Milestone Credit Card: Cash Advance Review & Application

If you need an unsecured credit card for persons with a limited credit history, no credit history, look no further than the Milestone Credit Card. You might utilize it to improve your credit if you are careful with how much you charge and make sure to pay your payments on time and in full. But before applying, you need to be aware of a few things.

Application Procedures for the Milestone Gold Mastercard

It is easy to apply for the Milestone Gold Mastercard by following the steps below:

  1. Visit the website for the Milestone Gold Mastercard.
  2. Select either “Pre-Qualify Today” or “Start.”
  3. Complete the short online form.
  4. The card issuer will then get in touch with applicants to provide more details.

Approval chances

The Milestone Gold Mastercard has a low entrance hurdle, making it appealing to people with all credit levels, including those with no credit history. Even those looking for a credit card after bankruptcy are encouraged to consider it.

To discover if it’s a match, you can use the CreditCards.com CardMatch tool or pre-qualify for the card online. In either situation, only a light credit pull is necessary, and you’ll have a much better idea of your chances of acceptance.

No rewards system and limited benefits

The Milestone Gold Mastercard’s lack of any rewards program that could reduce the cost of ownership is another drawback.

Several credit-building cards, including numerous unsecured cards from Credit One Bank and secured cards from Discover and Capital One, provide cash back on routine purchases. However, it’s by no means ubiquitous.

Additionally, the Milestone Gold Mastercard falls significantly short in terms of benefits for cardholders. You will receive identity theft protection and will not be held liable for unlawful transactions as part of the card’s Mastercard advantages. But you won’t even be able to check your credit score for free, which is a significant flaw for a card meant to help you develop credit.

A small starting credit limit

One of the most significant drawbacks of unsecured credit-building cards is that they frequently have smaller credit limits besides high fees.

No exception applies to the Milestone Gold Mastercard. The card has a regular $300 beginning credit limit, and the annual fee is withdrawn immediately from the available credit. If the high annual charge of $75 is applied to your account in the first year, you will begin the year with a $75 balance and about $225 in available credit.

Although this restriction is quite typical for cards designed to create unsecured credit, many users may find it a barrier. This is because having a low credit limit makes it challenging to keep your credit usage ratio (the ratio of how much you owe to how much credit you have available) low.

Your credit score is 30 percent based on your credit use ratio, and if you want to raise your credit score, many financial gurus advise maintaining your credit utilization below 30 percent. 

If you use your card for regular purchases, it won’t take much to reach a high credit use percentage with a $300 credit limit.

Additionally, there is no established timeframe for receiving a credit limit increase with the Milestone Gold Mastercard. After a few months of on-time payments, several other credit-building cards automatically examine your account for a greater credit limit.

Alternative Cards for Those With Bad Or No Credit

Given the flaws in this card, it might be advisable for individuals trying to raise their score to go elsewhere. While assisting in credit repair, other cards on the market have higher rates, cash-back schemes, and no annual fees. A few alternatives to the Milestone Mastercard are listed below:

Petal 1 “No Annual Fee” Visa Credit Card

The Petal 1 Visa features no deposit, no annual fee, and no fees for international transactions. Additionally, this card comes with an app that has credit-building features to aid cardholders in raising their credit score. Other aspects, such as a candidate’s credit score and saving patterns, are used to assess their creditworthiness. Users must make their payments on time to avoid late and returned payment fines. If you want to build a more solid credit base, Petal 1 is a much better choice.

Capital One Platinum Secured Credit Card

The Platinum Secured card from Capital One provides a variable deposit and no annual fee. The minimum deposit is $49 for a $200 credit line, while the maximum is more for a $1,000 credit line. The card doesn’t offer incentives, and the APR is somewhat high at a variable rate of 26.49 percent. Cardholders can, however, get their deposit returned by using their cards responsibly.

People can graduate with a regular Platinum card with Capital One after improving their credit and having their initial investment returned.

Benefits of a milestone credit card

It offers the following advantages:

  • Reports to significant credit bureaus
  • Price Protection
  • Added Warranty Coverage
  • Emergency Assistance
  • There is no fraud risk.
  • Travel Accident Protection
  • Auto Rental Collision Damage Waiver

FAQ FOR MILESTONE CREDIT CARD

Do Milestone Gold Mastercard report account activities to credit bureaus?

The following credit reporting agencies have information about your account activity by Milestone Gold Mastercard:

  • Transunion
  • Experian
  • Equifax

Regularly paying creditors who report to one or more credit bureaus on schedule would show that you are responsible with money and could help you build better credit.

Are there any overseas transaction fees for the Milestone credit card?

Foreign transaction fees on the Milestone credit card are 1 percent. For instance, you would pay a $20 foreign transaction fee for a $2,000 weeklong vacation abroad. You might want to apply for a card that doesn’t charge international transaction fees if you plan to travel overseas and leave this one at home.

Why should you obtain a Milestone Gold Mastercard?

  • You recently filed for bankruptcy or have a low credit score.
  • When you need a credit card with a high likelihood of approval and prequalification.
  • You want to increase your credit score without paying a security deposit.

Is it worth it to get the Milestone Gold Mastercard?

The Milestone Gold Mastercard falls short of expectations because of its expensive cost, high APR, low credit limit, and meager features, even though it isn’t the worst unsecured credit-building card available. The card might be beneficial as a short-term credit-building tool, but most people would prefer a secured card with no annual charge. 

Author: Jay Batson

My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.

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