The Destiny Mastercard® Cashback Rewards card is a very expensive unsecured credit card for people with bad credit. It could potentially be worth it if you need to borrow a small amount for an emergency and you can take full advantage of the card’s rewards.
For most people, the Destiny Cashback Card will prove to be too pricey compared to the alternatives that are out there. The Destiny Cashback Card has a $175 annual fee the first year your account is open, then charges annual and monthly fees totaling $199 per year after that. An APR of 35.9% will also apply to balances carried from month to month, and the starting credit limit is just $700.
Destiny Mastercard® Cashback Rewards Review Highlights
1.5% cash back on all purchases
Most unsecured credit cards for people with poor credit do not offer attractive rewards. The Destiny Cashback Card is an exception, offering 1.5% cash back on every purchase with no limit to how much you can earn. This is an above-average rewards rate, compared to other credit card offers available right now.
Available to people with bad credit
Applicants with credit scores below 640, or no credit score at all, are eligible for the Destiny Cashback Card, but that doesn’t mean approval is guaranteed. Depending on your overall creditworthiness, which also includes factors such as your existing income, debt and other financial obligations, it’s possible to be rejected.
Fortunately, you can check to see if you pre-qualify without impacting your credit, before applying for real. If you are pre-qualified, your odds of approval are very high.
No security deposit or application-processing fee
Secured credit cards for people with bad credit require the cardholder to place a refundable security deposit. The Destiny Cashback Card does not. Similarly, unsecured credit cards for people with bad credit often charge a one-time fee prior to account opening. The Destiny Cashback Card doesn’t do that, either.
$700+ credit limit
The Destiny Mastercard® Cashback Rewards credit limit is $700 or higher, depending on your overall creditworthiness. However, bear in mind that the annual fee is assessed when you open your account, counting against your credit limit and giving you less spending power to start with until you pay the bill.
Can help you rebuild your credit
If you get the Destiny Mastercard® Cashback Rewards, information about your account will be relayed to the three major credit bureaus each month. If this information shows you’ve paid the bill by the due date and haven’t maxed out your credit limit, it will gradually help improve your credit score.
$175 membership fee the first year
The Destiny Cashback Card card charges a first-year fee of $175, assessed when you open the account. If you get the card and decide you don’t want to pay this fee, you could close the account and get a refund, but you can only do so before you begin making transactions.
For context, the average annual fee among new credit card offers right now is just $22.29.
$199 in annual membership fees starting year two
After your first year as a cardholder, the annual fee drops down to $49 but a $12.50 monthly fee gets added. As a result, you could end up paying more in membership fees after the first year.
35.9% APR
The Destiny Cashback Card has one of the highest interest rates among credit card offers available right now, at 35.9%. The average APR among new credit card offers is currently 22.89%.
As a result, you should try to avoid carrying a balance from month to month with this card for long, if at all.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.