After six months of responsible use, you can become eligible for a credit line increase after account review.Rewards rate: 1% cash back on eligible gas, grocery, internet, mobile phone, cable or satellite TV purchasesĪnnual fee: $75 first year, then $99 annually However, there are unsecured credit card options that either have no annual fee or allow you to earn rewards that could earn a place in your wallet instead. If you are unable to qualify for typical unsecured credit cards due to a poor credit history or a low credit score, the Destiny Mastercard may be a viable option. How does the Destiny Mastercard compare to other credit-building cards? For example, the Mission Lane Cash Back Visa® Credit Card offers 1 to 1.5% cash back on all purchases with no annual fee, and the Capital One QuicksilverOne Cash Rewards Credit Card allows you to earn 1.5% flat-rate cash back on all purchases as well as 5% cash back on hotels and rental cars booked through Capital One Travel.Įven though this card is primarily focused on building credit, it would have been advantageous to have more cardholder benefits that would make applying for this card more enticing. There aren’t any rewards or standout perks and benefitsĪside from Mastercard benefits like Fraud Protection* and EMV chip technology, there aren’t many features that distinguish this card from similar cards that provide rewards along with solid perks. However, if you plan on traveling, it does come with a low 1% foreign transaction fee, but the annual fee and monthly fee might be too costly, especially if you are working to build credit and keep costs low. And even though there is no penalty APR, there is a late payment fee up to $41. These two fees may seem excessive on their own, especially given that the annual fee is deducted from your credit limit – which means that if you get approved for a $500 credit limit, your initial credit limit will be reduced to $325 during the first year.Īnd not only that, but there is a high 35.90% cash advance rate and ongoing APR, which is significantly higher than the current average credit card interest rate. The Destiny Mastercard has an annual fee that begins at $175 the first year, and then $49 after that, along with a monthly fee that is $0 the first year, but $150 annually afterward ($12.50 billed monthly). It comes with a slew of high feesĮven though it’s common for fair credit cards to load up on fees, this card’s costs are unusually high. Why you might want a different cardĪlthough the Destiny Mastercard can help you in your credit-building journey, there are a few drawbacks to consider, such as the steep amount of fees, high APR and lack of perks. Though this is a good card limit for an unsecured fair credit card, there are high-limit secured cards that outperform the Destiny Mastercard, such as the Discover it® Secured Credit Card, which allows up to $2,500 in a credit line but only if you can put down a matching deposit. Having access to a decent credit line can help keep your credit utilization ratio low, allowing you to improve your credit score faster. You could qualify for a $700 starting credit limit, a reasonable limit when compared to credit-building secured cards that limit your credit line based on the total amount of your security deposit as well as other unsecured credit-building cards that typically feature lower credit limits. You will, however, have to pay an annual and a monthly fee, but you can avoid the upfront costs of a security deposit. While most people with poor credit scores lean toward secured credit cards to boost their credit standing, they usually have to pay a refundable security deposit that can be as high as $200. Since the Destiny Mastercard is an unsecured card, you don’t have to worry about paying a security deposit - a plus for people with fair credit scores. You can also start or rebuild your credit journey with a respectable credit limit. The Destiny Mastercard is ideal for credit building because it doesn’t ask for a security deposit and reports your activity to all three credit bureaus. Why you might want the Destiny Mastercard
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |