If you’re in the market for a new credit card, you may have come across the Destiny Mastercard. This credit card has become increasingly popular in recent years due to its attractive rewards program and flexible credit requirements. In this article, we’ll take a closer look at the Destiny Mastercard and evaluate its benefits, drawbacks, and overall value proposition.
Introduction to the Destiny Mastercard
The Destiny Mastercard is a credit card designed for individuals with fair or poor credit. It is issued by First National Bank of Omaha, which is one of the largest privately held banks in the United States. The card has a standard variable APR of 24.99%, which is relatively high, but typical for credit cards aimed at individuals with less-than-perfect credit.
Benefits of the Destiny Mastercard
Despite its high APR, the Destiny Mastercard offers several benefits that make it an attractive option for many consumers. Here are some of the most notable benefits of this credit card:
One of the biggest advantages of the Destiny Mastercard is that it can help you build or improve your credit score. This is especially true if you have poor credit, as the card issuer reports your payment history to all three major credit bureaus: Equifax, Experian, and TransUnion. By making on-time payments and keeping your credit utilization low, you can gradually improve your credit score over time.
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The Destiny Mastercard offers a rewards program that allows you to earn points on every purchase you make with the card. You can earn 1 point for every dollar spent on eligible purchases, and there are no limits to how many points you can earn. You can redeem your points for a variety of rewards, including merchandise, travel, and cash back.
No annual fee
Unlike many other credit cards, the Destiny Mastercard has no annual fee. This means that you won’t have to pay any upfront costs just to use the card. This can be a significant advantage for people who are looking to save money on credit card fees.
Easy application process
The Destiny Mastercard has a relatively simple application process, and you can apply online or by mail. The card issuer also provides instant decisions in many cases, which means you can find out if you’re approved for the card within minutes of applying.
Drawbacks of the Destiny Mastercard
While the Destiny Mastercard has several benefits, there are also some drawbacks that you should be aware of before applying for the card. Here are some of the most significant drawbacks:
As mentioned earlier, the Destiny Mastercard has a high APR of 24.99%. This means that if you carry a balance on the card, you could end up paying a significant amount in interest charges over time. If you’re unable to pay off your balance in full each month, you may want to consider a credit card with a lower APR.
Limited rewards program
While the Destiny Mastercard does offer a rewards program, the rewards are relatively limited compared to other credit cards. For example, you can only redeem your points for merchandise, travel, or cash back. There are no options for redeeming points for statement credits or gift cards, which may be a disadvantage for some consumers.
High fees for cash advances and balance transfers
If you need to take out a cash advance or transfer a balance to your Destiny Mastercard, you’ll need to pay a fee. The fee for cash advances is 5% of the transaction amount or $10, whichever is greater. The fee for balance transfers is 3% of the transaction amount or $5, whichever is greater. These fees can add up quickly, especially if you need to use these features frequently.
Is the Destiny Mastercard
Is the Destiny Mastercard Right for You?
Now that we’ve discussed the benefits and drawbacks of the Destiny Mastercard, you may be wondering if it’s the right credit card for you. Here are a few factors to consider:
Your credit score
If you have poor credit or no credit history, the Destiny Mastercard may be a good option for you. The card issuer doesn’t require a high credit score for approval, and the card can help you build or improve your credit over time.
Your spending habits
If you’re someone who spends a lot on credit each month, you may want to consider a credit card with a lower APR or a more robust rewards program. However, if you don’t carry a balance on your credit card and don’t spend a significant amount each month, the Destiny Mastercard’s rewards program and lack of annual fee may be appealing.
Your need for cash advances or balance transfers
If you frequently need to take out cash advances or transfer balances from other credit cards, the high fees associated with these features may make the Destiny Mastercard a less attractive option.
Overall, the Destiny Mastercard can be a useful credit card for individuals with fair or poor credit who want to build or improve their credit score. While the card has a high APR and limited rewards program, its lack of annual fee, credit-building opportunities, and easy application process may make it an attractive option for some consumers.
- Can I apply for the Destiny Mastercard if I have no credit history?
Yes, the Destiny Mastercard is designed for individuals with fair or poor credit, including those with no credit history.
- What credit bureau does the card issuer report to?
The card issuer reports to all three major credit bureaus: Equifax, Experian, and TransUnion.
- Is there a limit to how many points I can earn with the rewards program?
No, there is no limit to how many points you can earn with the rewards program.
- Can I redeem my points for statement credits or gift cards?
No, you can only redeem your points for merchandise, travel, or cash back.
- Are there any other fees associated with the Destiny Mastercard?
Yes, there are fees for late payments, returned payments, and foreign transactions, among others. Be sure to read the card’s terms and conditions carefully before applying.