Milestone Mastercard^®

In this Milestone^® Mastercard^®  review, we’ll look at who the card is for, the card’s credit score requirements, the annual fee, the pros and cons, and more. 

This Milestone^® Mastercard^® Credit Card Review Contains: 

(Click on a link to jump to the specific section) 

• Who is the Milestone^® Mastercard^® for?
• Milestone^® Mastercard^® Credit Score Requirements
• Milestone^® Mastercard^® Fees
• Milestone^® Mastercard^® APR
• Milestone^® Mastercard^® Benefits 
• Pros and Cons of the Milestone^® Mastercard^®
• Alternatives to the Milestone^® Mastercard^®

Let’s begin with this Milestone^® Mastercard^® credit card review.

Who is the Milestone^® Mastercard^® for?

If you have a less than perfect credit score, or even a bad credit score, then this could be the credit card you’ve been looking for. The Milestone^® Mastercard^® is widely accepted by vendors all across the US, it reports your account history to all three credit bureaus which allows you build credit over time, and it comes with fraud protection in case your card ever gets lost or stolen. 

Milestone^® Mastercard^® Credit Score Requirements

Bank of Missouri, the issuer of the Milestone^® Mastercard^®, has designed it for applicants with Fair-Good credit, that's credit score between 510-699.

An important to note is that the credit card company will adjust the annual fee for the card based on your credit scores. The better your credit score, the less annual fee you'll be required to pay.

Let’s now look at the fees you can expect to pay when using the Milestone^® Mastercard^® Credit Card.

Milestone^® Mastercard^® Fees

For starters, you can expect to pay an annual fee of $175 for the first year,  $49 thereafter. This is the average fee for credit cards designed for building credit.

The Milestone^® Mastercard^® has a cash advance fee of $5 or 5% whichever is higher.

Milestone^® Mastercard^® APR

The Milestone^® Mastercard^® Credit card comes with a fixed APR of 35.90% on purchases. Cash advances have a fixed APR of 35.90%.

Although these numbers seem high, they are the norm for unsecured credit cards designed for building credit. As long as you pay off the entirety of your balance on time each billing cycle, you won't have to worry about paying any interest. 

Milestone^® Mastercard^® Benefits

The Milestone^® Mastercard^® Credit Card supports a zero liability policy for all its users. 

The zero liability policy is a provision in credit card contracts, which states that the credit card company won’t hold the cardholder responsible for unauthorized transactions made on the credit card. 

With the Milestone^® Mastercard^® Credit Card, you can also get a cash advance. The credit card company will mail you a personal identification number (PIN) to let you access cash at ATMs.

You can also access your account online 24/7 on your computer or mobile device. 

Pros and Cons of the Milestone^® Mastercard^®

Let’s compare the advantages and disadvantages of the Milestone^® Mastercard^® Credit Card. 

Pros

Here’s a closer look at some of the benefits of this credit-building card:

• Report to a Major Credit Bureau - Bank of Missouri is a trusted financial institution and reports your account history to all three major credit bureaus - Equifax, Experian, and TransUnion. 
  
  Monthly reporting to a major credit bureau will help anyone with poor credit build their credit profile as it gains recognition. With responsible use, over time you can raise your credit score by a couple hundred points.
  
  
• No Security Deposit Required - Most options designed to help people build a positive credit history require you to make a refundable security deposit. A card of this sort is referred to as a secured credit card.
  
  A secured credit card typically charges a security deposit amount equal to the card’s actual credit limit. But because the Milestone^® Mastercard^® is an unsecured credit card, you won’t need to put down any money for a security deposit upfront.
  
  
• Identity Theft Monitoring - You'll have access to identity theft resolution services through your Milestone^® Mastercard^® Credit Card to counter unusual activity that could be signs of identity theft.
  
  The Milestone^® Mastercard^® also protects your social security number, email address, bank account login information, and credit and debit cards.

Cons

Here’s a look at some of the limitations of this credit building card:

• Low Credit Limit - Once you're approved for the Milestone^® Mastercard^®, you’ll have access to a minimum credit limit of $700 and there is no way of knowing how much bigger of a credit line you can get until your application is approved. Keep in mind that the annual fee is deducted from the credit line and as a result, cardholders might have less than $300 worth of credit for the first billing cycle of each year starting the first month of card membership.
  
  Milestone^® Mastercard^® also doesn’t specify if there will be a credit limit increase after a period of time.
  
  The uncertainty of a credit limit increase can result in a high credit utilization ratio which affects the rate at which you can get your credit score up.
  
  Note: If you’re looking for a high credit limit, you might want to opt for a secured card.
  
  
• No Reward Points or Welcome Offer - Like most cards in the same category, the Milestone^® Mastercard^® doesn’t have a reward points system. There are no cash back rewards or redeemable points. Nor is there any welcome offer for new cardholders to take advantage of.
  
  

Alternatives to Milestone^® Mastercard^®

Let’s now look at some alternative cards to consider:

• Petal^® 2 “Cash Back, No Fees” Visa^® Credit Card
• Petal^® 1 "No Annual Fee" Visa^® Credit Card
• Surge Mastercard^®

Final Thoughts

While the Milestone^® Mastercard^® has a low credit limit and doesn’t have a rewards scheme, it shouldn’t matter too much to the right cardholder.

Remember, this isn’t a card for someone with an impressive credit history or a perfect credit score. This is a decent option for folks on their way to build a positive payment history and establish a positive credit profile. 

By establishing good financial habits and paying your balance off on time you can slowly but surely work your way towards a prime credit card.

You can apply for this card here.