Credit Cards » Credit Card Reviews » Milestone® Mastercard®: 2023 Review
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Milestone® Mastercard®: 2024 Review

If you’re struggling with a poor credit rating, but feel confident that you can make payments, it could be a decent way to improve your score.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Milestone® Mastercard®

Milestone® Mastercard®

Rewards Plan

None

Sign up Bonus

None

Credit Rating

NoCredit / Bad Credit

0% Intro

N/A

Annual Fee

$175 the first year; $49 thereafter

APR

35.90%
Milestone® Mastercard®

Milestone® Mastercard®

Rewards Plan

None

Sign up Bonus

None

0% Intro

N/A

PROS

CONS

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 aims to assist people who have less than perfect credit and lack the funds to finance a secured card. The card offers the basic benefits from a Mastercard, yet there is no option for balance transfers and the card has 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.

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.

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.

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.

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.

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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Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Drawbacks

Currently, the Milestone® Mastercard® does not permit balance transfers.

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.

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.

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.

However, these can encourage you to establish good financial habits and make your payments on time every month. This is a crucial part of having a good credit history. This card also has fewer fees than other types of bad credit unsecured credit cards. Additionally, you don’t 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 Elite Mastercard® Secured Credit Card

Milestone® Mastercard®

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
25.64% (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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Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Offers From Our Partners

Milestone® Mastercard®

Annual Fee:
$175 the first year; $49 thereafter
APR:
35.90%

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Top Offers From Our Partners

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

Milestone® Mastercard®

Annual Fee:
$175 the first year; $49 thereafter
APR:
35.90%
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.