Is the Destiny Credit Card a Real Credit Card?

The Destiny Credit Card is an unsecured credit card designed to help individuals establish or rebuild credit without an initial security deposit. It provides an avenue for those with limited or less-than-perfect credit histories to engage with a credit product and build a payment record.

Understanding the Destiny Credit Card

The Destiny Credit Card is an unsecured Mastercard issued by The Bank of Missouri, a Member FDIC, and serviced by Concora Credit Inc.. This card specifically targets individuals who may have struggled with financial setbacks, possess a low credit score, or have no credit history at all. Its design aims to provide an opportunity for these consumers to access credit where other lenders might decline them.

The card contributes to credit building by reporting account activity and payment history to all three major credit bureaus: Equifax, Experian, and TransUnion. Consistent, on-time payments can positively influence a cardholder’s credit score, demonstrating financial responsibility to future lenders. The card operates on the Mastercard network, allowing it to be used anywhere Mastercard is accepted.

Key Financial Details

Annual fees can vary, ranging from approximately $59 to $175 for the first year, and then typically $49 to $99 in subsequent years. Some versions of the card may also include a monthly maintenance fee, which could be around $12.50 per month after the first year, adding up to $150 annually. These fees are often assessed upfront, reducing the initial available credit even before the card is used.

The Annual Percentage Rate (APR) for purchases on the Destiny Credit Card generally ranges from 24.9% to 35.9%. Cash advances also carry a similar APR, typically around 29.9% to 35.9%, with interest often accruing immediately from the transaction date without a grace period. Additional charges may include a cash advance fee, which is commonly $5 or 5% of the transaction amount, whichever is greater. Late payment fees can be as high as $41, and a foreign transaction fee of 1% often applies to purchases made in foreign currencies.

Initial credit limits for the Destiny Credit Card typically start at $300, though some offers may feature a $700 limit. The immediate assessment of annual and monthly fees significantly reduces the actual available credit from this initial limit. For example, with an initial $300 limit and a $75 annual fee, the available credit would be approximately $225.

Applying for the Destiny Credit Card

The application process for the Destiny Credit Card is primarily conducted online through its official portal. Applicants typically begin with a pre-qualification step, which involves a soft inquiry into their credit history and does not affect their credit score. This allows individuals to check their eligibility without immediate impact on their credit profile.

If pre-qualified and the applicant proceeds, a formal application requires providing personal details such as full legal name, date of birth, and a valid Social Security Number for identity verification. Information regarding estimated monthly income and monthly expenses is also requested to assess financial capability. While a stable source of income is expected, specific employment is not always a strict requirement, as other income sources like government benefits may be considered.

Upon submission of the full application, a hard inquiry is typically performed, which can temporarily affect the applicant’s credit score. Many applicants receive a decision within minutes, though some cases may require manual review, potentially necessitating additional documentation like pay stubs or bank statements for income verification.