Genesis Financial Solutions offers credit cards to consumers with bad credit or fair credit (FICO scores between 300-689 and 600-689).
These cards are not only under the Genesis Financial umbrella but also share many similarities: high fees , low credit limits, extremely high annual percentage rates, and very few perks.
These cards are easier to obtain than other credit cards. They don’t require any upfront deposits and they are unsecured. They report to all three major credit agencies. Responsible use, such as paying on-time, can improve your credit score.
Even if you have bad credit, these cards are still available. Cheaper, better options exist.
This is a list of credit cards that Genesis Financial Solutions offers.
You should be aware that if you open a Milestone, Indigo, or Destiny credit card, the annual fee will be charged immediately. This can reduce your credit limit and credit available. If the card has a $300 credit limit with a $99 fee, then you can only spend $201. This is because the annual fee must be paid before you can access the full credit limit.
Destiny credit cards
The annual fees for a Destiny card can range from $59 to a ridiculous $175 depending on which card you are eligible for. Some Destiny cards have monthly fees that can reach over $100 per year. Over-limit coverage is available for cardholders. It costs $29 to $41 to authorize a transaction that exceeds your credit limit. Credit card issuers are increasingly avoiding over-limit fees. Some card issuers allow cardholders to go over credit limits without paying a fee, but it is generally not recommended to do so ).
For the high fees, Destiny cardholders get very few rewards. A Destiny credit card has a maximum limit of $700. One version earns rewards for purchases but that card can only be obtained through a direct deal.
The Petal(r.1) 1 Visa(r), Credit Card has no annual fees, foreign transaction fees, or late penalty APR. It also offers rewards. This card is a good option for people with poor credit or limited credit.
Indigo credit card
Genesis Financial’s Indigo credit card may be the most popular of all three cards. Depending on the card you are eligible for, it could have an annual fee as low as $0. Foreign transaction fees are 1%. Other cards may charge 3% if used abroad. Depending on which version of the Indigo card you have, a credit limit up to $2,000 may be possible.
However, the Indigo credit card has its faults. The annual fee for the Indigo credit card can reach $125. There may also be over-limit fees, just like with the Milestone and Destiny credit cards. You won’t get any rewards.
With the Capital One Quicksilver Secured cash rewards credit card, you’ll receive an unlimited 1.5% cashback on all purchases. This card requires a $200 minimum security deposit. However, unlike an annual fee the deposit can be refunded.
Milestone credit cards
There are currently more than 20 versions of the Milestone credit cards. There are a variety of quality options, from good to poor. You could get a card with a $35 fee and no monthly fees, a 29.9% interest rate (as of the writing), and a $700 credit limit. This will depend on your creditworthiness. These are fair terms for an unsecured credit card for poor credit. It would also make the Milestone card comparable to the OpenSky(r), Secured Visa(r), Credit Card, which NerdWallet considers one of NerdWallet’s top credit cards for people with bad credit.
There’s also the Milestone credit card, which has a ridiculous $175 annual fee, $12.50 per month fee, and a $40 over-limit charge. It also has a 35.9% APR. If you are interested in a Milestone credit, you should first go through the pre-qualification process to determine if you may be eligible. Or you can look at another credit card.
The Tomo Credit Card allows you to get credit lines of up to $10,000 Tomo recommends that you link all your bank accounts to your Tomo Credit Card application in order to maximize your chances of receiving a high credit limit. To apply for the Tomo Credit Card, you don’t need a credit score nor a security deposit. It’s also one among the few cards that doesn’t charge an annual percentage rate.
Are these credit cards right?
There are approximately 60 versions (combined), of the Destiny, Indigo, and Milestone credit card. Some have very favorable terms for credit cards within their class. You don’t have to put money down as a security deposit. All cards feature extensive credit reporting so you can use them to improve your credit score.
These cards are not guaranteed to get the best ones. Some credit cards for poor to fair credit offer more transparency and have perks that are superior to the Genesis Financial cards.