That is the case with Milestone Gold Mastercard, a card that allows people with bad credit scores to apply and get approved, but won’t go much further.
If you’re someone who is new to credit or would like to rebuild your financial health, this might be an option. But we recommend you do your research before applying, since there are very few benefits even when compared to other options aimed at low credit scores.
Understand the main benefits, interest rates, fees and application process below.
Milestone Gold Mastercard
Credit Bureau Reporting No Security DepositHow does Milestone Gold Mastercard work?
Milestone Gold Mastercard was created as an option for people with bad or poor credit scores. For that reason, it reports your payments to all three major bureaus, which should allow a card holder to get better credit scores within a few months.
This is not a secured card. So anyone that isn’t willing to save up for a security deposit will find this quite the attractive offer. There are ways to apply even if you have no credit score at all. However, be aware that it means the financial company will charge higher fees to make up for the danger of accepting such creditors.
If you believe this is the credit card for you, we’ll explain how to apply and other details further ahead. So keep reading.
Milestone Gold Mastercard main benefits
This is a credit builder card that was created to allow clients to grow their scores over time. Because of that, there aren’t many benefits or perks, such as cashback, for those who decide to use this option.
The main benefits for Milestone Gold Mastercard are:
No need for a security deposit to get approved;
Reports to the USA’s three main reporting bureaus;
Makes a soft check on your credit score, it won’t harm your current score at all;
Fast pre qualifying process.
If you’re looking for cashback and rewards this is not a good option. Its main advantage is allowing people who wouldn’t be approved for conventional credit cards to start building a history.
Do you need a security deposit for this card?
Most credit cards for people with poor or bad scores require a security deposit. Usually, these deposits can get you a limit that equals the amount, which could mean that a card with a higher limit requires high deposits.
Thankfully, this won’t be necessary in the case of Milestone Gold Mastercard. This credit card is pre approved for almost everyone, but the fees you have to pay might change with poorer credit scores.
Are you also pre approved for this credit card? Don’t worry, you can find out the answer fast through Milestone’s own website. This will cause a soft credit check to happen that won’t affect your credit score. So feel free to go through the site and credit card terms before making any decision.
Who can qualify for Milestone Gold Mastercard?
Milestone Gold Mastercard was designed for people with poor credit scores. According to Experian, this includes those with scores as low as 300 or up to 579. As long as you have a place of residency in the USA and a social security number the application should work.
APRs and fees for Milestone Gold Mastercard
The main disadvantage you’ll notice for the Milestone Gold Mastercard are the high interest rates and many fees included. This is common when it comes to cards aimed at those with poor credit scores. Users should find a fixed standar APR of 24,9%.
Since it is quite the high interest rate, we don’t recommend credit card users keep a balance on this card. Plan your spending wisely so that you won’t have to make even higher payments every month. Paying your balance completely every month is the best choice for anyone that wants to get better credit scores.
We do recommend, however, that you research some other options of credit cards for this type of credit. 24,9% is at the high end even for some of the competition, so you might find something that holds more advantages with a bit of research.
The fees are variable and could be higher or lower according to your credit score. People with better scores can get $35 of annual fee, while those with lower numbers can pay up to $99 annually. Foreign transactions also create a fee of 1%, which is a bit lower than what you would find as the industry standard, that is around 3%.
Be careful not to be late on payments! Even one missed date can get you a 29,9% penalty APR. Some other fees include:
$40 late payment fee;
Returned payments fee;
Exceeding credit limit fee.
Security and fraud protection
Mastercard has a few security policies put in place that should keep your mind at ease when shopping. There is a zero liability clause in case of theft that makes sure you’re not help responsible for purchases made when your card gets stolen.
If you’ve been a victim of identity theft before you might want to consider this option. Mastercard also offers identity theft monitoring automatically and with no extra charges. This way, you can find out if you’ve been a victim of such common scams quickly.
Starting credit limit for this card
One of the drawbacks of this credit card is a low starting limit. The standard limit for this card is $300, which is quite lower than some other choices you might find on this website. Consider that there is a minimum $35 annual fee, which is discounted from your limit.
How to apply for this credit card?
Application is quite easy. You can find out if you’re pre-approved for this Milestone Gold Mastercard through their website. Just be aware that getting a pre-approval doesn’t automatically mean you’ll get a credit card. After this first step, the financial institution should require some more information which can generate a hard credit check on your history.
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