Is Destiny Mastercard Legit: A Comprehensive Review of Destiny Mastercard Features, Benefits, Drawbacks and Customer Feedback
Credit cards can be a powerful tool for improving your credit score, but not everyone has access to them. If you have a less than perfect credit history, you might be interested in the Destiny Mastercard, an unsecured credit card that can help you build credit. However, before you apply, you might be wondering whether the Destiny Mastercard is legit or a scam. In this blog post, we’ll explore the features, benefits, drawbacks and customer feedback of the Destiny Mastercard to help you make an informed decision.
Introducing Destiny Mastercard
Destiny Mastercard is a product of Genesis FS Card Services, a company that specializes in providing credit cards to individuals with less than perfect credit. This card is designed for people who want to take control of their finances and have access to a credit card that can be used anywhere Mastercard is accepted.
Unlike secured credit cards that require a security deposit, the Destiny Mastercard doesn’t require any upfront payment. Additionally, there’s no minimum credit score requirement to apply for the card. However, it does come with an annual fee of $59 or $75 depending on your creditworthiness, and a high APR of 24.9% for purchases and cash advances. That means you’ll need to pay your balance in full every month to avoid accumulating interest charges.
The Destiny Mastercard offers a few benefits that can help you manage your credit, including:
- Credit bureau reporting: The Destiny Mastercard reports your payment history to the three major credit bureaus (Equifax, Experian and TransUnion) every month. This can help you build your credit score over time if you make timely payments and keep your balance low.
- Unsecured credit line: With the Destiny Mastercard, you don’t need to provide a deposit to get the card. When you open an account, you’ll receive a credit limit of at least $300. However, keep in mind that the annual fee will be charged immediately and will reduce your available credit limit.
- Fraud protection: You won’t be held liable for any unauthorized charges made with your card as long as you report them promptly. Additionally, you have access to identity theft resolution services through Mastercard.
- Online account management: You can manage your account online 24/7. The secure website allows you to check your balance, view your transactions and statements, and make payments. You can also set up autopay for added convenience.
Examining the Drawbacks of Destiny Mastercard
While the Destiny Mastercard can be a good option for those looking to rebuild their credit, it does come with some drawbacks that you should consider before applying. Here are a few of them:
- Annual fee: The Destiny Mastercard charges an annual fee of $59 or $75, depending on your creditworthiness. This fee isn’t waived for the first year, and it can’t be avoided by paying your balance in full every month. It reduces your available credit limit and adds to the cost of borrowing.
- High APR: The card comes with a high APR of 24.9% for purchases and cash advances. If you carry a balance from month to month, you’ll end up paying a lot of interest charges. This can make it difficult to pay off your debt and could negate any positive impact on your credit score.
- No rewards or perks: Unlike other credit cards, the Destiny Mastercard doesn’t offer any rewards program or other perks, such as cashback, points, discounts or freebies. You’re only getting the basic functionality of a credit card with this product.
- Limited customer service: Some customers have complained about poor customer service from Genesis FS Card Services, such as long wait times on the phone, rude representatives, billing errors and difficulty resolving issues.
What do customers say about Destiny Mastercard?
The Destiny Mastercard has mixed reviews from customers online. Some customers praise the card for helping them improve their credit score and giving them access to an unsecured line of credit without requiring a deposit or checking their income. They also appreciate the easy application process and fast approval.
However, some customers are unhappy with the card’s high fees, interest rates and lack of rewards. They also report problems with customer service, such as being charged late fees even when they paid on time, having their accounts closed without notice or explanation, and being denied refunds or credits.
According to WalletHub.com, the Destiny Mastercard has an average rating of 2.8 out of 5 stars based on over 200 reviews as of December 2021. The majority of reviewers gave it either one star (40%) or five stars (32%), indicating polarized opinions about this product.
Conclusion
The Destiny Mastercard is an unsecured credit card that can help you build credit by reporting monthly to the three major credit bureaus. However, it comes with a high annual fee, high APR, and no rewards program. Customer reviews are mixed, with some praising the card for its credit-building benefits while others criticize the high fees and poor customer service.
Overall, the Destiny Mastercard can be a decent option for those with poor credit who want to rebuild their credit score, but it’s important to be aware of the costs and drawbacks before applying.
