Are you trying to improve your credit score? Take the Milestone Mastercard as an example. It’s intended for those with poor credit ratings and doesn’t demand a security deposit.
The card reports to the main credit agencies on a monthly basis, so making regular payments may help your credit score.
Despite the fact that it includes an annual charge and a high interest rate, it might be an effective instrument for credit rebuilding.
In this review, we’ll break down the key features, fees, benefits, and whether this card is worth considering and much more.
What is the Milestone Mastercard?
The Milestone Mastercard is intended for persons with poor credit ratings who desire to improve their credit score. It does not demand a deposit and assists by reporting your payments to credit bureaus each month. It has an annual charge and a high interest rate, but it might be beneficial if you’re attempting to rehabilitate your credit.
Milestone Mastercard® – $700 Credit Limit
The Milestone Mastercard has a credit limit of up to $700, making it an appealing alternative for anyone trying to repair their credit history. This card reports to the main credit agencies on a regular basis, which might assist boost your credit score if you make on time payments.
It does not need a security deposit, making it accessible to those with poor credit ratings. However, it does have an annual charge and a hefty APR. This card might be a beneficial tool for individuals who are meticulous about controlling their credit and payments.
Important Link:
Current Offer Of Milestone Credit Card
- $700 Credit Limit: Provides more access to credit than previously.
- No Security Deposit: Even if your credit is less than excellent, you may apply without a deposit.
- Credit Reporting: The three main credit bureaus in the United States receive reports on account actions.
- Wide Acceptance: Use your Mastercard online, at shops, and in apps.
- 24/7 Account Access: Access your account at any time, from any location, including your mobile device.
- Fast Application Process: Quick and simple application with a quick conclusion.
Milestone Mastercard Imp. Facts
- High Annual Expenses: Unavoidable, significant annual expenses.
- No Rewards: No opportunity to earn rewards or cash back.
- High Purchase APR: Includes a high annual percentage rate on purchases.
- No Welcome Bonus: Does not give any sign up incentives or introductory deals.
Interest Rates and Fees for the Milestone Mastercard
- Annual Fee: Varies (See terms)
- Monthly Fees: Varies (See terms)
- Foreign Transaction Fee: 1% on all transactions abroad
- Late Payment, Overlimit, and Returned Payment Fees: Up to $41
- Penalty APR: None
- Introductory APR: None for purchases or balance transfers
- Cash Advance Fee: 5% per transaction ($5 minimum, $100 maximum)
- Cash Advance APR: 35.9% variable
- Ongoing APR: Varies (See terms)
The Milestone Benefit In A Credit Card
The Milestone Mastercard offers the following major advantages for credit rebuilding:
- Credit Reporting: Submit regular reports to all three main credit agencies to assist improve your credit score.
- No Deposit Required: There is no requirement for a security deposit, making it easy to start.
- Fraud Protection: No responsibility for illegal transactions.
- Easy Pre Qualification: Determine if you are eligible without affecting your credit score.
- Global Acceptance: You may use the card anyplace Mastercard is accepted, globally.
- 24/7 Access: Manage your account at any time using the mobile app or online.
Milestone Credit Card Processing Fee
No, The Milestone Credit Card does not need a processing fee, which is advantageous for people applying for the card. Unlike many other credit cards designed for those with bad credit, the Milestone Mastercard does not demand an initial processing or setup charge. This makes it more accessible to people seeking to improve their credit without incurring extra financial difficulties at the outset.
Is the Milestone Mastercard Right for You?
The Milestone Mastercard is accessible even if you have fair or low credit, which is ideal for improving your credit history. However, it may not be the greatest alternative available.
The card contains an annual fee of up to $99, which is applied straight to your card, reducing your initial available credit. Furthermore, the beginning credit limit might be as low as $300 and is not guaranteed until you get the card. This unpredictability, along with expensive costs, may not meet everyone’s financial demands.
Pros and Cons of the Milestone Mastercard
1. Pros:
- Low credit scores are eligible: Even people with a poor or damaged credit history may apply.
- Security features: Include zero liability protection and identity monitoring services.
2. Cons:
- No Rewards: There are no rewards or cash back options.
- No Introductory APR: There is no reduced introductory APR on purchases or debt transfers.
- Hefty Expenses: Includes a hefty yearly cost as well as prospective monthly expenses.
- High APR: Has an extraordinarily high purchase and cash advance APR.
Reviews on Milestone Mastercard – According to 5 people
- John: “Easy approval despite my low credit score, but the high fees are a downside.”
- Samantha: “Liked the no security deposit feature, though the annual fee and high APR are costly.”
- Mike: “Useful for credit rebuilding but less attractive due to a low limit and no rewards.”
- Linda: “Quick to apply and reports to bureaus, but the annual fee eats into the credit limit.”
- Raj: “Good for credit improvement, but watch out for high APR and fees. Best to pay off monthly.”
| Feature | Rating (out of 5 stars) | Comments |
|---|---|---|
| Credit Building Potential | ★★★★☆ | Reports to all major agencies, which may help you improve your credit score if utilized carefully. |
| Fees | ★☆☆☆☆ | High yearly and monthly payments make it expensive, particularly considering the limited advantages. |
| APR (Interest Rate) | ★☆☆☆☆ | High APR; carrying a debt might result in significant interest payments. |
| Credit Limit | ★★☆☆☆ | The low beginning limit of $700 may be prohibitive for bigger purchases. |
| No Security Deposit | ★★★★★ | Ideal for people repairing credit without the means to make a deposit. |
| Acceptance | ★★★★★ | Mastercards are widely recognized and may be used at millions of places throughout the globe. |
Is the Milestone Mastercard Worth It?
The Milestone Mastercard is ideal for credit rebuilding, particularly if you cannot afford a deposit on a secured card. It reports to the main credit bureaus, which helps to boost your credit score. However, it has hefty costs and little benefits, so it may not be ideal for long term usage.
Other Cards to Consider
Looking for alternative credit cards with lower fees or additional benefits? Here are a few alternatives:
- Capital One Platinum Card: There is no annual fee, and you may earn a greater credit limit after 5 months of on time payments.
- OpenSky® Secured Visa®: Requires a deposit, but provides cheaper fees and interest rates than the Milestone card.
- Indigo® Mastercard®: Like Milestone, it is geared at persons with bad credit, although it often has cheaper fees and a higher probability of acceptance.
Milestone Credit Card Important Link
| Action | Link |
|---|---|
| Login Page | Milestone Mastercard Login |
| Mobile App | Milestone Mastercard App |
| Customer Service & Phone Number | Contact Number |
| Activation Link | Activate Card |
| Application Status | Check Status |
| Pre-Approval Link | Get Pre-Approved |
Milestone Credit Card Review Summary
Individuals with bad credit might choose the Milestone Credit Card, which has a $700 credit limit and does not need a security deposit. However, it has several downsides. After paying the $175 first year yearly fee, the initial credit availability might be as low as $525. Additionally, the card has a hefty APR.
This card may be perfect if you need a short credit boost of $525 and can pay off the debt quickly.
Final Thoughts
The Milestone Mastercard may be an excellent short term answer for people looking to restore their credit, but it is not the ideal choice for long term financial health owing to its high fees and limited advantages. You could use it as a starting stone and move on to a card with better perks and cheaper fees when your credit score gets better.
FAQs
Q1. Is Milestone trustworthy?
Ans: Yes, Milestone is a legal credit card provider that caters to folks with less than perfect credit.
Q2. Is Milestone a good credit card to build credit?
Ans: Yes, the Milestone Mastercard may help you improve credit since it reports to the main credit agencies.
Q3. Is the Milestone Mastercard hard to get?
Ans: No, the Milestone Mastercard is quite straightforward to get, especially for those with fair or low credit.
Q4. What is the credit limit for the Milestone Mastercard?
Ans: The credit limit for the Milestone Mastercard normally begins at $300 and may rise to $700, depending on your creditworthiness.