Destiny Mastercard (issued by The Bank of Missouri)

The Destiny Mastercard is an unsecured credit card issued by The Bank of Missouri and serviced by Genesis FS Card Services, designed for consumers with poor credit who want access to a credit card without needing to provide a security deposit. The card is similar in structure to other cards in the Genesis-managed program family including the Milestone and Indigo cards.

Because the Destiny Mastercard targets consumers with damaged or limited credit, the costs are significantly higher than those on cards available to people with good credit. Annual fees apply, and the annual percentage rate is well above the national average. Some versions may charge a one-time processing or program fee that is applied at account opening and deducted from the credit limit, reducing the amount available to spend from day one.

The Bank of Missouri reports account activity to the major credit bureaus on behalf of the program. Consistent on-time payments and responsible use can contribute to improving your credit score over time, which is the primary purpose of holding this type of card.

Before applying, read all fee disclosures carefully. Calculate the total cost of holding the card in the first year and compare it against the credit limit offered. This will tell you the real cost relative to the credit access provided. Compare this against secured credit cards from credit unions and community banks, which typically carry lower fees even though they require a cash deposit.

If you open a Destiny Mastercard, pay on time every month, keep your balance well below the limit, and pay the full balance each month to avoid interest at the higher rate. Plan to move to a lower-cost card as soon as your credit profile has improved enough to qualify.