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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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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