Review of Genesis Financial Solutions Card Services

Review of Genesis Financial Solutions Card Services

Genesis Financial Services (FS) provides credit to people with non-stellar credit history who are not qualified for prime rates. This makes their service great for people with low credit scores. 

Consumers who have been turned down for financing by top lenders might turn to Genesis Financial Services for a second chance. Our Genesis FS card services review provides all you need to know before applying to the company’s Financial Solutions.

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Genesis Financial Solutions Rate 

Some of the qualities we check include reputation, quality, speed, price of services, and customer support. We don’t just rate these services at random. Our experts consider reputation and reviews from previous customers for objectivity in our thoughts. Besides, our experts belong to forums to ensure they get genuine ratings. Below is our rating for Genesis Financial Solutions.

  • Reputation: 2.5
  • Quality of services provided: 3.5
  • Speed of service: 3
  • Price of services: 3
  • Quality of service support: 4.5

Comparing Genesis credit cards

After the 2008 financial crisis, Genesis FS capitalized on the high demand for credit solutions by people with low credit scores. This led to the company creating credit cards for consumers with low credit scores. Presently, the company offers three types of cards to help people with horrible credit card histories get back on their feet. Continue reading below for more information on Genesis FS Card Services collections. 

Destiny® Mastercard®

Destiny Mastercard

The overall best credit card. 

Intro bonus – N/A

APR – 24.90%

Recommended Credit – Fair/Poor

Reward rates – N/A

Annual fee – N/A

Intro purchase APR -N/A

The Destiny Mastercard is perfect for people who want to get better credit scores gradually. The issuer of this card is Electronic Bank. Depending on your history and other factors, you can get one with an unsecured spending limit of between $300-$700. The card comes with annual and monthly fees, which you must pay for an active account. The fee and APR depend on the cardholder agreement you get. 

The annual charge for the $300 Destiny Mastercard is $35 or $59. It is also possible for you to pay an initial annual fee of $75 and a $99 subsequent annual fee for the card you receive. All Genesis Financial Services Destiny $300 Mastercard has an APR of 24.9% or 29.9% and a cash advance APR of 29.9%. 

If you receive a card with a limit of $500, you will have to pay an annual and yearly fee of $59 or $125. There is also the possibility of receiving one with a card’s annual fee of $125 for the first year and $49 for subsequent years. In addition, there is a $10.40 monthly fee after the first year, which adds to a yearly fee of $124.80. The cash advance APR depends on your cardholder agreement, which could be 29.9% or 35.9%.

The maximum limit for Destiny Mastercard is $700, with an interest rate of 35.9% and a cash advance of 35.9%. The annual fee for the first year is $175 and $49 for the following years. It also comes with an annual fee of $150 (billed as $12.50 per month).

Pros

  • Almost anyone can get the card
  • It has a spending limit of up to $700 
  • Unsecured credit card
  • Pre-qualifying won’t impact your credit score
  • It has a 1% foreign transaction fee

Cons

  • The annual fee is high
  • It has a separate fee for monthly maintenance, depending on the agreement. 
  • Absence of intro bonus
  • It doesn’t offer any perks
  • High APR

Indigo® Mastercard®

Indigo Mastercard

Best for low APR and no recurring monthly fee 

Intro bonus – N/A

APR – 24.90%

Recommended credit – Bad/Poor

Reward rates – N/A

Annual fee – $0 – $99

Intro purchase APR – N/A

Late payment fee – Up to $40

This card is issued by Celtic Bank. This card has the best cardholder terms among the three. This means that to get the card, you need an excellent credit score. 

The indigo master card has a spending limit of $300-$1000, and you may even qualify for the card with no monthly charge and little APR. 

The $300 card has several cardholder agreements you can qualify for. The card can come with no monthly or annual maintenance fee, with an APR of 24.9% and a cash advance APR of 29.9%. 

The card may also feature an annual fee of $49 or $59. The cardholder agreement of the $300 card can feature an initial annual fee of $75 and $99 in the following years with an APR of 9.9%, 19.9%, 24.9%, or 29.9%. 

There are three cardholder agreements for the $500 credit limit card. This card can come with an annual fee of $59, an APR of 24.9% or 29.9%, and a cash advance APR of 29.9%. Another option is the annual fee of $125 with a purchase APR and cash advance APR of 29.9%.

The indigo Master $700 and $1000 cards have an annual fee of $59 and purchase and cash advance APR of 29.9%.

Pros

  • The credit limit is potentially high. 
  • There is no monthly fee.
  • It sometimes comes with a low APR of 9.9%
  • Unsecured 
  • It has a foreign transaction fee of 1%
  • It doesn’t affect your credit score if you pre-qualify. 
  • 1% foreign transaction fee

Cons

  • You may not qualify if your credit score isn’t good.
  • There are too many terms for a card with a low credit limit.
  • Some of the credit limits are accompanied by high APR. 
  • No intro bonus
  • No benefits

 

Milestone® Mastercard®

Milestone Mastercard

The Best card for poor credit

Intro bonus – N/A

APR – 24.90%

Recommended credit – Bad/Poor

Reward rates – N/A

Annual fee – $35-$99

Intro purchase APR – N/A

Late payment fee – Up to $40

This card issuer is The Bank of Missouri, and it has a maximum credit limit of $1000. The cardholder agreement you get depends on your credit history and other factors. 

The $300 card comes with several cardholder agreements. It comes with an annual maintenance fee of $35 or $59. You can also receive it with an initial annual fee of $75 and $99 in the following years. Also, it has an APR interest rate of 24.9% or 29.9%, and the same for cash advances. You can also get a cardholder agreement that features an APR of 35.9% with an initial annual fee of $75 and $49 for the following years. It also has a monthly fee of $8.25 for maintenance charged after the first year, which adds up to $99 yearly. 

The Milestone Gold Mastercard, with a credit limit of $500, also has cardholder agreements. They may come with an annual fee of $59 and a subsequent yearly fee with a 24.9% or 29.9% APR and a cash advance APR of 29.9. They may also come with an APR of 29.9%, an initial annual fee of $75, and a subsequent yearly fee of $99 or an annual fee of $125 beginning in the first year. The $500 option can also have a first-year annual fee of $125 and $49 the following years, in addition to a $10.40 monthly fee for maintenance, which adds up to $124.80 yearly. Depending on your cardholder agreement, it may have an APR of 29.9% or 35.9% and a similar APR for cash advances.

There are three cardholder agreements for those that are approved for the $700 credit limit. This can have an annual fee of $35, a first-year fee of $75, and a subsequent yearly fee of $99 with a buy and cash advance APR of 29.9%. 

Suppose your credit score isn’t so good. In that case, you can receive approval for an APR of 35.9% with a first-year annual fee of $175 and a subsequent yearly fee of $49, in addition to a maintenance fee of $150, charged $12.50 monthly.

You can also qualify for the $1000 card. It comes with an annual first-year charge of $74 and subsequent yearly fees of $99 in addition to a cash advance and a buy APR of 29.9%. 

Pros

  • Suitable for people with poor credit scores. 
  • Your pre-qualifying status doesn’t impact your credit score. 
  • It has a maximum credit score of $1000 
  • There is the possibility of no monthly maintenance fee.
  • It is an unsecured credit card.
  • A low foreign transaction fee of 1%

Cons

  • It may come with fees for monthly maintenance.
  • It may come with high charges for the first year. 
  • May have monthly maintenance fees.
  • High APR 
  • The lower credit limit attracts the highest charges.
  • Bad credit may impact qualification. 

What is Genesis Financial Solutions?

Genesis Financial Solutions was founded in 2001 by a team of experienced financiers. At first, their main focus was on providing loans to end-users. After the economic collapse of 2008, the company realized there was a demand from clients with low credit scores or no credit history. So, the company saw the need to create credit cards aimed at this consumer base. 

Genesis Financial Services now provides three distinct options to help customers in difficult credit conditions. Their main office is in nearby Beaverton, Oregon. However, they’ve also established a presence in Akron, Ohio, to support better their partnership with Signet, the largest diamond jewelry retailer in the world.

Pros and Cons of Genesis Financial Solutions

Here are a few advantages and disadvantages of using Genesis financial solutions, which we suggest you consider carefully to make an informed decision.

Pros

One of the significant benefits of applying for Genesis Financial credit card services is that your credit score doesn’t have to be great. This means you can at least get a credit card that can serve your needs with a low credit score. 

Pre-qualifying for it doesn’t affect your credit score. And you can gradually build up your credit score by using the card wisely. Genesis Financial Services reports your activities to credit card institutions like Experian, TransUnion, and Equifax. This helps to boost your credit score so you can be qualified for better cardholder agreements. 

Some cards, like the Destiny master, don’t come with cash advance fees within the first year of using them. 

Some of it a credit limit of $1000

You pay just a 1% degree foreign transaction fee. 

Cons

Although Genesis Financial Solutions provides unsecured credit cards, all of them are accompanied by substantial annual charges and separate monthly maintenance charges.

Apart from the high charges, some options have high APR.

All the cards lack intro bonuses provided by some credit card services. 

Who is Eligible for Genesis Financial Solutions Credit Cards?

Almost anyone can be eligible for Genesis cards. Since the cards are unsecured, you don’t need to worry about putting up collateral or a deposit. And even if your credit score is low, you can still be considered for certain cardholder agreements. 

Methodology

When it comes to choosing cards, there are certain factors you need to consider. In this review, we have taken note of these criteria to ensure we provide you with objective reviews of the different cards. Below are some of the factors we considered and why they are essential. 

APR

This is known as the annual percentage rate or APR. And this refers to the interest a user of Genesis Financial Services card pays when they make a purchase. Depending on your cardholder agreement, the APR can be between 24.4% and 35.9%. You will also have to pay a different cash advance APR when you apply for a cash advance on the credit limit.  

Benefits

Sometimes they usually come with attached benefits to improve your experience. This ranges from transferring a balance from a different card, a bonus for new sign-ups, earning points you can use for shopping, and even travelling. Presently, there is no benefit for getting Genesis Financial solutions. 

Fees

There are several charges attached to getting a card. These include annual fees, late payment over limits, foreign transactions, cash advances, and returned payment fees. Ensure that you read and understand the details of your card agreement to get a clear picture of the fees attached to avoid any future card complaints.

FAQ

How many cards from Genesis FS can I have at the same time?

Currently, Genesis doesn't limit the number of cards you can have.

Which card from Genesis FS is best for bad credit?

The Genesis FS Milestone Mastercard is the best for poor credit.

Can I apply for the card from Genesis FS online?

Yes, you can apply online by simply visiting the website and filling in the necessary information to register.

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