The Destiny Mastercard® Annual and Monthly Fees
While the Destiny Mastercard® offers a path to an unsecured credit line for those with imperfect credit, the high fees are a significant drawback that should be fully understood before applying. These fees can severely limit your purchasing power and make it a more expensive option for building credit compared to other alternatives. Read more: The Destiny Mastercard®: Your essential guide to rebuilding credit.
A costly first year
The Destiny Mastercard® has a fee structure that makes it one of the more expensive options for building credit:
- Initial Annual Fee: On or about the date your account is opened, your account will be charged a $175 annual fee.
- Impact on Credit Limit: This $175 fee is automatically deducted from your initial $700 credit limit. This means you will have only $525 of available credit to start, which can make it challenging to keep your credit utilization ratio low.
- Renewal Annual Fee: After the first year, the annual fee drops to $49 each year.
The monthly fee kicks in
- Year one: The monthly fee is $0 for the first 12 months.
- After year one: A $12.50 monthly fee ($150 annually) is added to your account each month after the first year. This is in addition to the $49 annual fee, bringing your total annual cost to $199.
Understanding the true cost
The combination of fees means you are paying a significant amount just to hold the card, which directly reduces your spending power. For many, a secured credit card with a refundable security deposit and lower or no annual fees can be a more cost-effective way to build credit.
Is it worth the fees?
For some, the Destiny Mastercard® may be the only unsecured credit card they can qualify for, and the cost might be justified for the opportunity to rebuild credit. However, if other options are available, such as a low-fee secured card, it's often a better financial move. It is crucial to weigh the high cost against the benefit of rebuilding your credit and consider how this fits into your overall financial plan.
Explore key details
For more specific information on the Destiny Mastercard®, explore our more detailed articles:
- The Destiny Mastercard®: Your essential guide to rebuilding credit
- Destiny Mastercard®. Credit Limit Increase?
- Destiny Mastercard® Credit Score Needed
Destiny Mastercard®
- A guaranteed $700 credit limit to help get your financial goals on track, if approved.
- Apply with Confidence! There is no impact to your credit score if you’re not approved. See terms.
- No security deposit, and a path to better credit.
- Zero Fraud Liability - Peace of mind that comes with having a Mastercard.
- Get the credit you deserve, even with less-than-perfect history.
- An unsecured card great for everyday purchases
- CLICK HERE TO APPLY ONLINE
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FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
Security Notice: All participating issuers use secure application systems protected by Transport Layer Security (TLS) encryption to help protect your information.
*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
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