Destiny Mastercard Fees & Charges [ With Hidden Fees ]

When it comes to getting a credit card, understanding the fees and charges is a big deal. One credit card getting attention is the Destiny Mastercard.

If you’re thinking about getting this card, it’s crucial to know about the fees it comes with.

In this blog post, we’ll walk you through the Destiny Mastercard Fees & Charges, covering info. like annual fees, late fees, foreign transaction fees, interest rates, and more.

Our aim is to help you figure out if the Destiny Credit Card is the right choice for you or if you should be looking for Destiny credit card alternative options.

Quick Summary For The Article about Destiny Mastercard Fees & Charges –

☑️ Monthly Periodic Rates:

• Purchase APR: 24.9%
• Standard Monthly Periodic Rate for Purchases: 2.075%
• Cash Advance APR: 29.9%
• Monthly Periodic Rate for Cash Advances: 2.492%

☑️ Destiny Credit Card Annual Fee:

• Initial Annual Fee: $59
• Renewal Annual Fee: $59

☑️ Destiny Credit Card Late Fee:

• Late Fee (if not charged in the prior six Billing Cycles): $29
• Late Fee (if charged in any of the prior six Billing Cycles): $40

☑️ Returned Payment Fee:

• Returned Payment Fee (if not charged in the prior six Billing Cycles): $29
• Returned Payment Fee (if charged in any of the prior six Billing Cycles): $40

☑️ Overlimit Fee (Optional):

• Overlimit Fee (if not charged in the prior six Billing Cycles): $29
• Overlimit Fee (if charged in any of the prior six Billing Cycles): $40

Previously, I have covered a detailed Destiny Mastercard Review article and shared A-Z information, so I also advise you to check out this article once you go through this.

Destiny® Mastercard® Agreement

The Destiny® Mastercard® Agreement serves as a legal contract between you, the cardholder, and the card issuer, usually First Electronic Bank.

This document lays out the specifics of your credit card account, establishing the rights and responsibilities of both parties involved.

Here are key aspects typically covered in the Destiny® Mastercard® Agreement:

✅ Interest Rates and Fees:

• Details on the APR for purchases and cash advances.
• Any applicable fees like late payment, over-the-limit, and foreign transaction fees.

✅ Grace Period:

• Defined period post your statement closing date allowing interest-free payment of the balance in full.

✅ Minimum Payment:

• The lowest amount is required monthly to avoid late payment fees.

✅ Credit Limit:

• The maximum credit amount is extended to you.

✅ Late Payments:

• Consequences of delayed payments, including late fees and potential interest rate increases.

✅ Disputes:

• Procedures for resolving disputes between you and the issuer.

✅ Arbitration:

• Some agreements may include an arbitration clause, indicating a commitment to resolving disputes through arbitration rather than court.

It’s crucial to thoroughly read and comprehend the Destiny® Mastercard® Agreement before accepting its terms. The agreement can be obtained from the issuer’s website, by contacting customer service, or by downloading the PDF shared by the official Destiny Mastercard provider.

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Destiny Mastercard Fees & Charges

☑️ Destiny Mastercard Annual Fee

When considering the Destiny Mastercard, an essential factor is the annual fee, which stands at $59. Although some credit cards come with no annual fees, the Destiny Mastercard offers unique benefits.

Notably, it provides cash back on every purchase without requiring a minimum spending amount to earn rewards. For individuals who frequently use their credit cards, the accumulated rewards may outweigh the impact of the annual fee.

☑️ Applicable Interest Rates on Destiny Mastercard

Another crucial consideration is the interest rate applied to the credit card balance. The APR for the Destiny Mastercard varies from 24.99% to 29.49%, depending on the individual’s creditworthiness.

As a card with a higher interest rate, it’s most suitable for those capable of clearing their balance monthly. Carrying a balance on this credit card could result in substantial interest payments.

☑️ Late Payment and Returned Payment Fees

Timely credit card payments are crucial to avoid late payment fees. The Destiny Mastercard imposes a late payment fee of up to $39, contingent on the balance and payment history.

Additionally, a returned payment fee, potentially up to $39, may be charged if a payment is not processed successfully. To sidestep these fees, setting up automatic payments or reminders is advisable to ensure punctual payments.

☑️ Balance Transfer and Cash Advance Fees

For individuals contemplating a balance transfer to the Destiny Mastercard, a fee equivalent to 3% of the transfer amount or a minimum of $5 applies.

Furthermore, utilizing cash advance services incurs a fee of either $10 or 5% of the cash advance amount, whichever is higher. Users should be mindful of these additional fees if planning to utilize these services.

☑️ Foreign Transaction Fees

Frequent travelers should take note of foreign transaction fees. The Destiny Mastercard imposes a standard 3% fee for transactions in currencies other than U.S. dollars.

While this aligns with common industry practice, credit cards with zero foreign transaction fees are available and merit consideration. Key details about Destiny Mastercard’s foreign transaction fees include:

✅ The fee applies to all non-U.S. dollar transactions, including swiped and online purchases.

✅ Calculated based on the U.S. dollar amount at the time of the purchase, the fee may fluctuate slightly due to exchange rate variations.

✅ No minimum or maximum transaction amount is exempt from the 3% fee, applying to all foreign transactions.

Tips for minimizing foreign transaction fees with the Destiny Mastercard:

✅ Opt for the card with large purchases during travel to mitigate the impact of the 3% fee.

✅ Explore credit cards with no foreign transaction fees if frequent international travel is anticipated, offering potential long-term savings.

✅ For smaller transactions, consider using cash after exchanging currency beforehand, often more cost-effective than using a credit card.

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FAQs Related To “Destiny Mastercard Fees & Charges”

Conclusion On “Destiny Mastercard Fees & Charges”

In summary, a thorough comprehension of the fees and charges linked to the Destiny Mastercard is crucial before deciding to apply.

Assessing elements such as annual fees, interest rates, late payment fees, and foreign transaction fees is essential to determine whether the card’s rewards justify the associated costs.

For individuals capable of optimizing rewards and settling the entire balance monthly, the Destiny Mastercard could be a viable choice.

However, those who maintain a balance or frequently travel internationally might find more suitable credit card alternatives. It’s prudent to carefully consider your options and weigh the pros and cons before reaching a final decision.