Last Updated: August 2, 2022
Foreign transaction fee:
$35 - $99 (depending on creditworthiness)
Cash advance fee:
5% or $5 (whichever is greater)
Bank account requirement:
Credit cards can offer financial freedom and comfort in your daily life. Responsible users can even improve their credit scores over time. But what if your current standing limits your choice? Don’t worry. Many reputable banks have financial products designed for people with little or no credit. One such option is Milestone® Mastercard®.
To help you decide whether this is the right credit card for you, we’ve compiled an extensive Milestone® Mastercard® review. Learn more about the application process, interest rates, and deposits involved. And if you’re still not sure about this card, take a look at the alternatives listed at the bottom of this article.
Application Process and Requirements
The Milestone® Gold Mastercard® application process is easy and completely online, so all you need is your smartphone or computer and internet connection.
Simply fill out the prequalification form to see whether you meet the account-opening criteria and which annual fee structure you’re eligible for. This initial screening process requires only a soft credit inquiry. So even if your past credit missteps or certain circumstances prevent you from getting approval, you won’t worsen your situation with a hard inquiry followed by rejection.
Although Milestone® Mastercard® is designed to assist people who have bad credit, there is no guarantee that you’ll be approved for the card. To qualify for the Milestone® Mastercard®, you must:
- Be 18 years or older (19 in Alabama).
- Have a valid Social Security Number.
- Have a US IP and physical address.
- Not have had a Milestone® Mastercard® account that charged off due to delinquency.
- Meet the company’s credit qualification criteria.
For the latter, the company reserves the right to review your credit report to evaluate your income and debt, and verify your identity. Milestone® Mastercard® will also obtain information about your credit card prequalification request history.
Your application can take up to two days to be approved. And in most cases, your new card will arrive within 14 business days.
Milestone® Mastercard® Review
Before you decide to apply for the Milestone® credit card, there are some aspects you need to consider. In this section, we’ll discuss all Milestone® credit card fees, credit limits, and security features.
Security deposit & credit limit
The Milestone® Mastercard® is an unsecured card. This type of credit card doesn’t require a security deposit to open up an account. Instead, you’ll have access to a revolving line of credit.
The Milestone® Gold Mastercard® credit limit is just $300, though. Additionally, the spending power it provides is initially diminished to as little as $201 by the annual fee. Another drawback is that you can’t request a Milestone® Mastercard® credit line increase.
The Milestone® credit card annual fee depends on your creditworthiness. It ranges from $35 to $99, with three options available:
- $75 for the first year and $99 thereafter
While the annual fee varies, the APR is fixed at 24.9% and the same for all Milestone® cardholders. While this is a nice perk given that most cards charge a variable APR, the Milestone® Gold Mastercard® rate is high compared to the average credit card APR.
Milestone® Mastercard® also charges transaction fees. You’ll be charged $5 or 5% of each cash advance you make, whichever is greater but should not exceed $100. There’s also a 1% foreign transaction fee, which is light compared to the industry standard of 3%. Late payments, over-limit fee, and returned payment fee will cost you up to $40 each.
Milestone® credit card payment is due on the 25th of every month, so it’s important not to miss this date, or you’ll experience high penalty fees.
One of the positive aspects of the Milestone® Mastercard® is that it offers security features for your unsecured card. You’ll be eligible for Mastercard ID Theft Protection. Your Social Security Number and all personal details will be monitored to protect you against identity theft.
If your identity is compromised, you can contact the company’s identity theft specialists to assist you. What’s more, you’ll get extensive online security when you access your account on their website.
Reporting to credit bureaus
One of the biggest Milestone® Gold Mastercard® benefits is that the company reports to all three major credit card bureaus. This ensures that you’re able to build and improve your credit score as long as you take care of your account.
The company currently doesn’t offer a Milestone® credit card app. However, they do have an online system where you can access your account. With the Milestone® online account, you can manage your finances by viewing your statements and your balance.
Milestone® credit card complaints
There have been some negative Milestone® Gold Mastercard® reviews from unhappy customers in the past. Some users had reported getting charged double on their accounts. Others had complained that they were given a bill even before they got their card.
If you’re worried about having the same negative experience based on the Milestone® Mastercard® reviews mentioned above, then perhaps one of the following alternatives will be more suitable for you.
We’ve compared the Milestone® Mastercard® to some of its close competitors so you can choose the best option for your financial needs.
|Milestone® Mastercard®||Indigo Mastercard®||OpenSky® Secured Visa®||FIT Mastercard®|
|APR||24.9% (fixed)||24.9% (fixed)||18.89% (variable)||29.99% (variable)|
|Deposit||No||No||Min $200 (refundable)||$89 non-refundable setup fee|
|Type of card||Unsecured||Unsecured||Secured||Unsecured|
|Credit limit||$300||$300||$200 – $3,000||$400 – $2,000|
|Annual fee||$35 – $99||$0 – $99||$35||$99|
|Foreign transaction fee||1%||1%||3%||3%|
|Cash advance fee||5% or $5 (whichever is greater)||5% or $5 (whichever is greater)||5% or $5 (whichever is greater)||5% or $5 (whichever is greater)|
Indigo Mastercard® is basically identical to Milestone® Mastercard®. It has the same fees, credit limit, and APR. It also doesn’t require a good credit score, and it reports to all three major credit bureaus. On the other hand, Indigo Mastercard® has better customer satisfaction compared to Milestone® Mastercard®. Plus, it offers a version with no annual fee along with two options that do have annual fees, depending on creditworthiness.
OpenSky® may be a better option for you as it has a lower APR compared to Milestone® Mastercard®. Another difference is that OpenSky® is a secured credit card that requires a refundable deposit. The foreign transaction fees are higher than Milestone® Mastercard®, but that’s only if you choose to purchase items in another currency.
FIT Mastercard® has a higher APR of 29.99%, and the company charges an $89 non-refundable setup fee. However, the line of credit is much higher compared to Milestone® Mastercard®, which is suitable for cardholders who want to make larger purchases.
The main benefit of the Milestone® unsecured Mastercard® is that you can be approved for it even if you have no or bad credit score. This makes it a suitable option for young adults and even college students looking to improve their credit profiles. What’s more, it doesn’t require a deposit, and it offers extensive online security to protect you against fraudsters.
But as you can see from the Milestone® Gold Mastercard® review above, this card does have some shortfalls. The fees are pretty high, while the line of credit is limited and insufficient for large purchases. Additionally, some cardholders have stated that they got charged double on their installments.
In a nutshell, Milestone® Mastercard® is a viable option for people with bad credit, who just need a tool to boost their score by making small purchases and paying their balance on time.
- Offers a secured online account
- Reports to all three credit bureaus
- No security deposit required
- May get approved with bad credit score
- Fixed APR
- No rewards program
- High fees
- Low credit line
What bank is Milestone® Mastercard® from?
The Bank of Missouri issues the Milestone® credit card in partnership with Genesis FS Card Services. The Genesis FS Card also provides the Indigo Mastercard®, which is an unsecured card similar to Milestone® Mastercard®.
Can I use my Milestone® credit card at an ATM?
Yes, you can use your Milestone® credit card at an ATM, but only if you have a cash advance pin. The card charges 0% cash advance fees for the first year. Thereafter, you will be charged 5% or $5 (whichever is greater) when withdrawing from an ATM.
Does Milestone® Mastercard® have an app?
No, currently, Milestone® Mastercard® doesn’t have a mobile app. However, you can access your online account through the company’s website.
What is the APR for Milestone® Mastercard®?
The APR for Milestone® Mastercard® is 24.9%. The rate is fixed and the same for all cardholders.
How to cancel Milestone® credit card?
You can cancel your Milestone® account any time by contacting the company’s customer service and making a request.
Does a Milestone® credit card give increases?
No, at the moment, the Milestone® Mastercard® doesn’t offer credit limit increases. This will help you save on cash in the long run. However, if you want access to more money, you could opt for a secured card that offers a higher limit. Or one that allows you to increase your credit limit. Consider some of the alternatives listed in this Milestone® Mastercard® review.
How do I make a payment on my Milestone® card?
You can make regular payments and view your balance through your online account. You can also call the Milestone® Mastercard® customer service and make a payment over the phone. Other ways to pay your Milestone credit card include MoneyGram, check, and money orders.