What Is Concora Credit, and Are Its Credit Cards Right for You?
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Concora Credit, formerly known as Genesis Financial Solutions, is the company behind multiple credit cards for consumers with bad to fair credit (FICO scores of 300-689), including:
The Destiny credit card, issued by First Electronic Bank.
The Indigo credit card, issued by Celtic Bank.
The Milestone credit card, issued by The Bank of Missouri.
In addition to being under the Concora Credit umbrella, these cards tend to share the same nagging similarities: a bevy of hefty fees, small credit limits, super-high annual percentage rates, very few perks and no upgrade path to a better product.
They may be easier to get than other credit cards, and because they're unsecured, they don't require an upfront deposit. Also, they report to all three major credit bureaus, so responsible use — such as paying on time — can help your credit scores.
But even with bad credit, you don't have to settle for one of these cards. Cheaper, better options exist.
Here's an overview of the credit cards serviced by Concora Credit.
» MORE: Best credit cards for bad credit
At a glance
Card name | Annual fee | Monthly fee | Optional over-limit fee? |
|---|---|---|---|
Destiny credit card | $175 the first year; $49 thereafter | Waived the first 12 months, then $12.50 per month. | Yes. |
Indigo credit card | $175 the first year; $49 thereafter. | Waived the first 12 months, then $12.50 per month. | Yes. |
Milestone credit card | $175 the first year; $49 thereafter. | Waived the first 12 months, then $12.50 per month. | Yes. |
If you get a Destiny, Indigo or Milestone credit card with an annual fee, be aware that the fee is assessed upon account opening and thus immediately lowers your available credit. For example, if the card has a $300 credit limit and a $49 annual fee, you'd only be able to spend $251. You won't have access to the full credit limit until the annual fee is paid.
» MORE: What is Celtic Bank?
Destiny credit card
Annual fees for a Destiny credit card are $175 the first year and $49 after. In addition to an annual fee, the card charges a monthly fee, which can add up to $150 a year. Cardholders can also opt in to over-limit coverage, which costs up to $41 to have the issuer approve a transaction that exceeds their credit limit. But over-limit fees are rare among credit cards in the first place, and some other issuers occasionally allow cardholders to exceed credit limits without incurring such a fee (although it's generally not advisable to spend beyond your means).
Indigo credit card
The Indigo credit card has similar terms. Its annual fee is $175 the first year and $49 after that. It also charges $12.50 as a monthly fee. The foreign transaction fee is 1%; many other cards charge 3% if you use them abroad.
Like the Destiny and Milestone credit cards, the Indigo credit card may charge over-limit fees. It doesn't earn rewards, either.
A rewards-earning alternative: Capital One Quicksilver Secured Cash Rewards Credit Card
You'll earn an unlimited 1.5% cash back on every purchase made with the $0-annual-fee Capital One Quicksilver Secured Cash Rewards Credit Card. Getting this card requires a minimum $200 security deposit, but unlike an annual fee, the deposit is refundable.
Milestone credit card
The Milestone credit card is no exception to the steep first-year annual fee of $175 and the ongoing $49 annual fee after that. It also charges a monthly fee of $12.50. If you can afford to cover these costs, you're better off putting that money toward a deposit on a secured credit card. You'll at least have a chance to get it back once you close the card, assuming you've maintained on-time payments.
Is one of these credit cards right for me?
All told, the terms of these cards when you apply online are ridiculously expensive. None of the cards requires you to tie up money in a security deposit, and because they all feature comprehensive credit reporting, it's possible to use them to help shore up your credit.
The catch with these cards is that there's no guarantee of upgrading to a better credit card option or lowering the cost of the monthly and annual fees once you work your way up to better credit. Other credit cards for bad to fair credit are more transparent in what they offer, and some of them have excellent perks that outshine the cards serviced by Concora Credit.
» MORE: What is The Bank of Missouri?
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