviced by Concora Credit Inc.

  • The Destiny Mastercard® isn't a good credit card. It has extremely high setup and maintenance fees, a high APR, and very few benefits. There are much better credit cards available to help you build your credit.

  • The starting credit limit for the Destiny Mastercard® is $700, but it could be possible to get a credit limit increase later.