Due to the Covid-19 pandemic, several credit card issuers have ceased accepting applications or scaled back acceptance. However, Genesis Financial Services has launched a new card named The Destiny Mastercard. It’s a credit card designed for people with bad to fair credit that offers a $300 credit limit in exchange for a $59 annual fee. Sounds impressive, doesn’t it? All three main credit bureaus receive reports from Destiny. That means that if you pay your bills on time and keep your credit utilization rate low, your credit score will rise over time.

Some key things about the Destiny Mastercard

The annual charge for the Digital Mastercard ranges from $59 to $99. For a subprime credit card, this is a reasonably acceptable rate. There are no ongoing maintenance costs or one-time application fees. The normal APR is typical of a subprime card, and we recommend paying your payments in whole every month rather than carrying a balance if you have this card.

Your credit limit starts at $300. On the first billing statement, the company will also bill you for your annual fee. As a result, it’s advisable to pay it off so that you can use your entire credit limit the following cycle. Your credit limit will be ($300 – $59 = $241) $241 if you use the card during your first billing cycle. This helps you increase your credit score over time. The Digital Mastercard does not provide cardholders with free credit scores. However, some of their competitors, such as Credit One and Continental Finance credit cards, provide free credit ratings.

Let’s take a look at the incentives. The majority of credit cards aimed at those with weak credit don’t offer rewards schemes. However, a growing number of businesses are providing them. For example, credit One has a rewards program. When you use your Nascar credit card to shop at nascar.com and make other transactions, you will receive cashback. Even a secured credit card, such as Discover, has a cashback program. Unfortunately, there is no reward program for the Destiny Mastercard.

You can manage your account online with the Destiny Mastercard

Paying your bills online is, in fact, completely free. Because Destiny does not have a mobile app, there are currently no “account alerts.” Customers are increasingly expecting their credit card companies to have a mobile app. There is no app for the Genesis Finance Destiny Mastercard (or any other Genesis Finance cards, such as Indigo and Milestone). Credit One and Continental Finance, on the other hand, have mobile apps for their cardholders.

How does the Destiny Mastercard match up with other cards?

The Destiny Mastercard is available for people with bad or fair credit. Therefore, the most straightforward approach to compare this card to its competitors is to look at the fees. Unfortunately, comparing credit cards can be an arduous task. Luckily, you can read our reviews about the top credit cards here. With these, you can have all the vital information.   

There are several no-annual-fee credit cards available in the fair credit card market. Avant Credit Card and Upgrade Visa Card are two examples. However, while some cards appear to be more enticing on the surface because they do not charge an annual fee, you will almost certainly need a higher credit score (at least 650) for them. Thus people who have gone through rough times and their credit scores have taken a hit might find it challenging to get these credit cards.

Subprime credit cards in the next category are comparable to Destiny Mastercard in that they have a reasonable annual cost. The Milestone Mastercard and the Indigo Mastercard are two more credit cards offered by Genesis Financial. Both have a one-time yearly fee. The annual charge for Milestone is either $35, $75, or $99. Indigo is either free, $59, or $75. Yearly fees for some cards, such as Credit One Bank and Nascar, range from $0 to $99.

Another kind of subprime credit card includes those that impose an annual cost and a monthly maintenance fee, and, in some instances, a one-time application fee. The Reflex Mastercard and the Surge Mastercard are two examples. So, not only will you need to have a fair credit score for these cards, but it can also cost you some money to own them. For some people, it can be a big deal.

Final Verdict

In terms of fees, the Digital Mastercard is competitive with its competitors. However, other features, such as a mobile app, a free credit score, and rewards are becoming more widespread in other cards. Thus, it is not the best option out there. But, it can help you build your credit up. If you are considering credit cards that offer rewards while you use them, you can look for other options.

If you have terrible or fair credit and want an unsecured credit card, you can consider applying for the Destiny Mastercard and see if you can be pre-approved. The reason for this is that they just charge a modest annual fee. On top of a yearly fee, many subprime unsecured credit cards add a monthly maintenance fee. Hence, the card can prove itself to be cost-effective.

Furthermore, because the pre-approval process does not include a hard pull (just a soft pull), there is no risk of a hard pull until you decide to move forward with the real application once you have been pre-approved. Finally, the APR is typical of most subprime credit cards, so paying off your balance in full every month is beneficial if you get approved for one.

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