Credit cards are an excellent option when it comes to growing or rebuilding credit history. However, each credit card has its own strengths and flaws. So, is the Milestone Credit Card good for you?
The truth is that this card has some features that are ideal for people with limited or poor credit history. This makes it a good choice for anyone seeking to better their credit score.
Let’s get a comprehensive overview of the card. This way, you can confidently decide whether it’s the best fit for your financial needs or not.
Features of the Milestone® Gold Mastercard
When it comes to features, the Milestone Credit Card has its good share. For starters, it is a poor credit score card. This means that it’s accessible to almost everyone looking for a way to better their score.
Secondly, unlike most poor or limited credit score cards, this one doesn’t require a security deposit. As such, you can start your journey without the need for any upfront amount.
The lack of a security deposit, however, comes with its drawbacks. For instance, you will have to deal with the high annual and monthly fees, as well as high APRs.
The Milestone Credit Card also offers a decent initial credit limit of $700. That is way higher than what most bad or fair credit options offer.
How Milestone Credit Card Works
Alright, let’s break down the Milestone Mastercard Credit Card and see how it works.
First off, the Milestone Mastercard is unsecured, meaning you don’t have to empty your pockets with a security deposit. It’s like a fresh start without the extra financial baggage.
Now, the cool part – building credit. With every swipe and timely payment, the card reports to the major credit bureaus. Regular reporting means you’re not just spending; you’re actively shaping a better credit score if you do it right.
Once your credit card is approved, the Milestone Mastercard hands you a credit limit of $700. It’s not a wild sky-high number, but it’s enough to get you going and growing. Whether you’re kickstarting your credit journey or giving it a boost, this card works quietly in the background, helping you build the credit you deserve.
However, this card is known for its high rates and fees. For example, the annual fee for the first year is a whopping $175. That’s too high compared to some cards that offer even a $0 annual fee option.
Pros and Cons of Milestone Credit Card
Before settling for a certain type of credit card, it’s crucial to understand both its good and bad sides. This enables you to make an informed decision on whether the card fits your financial needs.
Benefits of Milestone Credit Card
The first benefit of using the Milestone Credit Card is its zero security deposit feature. In other words, you don’t need any initial funds to get approval.
Even better, the card rewards you with a $700 initial credit limit. This is not too high, but it gives you enough of a financial boost to grow your credit history.
Another thing is that the card accepts even individuals with poor or bad credit history. As such, you don’t need an impeccable credit score to get approved for the card.
Lastly, the $0 liability feature crowns it all. If your card is used without your permission or knowledge, you’re off the hook. That’s the peace of mind that everyone wants.
Cons of the Milestone Credit Card
First, it’s the not-so-fun stuff. Rates and fees – they’re a bit on the high side. So, while the zero security deposit is a plus, the high rates and fees are something to be wary about.
An even bigger bummer is the rewards program – the card has none. This means that you won’t be earning points for that shopping spree or even the travel expeditions. So, if your target was to benefit from a Milestone Credit Card cash back or other rewards, you are in for a shock.
Rates and Fees of Milestone Credit Card
When using a credit card to grow your credit history, rates and fees are crucial factors. You don’t want to choose a card that puts more strain on your finances.
With the Milestone Credit Card, the rates and fees are dependent on the type of agreement or account and can get quite high. For instance, if you use agreement 300, the APR for purchases is 24.9%, while that of Cash Advances is 29.9%. The annual fee here is $35 for the first year as well as the subsequent years.
On the other hand, agreement 321 attracts an APR of 35.9% on purchases. The APR on Cash Advances is also 35.9%. However, the annual fee here is $175 for the first year of the card’s approval. Subsequent years attract an annual fee of $49.
To get the entire overview of all the rates and fees access the website, based on the type of agreement.
Eligibility Criteria and Requirements
Getting approved for the Milestone Credit Card is not a hard task. However, you must first meet the following eligibility criteria.
For starters, you must be 18 years or older. Secondly, the card is available only for US residents with US physical and IP addresses. Your social security number is also a requirement.
If you meet those requirements, you can go ahead and apply for the card.
Application Process
Visiting the official website for the Milestone Credit Card is your first step in the application process. Here, you’ll have two options for opening your account. The first one is the prequalifying option. Simply click on the Pre-qualify Today button to get started.
Alternatively, you might have received an invite in the mail. In this case, choose the second option- “Received a Mail Offer,” to get started. In both of these options, fill in the necessary information as prompted, and you’ll be all set for a card’s approval.
For inquiries about your Milestone Credit Card application status, call their toll-free number – 1-800-305-0330.