Choosing a credit card when you have bad credit or are new to building credit can be challenging. There are dozens of subprime credit cards on the market – and that’s before you even begin to factor in secured credit cards.
The Destiny Mastercard and Revvi Card are two popular credit builder options. Before you apply for your next credit card, check out this helpful guide that breaks down both cards, their strengths, weaknesses, and the finer points that can help you make an informed decision.
Destiny Mastercard or Revvi Card: Which Is Right for You?
Both Destiny Mastercard and Revvi Card enjoy popularity among credit-building Americans – but which is best? Here is the breakdown of the cards over key credit categories:
Pre-Qualification Before Applying
Applying for a credit card requires a credit check. Often, these credit checks (or credit inquiries) are known as “hard inquiries,” meaning the bank pulls your full credit report before approving (or denying) your credit card application. If you apply for a credit card and are declined, your credit score will likely take a small hit.
One way to avoid a negative impact on your credit score before getting a new credit card is by pre-qualifying before you apply. Though they may sound similar, pre-qualification and pre-approval are not the same things.
A pre-approval means that a lender has analyzed your credit profile based on existing credit information it holds, offering a product you will likely be approved for. On the other hand, pre-qualification means the lender has reviewed financial information from a credit profile and believes you may be a good fit for the credit card product. Pre-qualifications are also known as “soft inquiries,” as they have no impact on your credit score.
Does the Destiny Mastercard Let You Pre-Qualify Before You Apply?
Yes, Destiny Mastercard offers a quick pre-qualification for potential applicants. This feature makes the card a quality offer for anyone looking to boost their credit score but afraid they may not qualify due to late payments, bankruptcies, or other adverse financial events.
The Revvi Card does not offer a pre-qualification process. Because Revvi requires an active checking account to apply. This acts as a pre-qualification of sorts since it shows the applicant’s direct deposits and debits.
How to Apply
Here is all the information you’ll need to apply for both credit cards:
What Information Do You Need to Apply for the Destiny Mastercard?
- Email address
- Phone number
- Date of birth
- Social Security Number
- Monthly income
- Monthly expenses
What Information Do You Need to Apply for the Revvi Card?
- Email address
- Phone number
The Revvi application process also asks if you have an active checking account. The checking account requirement helps demonstrate to Revvi that you have the required funds to meet any debt obligations with a new, unsecured credit line. Essentially, this action operates the same way as Destiny’s income/expenses requirement.
Credit Score Needed
Because both cards are designed for those building or repairing credit, the typical FICO credit score for an applicant for the Revvi and Destiny Cards is around 600 to 640. Both credit cards are available for applicants with credit scores ranging from 300 to 850.
Both Revvi and Destiny charge an annual fee. With Destiny Card, the annual fee is $125 for the first year and $49 per year after that. Because Destiny charges the annual fee upon card activation, the cardholder’s initial credit limit will reflect this annual fee. This means the starting credit limit for the Destiny Card is $375, returning to $500 once you pay the annual fee.
Though it waives this charge for the first year, Destiny also charges a monthly service fee. After year one, cardholders will receive a $10.40 monthly charge ($124.80 annually).
The Revvi Card features a $75 annual fee for the first year and an annual fee of $48 after that. After the first year, cardholders can expect a $6.25 monthly charge (b$75 annually). Like Destiny, Revvi also features a monthly maintenance fee, which Revvi also waives for the first year.
Revvi Card also charges a one-time program fee – something Destiny does not charge. The former program fee from Revvi is $89.
Starting Credit Limits
The Destiny Mastercard has a $500 credit limit. This credit limit is on the higher end for similarly positioned credit cards for bad credit. The Revvi Card comes with an initial credit limit of $300 – on par with many other bad credit options.
Credit Limit Increases
The Revvi Card outperforms Destiny Mastercard when it comes to credit limit increases. While Revvi’s $300 initial credit line isn’t exceptional, the lender does review cardholder accounts as early as 12 months after opening. Suppose your credit score has improved and Revvi sees an opportunity. In that case, you may receive a credit limit increase (subject to an additional credit increase fee of 20% of any increase. Destiny, on the other hand, does not provide credit limit increases.
The Destiny Mastercard does not offer any rewards. The Revvi Card does provide cash back rewards, however.
Revvi cardholders earn 1% Cash Back Rewards^^ on purchases when paying the card’s minimum balance due every month. That 1% cash back is on par with some other card offers from competitors – namely the Surge Platinum Secured Mastercard.
Cash back rewards with Revvi Card apply as statement credits. These credits help the cardholder pay down balances and lower credit utilization. Keeping overall credit use below 30% is essential for building a positive credit history and raising your credit score.
Here is a quick recap of all the features of both cards:
- Build your access to credit – $500 credit limit
- Get the flexibility of an unsecured Mastercard, even with less than perfect credit
- Easy pre-qualification process which does not affect your credit score
- Your financial future is important. Keeping your Destiny account in good standing may help establish and/or improve your credit history with reporting to the three major credit bureaus
- No security deposit required
- 24/7 access to your account information, even on mobile
- Worry-free fraud protection if your card is lost or stolen
- Earn 1% cash back rewards^^ on payments made to your Revvi Credit Card
- Fast and easy application; response provided in seconds
- $300 credit limit (subject to available credit)
- Build your credit score with on-time payments and keeping your balance below the credit limit
- Opportunity to request credit limit increase after twelve months, fee applies
- Checking account required
- Reports monthly to all three major credit bureaus
- Perfect credit not required
- Easy-to-use mobile app for management on the go!
Things to Consider Before Applying for a Card for Bad Credit
Before deciding on any credit card, take the time to think about all aspects of the cards under consideration. Weigh the rates and fees against each other to see if your spending patterns match the card’s profile.
Here are a few issues to consider before choosing a credit repair credit card:
What About the APR?
One of the key metrics many credit card applicants consider before applying is the card’s APR – or interest rate on purchases. However, for cards like the Destiny and Revvi cards, interest rates are secondary to annual fees, credit reporting to the major bureaus, and credit limit increases.
Instead of focusing on the card’s APR, focus on keeping your credit use low and repaying your full balance before the statement period ends. These steps will have a much greater impact on your credit health and negate the high APR.
Annual Fee Vs. Security Deposit
In many cases, secured credit cards feature lower annual fees than unsecured credit cards for bad credit. This lower annual fee is due to the requirement of a security deposit (usually around $200) that acts as collateral for the credit loan – and the credit limit.
Because of this deposit requirement, secured cards may be more cost-prohibitive for new applicants than cards like Destiny, Revvi, Surge, or countless others. Before deciding on the right credit repair card for you, consider the upfront costs associated with each option. In some cases, an unsecured card might offer greater flexibility that can help offset emergencies.
^^See Revvi Rewards Program Terms & Conditions for details.
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