First Electronic Bank Credit Card Reviews, Rules & Opinions

First Electronic Bank is an FDIC-insured bank based in Salt Lake City, Utah. Learn how to apply for a credit card, read MoneyGeek’s reviews and determine if this issuer best suits your unique situation.

By Doug Milnes, CFA

Reviewed by Lee Huffman

Updated: June 12, 2024

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First Electronic Bank provides credit products for individual consumers, including credit cards and installment loans. The state-chartered industrial bank only offers one credit card, the Destiny Mastercard® - $700 Credit Limit.

ON THIS PAGE:

Different Card Offerings from First Electronic Bank
Rules for Applying, Acceptance & Welcome Bonuses
Other Considerations for First Electronic Bank
Overall Opinion of First Electronic Bank & Card Offerings

First Electronic Bank Credit Cards in 2024

Destiny Mastercard® - $700 Credit Limit

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Annual Fee

$175 the first year, $49 thereafter

APR

35.9%

Recommended Credit

300 – 670 (Bad to Fair)

The Destiny Mastercard® - $700 Credit Limit is an unsecured credit card that offers accessibility and convenience to those with poor or fair credit. This card, with its modest credit limit, might appeal to those seeking to manage spending effectively. However, it's essential to look at the larger picture. The card comes with certain challenges - high fees and a steep APR - that you won't necessarily find on other cards designed for people with limited or no credit. It may still be possible to benefit from the credit-building benefits of this card with cautious, minimal spending and diligent credit usage.
PROS
- No security deposit required
- Credit limit up to $700
- Available to people with poor or fair credit
CONS
- High APR
- High fees
- No rewards
- Credit Access & Security
  - Unsecured credit card with no security deposit required, offering a $700 credit limit.
  - Enjoy fraud protection if your card is lost or stolen.
  - Use your card wherever Mastercard is accepted, whether in-store, online, or via app.
  - Application & Account Management
  - Experience a quick application process with decisions typically made in 60 seconds.
  - Access your account 24/7, including on mobile devices.
- Credit Reporting
  - Your activity is reported to all three major credit bureaus.

More: Read Our Full Review of Destiny Mastercard® - $700 Credit Limit

Rules for Applying, Acceptance & Welcome Bonuses

If you’re trying to apply for a First Electronic Bank credit card, MoneyGeek answers some of the most commonly asked questions about the issuer’s terms and rules to help you determine if First Electronic Bank fits your needs.

What is the accepted credit score range for most cards?

First Electronic Bank generally accepts applications with poor to fair credit scores, which means you’ll need a minimum credit score in the low 300’s. Even if you have previously declared bankruptcy, there’s a chance you may be able to qualify for their card.

How many cards can you have?

You can only have one credit card account with First Electronic Bank. You won’t pre-qualify or be approved if you already have an existing Destiny® Mastercard® account.

Other Considerations About First Electronic Bank

Before applying for a credit card from First Electronic Bank, be sure to consider factors like customer satisfaction, online services, security and more.

Feature	Description
Customer Service & Satisfaction	First Electronic Bank issuer provides access to customer service through email, while the Destiny® Mastercard® toll-free customer service phone number for questions or concerns.
Mobile Apps & Online Services	The Destiny® Mastercard® has a website where you can create an account, manage your card and send payments. In the United States, you can use your Destiny® Mastercard® in-store, in-app or online anywhere Mastercard is accepted.
Security & Credit Monitoring Services	If there is any unauthorized use of your card, you are protected with zero fraud liability. You need to either call or write to Destiny® Mastercard® if this happens.
Loyalty Programs & Other Issuer Perks	First Electronic Bank doesn’t issue many benefits or any loyalty programs. However, a benefit of Destiny® Mastercard® is that individuals with poor credit scores don’t need to pay a security deposit. You can also get a speedy pre-qualification, getting your result within 60 seconds. The Destiny® Mastercard® also reports to all three major credit bureaus. This will help cardholders rebuild their credit score if used responsibly.
Authorized Users	It’s possible to add an authorized user to your Destiny® Mastercard®. No additional fees are listed in their cardholder agreement.
Purchase Protection	First Electronic Bank doesn’t offer purchase protection for the Destiny® Mastercard®.
Co-Branding & Partnerships	With the Destiny® Mastercard®, First Electronic Bank doesn’t have any co-branding or partnerships.
Other Products Offered	Aside from the Destiny® Mastercard®, First Electronic Bank also offers installment loans and GenesisCredit.

EXPERT OPINION

"When you're first starting out with credit, getting a credit card from an issuer like First Electronic Bank may be easier than a more well-known bank. Using the card responsibly by making all payments on time and keeping your balances low will help you grow your credit score so that you can qualify for other cards with more attractive features and benefits."

- Lee Huffman, credit card expert at BaldThoughts.com

Still Not Sure About This Issuer? Consider These Options.

If you’re still on the fence, try other issuers, the best cards for bad credit or student credit cards that better fit your needs.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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