Discover the Benefits of Milestone Credit Card: A Comprehensive Review for 2023

If you have a poor, limited, or zero credit record and you are looking for an unsecured credit card then you have limited choices. But, you can go for a Milestone Credit Card because in this you don’t need to deposit security. Although, it has more APR, less credit limit, and you have to pay an annual fee. This card will help you in building credit. We will give you honest Milestone credit card reviews. This will include information on the interest rate, fees, rewards, credit limit, etc.

Milestone Credit Card Overview

MileStone Gold MasterCard

Our Rating: 3.3/5

The Milestone MasterCard is for you if you want to build or improve your credit in which you don’t want to deposit security. The drawback of using this card is that it has less credit limit which is $300 and has more APR 24.90%–35.90% (variable). Also, you have to give an annual fee for 1st year which is $35 to $75 and then you will pay $35 to $99. 

It reports to all 3 agencies monthly which will build your credit more quickly as you make payments on time and use the card with full caution. It also provides a pre-approval process so that your credit score will not get hampered. 

Important Points

  • Credit card issuer: The Bank of Missouri
  • Initial credit limit: $300
  • Credit Score: 300 to 669
  • Annual Fees: $0
  • Purchase APR: 24.90% to 35.90% (variable)

Additional Information

  • 24*7 access is allowed.
  • It reports all 3 major agencies.
  • You can pre-qualified and it will not damage the credit score.
  • You can use it in the U.S. anywhere Mastercard is accepted.
  • You can protect your stolen card from fraud.

Features

1. Fees

  • Application fee: None.
  • Foreign transaction fee: 1% of each transaction
  • Annual fee: $35 to $75 for the first year; $35–$99 after that
  • Cash advance fee: $5 or 5% of the amount 
  • Monthly fee: None
  • Returned Payment Fee: Up to $40
  • Overlimit Fee: Up to $40
  • Late Payment Fee: Up to $40

You must have seen that most credit cards have restricted, poor, or no credit history. So, the fees that they are charging are not high. The rate that you will get will depend on your solvency. If it has black marks such as late payments, or indebtedness then you have to pay an annual fee which is high, and also you might find it very expensive in using this card. 

2. Interest Rates

  • Cash advance APR: 29.9%
  • Minimum Interest Charge: $1.00
  • Purchase APR: 24.90% to 35.90% (variable)
  • Penalty APR: None

If you want to build or repair credit then you will see cards with more interest rates. So, it will be good if you pay the amount each month without fail and you don’t have to pay more interest. 

3. Rewards

If you have bad, restricted, or no credit then many credit cards don’t offer rewards. So, in the same way, Milestone Gold MasterCard will not provide you with any rewards. If you want rewards then you should go for other cards.

4. Cash Advances

You can use a Milestone Gold card for cash advances. If you get qualified then you can ask for a PIN that you can use to withdraw money from ATMs. But, keep in mind that the APR of cash advance is more (29.9%) which means you take out the cash which can results in a high-interest charge in case you don’t pay the amount on time.

5. Credit Reporting

It will report to 3 important agencies which are “Equifax, Experian, and TransUnion”. It will help you in building credit. If anytime you fail to make a payment then it will be going to affect your actual credit score. So, use the card with extra care and make payments on time. 

6. Credit Score Required

To get approved you need a 300 plus credit score. Although, if you have a black mark such as late payments, or indebtedness on your report still you are eligible to get this card. 

7. Credit Limit

This card doesn’t need any security deposit but it has a credit limit of 300, which is very less as it has fairly more annual fees. 

8. Requirements for Pre-Qualification/Approval

You can pre-qualify for this card. During the process of pre-qualify, your credit score will not get damaged and you can escape from the hard inquiry procedure. The chance of rejection will be minimized. To pre-qualify or get approved you need to pass the eligibility criteria that we are mentioning below:

  • Your income & debt must be reviewed, as well as your identity verified, to meet extra credit suitability criteria.
  • Get a Social Security Number.
  • The age should be 18 years and 19 for AL.
  • Need to have a US IP address.
  • You need to have a physical address.
  • Have never had a delinquent Milestone credit card account.

Pros

  • Restricted, poor, or zero credit can get approved
  • Doesn’t require a security deposit
  • Periodic credit reporting

Cons

  • More APR
  • Less credit limit
  • Annual fee

How to Make the Milestone Credit Card Payment?

For making a payment, you need to log in to the Milestone credit card and then move to the payment section. Or, even you can make a call to customer care and follow the commands that will help you to pay. You can also make the payment via mail by sending them a check at their address or if there is MoneyGram at your location then you enter the details that they have asked for and pay your bills. 

How to Do a Milestone Credit Card Login?

Here are the steps that you need to follow:

  • Firstly, make sure that you have a good internet connection.
  • Then, open the web browser.
  • Now, visit the official website and then enter the Username & Password.
  • Lastly, tap on the login button.

Is the Milestone Card Good for Me?

It is very rare to find such a card if you have poor or no credit. It has more annual fees & less credit limit. So, if you carry forward the balance then you have to pay APR which is very high. If you can’t pay the amount on time then don’t go for this card. In case you think that you can’t get approved then you can look for other choices:

For Whom is this Card for?

  • People who don’t want to pay a Security Deposit: If you don’t want to pay a security deposit and have restricted, poor, or no credit then this card is perfect for you as there are very less unsecured cards that can offer you credit cards.
  • Borrowers with a Discharged Bankruptcy: It is mainly for people who have bad credit history and want to improve it. The borrowers who are facing bankruptcy and not able to qualify for other cards then this card is the perfect choice for you. 

Other Options

Have a look at some of the options so that you can compare the Milestone card with them and make wise decisions. 

1. Indigo Platinum Mastercard

Indigo Platinum Mastercard

Our Rating: 3.1/5

This card will help in building credit but for that, you need to incur some costs. It has an annual fee between $0 to $125 and it is based on solvency. This card has a credit limit which is $300 to $2000. It also reports 3 major agencies.

Important Points 

  • Annual Fee: $0 to $125
  • Preferred Credit Score: 300 to 669
  • Purchase APR: 24.90% to 29.90% (fixed)

Pros

  • Doesn’t require a security deposit
  • Option for Cash advances

Cons

  • High annual fee
  • Low credit limit
  • Zero rewards
  • Unsure offers

2. Prosper Card

Prosper Card

Our Rating: 3.9/5

This card also comes under the category of an unsecured card. You don’t need to pay any security amount and also it has fewer annual fees and provides you with more credit limits which are $500 to $3000. Prosper credit card will not charge any fees for a cash advance. You have the option to waive the fee if you use AutoPay. 

Important Points 

  • Annual Fee: $39 ($0 for the first year if you set up autopay)
  • Preferred Credit Score: 300 to 669
  • Purchase APR: 22.74%–33.74% (variable)
  • Credit Limit: $500–$3,000

Pros

  • Doesn’t require a security deposit.
  • Zero fees for a cash advance.
  • You can waive off Annual fee.
  • Quick application.
  • You can increase your credit limit after three months. 

Cons

  • More annual fee
  • Less credit limit
  • 0 rewards
  • Unsure offers

3. Credit One Bank Platinum Visa

Credit One Bank Platinum Visa

Our Rating: 3.6/5

This credit card comes up with rewards and helps in building credit and also has some benefits that are not expensive. Credit one bank platinum visa card gives 1% cashback on “gas and groceries”. It also provides 10% cashback on “purchases from participating stores”.

Important Points 

  • Annual Fee: $75 to $99
  • Preferred Credit Score: 300 to 669
  • Purchase APR: 26.99% (variable)

Pros

  • Doesn’t require a security deposit
  • Get a 1% reward on purchases
  • Accessible to people with poor credit

Cons

  • Fairly high APR.
  • For the 1st year, it charges a High annual fee.

Conclusion

We strongly advise you to think again if you want to apply for the Milestone Credit Card. It is a very pricey card and provides neither cash back nor points. Everything has a cost with very basic benefits. Additionally, the credit limit is really low, and raising it will cost you money. Therefore, this credit card is not worthwhile. We hope you got everything you need to know from this Milestone MasterCard review.

Frequently Asked Questions (FAQs)

Q1. What is the limit on a Milestone credit card?

The limit on the Milestone Mastercard is $300. This means that you need to be extra careful when using your card as it could affect your credit score if you exceed your limit. That said, if you are able to manage spending within your limit, then this card can be a great way to build up your credit score. 

Q2. Does a Milestone credit card do credit increases?

No, there is no possibility of getting a higher credit limit with this card. The issuer will not increase your credit limit—it will remain at $300 until you close the account. 

Q3. Who does the Milestone credit card pull from?

The issuer of this card will take a look at your credit report from one of the three major credit bureaus (Experian, TransUnion, and Equifax). They may also request additional information such as proof of income or other financial documents in order to determine eligibility for the card. 

Q4. What state does the Milestone credit card come from?

This card comes from Beaverton, issued by The Bank of Missouri. It was designed specifically for customers in that area who want access to an unsecured line of credit without having to go through a long application process or pay any additional fees or deposits. 

Q5. What average credit score is needed to get approved for Milestone® Gold Mastercard®?

The great thing about the Milestone Gold Mastercard is that you don’t need an excellent credit score to get approved. In fact, all you need is a score below 640. That means even if your credit score isn’t perfect, you could still be eligible for this card. Of course, your chances of getting approved will be better if your score is above 640, but at least this card gives those with less-than-perfect scores a shot at getting approved. 

Q6. How long did it take to get your Milestone credit card?

Once your application has been processed and approved, it usually takes about two weeks—or 14 working days—for the card to arrive in the mail. After that, all you have to do is activate it online or over the phone and start using it right away! Keep in mind that after six months of responsible use (i.e., paying bills on time), you may be eligible to upgrade your account—and with that comes additional benefits such as higher limits and lower interest rates.

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