Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- Reports to All Major Credit Bureaus
- No Security Deposit Required
- Low Credit Limits
- No Rewards or Intro Offer
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Reports to All Major Credit Bureaus
- No Security Deposit Required
CONS
- Low Credit Limits
- No Rewards or Intro Offer
APR
35.90%
Annual Fee
$175 the first year; $49 thereafter
Balance Transfer Fee
N/A
Credit Requirements
NoCredit / Bad Credit
The Milestone® Mastercard® from the Bank of Missouri is designed to help those with less-than-perfect credit who may not have the funds for a secured card. While it offers the basic benefits of a Mastercard, it doesn't allow for balance transfers and comes with a high APR of 35.90% .
The card has a low credit limit of $700, but the high interest rate is likely to have you paying off your balance regularly, and it can help you to build your credit history, Also, payments are reported to all three of the major credit bureaus.
The Milestone® Mastercard® does have an annual fee of $175 the first year; $49 thereafter, which will reduce your available credit line.
So, if you’re struggling with a poor credit rating but feel confident that you can make payments or clear your balance each month, the Milestone Mastercard could be a decent way to improve your credit score.
- Bad or Poor Credit
- Online Account Management Available
- No Security Deposit Required
- Reports to All Major Credit Bureaus
- Offers Security Protection
- No Balance Transfers Permitted
- Low Credit Limits
- Annual Fee Dependent on Your Credit
- No Rewards or Introductory Offers
Can I Get Pre Approved?
Unfortunately, this is not possible. You can apply on the Milestone Gold Mastercard website, but this will trigger a hard credit pull that may impact your credit.
My Application Was Denied. Why? What Can I Do?
The Milestone Gold Mastercard has very flexible qualification criteria and is available for those with poor to good credit.
In the event your application is denied, it is unlikely that Milestone will provide a reason for this. You will need to double check all the information on your application and credit report.
It could be that there is some discrepancy with your income, employment status or other factors. Once you resolve these issues, you can consider reapplying for pre approval.
How Hard Is It To Get This Card?
Since this is a very basic credit card designed to help build your credit and get your finances under control, there is quite flexible requirement criteria. This makes it quite easy to get this card, as you don’t need to worry about minimum credit scores or other factors that typically act against you with an application for a conventional credit card.
When Should You Consider It?
If you want to work on boosting your credit score, this can be a good card option. While it only offers a low credit limit, it is relatively easy to get and your payment activity is reported to all three major credit bureaus.
This means that with three to six months of responsible use, you should see an improvement on your credit score.
When Shouldn't You Consider It?
This card is not a good choice if you’re needing a card with a larger limit or you don’t want to pay an annual fee. Unless you have poor credit, there are other credit card options available that may offer better terms and benefits.
In this Review
Benefits
Let’s take a look at the benefits of the Milestone Mastercard and see if it’s the right one for your wallet or not.
- Bad or Poor Credit
Milestone does not rely solely on your credit score to determine whether you qualify for this card. Although there are no guarantees, you may qualify for the card even if you have poor or bad credit.
- Online Account Management Available
Once you receive your new card, you can log in to the secure Milestone website to create a password. You can then manage your account online, to check your balance, pay your bills and more.
- No Security Deposit Required
Unlike many cards with poor credit, the Milestone® Mastercard® is an unsecured card. It doesn’t require a security deposit to serve as the card’s credit limit.
- Reports to All Major Credit Bureaus
The Milestone card can help you to build your credit score. All your account activity is reported to all three of the major credit bureaus. This makes it crucial to make your payments on time each month to build a solid payment record.
- Offers Security Protection
The card offers a number of security protection benefits including ID Theft Protection and Zero Liability protection. This means that providing you report your card lost or stolen promptly, you will not have any responsibility for any unauthorized transactions.
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Drawbacks
- No Balance Transfers Permitted
Currently, the Milestone® Mastercard® does not permit balance transfers.
- Low Credit Limits
If your Milestone application is approved, you can expect an initial credit limit of $700. This is quite low and unlike many other unsecured cards, there are no specific limits as to when and if you can qualify for a limit increase. Additionally, your credit limit will be initially reduced by your annual fee.
- Annual Fee Dependent on Your Credit
The annual fee for your Milestone® Mastercard® can vary depending on your creditworthiness. The annual fee ranges from $175 the first year; $49 thereafter per year. You won’t know how much annual fee will apply to your account until you submit an application for approval.
- No Rewards or Introductory Offers
While it is fairly standard in cards for those with credit challenges, there are no rewards offered with the Milestone® Mastercard®. Additionally, there are no introductory offers or preferential rates for new customers.
Is the Milestone® Mastercard® Right for You?
High interest rates, low credit limits and fees are typical of unsecured cards for poor credit customers. However, if you have a poor or bad credit score, these cards can provide an avenue to rebuild your credit.
The Milestone Mastercard is typical of poor credit unsecured credit cards. This card is open to those with bad credit and you can qualify for a limit of $700. But, you need to be prepared to pay an annual fee, stiff penalties for late payments and a high APR.
These features can help you build good financial habits by encouraging timely payments each month, which is essential for maintaining a strong credit history. This card also has fewer fees compared to other unsecured credit cards for bad credit, and there's no need to worry about paying a security deposit.
Compare The Alternatives
If you're looking for a build your credit – Milestone card is a good option, but there are some good alternatives:
|
|
| |
|---|---|---|---|
OpenSky® Secured Visa® Credit Card | First Progress Platinum | Milestone® Mastercard® | |
Annual Fee | $35 | $29
| $175 the first year; $49 thereafter |
Foreign Transaction Fee | 3%
| 3%
| 1% of each transaction in U.S. dollars
|
Purchase APR | 25.14% Variable | 25.24% Variable
| 35.90%
|
FAQ
Upon approval, you’ll be assigned a credit limit as low as $700, but you will need to bear in mind that your annual fee will be immediately applied. This means that your initial credit limit will be even lower.
It is possible to add an authorized user to your Milestone Gold card account. However, it is not possible to do this online.
You will need to call the customer support line, where a representative will guide you through the process and reiterate that the authorized user will be able to make charges on your account and you will be fully responsible for repayment.
There is no hard and fast answer to this question as it will depend on your credit file and other factors.
However, a good guideline is that in three to six months you should start to see changes in your credit score, if you continue making payments on time and keeping the card below the 30% credit utilization ratio.
Yes, one of the reasons that the Milestone Gold Mastercard is appealing to those who are looking to improve their credit is that all your payment activity will be reported to the three major credit bureaus each month.
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