The Milestone Mastercard is designed for anyone wishing to establish or repair their credit history. It is well known, accessible for use wherever Mastercard is accepted, and has a simple approval procedure, which is a significant advantage for people with less than perfect credit ratings.
What is Milestone Mastercard?
The Milestone Mastercard is a credit card designed to assist people establish or repair their credit history. It is an unsecured card, which means it does not need a security deposit.
It transmits payment activity to the three main credit bureaus, which may assist to improve the cardholder’s credit score over time if used properly. However, it has a high APR and costs an annual fee, but does not provide a rewards program.
Key Features MyMilestone Credit Card
- No security deposit Required: Individuals with a limited or bad credit history may get credit.
- Credit Limit: The basic credit limit is $700.
- Credit Reporting: Sends reports to all three main credit agencies (Equifax, Experian, and TransUnion) to assist improve credit.
- Identity Theft Monitoring: Provides services to defend against fraudulent transactions.
- Zero Liability Protection: Cardholders are not liable for fraudulent purchases.
- Pre Qualification is available: which allows prospective candidates to assess their eligibility without making a formal inquiry.
- Online Account Management: Users may manage their accounts online or via a mobile application.
- No Rewards Program: There are no rewards or cash back perks.
- High Fees: Has a hefty annual charge and a high APR, which may outweigh credit building advantages.
Milestone Card Fees and Costs
- Annual fee: $35-$99, depending on card type and credit profile. The charge lowers the initial available credit limit.
- APR: The standard variable purchase APR is 24.40%, with a penalty APR of 29.40% for payments received more than 60 days late, which affects the following six billing cycles.
- Foreign Transaction cost: A 1% cost applies to transactions in foreign currencies, making them less suitable for international use.
- Cash Advance Fee: Specific conditions apply, and the amount varies per issuer.
- Late Payment Fee: Charges extra costs and a penalty APR, stressing the necessity of prompt payments.
- Returned Payment charge: Charged for payments returned due to insufficient money or other difficulties; charge amounts are specified in the conditions.
- Credit Limit: Typically set between $300 and $1,000, depending on creditworthiness and other application criteria.
Milestone Mastercard Credit Limit & Rewards
- Credit Limit: The Milestone Mastercard has a set credit limit of $700 that will not grow over time.
- Rewards: The card does not have a rewards program. There are no points, cash back, or other incentive programs linked with use.
Application Process
The application process for the Milestone Mastercard is straightforward:
- Applicants must provide personal and financial information online, including contact information, job status, and total family income.
- Instant credit decisions are often made, with credit limits ranging from $300 to $1,000 depending on the applicant’s criteria.
Milestone Mastercard Pros and Cons
| Pros | Cons |
|---|---|
| No security deposit required | High annual and monthly fees |
| Reports to major credit bureaus | High APR of 35.9% |
| Accepted worldwide | No rewards program |
| Helps build credit history | Limited credit limit of $700 |
Conclusion
The Milestone Mastercard is a useful tool for anybody wishing to establish or enhance their credit. While it has higher fees and a set credit limit, the perks of rapid acceptance and basic Mastercard safeguards make it a worthwhile choice for consumers with few options owing to their credit history. To make an educated selection, prospective cardholders should carefully consider these aspects in light of their specific financial circumstances.
FAQs
Q1. What is the Annual Fee for the Milestone Mastercard?
Ans: The annual cost fluctuates from $35 and $99, depending on the card type and the cardholder’s credit profile.
Q2. Can I use the Milestone Mastercard internationally?
Yes, the Milestone Mastercard may be used worldwide, although it incurs a 1% foreign transaction charge.
Q3. What is the APR on the Milestone Mastercard?
Ans: The typical variable purchase APR is 24.40%, with a penalty APR of 29.40% for payments received more than 60 days late.
Q4. Does the Milestone Mastercard provide incentives or cash back?
Ans: No, the Milestone Mastercard does not provide a rewards program or cash back.
Q5. How can I apply for the Milestone Mastercard?
Ans: You may apply for the Milestone Mastercard online by entering your personal and financial information for a speedy prequalification procedure.