The Milestone Mastercard is designed for anyone wishing to establish or repair their credit. It has a set credit limit of $700 and requires no security deposit. This card is especially famous for its availability to those with less than perfect credit ratings.
Key Features and Considerations
Credit Limit and Usage:
- The Milestone Mastercard has a $700 credit limit. However, it is critical to examine how the first costs may impact your available credit. The card does not provide an option to raise this limit, which may be insufficient for certain users.
Fees and costs:
- Users should be informed of the numerous costs connected with their card. There is a significant yearly cost and possible monthly fees beyond the first year. These costs are taken from the authorized credit limit, reducing the actual amount available for usage upon receipt of the card. The yearly charge may be as high as $175 in the first year and $49 in future years.
APR and Interest Rate:
- The Milestone Mastercard has a high APR, which may considerably raise the expense of carrying balances from month to month. To prevent high interest rates, cardholders should aim to pay off their debt in full each month.
Building Credit:
- One notable advantage of the Milestone Mastercard is that it reports to the three main credit agencies. Making on time payments may increase a user’s credit score, leading to better financial health.
Customer Service and Accessibility
Milestone provides 24/7 access to account management online or by mobile device, enabling users to check their account activity and balance at any time. Customer assistance is also available for any further help required.
Alternative Options
For individuals contemplating their alternatives, secured credit cards, such as the Capital One Platinum Secured Credit Card, may be a realistic option. These cards often come with cheaper fees and the possibility of credit limit expansions without extra deposits, subject to responsible card usage and continuous on time payments.
Conclusion
While the Milestone Mastercard provides a clear road to credit development with a set $700 limit and no deposit required, the accompanying fees and high APR necessitate prospective candidates to assess their capacity to manage and pay off their amount on a regular basis. This card may help people improve their credit if they can manage or reduce the fees. However, looking into alternative less expensive choices may also be advantageous.
Does Milestone have a 700 credit limit?
The Milestone Mastercard offers a $700 credit limit to assist persons with low or repairing credit in managing their money and reducing debt risk.
How to activate milestone credit card $700?
To activate the Milestone Mastercard, cardholders often need to visit the card’s official website or contact the customer support number shown on the card. Activation includes validating personal information and setting up security measures.
Is the Milestone card for bad credit?
Yes, the Milestone Mastercard is intended for those with low to acceptable credit ratings. It is meant to help repair or establish credit, and it reports to the main credit agencies to assist in improving credit ratings.
Does Milestone give credit limit increases?
The Milestone Mastercard does not normally allow for credit limit upgrades. The $700 limit is set, so users must manage their expenditures and payments properly to maintain a low credit use rate.
What is the maximum credit limit for Milestone credit card?
The Milestone Mastercard has a maximum credit limit of $700. This limit is fixed and cannot be increased, thus cardholders must carefully manage their money within this amount.