August 15, 2022
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Let’s begin with this Milestone credit card review.
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.
Bank of Missouri, the issuer of the Milestone Mastercard, has designed it for applicants with Poor-Fair credit, that's credit score between 300-580.Pre-qualification is a breeze via an online application and it does not affect your credit score.
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 Credit Card.
For starters, you can expect to pay an annual fee anywhere between $35-$99 annual fee, depending on your credit score. This is the average fee for credit cards designed for building credit.
Why does it vary?
Once you submit your application, the card issuer will consider you for three different annual fee brackets for the Milestone Mastercard, based on your credit profile.
You can either qualify for a flat $35 annually or, $75 for the first year and $99 for subsequent years.
Regardless of which offer you qualify for, not paying your bills on time, exceeding your limit, and bounced payments could cost you up to $40 for each offense.
Unlike a lot of cards in this segment, the Milestone Mastercard does not levy a monthly fee of any kind. Plus, foreign transactions only cost an additional 1% instead of the typical 3%.
Lastly, the Milestone Mastercard has a cash advance fee of $5 or 5% whichever is higher.
The Milestone Credit card comes with a fixed APR of 24.90% on purchases. Cash advances have a fixed APR of 29.90%.
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.
The Milestone 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 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.
Let’s compare the advantages and disadvantages of the Milestone Credit Card.
Here’s a closer look at some of the benefits of this credit-building card:
Here’s a look at some of the limitations of this credit building card:
Let’s now look at some alternative cards to consider:
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.