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Destiny Credit Card Review (2024): Things You Need To Know
December 12, 2024
When considering a new credit card, it’s crucial to weigh the benefits and drawbacks before making a decision. The Destiny Credit Card, while marketed as an option for individuals with poor credit, has garnered a fair amount of criticism. In this article, we’ll delve into the details of the Destiny Card, including user reviews, features, and downsides, to help you make an informed decision.
Destiny Credit Card at a Glance
The Destiny Card is designed for those with bad or no credit history. It promises to help build or rebuild credit by reporting to the three major credit bureaus. However, the card comes with significant fees and limited benefits. Here’s a quick summary:
- Annual fee: $175 for the first year, then $49 per year after that
- Credit Limit: As of May 2024, up to $700
- APR: 35.9%
- No rewards program
- Reports to all three credit bureaus
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What Real People Are Saying
Issues with Destiny Credit Card
Real users on Reddit have shared negative reviews of the Destiny Card. Downsides include delays in receiving the card, difficulties reaching customer service, and the absence of a mobile app for managing the card. Additionally, there are complaints about the card’s high fees and predatory practices.
Yachts-Dan92: “Destiny card is for people with extremely bad/no credit. Pay and close. Also, stay away from predatory cards/cards that charge a ‘processing fee’ or monthly ‘maintenance fee’.”
Tinkiegrrl_825: “Predatory credit card company + cash advance + crypto = bad things. Cancel it. Get a secured card from a legitimate lender to build credit with. Steer clear of crypto, cash advances, and gambling with that card.”
Phishing Attempts
Some users have reported receiving suspicious emails about the Destiny Card, often from unrelated sources like dating websites. These emails are likely phishing attempts and should be avoided.
Scam and Predatory Practices
The Destiny Card has been described as a scam by many users due to its high upfront annual fee and other fees like processing or maintenance fees. Users are advised to stay away from such cards and opt for more reputable options.
Destiny Credit Card Highlights
Is The Destiny Credit Card Good?
The Destiny Credit Card is for people with bad credit and offers a way to rebuild their credit score. But, because it has high fees and few benefits, it isn’t as good as other credit cards for people with poor credit. To discover credit cards that fit your credit score, check out Kudos' free Explore Tool feature.
Destiny Credit Card Features
- Annual Fee: The Destiny Credit Card charges an annual fee ranging from $49-175, which is high compared to other cards in the same category
- Credit Limit: As of May 2024, the Destiny Mastercard has a maximum credit limit of $700
- APR: The card has a high APR of 35.9%, making it an expensive option if you carry a balance
- Credit Reporting: It reports to all three major credit bureaus, which can help in building or rebuilding credit if used responsibly
Destiny Credit Card Downsides
High Fees
One of the major downsides of the Destiny Credit Card is its high fees. Besides the annual fee, there are other charges like processing fees and monthly maintenance fees that can quickly add up.
Poor Customer Service
Many users have reported issues with reaching customer service, which can be frustrating if you encounter any problems with your card.
Limited Benefits
The Destiny Credit Card does not offer any rewards or cash back, making it less attractive compared to other credit cards that provide such benefits.
Who Should Consider the Destiny Card?
The Destiny Card is for people with bad or no credit. But, because it has high fees and few benefits, it might not be the best choice. If you want to rebuild your credit, think about getting a secured credit card or other options that have better deals and benefits.
Compare the Destiny Card to Other Credit Cards
When picking a credit card, especially if you have bad credit, it’s important to compare different options. The Destiny Credit Card is one choice, but you should see how it compares to other cards that help build credit. Here, we’ll look at how the Destiny Card stacks up against the Chime Credit Builder Secured Visa Credit Card and the Discover it Secured Credit Card. This will help you find the best card for improving your credit score.
Destiny Credit Card vs. Chime Credit Builder Secured Visa Credit Card
The Chime Credit Builder Visa® Card is a great option for those looking to build or rebuild their credit. Unlike the Destiny Card, it comes with several benefits that can make managing your credit easier and more affordable.
- Annual Fee: $0 (Chime) vs. $49-175 (Destiny)
- Credit Limit: Based on the amount you transfer to your Credit Builder account (Chime) vs. up to $700 (Destiny)
- APR: 0% (Chime) vs. 35.9% (Destiny)
- Benefits: The Chime card has no interest charges or annual fees and does not require a minimum security deposit. It also offers a unique feature called “Credit Builder” which allows you to use the money in your Chime Spending Account to set your credit limit. This can help you control your spending and avoid debt. Chime also reports to all three major credit bureaus.
Overall, the Chime Credit Builder Secured Visa Credit Card offers a more flexible and affordable way to build credit compared to the Destiny Card.
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Destiny Credit Card vs. Discover it Secured Credit Card
The Discover it® Secured Credit Card is another excellent alternative for those with poor credit. It provides valuable rewards and no annual fee, making it a more attractive option than the Destiny Card.
- Annual Fee: $0 (Discover) vs. $49-175 (Destiny)
- Credit Limit: Based on the security deposit (Discover) vs. up to $700 (Destiny)
- APR: 28.24% (Discover) vs. 35.9% (Destiny)
- Benefits: The Discover it Secured Credit Card offers 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter) and 1% on all other purchases. Discover will also match all the cash back you’ve earned at the end of your first year. The card requires a security deposit, but it can be refunded if you graduate to an unsecured card. Like the Destiny Card, it reports to all three major credit bureaus.
In summary, the Discover it Secured Credit Card provides more value with its rewards program and lack of annual fee, making it a better option for those looking to build or rebuild their credit.
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Destiny Credit Card: Our Expert Takeaway
The Destiny Credit Card is for people with bad credit, but it has high fees and few benefits, making it less appealing than other cards. While it helps rebuild credit by reporting to all three major credit bureaus, the high costs may not be worth it. It’s better to look at other options like secured credit cards, which usually have lower fees and better terms.
For those looking to unlock more value out of their credit cards, Kudos is a great tool. Kudos is a free AI-powered smart wallet that helps you find the best credit card based on your favorite stores and needs. With Kudos, you can also earn rewards when you shop at over 15,000 participating stores, even if your credit card doesn’t usually earn rewards. Don't shop online without it!
Earn Rewards with Kudos
For those looking to unlock more value out of their credit cards, Kudos is a great tool. Kudos is a free AI-powered smart wallet that helps you find the best credit card based on your favorite stores and needs. With Kudos, you can also earn rewards when you shop at over 15,000 participating stores, even if your credit card doesn’t usually earn rewards. Don't shop online without it!
Destiny Credit Card FAQs
Is Destiny a real credit card?
Yes, the Destiny Mastercard is a real credit card offered by First Electronic Bank. It is intended for people with less-than-perfect credit or a history of bankruptcy.
What's the credit limit on the Destiny Card?
As of May 2024, the Destiny Mastercard has a maximum credit limit of $700. However, some say that the annual fee can significantly reduce the amount of credit available. The Destiny Mastercard is an unsecured credit card offered by First Electronic Bank, and is intended for people with less-than-perfect credit or a history of bankruptcy.
How to activate Destiny Card?
To activate your Destiny Card, call the activation number provided on the sticker attached to your new card. Follow the instructions given by the automated system or the customer service representative.
Does the Destiny Card have an app?
Yes, the Destiny Mastercard has a mobile app that allows users to manage their accounts, view balances, make payments, and more. The app is called Concora Credit and is available on the App Store.
Does Destiny Credit Card have a fee?
Yes, the Destiny Mastercard has several fees, including:
- Annual fee: $175 for the first year, then $49 per year after that
- Monthly fee: $12.50 per month after the first year
- Late fee: $29 if you haven’t been charged a late fee in the previous six billing cycles, otherwise $40
- Returned payment fee: $29 if you haven’t been charged a returned payment fee in the previous six billing cycles, otherwise $40
- Overlimit fee: $29 if you haven’t been charged an overlimit fee in the previous six billing cycles, otherwise $40
- Foreign transaction fee: 1% of each transaction in U.S. dollars
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