The Milestone Mastercard has a number of characteristics that may appeal to those who have restricted credit alternatives owing to previous financial issues or a lack of significant credit history. Here’s a rundown of why this card is worth considering for your financial toolkit.
Benefits You Can Count On
| Icon | Benefit | Description |
|---|---|---|
| 📅 | Credit Bureau Reporting | Three big credit companies are told about monthly payments. |
| 💵 | No Security Deposit | You don’t have to put down a security fee, so your cash stays safe. |
Benefits of the Milestone Credit Card
- No Security Deposit: Unlike secured cards, there is no initial deposit needed, making it simpler to start.
- Higher Initial Limit: Provides a $700 credit limit, which may be more suitable for credit use management.
- Credit Reporting: Reports to all three main credit agencies, which helps to enhance credit scores.
- Identity Theft Protection: Includes monitoring for fraudulent behavior.
- Prequalification Option: Check eligibility without damaging credit score.
- Zero Liability Protection: Ensures that cardholders are not liable for fraudulent charges.
Milestone Card Considerations Fees
The Milestone Mastercard has a somewhat high fee structure, which is crucial to consider before applying.
- Annual charge: The annual charge may be as much as $175 the first year and $49 the following years.
- Monthly cost: Beginning with the second year, a monthly cost of up to $12.50 may apply, totaling an extra $150 each year.
- APR: The card carries an extremely high variable APR of 35.9% on both purchases and cash advances.
- Other fines: There is a 1% international transaction charge, an overlimit cost of up to $41 (with the potential of two additional $41 fines if the overlimit amount continues over to the following billing cycle), and a $40 late payment fee.
Highest Limit on a Milestone Credit Card
The maximum credit limit normally allowed on a Mymilestonecard Mastercard is $700. This limit is often greater than many starting credit cards but does not need a deposit, so it is available even for individuals with poorer credit ratings.
Milestone Credit Card $700 Limit
With a credit limit of $700, the Milestone Mastercard is a good choice for people who have little or no credit history. This open card doesn’t need a security fee, so people can build credit without having to pay anything up front. But it’s important to think about the card’s high fees and interest rates, which can make it less useful for building credit.
Is the Milestone Mastercard Right for You?
The Milestone Mastercard is a good choice for people who are improving their credit because it is open and reports to all three major credit companies. It’s not as good as other choices, though, because it has high fees and no benefits.
| Feature | Milestone Mastercard | Secured Credit Cards | Rewards Credit Cards |
|---|---|---|---|
| Security Deposit Required | No | Yes (typically $200+) | No |
| Annual Fee | $35 – $99 | $0 – $50 | Varies, often $0 |
| Credit Limit | $300 | Equivalent to security deposit | Varies, typically higher |
| Rewards | None | None | Yes (varies by card) |
| Reports to Credit Bureaus | Yes | Yes | Yes |
Milestone Mastercard Pros & Cons
| Pros | Cons |
|---|---|
| Qualify with bad credit No security deposit required Reports to major credit bureaus Initial credit limit up to $700 Identity theft protection Prequalification with no impact on credit score | High annual fees High APR rates No rewards or cash back offers Monthly fees after the first year Limited customer service options |
Last Thoughts
You might be able to build credit faster with the Milestone Mastercard, especially if you can’t or won’t put down a security fee. That being said, it’s important to think about the prices and compare them to other choices. You can find the credit card that fits your wants and goals for money the best if you do your research.