When you buy something using?links found on our site, we may earn a small affiliate commission. This content?is reviewed &?supervised by?The?Los Angeles Times.

Milestone Mastercard Review: Acceptable for Credit Building

Milestone? Mastercard? – $700 Credit Limit review
KEY TAKEAWAYS
  • The Milestone Mastercard? - $700 Credit Limit is designed for users with low credit scores or limited credit histories.
  • You don’t have to pay a security deposit to open this credit card, but you do have to pay an annual fee.
  • Milestone reports to multiple credit bureaus, making it a little easier to build your credit profile.
  • This credit card has no rewards program, so you won’t earn any miles, points or cash back on your purchases.
SUMMARY

The Milestone Mastercard? - $700 Credit Limit is designed for consumers interested in learning how to manage credit responsibly.

Although the card doesn’t come with a rewards program, it has several helpful features for cardholders who need help establishing a credit history or recovering from bad credit.?

To help you determine if the Milestone card is right for you, we set out to answer the following questions:

  • Is this credit card worth it?
  • What benefits does the Milestone Mastercard have?
  • How much can you expect to pay in interest and fees?
Pros & Cons

Pros

  • Available to people with any credit type
  • No security deposit needed
  • Free VantageScore to help monitor credit score

Cons

  • Annual fee
  • No rewards or cash back
  • Low credit limit
Milestone? Mastercard? – $700 Credit Limit
Key Information
No rewards. This is an unsecured card with a $700 credit limit and variable annual fees, depending on the card you’re approved for.

Is the Milestone credit card worth it?

The Milestone Mastercard is only worth it if you can’t get approved for a better card due to your credit history. For example, if you recently filed for bankruptcy or went through an auto repossession, this credit card may help you recover from your bad credit score situation. The Milestone Mastercard may also be a good fit if you have no experience managing credit.

The Bank of Missouri offers the Milestone Mastercard to consumers with non-prime credit scores. Generally, this refers to FICO??scores below 660.

The no-frills card doesn’t offer cash back, bonus miles or other rewards, but it does report to all three major credit bureaus. Additionally, the Milestone Mastercard is an unsecured credit card, which means you don’t have to pay a security deposit to open an account.

  • No security deposit required
  • Reports to all three major credit bureaus
  • Pre-qualification process allows you to check your eligibility without affecting your credit score
  • Accepted wherever you see the Mastercard logo
  • Multiple card versions are available
  • Low credit limit
  • No rewards program
  • High variable APR
  • No way to tell which card version you’ll get until you go through the pre-qualification process
  • Each version of the card has an annual fee; some may also have monthly fees

Learn more about the Milestone Mastercard

Milestone Mastercard benefits

The Milestone card offers the following benefits to cardholders:

See more credit cards for bad credit Find the right card to rebuild your credit Credit Cards with Mouse Cursor COMPARE NOW

Milestone Mastercard rewards

As part of our Milestone Mastercard review process, we determined that the Milestone card has no rewards of any kind.?

You won’t earn cash back, bonus miles, points or other rewards. Additionally, the Milestone credit card offers no welcome bonus, making it rather unimpressive.

Milestone Mastercard fees, rates & limit

Although the Milestone card doesn’t require a security deposit, it does have an annual fee. You should also know that Milestone offers relatively low credit limits and charges a high variable interest rate.

Let’s take a closer look at the details that you’ll find in the fine print.

Milestone Mastercard fees

The annual fee depends on which version of the card you receive. Remember, you won’t know which version of the card you qualify for unless you complete the prequalification process. These annual fees range from $35 to $99.

Milestone also charges fees for the following:

Milestone Mastercard interest rates

Your interest rate affects the total cost of borrowing, so it’s important to understand how much Milestone charges on purchases and balance transfers (learn more about how credit card interest works).

The terms of this credit card vary based on which offer you receive, but here’s a general guide:

Milestone Mastercard annual limit

Milestone offers a credit limit of up to $700. This may not seem like a lot of money, but it’s a higher limit than you can get with many other starter credit cards.

Compare the best cards for bad credit See cards side-by-side Credit Cards with Mouse Cursor COMPARE NOW
Credit Cards with Mouse Cursor Find the best card to help you rebuild your credit score COMPARE NOW

How the Milestone credit card compares

The Milestone card does have some benefits when compared to other credit cards for low credit scores.

First, Milestone requires no security deposit. This allows you to open a credit account without having to take money out of your savings or checking account.?

Another advantage of the Milestone card is that it has a higher credit limit than many similar credit cards. A higher limit gives you more freedom to spend without worrying that you’ll run out of available credit.

In terms of interest and fees, the Milestone card is right in line with similar products. The regular APR is up to 35.9% variable, and you may have to pay a high annual fee depending on your current FICO scores.?

One of the main drawbacks of the card is that you can’t see the terms until you complete the pre-qualification process. This makes it more difficult to compare the Milestone card with other credit products in order to find the best credit card for you.?You also have no opportunity to earn cash back or other rewards on your purchases.

Is the Milestone credit card right for me?

This card is best for people who need a second chance to manage their credit responsibly.

For example, if you have a low credit score and a few dings on your credit report, the Milestone card may help you get back on track. It’s also ideal for consumers who have no experience managing credit.

If you’re unsure about the Milestone Mastercard, check out these reviews to see if another card may be a better fit for helping you build or establish credit:

Why might I want a different credit-building card?

The Milestone Mastercard isn’t for consumers with scores high enough to qualify for lower interest rates, higher credit limits or cards that come with the opportunity to earn rewards on everyday purchases.

You may want a different credit-building card to take advantage of more favorable terms. For example, some cards have no annual fee or lower fixed or variable APRs. Getting a different card may help you minimize your out-of-pocket costs while building your credit or getting back on your feet after a financial emergency.

How to apply for the Milestone credit card

You can apply for the Milestone credit card online.

You must provide the following information:

Because this card is designed for consumers with no credit and bad credit, it’s not hard to get approved.

Milestone Mastercard FAQs

Is Milestone a good credit card?

Milestone is a good credit card if you have no credit history or need help improving your credit after a financial setback. If you have a high credit score and a steady source of income, there are much better cards on the market.

Is the Milestone Mastercard good for building credit?

Yes. The bank reports to several credit bureaus, giving you a chance to show that you can handle credit responsibly. When you apply for new accounts, other lenders will be able to see how well you’ve managed your Milestone card. For example, if you make on-time payments and avoid exceeding your credit limit, you may find it easier to qualify for a loan or a different credit card in the future.

What is the credit limit for the Milestone Mastercard?

The credit limit depends on your income, credit score and other factors. Currently, $700 is the highest available limit.

How do I apply for the Milestone Mastercard?

You can apply for the Milestone Mastercard online from the comfort of your own home. You will need to provide some personal details, such as your monthly income and Social Security number. If approved, you should receive your new card within about 14 business days.

Sarah Stasik
Sarah Stasik Personal Finance

Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.

Over the past 12 years, Sarah has contributed to numerous publications in the personal and small business finance sector, including content on budgeting, bankruptcy, small business accounting, and financial tech. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful, relevant resources for readers.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

BACK TO TOP
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news