Milestone Credit Card – Milestone Mastercard® Review
The Milestone credit card is a Mastercard that is targeted towards individuals with bad credit. Milestone is for people who are searching to fix past credit mistakes and also enhance their credit score rating. Like many credit card offers similar, it uses high fees and rates of interest combined with a low credit limit. However, there is redeemable value in having this Milestone credit card in your wallet.
Milestone Mastercard® is issued by Genesis FS Card Services.
Our complete review and evaluation of the Milestone Mastercard® are listed below:
The rates of interest on Milestone credit is up to 24.9%, which is high. If your credit isn’t the best you’re paying a high price, there is no staying clear of that. We cannot fault Milestone credit too much for this. So if you have bad credit yet, it’s not poor compare the Milestone credit card with other bad card offers. Credit fast found that the Milestone Mastercard® charged lower fees. This was compared to other credit card offers in the same less than perfect category.
Ranges on the fees of credit card offers for bad credit (fee types issued varies with each credit card company)
- minimum security deposit: $300-$500 (for secured credit cards)
- one time processing fee: $75 – $100
- annual fee: $35 – $99
- authorized user fee: $20-$30
Later with established credit, you can always upgrade to a no annual fee credit card with rewards. People can find success and call their credit card company and ask for their annual fee to be waived permanently. Another option is to look into reward credit cards from another credit card company.
You need to understand that it is challenging to obtain brand-new credit when you’ve made past mistakes. Credit cards like Milestone Card supply you the possibility to enhance your credit history. Let’s check out what Milestone credit card offers. After that, we can speak about various other bad credit card applications.
Milestone Credit Card Reports Monthly
The Milestone credit card reports to the major credit bureaus. The Milestone Mastercard is not a prepaid card. This distinction means if you utilize Milestone credit wisely you can increase your FICO credit score with time. Most people see positive results on their credit report within six months.
Among the primary advantages of the Milestone credit card, is that it permits customers with less than perfect credit to re-establish credit. Also, an individual can develop their credit if this is their first credit card. Each Milestone credit account is reported to the three credit bureaus. This reporting on your credit file will help you raise your credit score. This is only if you handle your Milestone credit account correctly.
The card has an APR of 24.90% variable interest rate, which remains at the higher end of the range. This APR is still a very reasonable rate of interest for those with less than perfect credit. The Milestone Mastercard additionally includes an annual fee cost of $35-$99 dollars, depending on your credit score. Plus the Milestone Mastercard® gives access to the Mastercard Benefits program.
Milestone credit card Limit is Low for New Card Members.
Your credit score determines the credit limit of the Milestone Mastercard®. You will have a guaranteed minimum credit limit of at least three hundred dollars. This credit line is enough to begin building a positive credit history. With good behavior, Milestone credit card holders will typically see a credit line increase after six months or more.
Credit Fast always recommends consumers from racking up too many credit inquiries on their credit report. The benefit of the Milestone Mastercard is that it allows prospective candidates to learn if they qualify by pre-qualifying without impacting their credit score.
Once approved for a Milestone Mastercard, you will obtain a credit card with a minimum credit limit of three hundred dollars. Also, you will pay a yearly charge. Your annual fee will range from $35, $59, or $75. The annual fee rises to $99 after the initial year. This annual fee is right away charged on your credit line when you obtain the card. So your line of credit starts at anywhere from $265 to $225. In the first month, you will have a lower credit line. You won’t be able to buy a lot with this credit card until you pay the annual fee.
The Milestone MasterCard – for individuals with poor to fair credit.
If you do not have major credit troubles from the past, think about applying for a credit card with no annual fee. An example is the Capital One Platinum credit card. The Capital One Platinum card does not charge an annual fee. Also, if you have poor credit consider reviewing the Credit Fast best secured credit cards.
In conclusion, we gave the Milestone Mastercard® four stars. We took off one star for the high rate of interest and high annual fee. Credit Fast felt in comparison to other credit cards in the same category that what Milestone credit had to offer was a fair deal. This credit card is a good competitive deal to consumers that have less than perfect credit scores.
Accepting a credit card offer without an annual fee would be wiser. However, not everyone has a credit rating high enough. If you do not qualify with your current credit score for a no fee credit card, I would recommend applying for a Milestone card. Credit Fast feels that the Milestone Credit Card offers an individual a chance to rebuild credit at a reasonable cost. There are other credit cards for less than perfect credit that have much higher fees.
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