The Milestone Gold Mastercard is an unsecured credit card for persons with little or no credit history, as well as those with some credit issues. You can utilize it to establish credit if you’re careful with how much you charge and make sure to pay your bills on time and in full.
While the Milestone Gold Mastercard can help you develop credit, you should look at other credit-building options first. Before submitting an application, you should at the very least double-check the terms for which you are prequalified.
The terms you’ll be given after approval can have a significant impact on the card’s worth. While some Milestone Gold card agreements are comparable to similar credit-building options with a low annual fee of $35, you could be charged as much as $99.
Instead of paying so much for an unsecured credit card with no advantages, a secured credit card like the Citi® Secured Mastercard or the Capital One Platinum Secured Credit Card may provide better value.
- Annual Fee: The annual charge for the card ranges from $35 to $99.
- Welcome Offer: There is no sign-up bonus or introductory APR.
- Rewards: With the Milestone Gold Mastercard, you won’t earn any additional benefits or awards.
- Fees: In addition to the annual charge, this card offers a high variable APR of 24.90 percent.
This card comes with a few common unsecured perks that you’d expect from a credit card:
- There is no risk of liability.
- Replacement of an emergency card
- Obtaining a cash advance in an emergency
- If you make purchases outside of the United States, you’ll be charged a 1% foreign transaction fee, plus a fine of up to $40 for late or returned payments.
How to use the Milestone Credit Card
Use the prequalification feature to discover if you qualify for an account and which of the three yearly fee structures you’re qualified for before submitting an application for this card. This might help you assess whether the Milestone Gold Mastercard is a good fit for you without affecting your credit score with a hard inquiry.
If you decide to apply for a Milestone Gold Mastercard, your primary goal should be to improve your credit score so that you can qualify for a card with better terms and benefits in the future. The issuer reports your payments to each of the three credit agencies on a regular basis, so make sure you only spend what you can afford to pay off each month and pay on time so your credit record only shows positive payments.
Your initial credit limit will be $300 if you are approved for a Milestone Gold Mastercard. Some issuers may automatically increase your credit limit if you use your credit responsibly over time, while others will increase your credit limit if you request it. The $300 credit limit on this card, on the other hand, is standard; you cannot request an increase.
The Milestone Gold Mastercard is a credit-building option that falls somewhere in the middle. It provides easy access to people with bad credit as well as a prequalification tool to help you make a more informed selection based on the conditions you qualify for.
However, there are credit-building options that may be able to help you improve your credit at a reduced cost while also providing you with additional benefits. Before you apply, think about all of your alternatives, including our recommendations for the best credit cards for people with no credit and for people with bad credit.
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