Destiny Mastercard^® Review: $700 Credit Limit and Fees

The Destiny Mastercard^® is an unsecured credit card for consumers with less-than-perfect credit that does not require a security deposit and reports account activity to all three major U.S. credit bureaus. The current Destiny offer featured on our site provides a $700 credit limit if approved, and you can check your available Destiny options through a prequalification process before completing a full application. If your application is not approved, Destiny states that a hard inquiry will not appear on your credit report. The Destiny Mastercard is issued by The Bank of Missouri, Member FDIC, and serviced by Concora Credit, Inc. The card can be used wherever Mastercard^® is accepted, and the account is designed for consumers who are establishing or rebuilding their credit history.

The Destiny Mastercard does not require a security deposit, but it does have fees that should be understood before accepting an offer. The specific credit limit and fees can vary by Destiny offer, so the terms presented with your particular offer are the terms that ultimately control your account.

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What Is the Destiny Mastercard^®?

The Destiny Mastercard is an unsecured Mastercard^® designed for consumers with less-than-perfect credit. It is issued by The Bank of Missouri and serviced by Concora Credit, Inc.

Unlike a secured credit card, the Destiny Mastercard does not require you to provide a security deposit to establish the account. If you are approved, you receive a revolving line of credit that can be used for purchases wherever Mastercard is accepted.

Destiny reports account history to Equifax, Experian and TransUnion. This gives cardholders an opportunity to establish a payment history on all three major credit reports through responsible account management.

The card is intended for people who are working to establish or rebuild credit, but approval is not guaranteed. Destiny states that its approval process includes consideration of factors such as income, debt and identity verification, along with other credit qualification requirements.

What Credit Limit Does the Destiny Mastercard Have?

The current Destiny Mastercard offer featured on our site provides a $700 initial credit limit if approved. However, the amount of credit initially available to you is lower than $700 because the $175 first-year annual fee is deducted from the credit limit when the account is opened. This leaves approximately $525 in initial available credit.

The $700 figure is the initial credit limit for this specific Destiny offer. It does not mean that you will have $700 available to spend after the account is opened because the first-year annual fee is charged against the credit limit. The approximately $525 in initial available credit is the amount remaining after that $175 fee is deducted and before any purchases or other charges are made.

Destiny also offers a separate Destiny Mastercard^® with Instant Credit. The Instant Credit version may allow an approved cardholder to add the account to a mobile wallet and begin making purchases before the physical card arrives, subject to the terms and approval associated with that specific offer.

What Are the Fees for the Destiny Mastercard?

The fees for the Destiny Mastercard are important to understand before accepting an offer. For the $700 Destiny Mastercard offer currently featured on our site, the annual fee is $175 for the first year and $49 thereafter.

There is no monthly maintenance fee during the first year. After the first year, the monthly maintenance fee is $12.50 per month, which equals $150 per year.

The Destiny Mastercard also has a cash advance fee of $5 or 5% of each cash advance transaction, whichever is greater, up to $100. The foreign transaction fee is 1% of each transaction in U.S. dollars.

The listed penalty fees include a late payment fee of up to $41, an overlimit fee of up to $41, and a returned payment fee of up to $41.

The terms also state that certain setup and maintenance fees may be assessed before you begin using the account. Destiny's terms provide an opportunity to reject the plan if you have not yet used the account or paid a fee after receiving a billing statement. If you reject the plan under those conditions, you are not responsible for the applicable fees or charges.

Destiny offers can have different terms, so the fee information presented with the specific offer you receive should be reviewed before accepting the account.

Can You Pre-Qualify for the Destiny Mastercard^®?

Yes. Destiny provides a prequalification process that allows you to check your available options before deciding whether to complete the application.

The prequalification process does not impact your credit score. Destiny states that if your application is not approved, a hard inquiry will not appear on your credit report. If you are approved and proceed with the account, the application and account-opening process can involve a hard inquiry.

Prequalification is therefore a useful way to review whether a Destiny offer may be available before proceeding with the full application. Prequalification does not guarantee approval or determine the final terms of an account.

➤ See if You Pre-Qualify for the Destiny Mastercard^®

How Can the Destiny Mastercard Help Build Credit?

The Destiny Mastercard can be used as a credit-building tool because the account reports to all three major credit bureaus. When you use the card responsibly and make payments on time, that payment history can become part of your credit reports.

The card itself does not automatically improve your credit score. The benefit comes from how the account is managed and the information that is reported to the credit bureaus over time.

Keeping balances manageable, making payments by the due date and avoiding unnecessary fees are important when using any credit card to establish or rebuild credit.

Can the Destiny Mastercard Be Used Everywhere Mastercard Is Accepted?

Yes. The Destiny Mastercard can be used for purchases wherever Mastercard is accepted, including in stores, online and in apps.

Destiny states that the card can be used in the United States wherever Mastercard is accepted. Your account remains subject to the transaction restrictions and other terms contained in the Cardholder Agreement.

What Should You Know Before Getting the Destiny Mastercard?

The most important thing to understand about the Destiny Mastercard is that the credit limit and the cost of the account are separate considerations. The current offer featured here provides a $700 credit limit if approved, but the card also carries an annual fee of $175 during the first year and $49 thereafter.

The card does not require a security deposit, reports to all three major credit bureaus and provides a prequalification process that does not affect your credit score. Those are important features for someone researching unsecured credit cards for less-than-perfect credit.

At the same time, the fees and terms should be reviewed carefully before accepting an offer. Destiny offers can vary, so the terms presented with your particular application are the most important information to consider.

If you received a Destiny offer in the mail and are wondering why you received it, you can also read our guide explaining why you may have received a Destiny Apply invitation.