Milestone Mastercard® Review
Rating as of May. 8, 2018 based on a review of services February 17, 2023.
- Poor/
- Fair
If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard® is a strong option. There’s a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 – $99.
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$35 – $99 annual fee
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Easy pre-qualification process
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Previous bankruptcy is OK
- Instant pre-qualification is available for those who qualify
- Less than perfect credit is okay
- Access your account online or from your mobile device 24/7
- Account history is reported to the three major credit bureaus in the U.S.
In case you thought you couldn’t get approved for a credit card with your poor credit score, think again. The Milestone Mastercard® accepts applicants with poor to good credit, so you’re almost guaranteed to be approved.
On top of that, the card has a few neat perks, like several plans to choose from and reporting to the credit card bureaus, making it an interesting option for anyone in need of flexible credit card policies.
Take a good look at the Milestone Mastercard® if you are struggling, and find out if it’s the answer to financial limbo.
Best for
- People with really poor credit
- Anyone wanting to build their credit from scratch
- Those looking to rebuild credit after a financial mishap
- Anyone who has filed for bankruptcy
Card Overview
The Milestone Mastercard® is an excellent credit card for people with poor credit who have been rejected by other card companies (or never bothered applying) because of their low credit.
Overall, it’s a great option for anyone in this category because it’ll allow you to create a higher credit score based on reasonable spending and responsible repayments. Plus, you can get a couple of perks while you’re at it.
Proceed to ApplicationTaking a Closer Look
Similar to a secured credit card, the Milestone Mastercard® is meant to help you build credit. As such, it doesn’t have a lot of the bells and whistles other credit cards offer.
The goal is to use your Milestone Mastercard® wisely, establish a good credit history for yourself, and then trade it in for a more rewarding credit card.
For these purposes, the Milestone Mastercard is an excellent choice and even offers a few fringe benefits to assist you along the way to positive credit scoring. As mentioned, the low credit is not a problem, so that already starts this card out on a good foot.
Pre-Qualification
Additionally, you can pre-qualify for the Milestone Mastercard®. This means you can put in your financial and credit information and see if you qualify for the credit card without having to pull your credit history.
In general, when you apply for a credit card, the company will do a credit pull on your record to see what your credit history looks like, whether or not you’re worth the financial risk, and decide whether or not to give approval for the card.
A hard pull can make your credit score go down for a limited period of time, temporarily hurting your credit. With pre-qualification, your credit isn’t pulled, so your score won’t be damaged.
Pre-qualification doesn’t guarantee approval, though. What’s really interesting about this card company is that if you don’t get approved for the Milestone Mastercard®, you may be recommended for another credit card instead from a partner bank.
Credit Reporting
Another positive aspect to the Milestone Mastercard® is that it reports your payment history to the three major credit bureaus.
The credit bureaus are the ones who collect information on your spending, repayment, loan, and other financial activities and use this information to build your credit report.
Paying off your credit card bills responsibly and in a timely fashion will increase your credit score and allow you to qualify for better cards in the future.
Rates & Fees
Here’s a quick look at the important rates and fees you’ll pay with your Milestone Mastercard® card:
Annual Fees
The amount you pay for an annual fee will vary based on your credit rating. Credit card plans range from $35, $59, or $75 (the latter switches to a $99 annual fee after the first year for subsequent years).
While this is a lot higher than the no annual fee credit cards, it’s on par or even cheaper than some cards.
You could opt for a no annual fee card like the Capital One Platinum Secured Credit Card but the credit limit is generally low. The pricing structures that you could possibly be approved for are:
- $75 annual fee for the first year, $99 for all subsequent years, no opening fee
- $70 for the first year, $99 for all subsequent years, $5 account opening fee
- Flat rate $59 annual fee
- Flat rate $35 annual fee
The first two plans really amount to the same thing at the end of the day. You’re paying $75 worth of fees in the first year and $99 after that.
The last two plans are the really lucrative options, and if you can get approved for one of these, you’ll actually find the Milestone Mastercard® fairs better than many other low credit score credit cards because of the additional benefits that come along with the card.
An important note about these fees—The annual and account opening fees are deducted from your credit limit. So, if you have a $75 annual fee with a $300 credit limit, your actual credit limit will only be $225.
Not only does this restrict your spending abilities, but it also increases your debt to credit ratio (not a good thing). To avoid this negative repercussion, pay off the fees regardless of your credit card monthly payment and keep your $300 credit limit.
APR
The Milestone Mastercard® has a flat rate of 24.9% regardless of which plan you’re approved for. This is not the lowest APR around, but it is comparable with other low credit score cards.
Also, many people find it comforting to have a fixed rate with no strings attached. It’s just easier knowing exactly what your APR is and will always be. Additionally, the Milestone Mastercard® comes with a 25-day grace period, so you can avoid paying interest altogether if you pay off the balance in full each month within this grace period.
Balance Transfer Fees
At present, the Milestone Mastercard® doesn’t support balance transfers (so there’s no fee for this service). If you’re looking to make a balance transfer, take a look at these balance transfer credit cards for your best options.
Penalty APR
The Milestone Mastercard® does charge a penalty APR if you’re late making your payments, which isn’t pleasant. Of course, this can be avoided by paying your bills on time.
Once a penalty APR is enacted, it will stay on your account until you make six consecutive on time payments. Check out the alerts section to see how the Milestone Mastercard® can actually help you out with this.
Additionally, you’ll pay a late payment fee up to $40 if you miss a payment, go over the limit, or have a payment returned.
Foreign Transaction Fees
The Milestone Mastercard® charges a 1% foreign transaction fee. This is charged whether you’re in a foreign country making the purchase or doing so online at a store that charges in a foreign currency.
While there are plenty of credit cards that don’t charge any foreign transaction fees like the Chase Sapphire Preferred® Card, there are many other cards that charge significantly more, as much as 3% to 5% in fact.
So, 1% isn’t really bad as far as industry standards go.
Cash Advances
The Milestone Mastercard® has a no cash advance fees in the first year after opening an account. This is a very nice offer and one that most other credit cards won’t make. After the first year, you’ll pay $5 or 5%, whichever is greater, but not exceeding $100 per advance.
Note that interest will still apply to the cash advance starting at day one.
Rewards & Benefits
The Milestone Mastercard® actually comes with more benefits than most low score credit cards. Of the most significant advantages of the card is the fact it comes complete with the Mastercard® benefits that come along with more exclusive cards. Some of the benefits include:
Identity Theft Resolutions Services
Identity theft resolutions services assist victims of identity theft to fight fraudulent charges, close down accounts, and regain access to their lives after someone has stolen their identities.
Extended Warranty Coverage
Extended warranty coverage offers consumers double the manufacturer’s warranty on many purchase items, giving you more security with your purchases.
Price Protection
Price protection is convenient if you hate finding out that you overpaid for an item. If you find the same thing for a lower price within 60 days of your purchase, the Milestone Mastercard® ensures that you’ll be reimbursed the difference from what you paid.
Custom Card Designs
While this isn’t a deciding feature, custom card designs are a nice touch. It lets you put your personal stamp on your credit card, and for some people, appearances are very important. Choose from a number of prefab designs, as well.
Online Access
Another convenient perk of the Milestone Mastercard® is that you’ll be able to have full account access online whenever you want. This allows you to pay bills online, enjoy paperless statements, view transaction history, and check the status of your account at any time.
Security
The Milestone Mastercard® takes the standard security measures to ensure your safety including using SSL encryption, identity verification for your account, and strict privacy policies to keep your information safe.
Alerts
While the Milestone Mastercard® itself doesn’t offer direct alerts for your account, its partners offer both account monitoring and alerts services. You can keep an eye on your account to stay ahead of identity fraud.
Also, you can set up payment alerts, so you know exactly when a payment is due and never miss a payment or get charged a late fee.
Customer Support
The Milestone Mastercard® offers phone support seven days a week from 6AM to 6PM PST. You can also visit the customer center or browse through the thorough FAQ section on the website for DIY troubleshooting.
- Phone: 866-453-2636
- FAX: 503-268-4711
- Snail mail: Bankcard Services, PO Box 4477, Beaverton, OR 97076-4477
Pros & Cons
Pros
- You Don't Need Pefect Credit — This card is offered to those with poor credit.
- Pick Your Own Design — You can choose a custom card design.
Cons
- High Annual Fees — This card has an annual fee of up to $99.
- Costly Interest Charges — This card has a high standard interest rate.
Is the Milestone Mastercard® Right For You?
The Milestone Mastercard® is a golden opportunity for people with bad credit, no credit, or bankruptcy in their past. The annual fees are lower than some credit cards.
Plus, you get the assurance of global acceptance at over 33 million stores across 210 countries. While no reward program is offered with the Milestone Mastercard®, you’ll still get the advantage of building credit in an easy, non-secured way, making this a good choice for those who are having trouble getting approved elsewhere.
Proceed to Application*Dependent on credit worthiness