Anúncios
The Destiny credit card is an affordable solution for people in the process of building or rebuilding credit. With notable advantages, this card stands out as a practical option for those seeking more financial freedom.
Issued under the Mastercard brand, you can use it to make purchases at numerous digital or physical establishments with great security. Additionally, it comes with contactless payment technology.
Anúncios
In this article, we will explore in detail the benefits, fees, credit limits, and the pros and cons of the Destiny card, so keep reading to learn how it can assist in developing your credit history.
About the Issuer
The Destiny Card is issued by First Electronic Bank, a financial institution dedicated to offering accessible credit solutions for people with less-than-perfect credit histories.
Anúncios
First Electronic Bank prides itself on helping its customers build or improve their credit. By reporting credit card activities to the three major credit bureaus in the U.S., the bank ensures that cardholders have the chance to see improvements in their credit scores over time.
Additionally, First Electronic Bank has a strong online presence, offering digital services that make account and payment management easier. With 24/7 customer support, they ensure users have assistance when needed.
Benefits
No Security Deposit: The Destiny Card is an unsecured credit card, meaning you don’t need to make a security deposit to get a line of credit. This is ideal for those starting or rebuilding their credit.
Reports to the Three Major Credit Bureaus: All your Destiny Card activities are reported to the three major credit bureaus in the U.S. (Experian, Equifax, and TransUnion). This helps build or improve your credit history with responsible use.
Fraud Protection: The card offers fraud protection, ensuring you won’t be held liable for unauthorized purchases if your card is lost or stolen. This provides greater security for your daily transactions.
Easy and Convenient Access: With 24/7 access to your account through the website and mobile app, you can manage your payments, view balances, and track your transactions anytime, anywhere.
Quick Application Process: Applying for the Destiny credit card is quick and simple, with decisions usually issued in 60 seconds or less. This means you can know quickly if you’ve been approved.
Accepted at Millions of Locations: As a Mastercard, the Destiny Card is accepted at millions of establishments worldwide, both online and in physical stores, providing great flexibility for your purchases.
Destiny credit card – Fees and commissions
The Destiny credit card has a relatively high annual fee, $175 for the first year and $49 for subsequent years. Additionally, the APR (Annual Percentage Rate) is 35.9% due to the higher risk of default by the customers.
These fees can be challenging for users who cannot pay the full balance monthly, thus accumulating high-interest costs. Therefore, when applying for it, you should aim for responsible use.
Card limit
The credit limit of the Destiny card is a crucial aspect for users seeking to rebuild their credit. Initially, the card offers a limit of up to $700, which is sufficient for small expenses and can help holders maintain a low credit utilization rate.
With responsible use and on-time payments, users can request credit limit increases over time. However, it is important to note that the maximum limit of the Destiny card is relatively low compared to other cards, reflecting its focus on customers with damaged credit.
Quick access to a moderate credit limit without the need for a security deposit makes the card a practical and accessible option for many people. Later, by establishing a good credit profile, you can apply for other cards with higher limits.
Positive points
- ACCESSIBILITY WITHOUT SECURITY DEPOSIT:Does not require a deposit, making it accessible to many.
- CREDIT REPORTING:Helps build credit through monthly reports.
- SIMPLE PRE-QUALIFICATION:Pre-qualification does not affect the credit score.
Negative points
- HIGH ANNUAL FEE:The annual fee can be burdensome, especially in the first year.
- HIGH-INTEREST RATE:The APR of 35.9% is significant and can generate high costs if the balance is not paid in full.
- FEW BENEFITS:The card does not offer attractive benefits to customers.
How to apply for Destiny
To apply for the Destiny card, follow these steps:
- Visit the official Destiny card website;
- Click on “Apply Now” and fill out the pre-qualification form;
- Wait for the initial (soft inquiry) analysis to check if you qualify without affecting your credit;
- If pre-qualified, complete the application process for a more detailed (hard inquiry) analysis;
- Upon approval, wait to receive the card and activate it as instructed.
How to contact customer support
To contact Destiny card customer support, use the following means:
- Phone: 1-800-583-5698
- FAX: 1-503-268-4711
- Website: Visit the official card website
With the ability to report to major credit bureaus and accessibility without the need for a deposit, this card stands out as an effective tool to improve credit scores. Take advantage of this opportunity to strengthen your financial health and sign up for the Destiny card today!
