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Milestone Credit Card: Cash Advance Review & Application

Milestone Credit Card, Establishing or re-establishing credit can take time, and parting with a few hundred dollars as a deposit on a secured credit card without knowing when you’ll get your money back can be a stressful experience. The Milestone credit card does not require a security deposit to be approved, and you can be approved even if you have a bad, limited, or no credit history.

Depending on your credit profile, your annual fee could be $35 the first year and $35 each year after that. You may also pay $75 the first year and $99 each year.

What do I need to prequalify for a Milestone credit card?

When applying for the Milestone Gold Mastercard, you will go through a quick prequalification process that uses a soft credit pull to check your credit history. However, while prequalification does not guarantee approval, it provides you with a strong indication of your chances of being approved. Because of this prescreening process, it is easier for you to shop for a credit card without worrying about how a hard credit pull will affect your credit score.

What is the APR on the Milestone credit card?

According to the company, the Milestone Gold Mastercard has the same APR of 24.90 percent for all cardholders, regardless of their credit history.

While having a non-variable APR is a nice perk, given that most credit cards charge a variable APR, the Milestone Gold Mastercard’s rate is extremely high compared to the average credit card rate. It’s even a little higher than the average annual percentage rate on a credit card designed specifically for people with bad credit.

Consider using your credit card only for small purchases (such as a single subscription service) that you know you will be able to pay off quickly to avoid paying high-interest rates. As a result, you’ll be able to establish a positive payment history and keep your credit utilization low.

Will I pay for a security deposit when using the Milestone credit card?

No. Credit cards designed for people establishing a good credit history are frequently secured cards that require a cash deposit at the time of application. The amount you put down as a security deposit equals the amount of credit limit you have on your credit card after that.

Because it is an unsecured card, you will not be required to put down a deposit to obtain the credit card.

What is the credit limit on the Milestone credit card?

When approved for a Milestone Gold Mastercard, your initial credit limit will be 0. Some credit card issuers allow for automatic credit limit increases based on good credit usage over time, while others will increase your credit limit if you ask them to do so. The $300 credit limit on this card, on the other hand, is standard; you will not be able to request an increase.

Who is best suited to use the Milestone credit card?

Those with bad credit

Application for the Milestone Gold Mastercard is limited to those with poor credit (as defined by Experian, one of the three credit bureaus, as having a credit score of between 300 and 579) who want to establish or restore their credit history (transactions on the card are shared with the credit bureaus).

Those who do not wish to pay for a security deposit

In addition, it is intended for those who do not want to (or are unable to) pay the security deposit required for a secured card, which is the most popular alternative for those with no or damaged credit who wish to improve their creditworthiness.

Those looking to build their credit

Other than stating that you’ll receive an initial credit limit of at least $300, Milestone makes less specific promises about the size of your credit limit and whether or not it will grow in the future compared to the issuers of some competing cards (minus the amount of the annual fee).

Because of this discrepancy in details, the Milestone Gold Mastercard is better suited for people who are eager to build their credit rather than those who want a card with which they can use a growing credit limit.

Like the Milestone Platinum Mastercard, the Milestone Gold Mastercard offers no travel benefits and charges a fee (albeit a low one percent) on foreign currency transactions.

In addition, the Milestone Gold Mastercard, like many other cards aimed at credit-challenged consumers, has a fixed and relatively high annual percentage rate (APR) of 24.9 percent.

Because of this interest rate, the card is less than ideal for those who wish to carry a balance on their card, as interest charges will accumulate exceptionally quickly.

What are the security features of the card?

The Milestone Gold Mastercard comes with the standard security features that you would expect from a primary, unsecured credit card. The Mastercard ID Theft Protection program is available if you use this card. This service keeps track of your email addresses, credit card accounts, and Social Security number comprehensively. If your identity has been compromised, identity theft resolution specialists can assist you seven days a week, twenty-four hours a day.

Pros

  • Fixed APR
  • May get approved with poor, limited, or no credit
  • No need for a security deposit

Cons

  • Low credit limit
  • Potential for a high annual fee

 

Jason Rathman
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