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 Concora Credit Mastercard, issued by The Bank of Missouri.
The Destiny credit card, issued by The Bank of Missouri.
The Indigo credit card, issued by Celtic Bank.
The Milestone® Mastercard®, 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.
At a glance
Card name | Annual fee | Monthly fee | Optional over-limit fee? |
|---|---|---|---|
Concora Credit Mastercard | Some versions of this card have no annual fee; others charge as much as $250 in the first year. | Some versions of this card have no monthly fee; others charge as much as $19.25 per month after the first year. | Yes. |
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. |
Concora Credit Mastercard
Some versions of the Concora credit card have a $250 annual fee in the first year, then $99 thereafter. On top of that, you might pay a $19.25 monthly fee after the first year, which amounts to $231 annually.
Credit cards that charge triple-digit annual fees typically offer a bevy of perks to offset the price tag, but that’s simply not the case with the Concora card. It offers just 1% cash back on purchases.
The Concora card also offers a benefit called Breathing Room that lets cardholders lower their minimum payment to $20 for three months. This benefit can be activated every 24 months.
Still, neither the rewards or Breathing Room program are enough to justify the Concora card’s exorbitant fees.
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 to the Destiny credit card. Its annual fee is $175 the first year and $49 after that. It also charges $12.50 as a monthly fee. One bright spot: The foreign transaction fee is 1%, lower than the 3% fee that's common in other cards.
Like the Destiny and Milestone credit cards, the Indigo credit card may charge over-limit fees. It doesn't earn rewards, either.
The Milestone® Mastercard® follows the Concora Credit playbook with its steep first-year annual fee and monthly fees after that. 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?
The short answer is, "Probably not." All of the Concora Credit-serviced cards are laden with fees in exchange for few too perks. If you are trying to rebuild your credit, consider instead a secured credit card. Yes, you'll need to put up a security deposit, but some cards let you pay that down in installments. And a security deposit is refundable, unlike monthly and annual fees.
Still, paying a security deposit may be impossible in certain financial situations. In that case, look into an unsecured card for people with bad credit.
