The Milestone Credit Card is designed for individuals looking to rebuild or establish their credit. This detailed Milestone Credit Card Review explores the card’s features, benefits, user experiences, and comparisons with other credit cards. We will also answer common questions like “how does Milestone Credit Card work” and “is the Milestone Mastercard good,” and provide insights into credit card alternatives.
The Milestone Credit Card has become a popular option for those seeking to improve their credit scores. This review provides an in-depth analysis of the card’s offerings, from fees and APRs to user reviews and expert opinions. We’ll also compare it with other cards to help you make an informed decision.
The Milestone Credit Card, issued by the Bank of Missouri, is an unsecured credit card specifically designed for individuals with poor to fair credit who are looking to rebuild their credit score. In this comprehensive guide, we will delve deeper into the pros and cons of the Milestone Credit Card review, providing detailed examples and case studies to help you decide if this card is the right fit for your financial needs.
How Does Milestone Credit Card Work?
The Milestone Credit Card works by offering a line of credit to individuals with limited or poor credit history. Here’s a step-by-step overview of how it functions:
- Milestone Credit Card Application Process: Apply online with basic personal and financial information.
- Milestone Credit Card Approval and Credit Limit: Approval depends on your credit profile, and credit limits typically range from $300 to $1,000.
- Milestone Credit Card Usage: Use the card for everyday purchases and pay bills. Ensure timely payments to avoid late fees and high-interest charges.
- Milestone Credit Card Reporting to Credit Bureaus: Payments are reported to major credit bureaus, helping improve your credit score over time.
By responsibly managing the Milestone Credit Card, users can rebuild their credit scores, making it a valuable tool for financial recovery.
Is the Milestone Mastercard Good?
The Milestone Mastercard offers several benefits that make it a suitable option for those with poor credit. Here are some of its key features:
Milestone Credit Card Review: Benefits
- Easy Approval Process: The Milestone Credit Card is known for its easy approval process, making it an attractive option for those with poor to fair credit. Unlike secured credit cards, the card issuer typically does not require a security deposit.
For example, if you have a credit score of 580, you may still be approved for the Milestone Credit Card, while other credit card issuers may require a higher score or a security deposit. - Credit Reporting: Milestone reports your payment history to the three major credit bureaus—Equifax, Experian, and TransUnion—which can help you rebuild your credit score over time with responsible use and timely payments. By consistently making on-time payments and keeping your credit utilization low, you can gradually improve your credit score.
For instance, a cardholder who makes timely payments and keeps their balance below 30% of their credit limit may see their credit score increase by 50-100 points within a year. - Fraud Protection: Ensures you are not liable for unauthorized charges. The card offers zero liability for unauthorized transactions, protecting you from potential fraud and identity theft. If you notice any suspicious activity on your account, you can report it to the card issuer, and they will investigate the charges. You won’t be held responsible for any unauthorized charges.
- Online Account Access: Manage your account, track spending, and make payments online.
- No Security Deposit Required: Unlike secured cards, the Milestone Mastercard does not require a security deposit.
Milestone Credit Card Review: Drawbacks
- High Annual Fee: The Milestone Credit Card charges an annual fee that ranges from $35 to $99, depending on your creditworthiness. This can be a significant expense for a card with limited benefits and rewards.
For example, if you’re charged a $99 annual fee, it might be more cost-effective to choose a secured credit card with a lower fee or even no annual fee. - High-Interest Rate: The variable APR of 24.9% is higher than many other credit-building cards. The card’s APR is relatively high, which can lead to costly interest charges if you carry a balance.
For instance, if you have a $1,000 balance on your card and only make the minimum payment each month, you could end up paying hundreds of dollars in interest charges over the course of a year. It’s crucial to pay off your balance in full each month to avoid accumulating debt. - Limited Perks: The Milestone Credit Card does not offer rewards or cashback, unlike many other credit cards available to consumers with similar credit profiles.
In comparison, the Discover it® Secured card offers 2% cashback at gas stations and restaurants (on up to $1,000 in combined purchases each quarter) and 1% cashback on all other purchases.
Overall, the Milestone Mastercard is good for those who need to rebuild their credit but may not be the best option for long-term use due to its high fees and APR.
Detailed Analysis of Milestone Credit Card Review: Features
Milestone Credit Card Review: Fees and APRs
- Annual Fees: Varies from $35 to $99 based on credit profile.
- APR: Variable APR of 24.9%, which is higher than some competitors.
- Other Fees: Includes foreign transaction fees, late payment fees, and over-limit fees.
Milestone Credit Card Review: Credit Limit
- Initial Limit: Ranges from $300 to $1,000 based on creditworthiness.
- Credit Limit Increases: Periodically reviewed for potential increases based on payment history and credit usage.
Milestone Credit Card Review: Fraud Protection
- Zero Liability: Cardholders are not responsible for unauthorized charges.
- EMV Chip Technology: Provides added security during transactions.
Milestone Credit Card Review: Online Account Access
- Account Management: Monitor spending, make payments, and view statements online.
- Mobile App: Convenient access to account features via mobile devices.
Milestone Credit Card User Reviews and Testimonials
Milestone Credit Card Reviews: Positive
- Ease of Approval: Many users appreciate the straightforward approval process.
- Credit Score Improvement: Cardholders report significant improvements in their credit scores with responsible use.
Milestone Credit Card Reviews: Negative
- High Fees: Some users find the annual fees to be excessively high.
- Customer Service: Mixed reviews on the quality of customer service.
Milestone Credit Card Review: Comparison with Competitors
Discover it Secured Card:
- Pros: Cashback rewards, no annual fee, and flexible security deposit.
- Cons: Requires a security deposit, which can be a barrier for some.
Capital One Platinum Secured Card:
- Pros: Low minimum security deposit and potential for higher credit limits.
- Cons: No rewards program.
OpenSky Secured Visa Credit Card:
- Pros: No credit check required for approval.
- Cons: Requires a security deposit and has an annual fee.
Milestone Credit Card Reviews and Expert Recommendations
Credit Karma Analysis: Credit Karma’s review highlights the ease of approval and benefits for those with poor credit. However, it also emphasizes the high fees and APR, suggesting that users should weigh these factors before applying.
WalletHub Insights: WalletHub praises the card’s accessibility but notes that it may not be the best long-term solution due to its high costs. They recommend considering other secured cards for better terms.
Practical Tips for Using Milestone Credit Card Review:
- Timely Payments: Always make payments on time to avoid late fees and improve your credit score.
- Monitor Spending: Use online account access to track your spending and stay within your budget.
Avoid Carrying Balances: Pay off the full balance each month to avoid high-interest charges.
Milestone Credit Card Reviews: Alternatives
While the Milestone Credit Card is a viable option for rebuilding credit, there are other alternatives worth considering: If the Milestone Credit Card review doesn’t seem like the perfect fit for you, consider these alternatives:
Secured Credit Cards: Cards like the Discover it® Secured or the Capital One Platinum Secured offer lower annual fees and interest rates than the Milestone Credit Card. Although they require a security deposit, they also provide cashback rewards and other perks. For example, Discover it® Secured offers a cashback match program, matching all the cashback earned at the end of your first year.
Credit Builder Loans: Credit builder loans are another option for those looking to rebuild their credit. These loans are specifically designed to help borrowers establish a positive payment history. You pay the loan off in monthly installments, and the lender reports your payments to the credit bureaus. Once the loan is paid off, you’ll receive the funds back, minus any interest and fees.
Store Credit Cards: Some retail store credit cards have more lenient approval requirements than traditional credit cards, making them a potential alternative for rebuilding credit. Keep in mind that store credit cards often have high-interest rates and may only be used at specific retailers. However, if used responsibly, they can still help improve your credit score.
Co-signed Credit Card: If you have a family member or friend with good credit who is willing to co-sign a credit card application for you, this can be an excellent way to access a credit card with better terms and conditions. The co-signer’s good credit history may help you qualify for a card with lower fees and interest rates. Just remember that both you and your co-signer are responsible for any charges on the card, so it’s essential to use the card responsibly and make timely payments.
Secured Credit Cards:
- Discover it Secured Card: Offers cashback rewards and no annual fee, making it a popular choice.
- Capital One Platinum Secured Card: Provides a flexible security deposit and the potential for credit limit increases.
Other Credit-Building Cards:
- OpenSky Secured Visa Credit Card: No credit check required for approval, making it accessible for those with very poor credit.
- Credit One Bank Platinum Visa: Offers rewards and is designed for individuals with fair to good credit.
Milestone Credit Card Reviews: Conclusion
The Milestone Credit Card Review offers a practical solution for those looking to rebuild their credit. By understanding its features, benefits, and potential drawbacks, you can make an informed decision. Additionally, exploring other credit card alternatives ensures that you find the best option for your financial needs. With responsible use, the Milestone Credit Card can be a valuable tool in your journey toward financial stability.
The Milestone Credit Card may be a viable option for individuals with poor to fair credit looking to rebuild their credit history. However, the card comes with a high annual fee and interest rate, and it lacks rewards or cashback programs. Before deciding on the Milestone Card, carefully consider your financial situation and explore alternatives that may better suit your needs.
Remember to use your credit card responsibly, make timely payments, and keep your credit utilization low to improve your credit score over time. For more insights on credit cards and rebuilding credit, check out our Ultimate Personal Finance Guide article.
Milestone Credit Card Reviews Frequently Asked Questions: FAQ’s
Q. What is the Milestone Credit Card, and who is it for?
A. The Milestone Credit Card is a credit card offered to individuals with poor or limited credit history. It provides an opportunity for individuals to build or improve their credit score.
Q. What are the pros of the Milestone Credit Card?
A. The Milestone Credit Card does not require a security deposit, making it accessible to individuals with limited funds. It reports to all three major credit bureaus, which can help to build or improve credit scores. Additionally, it provides access to a variety of tools and resources to help individuals manage their credit.
Q. What are the cons of the Milestone Credit Card?
A. The Milestone Credit Card has a high annual fee, which can be a burden for individuals with limited funds. It also has a high interest rate, which can result in expensive finance charges if the balance is not paid off each month.
Q. How does the Milestone Credit Card compare to other credit cards for individuals with poor credit?
A. Compared to other credit cards for individuals with poor credit, the Milestone Credit Card has a relatively high annual fee and interest rate. However, it does not require a security deposit, which can be a benefit for individuals with limited funds.
Q. What are some alternatives to the Milestone Credit Card?
A. Alternatives to the Milestone Credit Card include secured credit cards such as the Discover it Secured Card, Capital One Platinum Secured Card, and OpenSky Secured Visa Credit Card. These cards may offer lower fees, rewards programs, and more favorable terms.
Q. How can I use the Milestone Credit Card to improve my credit score?
A. To use the Milestone Credit Card to improve your credit score, it’s important to make timely payments and keep the balance low. You should aim to keep your credit utilization ratio below 30%, which means using no more than 30% of your available credit. Additionally, monitoring your credit report regularly and disputing any errors can help to improve your credit score over time.
Q. What credit score is needed to qualify for the Milestone Credit Card?
A. The Milestone Credit Card is designed for individuals with poor or limited credit history. While there is no specific credit score requirement, individuals with low credit scores are more likely to be approved.
Q. Can the Milestone Credit Card be used internationally?
A. Yes, the Milestone Credit Card can be used internationally. However, it’s important to note that it may come with foreign transaction fees and may not be accepted at all merchants.
Q. Is the Milestone Credit Card a good option for balance transfers?
A. No, the Milestone Credit Card is not a good option for balance transfers. It has a high interest rate and does not offer a 0% introductory APR on balance transfers.
Q. How can I apply for the Milestone Credit Card?
A. You can apply for the Milestone Credit Card online through their website. The application process typically involves providing personal and financial information and consenting to a credit check.
Q. How does the Milestone Credit Card Review work?
A. The Milestone Credit Card works by providing a line of credit that can be used for everyday purchases and bill payments. Users must make timely payments to avoid late fees and high-interest charges. Payments are reported to major credit bureaus, helping improve the user’s credit score over time.
Q. What are the fees and APR associated with the Milestone Credit Card?
A. The Milestone Credit Card has annual fees ranging from $35 to $99 based on creditworthiness. It also has a variable APR of 24.9%, which is higher than some other credit-building cards. Additional fees may include foreign transaction fees, late payment fees, and over-limit fees.
Q. Is the Milestone Mastercard good for rebuilding credit?
A. The Milestone Mastercard is a good option for those looking to rebuild their credit due to its ease of approval and credit bureau reporting. However, it comes with high fees and a high APR, which should be carefully considered before applying.
Q. How many 1-star reviews does the Milestone® Mastercard® have?
A. The Milestone® Mastercard® has received 183 reviews with a rating of just 1 star.
Q. How many 2-star reviews does the Milestone® Mastercard® have?
A. The Milestone® Mastercard® has a total of 33 reviews that have been rated with 2 stars.
Q. How many 3-star reviews does the Milestone® Mastercard® have?
A. The Milestone® Mastercard® has received 34 reviews that rate it at 3 stars.
Q. How many 4-star reviews does the Milestone® Mastercard® have?
A. The Milestone® Mastercard® has received 43 reviews that rate it at four stars.
Q. How many 5-star reviews does the Milestone® Mastercard® have?
A. The Milestone® Mastercard® boasts an impressive 72 five-star reviews.
Q. What are the member ratings categories for the Milestone® Mastercard®?
A. When considering the Milestone® Mastercard®, member ratings are an essential factor to evaluate. Ratings are distributed across several categories:
- Application Process: Users provide feedback on the ease and efficiency of applying for the card.
- Customer Service: This assesses how well the company assists its cardholders with various inquiries and issues.
Breaking down the ratings from 365 reviews:
- 5 Stars: 72 members were highly satisfied.
- 4 Stars: 43 members found the card to be good, though with minor reservations.
- 3 Stars: 34 members rated it as average.
- 2 Stars: 33 members were somewhat dissatisfied.
- 1 Star: 183 members had significant issues, leading to a low rating.
These categories and their respective scores help potential users gauge overall satisfaction and identify areas of strength or concern.
Q. What is the most helpful negative review of the Milestone® Mastercard®?
A. Most Helpful Negative Review of the Milestone® Mastercard®
Date: April 6, 2023
Review Title: A Costly Lesson Learned
Reviewer: Verified Credit Karma Member
Summary:
A verified cardholder shares their insights and strong dissatisfaction with the Milestone® Mastercard®, highlighting some significant drawbacks.
Key Points:
- Unexpected Annual Fees: The reviewer felt the annual fees were exorbitantly high and not worth the card’s benefits.
- Lack of Mobile App: The absence of a mobile app was a major inconvenience, making account management cumbersome.
- Poor Customer Service: The reviewer experienced subpar customer service, contributing to their negative outlook.
- Overall Experience: If given the option, they would have rated the card zero stars.
This detailed review underscores the importance of reading the fine print and verifying the reputation of credit card offers.
Q. What is the most helpful positive review of the Milestone® Mastercard®?
A. Most Helpful Positive Review of the Milestone® Mastercard®
Reviewed on August 2, 2023
Rating: ⭐⭐⭐⭐⭐
I applied for the Milestone® Mastercard® with the goal of improving my credit score, and it has been a game-changer! The application process was straightforward, and I was approved quickly. Since using this card, I’ve seen a noticeable increase in my credit score. The card itself has no hidden fees, and the customer service is top-notch. I highly recommend this card to anyone looking to boost their credit.
Q. How many reviews are there from verified cardholders for the Milestone® Mastercard®?
A. There are 365 reviews from verified cardholders for the Milestone® Mastercard®.
Q. What is the verified cardholder rating for the Milestone® Mastercard®?
A. The Milestone® Mastercard® boasts a verified cardholder rating of 2.4 out of 5, based on 365 reviews.
Q. What is the annual fee for the Milestone® Mastercard® in the first year and thereafter?
A. The annual fee for the Milestone® Mastercard® is $75 for the first year. After the first year, the fee increases to $99 annually.
Q. What is the regular purchase APR for the Milestone® Mastercard®?
A. The regular purchase Annual Percentage Rate (APR) for the Milestone® Mastercard® is 24.90%. This rate applies to purchases you make with the card and can affect the amount of interest you accrue if you carry a balance month to month.
Understanding this APR is crucial for managing your credit responsibly and avoiding unnecessary interest charges.
Q. What are some recent reviews from verified cardholders about the Milestone® Mastercard®?
A. Recent Reviews from Verified Cardholders about the Milestone® Mastercard®
Mixed User Experiences
Easy to Use
Jun 20, 2024
A cardholder praised the smooth application process and helpful customer service. They appreciated the prompt arrival of the card, which added to their overall positive experience.
HORRIBLE
Jun 09, 2024
Another reviewer had a drastically different experience. They described the card as a “scam,” citing issues with payments being taken without the ability to use the card, making it a complete rip-off.
Disappointing Delivery and Charges
Jun 05, 2024
One user shared frustration over not receiving their card even five weeks after approval while already being charged the $75 annual fee. They regretted not checking reviews beforehand and warned others to be cautious.
Confusion and Unexpected Fees
Don’t Do It
May 29, 2024
A cardholder criticized the misleading advertisement, which promised a $700 credit limit but offered only $300. They were upset about being charged the $75 annual fee before they could even activate the card.
Billing Confusion
Apr 26, 2024
One user was confused about higher charges on their card that should have reflected a $49 annual fee but instead showed a $125 charge. They sought clarification on this discrepancy.
Positive Feedback
Second Chances
May 23, 2024
A reviewer felt positively about the card, noting it was helpful in rebuilding their credit and provided a valuable second chance.
Satisfied So Far
Apr 18, 2024
Another user expressed satisfaction with the prompt card delivery and accurate annual fee charges. They highlighted the card’s usefulness in emergencies.
Strong Warnings
Hidden Issues
Mar 26, 2024
One cardholder strongly advised others to avoid the card, citing hidden fees and problems with late payments. They mentioned a lack of app and poor customer service as significant drawbacks.
Rip Off
Dec 26, 2023
A reviewer labeled the card a “rip-off,” explaining that their payments were held for 14 days, leading to late fees. They also encountered deceitful customer service, which exacerbated their dissatisfaction.
Payment Problems
Nov 21, 2023
Another user had issues with payments being returned despite having sufficient funds. They noted that even successful payments took 7 to 14 days to reflect, which led to their card being declined for small amounts.
Conclusion
Overall, while some Milestone® Mastercard® users appreciate the card’s benefits for rebuilding credit and emergency use, many others have faced significant issues with fees, payment processing, and misleading information. Potential applicants should weigh these pros and cons carefully.
