Destiny Mastercard Credit Card Review from Genesis Financial Services

By : Mr Credit Card

Annual Fee = $35, $59 or $75 for the first year, then $99, $125
APR = 24.9%, 29.9% or 35.9%
Starting credit limit = $300, $500 or $700
Accepts applicants with discharged bankruptcy on credit report
Reports to three major credit bureaus

Pros	Cons
Various Annual Fee	Credit limit does not increase
No monthly fee versions available	Some offers come with monthly fee after second year
No One-time application fee	No mobile app
No-fee payment methods	Desktop website not mobile friendly

At A glance

The Destiny Mastercard from Genesis Financial Services is an unsecured credit card that allows you to get pre-approved first without any impact on your credit score. It is also one of the rare credit cards that allows you to use Moneygram to pay your bills and will approved those who have been discharged from bankruptcy.

Requirements

Credit Score: 550 - 650
Not more than 2 hard inquiries during the last 6 months - this is a major reason why many folks get denied
On-time payments for at least one year
At least 2 existing trade lines - this can including student loans or auto loans
Income of at least $30,000
No tax liens
Not more than $25,000 in credit card debt
Not more than $50,000 in non-credit card or non-mortgage debt like student loans and auto loans

Destiny (like most subprime credit cards these days) is very picky about the amount of balance that you carry. You should not have more than $25,000 in credit card debt and not more than $50,000 debt in student loans or auto loans or any other personal loans. Number of hard inquiries during the last six months should also not exceed 2. These are more important than your credit scores.

Tip: If you do not meet these criteria, you migh want to consider a prepaid debit card like the Extra Debit Card, which actually reports to credit bureaus and has a 99% approval rate.

Various Offers and Terms and Conditions

If you are pre-approved, you can be offered any of these six version below (each with different terms and conditons).

Annual Fee	Monthly Fee	APR	Credit Limit
$35	N.A.	24.9%	$300
$59	N.A.	24.9% or 29.9%	$300 or $500
$75 for 1st Year Then $99	N.A.	24.9% or 29.9%	$300
$125	N.A.	29.9%	$500
$125 1st Year Then $49	$0 1st Year Then $10.40/month	35.9%	$500
$175 1st Year Then $49	$0 1st Year Then $12.50/month	35.9%	$700

As you can see from the table above, there are 6 versions and terms and conditions that you could be potentially offered. Four of them just have an annual fee that does not charge any monthly fee from the second year onwards. There are three credit limits that you can be offered, $300, $500 or $700. The regular purchase APR are either 24.9%, 29.9% or 35.9%. There are a couple of other things that you should be aware of.

Credit Limits do not increase - Destiny does not increase your credit limit. Once you are given your starting credit limit, the will be the limit for as long as you have the card.

Foreign transaction is 1% - The foreign transaction fee is 1% for all cards. 1% is lower than the standard 3% though I expect that most cardholders will never use this card abroad.

Late and Over-the-limit Fee - There is a $40 charge for late payments or going over the limit.

No Mobile App - Destiny has no mobile app and their desktop online account website is not mobile friendly either (for now).

Manage Account Online

While Destiny Mastercard does not have a mobile app, you can manage your account online at www.destiny.myfinanceservice.com/. You can pay your bills online and choose paperless statements as well. In fact, paying your bills online is free. Since, Destiny does not have a mobile app, there is no "account alerts" at the moment.

Destiny Online Account 1

Mastercard Benefits

Card members will also get the following Mastercard benefits which is very useful:

Mastercard ID Theft Protection - This services monitors your vital information like email address, credit card numbers, social security numbers in the dark web to detect any possibility of it being stolen. TransUnion is also monitored for potential ID theft. If an ID theft is suspected, Mastercard will provide Resolution Services.

Zero Liability Protection - This is present in almost all credit cards. Essentially, you will not be held liable for any fraudulent charges to your credit card.

You can see the full Mastercard Benefits here.

Competition

Card Version	Annual Fee	Monthly Fee	APR	Credit Limit
Destiny #1	$35	N.A.	24.9%	$300
Destiny #2	$59	N.A.	24.9% or 29.9%	$300 or $500
Destiny #3	$75 for 1st Year Then $99	N.A.	24.9% or 29.9%	$300
Destiny #4	$125	N.A.	29.9%	$500
Destiny #5	$125 1st Year Then $49	$0 1st Year Then $10.40/month	35.9%	$500
Destiny #6	$175 1st Year Then $49	$0 1st Year Then $12.50/month	35.9%	$700
Reflex #1	$99	N.A.	25.9%	$1,000 $2,000 after 6 months
Reflex #2	$99	N.A.	25.9%	$750 $1,500 after 6 months
Reflex #3	$99	Y1=$0 Then $10/m	29.9%	$500 $1,000 after 6 months
Reflex #4	Y1=$75 Then $99	Y1=$0 Then $10/m	29.9%	$300 $600 after 6 months

One of the distinguishing features of the Destiny credit card is that they offer a variey of cards with different terms and conditions. And we can classify them into two groups.

The first group only charges an annual fee and does not charge any monthly fee after the second year. The second group charges both an annual fee and a monthly fee from the second year onwards.

There are two firms that market such cards The first is Genesis Financial Services, which markets the Destiny, Milestone and Indigo credit cards. We will do some comparison among these cards. The second firm to market suchs cards is Continental Finance, which issues the Reflex and Surge Mastercard. We will also compare Destiny with these cards.

Compared to other Genesis Financial Services cards

The Destiny credit card is one of three cards marketed by Genesis Financial Services. The other two cards are the Indigo credit card and the Milestone credit card.

The Destiny Mastercard has very similar offers as both the Milestone and Indigo cards. And they also share the same features. For example, they all have foreign transaction fees of 1%. They all have no mobile app. And all three cards require that you go through a pre-approval process. For detailed comparison, please read the following posts.

Further Research

Destiny vs Milestone credit card

Destiny vs Indigo credit card

Compared with cards from Continental Finance

Continental Finance has two cards, the Reflex credit card and the Surge credit card. In the table, I have only listed the various offers and versions of the Reflex credit card. But the Surge Mastercard has identical offers to Reflex so this comparison applies to them as well.

As you can see from the table above, the Reflex credit card has got four versions. Two versions do not have monthly fee after the second year whereas two others do. While both the annual fee and monthly differs slightly from Destiny credit card, the key difference is in the starting credit limit.

Let's take a look at the cards with no monthly fee. Destiny has a $35, $59 and a ($75 for first year, then $99) annual fee version that all have a credit limit of $300 and they do not increase. Reflex has two cards with $99 annual fee and both come with a $750 and $1,000 starting credit limit. If you pay your bills on time for the first 6 months, Reflex will double your credit limit to $2,000 and $1,500. So while Destiny may have low annual fee for 2 of their offers, Reflex has much higher starting limits which will double after 6 months.

Even the the Reflex cards with monthly fee offer the opportunity to double you credit limit from $300 and $500 to $600 and $1,000 respectively. So from a credit limit perpective, Reflex is the far better card.

Like Destiny, Reflex offers a pre-approval process with no impact on your credit scores. However, unlike Destiny, Continental Finance has a mobile app. Furthermore, the offer a free Vantage 3.0 credit score from Experian. So as far we are concerned, the Reflex and Surge is a better card than Destiny from credit limit and feature perspective.

Pros and Cons

Pros

Pre-Approval Soft Pull - Before you can apply for this card, you actually will have to go through a pre-approval process. This is only a soft pull so if you are not pre-approved, there is no hard pull on your credit report.

Manage Account Online 24/7 - You can manage your account online 24/7 from your online portal.

Free Online Payment - While many customers expect this, there are some cards that still charge for making online payments.

Prior Bankruptcy is OK - Those of you who have just emerged from BK might have a hard time getting approved for credit. Destiny will approve folks like you with prior BK on your credit report.

Cons

Some offers have monthly fee - While the $35 and $59 annual fee version, and even the $75 annual fee for the first year and $99 thereafter version have no monthly fee from the second year onwards, there are a couple of versions with high monthly fee.

Website is not mobile friendly - Many cardholders have noted that the website is not mobile friendly and they have to manage everything from their desktop computer.

No Rewards - Most subprime credit cards do not have reward program. But increasingly, more ARE offering them. Cards from Credit One and even Discover's secured credit cards offer them.

No Credit Limit Increase - Destiny will not increase your credit limit. It is set at $300 or $500.

No Mobile App - Though you can manage your account online, there is no app for this card at the moment.

No Free Credit Scores - More of Digital Mastercard peers are providing some form of free credit scores. At the moment, Destiny Mastercard does not provide any free credit scores.

Our Take: Some Offers Are Good, Some Are Not

It is hard to say for a fact whether the Destiny credit card is a good card or not. It really depends on the terms and conditions that you are offered.

No Monthly Fee Version is OK

If you are offered the versions that have $35 and $59 annual fee with a $300 credit limit, then I would say that those are decent terms and conditions for a rebuilder though you have to bear in mind that your credit limit will not increase. I would take these two offers especially if this was your first (or even second) unsecured credit card in the rebuilding process.

Monthly Fee Version Not Really Worth It

If you are pre-approved for the other versions (especially the ones with the monthly fee after the second year), then I think you really have to think long and hard about it.

The reason is that the fees you have to pay a year do not seem to justify the credit limits you will get. Let's take the version where you have to pay $75 annual fee for the first year and then $99 from the second year onwards. The credit limit for that offer is $300. From the second year onwards, you will be paying one-third ([$99/$300 = 1/3) of your limit in fees!

Or consider the version with the monthly fee with the $500 starting limit. During the first year, your annual fee is $125, which is 25% of your credit limit. From the second year onwards, you will be paying ($49 + $124.80)/$500 = 34% of your credit limit in fees. The amount of fees that you pay during that second year can be used as a refundable deposit for a secured credit card instead.

Because of the low limits and high fees (depending on which version you get), you should only go ahead and get these versions if this is your first unsecured credit card in your rebuilding process. If you already have a couple of secured credit cards, then the $75 to $99 annual versions or the one with monthly fee version is not worth getting.

Ratings

To sum up, based on our review and evaluations of the Destiny credit card, we give it a 3.7 star out of 5 for it's availability of low annual fee versions ($35 and $59), consistent credit bureau reporting and pre-approval process with no impact on credit scores. The $300 or $500 credit limit cap and lack of mobile app prevents us from giving this card a higher rating.

This card will be suitable for most rebuilders either as a starter unsecured credit card and even if one has a bankruptcy record on your credit report (especially the $35 or $59 annual fee versions).

However, those who already have a few unsecured credit cards or are looking for a large with a large limit should consider other cards instead as Destiny as their $300 or $500 credit limit will not increase. A good alternative be the Reflex credit card or the Mission Lane Visa , both cards which increases your credit limit after 6 months. And both have mobile apps and better overall features.

A Few Cardholder Reviews

Here are a couple of comments that cardholders have emailed me:

I applied for the Destiny credit card when my credit score was 600 and I had 2 old charged off accounts from 4 years ago. Prior to this card, I just had one secured credit card with a $600 credit line. There are a few details to mention about this card. Firstly, your annual fee gets charged the first month and taken out your initial $300 credit. The minimum payment is $40 a month. It takes about 4 days to process my payments from my checking account but once it clears, the money is immediately available as credit. There is no mobile app but I am fine with that. I just simply set up autopay from the online account. My score has improved again to 670 within 8 months. The goal is to get a couple of other cards with higher limit and then cancel this card before the next annual fee hits.

My credit line was $300 when I first opened it in Febraury 2021. During my application process, they asked me to provide my utility bills and ID for proof of identification and address (which was not a big deal for me). They do not have an app so I simply manage my account online. I set up autopay via e-bill with my bank. Payment posts in about 4 days and credit becomes immediately available. My score was 557 when I applied and it is now 615 after 8 months. So I really love this card.

How To Apply Online?

You can only apply online for this card. You first have to go through a pre-approval process. The pre-approval only involves a soft pull and has no impact on your credit score. If you are pre-approved, then you can go on to apply for the Destiny Mastercard (there will be a hard pull when you actually apply after you get pre-approved). It is important to be aware that a pre-approval does not guarantee approval when you actually apply (though the chances are pretty high that you do get approved if you already passed the pre-approval test).

If you have gotten a pre-approved mail with an application code, then you can proceed straight to the application page.

If you do not pre-qualify for the Destiny credit card, then you will be offer the Opensky Secured Visa Card (which is a secured credit card that does not check your credit). If you are inclined to take up this offer, we suggest that you read our review here first.

FREQUENTLY ASKED QUESTIONS

Who issues the Destiny Mastercard?

Destiny is issued by First Electronic Bank, Member FDIC, which is based in Salt Lake City, UT. Genesis FS Card Services, Inc. is the servicer of this program.

Can I apply over the phone?

No, you have to apply online. You can click on the apply button on this page and take it from there.

Can you explain why I have to get pre-approved or pre-qualify?

Milestone requires that you pre-qualify first. Pre-qualification does not result in a hard credit pull. Rather there is just a soft pull. If you do not pre-qualify or get pre-approved, you will save yourself a hard pull.

When will I receive my card?

Within 14 days after you are approved. If you do not receive your card within 21 days after being approved, please contact our Lost/Stolen Department immediately at 1-888-260-4532. They are available 24 hours, seven days a week.

What is the starting limit of Destiny?

According to Milestone, $300 is the minimum credit limit.

Does Destiny increase credit limit?

No, they do not.

Can I transfer a balance to Destiny credit card?

No, you cannot.

Can I use the Destiny Mastercard to get a cash advance?

Yes, subject to credit approval, you can use the Milestone card for cash advance. You can call and request a PIN number to use your card at ATMs.

Can I use the Destiny credit card abroad?

Yes, you can. But you have to inform us or your card may be declined. You can call us at 1-866-453-2636 to set up a travel alert.

What are the ways to pay Destiny Mastercard?

There are a few ways to pay your bills.

Where should I send my Destiny Mastercard payments?

Payment address: Genesis FS Card Services | PO Box 23030 Columbus, GA | 31902-3030

What information do I need to use Moneygram to pay my bills?

You have to go to the nearest Moneygram location. The Company name to use is Genesis FS Card Services and the Receive Code is 4911.

When will my online payment post to my account?

It will post the same day as long you pay before 5pm PST. If you pay after 5pm PST, it will post the next day.

Will there be a hold after I make my payment?

You may experience a hold of up to 14 days if Destiny needs to verify your funds.

Contact Information

Genesis FS Card Services | PO Box 4477 Beaverton, OR | 97076-4477

Toll-free customer service number: 1-844-222-5695

FAX number: (888) 325-4717

Destiny Mastercard® REVIEW