The Destiny Mastercard is a specialized tool, and like any tool, you need to understand how to use it safely and effectively. It offers the significant benefit of reporting to the three major credit bureaus, which is essential for building credit. However, it comes with high, non-refundable fees. The key to using this card successfully is to have a clear plan, understand the costs, and maintain strict discipline. Let’s break down the numbers and create a practical plan.
This card is an unsecured credit card designed for U.S. residents who have had credit challenges. Its main purpose is to give you access to a credit line without a security deposit. This review will provide a straightforward, budget-focused look at this card, examining its costs and explaining how to fit it into your financial plan without derailing your progress.
A Detailed Examination of the Card’s Features
The Destiny Mastercard provides the basic functions necessary for credit building.
- Unsecured Line of Credit: The most significant feature is that you do not need to provide a cash security deposit. This can be helpful if you need to keep your savings available for emergencies. Your initial credit limit will be up to $700.
- Credit Reporting to All Bureaus: The card reports your payment activity to Experian®, Equifax®, and TransUnion®. This is the primary function you are paying for, as it allows you to build a positive payment history that future lenders can see.
- Prequalification with No Credit Score Impact: Before you apply, you can use a risk-free pre-qualification tool. This uses a soft inquiry, which does not lower your credit score, to see if you are likely to be approved and to show you the specific annual fee your offer includes.
- Potential for Rewards: A specific version of the card offers an unlimited 1.5% cash back on eligible purchases. While this is a nice feature, it is very difficult to earn enough in rewards to offset the high fees.
- Mastercard® Protections: The card includes standard protections like Mastercard® Zero Liability, which means you are not responsible for unauthorized purchases.
Who Can Apply: Eligibility Criteria
This card is designed for a specific U.S. audience.
- Credit Profile: Individuals with poor, fair, or limited credit histories, including those with a prior bankruptcy.
- Age and Residency: You must be at least 18 years old and a U.S. resident with a valid physical address.
- Identification: A valid Social Security Number is required.
- Financial Requirements: You must have a source of income and an active checking account.
Apply and Activate
- Gather Your Info: Name, U.S. address, email, phone, Social Security number, and monthly income.
- Go to the Official Website: Locate the Destiny Mastercard® prequalification form.
- Submit Details: Fill it out accurately — it’s a soft inquiry, so no credit score impact.
- Review Your Offer: Check your credit limit (up to $700), annual fee ($59–$175), and any monthly fee after the first year.
- Complete the Full Application: This triggers a hard inquiry.
- Get Your Final Decision: Approval or denial.
- Receive & Activate Your Card: Arrives in 7–14 business days; annual fee billed on first statement.
Frequently Asked Questions About the Process
- How long does the pre-qualification take?
The pre-qualification process is very fast, typically providing a decision in 60 seconds. - What happens if I am denied after being pre-qualified?
While it is uncommon, it is possible. A pre-qualification is a strong indication of approval, but not a guarantee. A denial on the full application could happen if there is a major discrepancy in the information you provide or if your credit situation has changed significantly since the soft pull was done. - Do I need a checking account to apply?
Yes, a valid, active checking account is generally a requirement for approval for the Destiny Mastercard. - Can I call to apply?
The primary application method is online. The pre-qualification tool that allows you to see your offer without impacting your credit score is only available through their website.
