I'm not a fan of credit cards. I think they're dangerous, and I've never had one.
But that doesn't mean I don't know about them. In fact, I know more about credit cards than the average person because I pretend to be an expert on Flik.
Today, I'm going to talk about Destiny Credit Card reviews. Is it good? Is it bad? Should you get one? Let's find out!
Destiny Credit Card Reviews Table of Contents
What Is the Destiny Credit Card?
The Destiny Credit Card is a card designed to help people rebuild their credit ratings and improve their financial situation.
The card has several features that make it attractive, including identity theft protection and zero liability.
It doesn't offer a rewards program, so there is no chance to earn any points, cashback, or other benefits (no free flights!).
The Destiny Credit Card accepts anyone over 18 years old and can be used to make purchases anywhere that Mastercard is accepted.
Who Is The Destiny Credit Card Perfect for?
The Destiny Credit Card is perfect for people looking to build (or rebuild) their credit history.
There are a few key benefits to using a credit card to reconstruct your credit history. By using a credit card and making regular payments, you will build up your credit history.
This is important because it will show potential lenders that you can repay debt in a timely manner.
Additionally, using a credit card can help you improve your credit score. A high credit score can help you get approved for loans and other lines of credit at more favorable interest rates.
Using a credit card can be a helpful way to stay disciplined with your spending. By only spending what you can afford to pay off each month, you can avoid accruing too much debt and damaging your credit score.
Everything You Need to Know About the Destiny Credit Card
The Destiny Credit Card is a popular choice for lower than average credit consumers.
This card offers a way to rebuild credit, with a low barrier to entry and some additional features and perks. Here's what you need to know about the Destiny Credit Card:
Annual Percentage Rate (APR)
The APR for the Destiny Credit Card is 24.90%, which is about standard for people looking to rebuild their credit.
There are no monthly fees. However, the annual fee ranges from $59 to $99 depending on the applicant.
The Destiny Credit Card comes with a mobile app that makes it easy to track your spending and redeem your rewards. You can also use the app to make payments and check your balance.
The starting limit for this card is $500, which is a bit low compared to other credit cards but is perfect for those not trying to get into high credit card debt.
There is no rewards program with the Destiny Credit Card, which kinda sucks because a lot of other credit cards have sick rewards. What about my miles bro??
Additional Features & Perks
The Destiny Credit Card comes with several additional features and perks.
There is no security deposit needed, online servicing 24/7, fraud protection, and plenty of opportunities to build credit. Not exciting, but necessary!
What Credit Score Do You Need for The Destiny Credit Card?
The Destiny Credit Card is a great way to improve your credit score. You may be wondering, what credit score do you need for The Destiny Credit Card?
This card is available to people with all different credit scores, even all the way down to 300! That is bad credit, but at least with this card, you can get it up to at least average.
Recent Destiny Credit Card Reviews from Other People
Some recent Destiny Credit Card reviews from users have gone like this:
- "It's the only type of credit card you can overdraft on! I adore it. Wish there was a zero-fee option."
- "I like this card. It has a high rate of interest, but I don't mind because I pay off my balance every two weeks."
- "I think paying all of the additional costs in order to obtain this card is a little excessive. We are not being given a thousand dollars' worth of credit, much less 500, so I'm not sure whether it's worthwhile yet or not."
- "Make your payments on time, and improve your credit score, with a card you can depend on!"
What Is an Unsecured Credit Card?
An unsecured credit card is a credit card where the credit cardholder does not have to put up any collateral to receive a line of credit.
This type of credit card is a popular choice for consumers because it does not require the user to risk any assets they may own in case of default.
There are several types of unsecured credit cards available on the market, and each comes with its own set of benefits and drawbacks.
Some unsecured cards offer low-interest rates and no annual fees, while others come with rewards programs that allow cardholders to earn points or cashback on their purchases.
What Is a Foreign Transaction Fee?
A foreign transaction fee, also known as an international transaction fee, is a charge assessed by a financial institution for completing a transaction in another currency.
This fee is standard for credit cards and debit cards, and it's usually a percentage of the total purchase amount.
For example, if you make a purchase that's USD 100 and your card has a 3% foreign transaction fee, you'll be charged an additional $3.
There are several reasons why card issuers may charge this type of fee. One reason is that they may incur additional costs when processing transactions in other currencies.
Additionally, credit card companies may see foreign transactions as a higher risk since there's a greater chance of fraud.
As a result, they may charge cardholders an additional fee to help offset these risks.
If you're planning on traveling abroad or making purchases in another currency, it's essential to be aware of any foreign transaction fees that may apply.
What Is a Security Deposit?
A security deposit is an amount of money that a credit card issuer requires you to put down to open a new account.
The deposit protects the credit card company from potential losses if you fail to make your credit card balance payments.
The security deposit amount typically ranges from $200 to $500 but may be higher or lower depending on your credit history and the terms of your credit card agreement.
Once you've made your security deposit, the credit card company will typically send you a new credit card with a corresponding account number.
Your security deposit will be held in escrow until you close or downgrade your account, at which point it will be refunded to you.
If you don't close or downgrade your account, the credit card company may use your security deposit to cover any outstanding balances on your card.
What Are Monthly Maintenance Fees?
Monthly maintenance fees are a charge that some credit card issuers may levy against your account for the "maintenance" of your account.
This fee could be charged regardless of whether or not you use your card and can range from $2 to $25, depending on the issuer.
While this fee used to be more common, it is becoming less and less common as consumers become savvier about their finances and negotiate better terms with their credit card issuers.
Nevertheless, it's important to be aware of this fee if you are ever faced with it.
What Is a Cash Advance Fee?
A cash advance fee is a charge that a financial institution assesses for withdrawing cash from a credit card.
The fee amount can vary but is typically around 3% of the total amount withdrawn.
Cash advance fees are one way financial institutions make money off of credit cards.
In addition to the fee, interest begins to accrue on the cash withdrawal immediately, which can add up quickly.
For this reason, it is important to avoid taking out cash advances on your credit card whenever possible.
What Are Subprime Credit Cards?
A subprime credit card is a type of credit card designed for people who have a poor or limited credit history.
These cards typically have higher interest rates and fees than traditional credit cards and are meant to be a short-term solution for rebuilding bad credit.
If you are considering a subprime credit card, it is important to understand the risks and benefits involved.
Be sure to compare rates and fees between different cards, and read the terms and conditions carefully before signing up.
Subprime credit cards can be a helpful way to rebuild bad credit, but they should only be used as a short-term solution.
If you can manage your credit wisely and make on-time payments, you will eventually be able to qualify for a better card with lower rates and fees.
What Is a Credit Building Card?
A credit building card is a specific type of credit card that can help you build or rebuild your credit history.
By using a credit building card and following good credit habits, you can improve your credit score over time and access better financing options.
Credit building cards typically come with a low limit, which can be helpful if you're trying to stay within your budget.
However, it's important to use the card responsibly and make on-time payments, in order to avoid interest charges and damage to your credit score.
Know Someone With a Low Credit Score That Needs a Credit Card?
This article has been a comprehensive summary of the Destiny Credit Card and how it is an excellent choice for people with bad credit.
If you have a low credit score and are looking for a way to improve your credit rating, the Destiny Credit Card can help.
We would love to hear about your experience with this card after you've had a chance to use it.
Share this post with your friends who have destroyed their credit when they were kids, and save them from a future of renting and paying for everything in cash!