Milestone Mastercard®

The Milestone Mastercard® is an unsecured card designed for those with poor credit. You apply for a credit card, and depending on your data, you’ll be approved for whatever version of this card Milestone Mastercard thinks you deserve. You may be approved for as high as a $700 credit limit (but possibly lower) but be sure you factor in the $175 the first year; $49 thereafter. Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month) as well as the monthly maintenance fees ($0 a month for the first year and $12.50 a month thereafter). We dive into the details in this Milestone review.

Milestone Mastercard

Our Rating

1.0/5.0

Welcome Offer

N/a

Annual Fee

$175 the first year; $49 thereafter. Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month)

0% on Purchases

N/a

Reward Rate

N/A

0% on Balance Transfers

N/a

What Is the Milestone Mastercard®?

The Milestone Mastercard® is an unsecured credit card issued by the Bank of Missouri. It’s designed for those with poor credit who want to avoid a secured credit card. On the positive side, just about anyone can qualify for this card and get a potential credit limit of $700. You might qualify for a higher limit, but for those with very poor credit, there’s a good chance you’ll have a lower limit.

You might be denied other unsecured credit cards if you have poor credit, and you may need to make a security deposit to get approved for a secured card. That can be a stumbling block because you have to have money to put down as a deposit. The Milestone Mastercard® attempts to bridge that gap by providing an unsecured card for those with bad credit. It reports to all three credit bureaus, so it could potentially help raise your credit score with responsible use. However, you’ll still need to pay an annual fee for this card, and then later an additional monthly fee after the first year. When you add it all up, you might be better off with a secured credit card.

Milestone Mastercard® Key Features

This credit card is fairly straightforward, without many bells and whistles. It’s designed for those with poor credit, so there aren’t many perks.

    • Doesn’t require a security deposit: Many credit cards aimed at those with poor credit require a refundable security deposit. You don’t need a security deposit with the Milestone Mastercard®.

    • Qualify with bad credit: Even if you have bad credit, there’s a good chance you’ll be able to get this card.

    • Mastercard benefits: Because this is a Mastercard, you do have access to protections like ID theft protection, $0 fraud liability, emergency card replacement, and emergency cash advance.

As you can see, features like rewards programs and 0% introductory APR offers are not available with the Milestone Mastercard® and there’s no signup bonus. However, if you’re trying to rebuild your credit, this card does report to all three credit bureaus.

Related: Best Credit Cards for a 500 Credit Score (Bad Credit)

High Fees and Interest Rate

The Milestone Mastercard® annual fee is $175 the first year; $49 thereafter. Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month).

Additionally, the card comes with a monthly fee: $0 the first year, then $12.50 each month starting in the second year. Note that fees are assessed before you use your card and are deducted from your balance. So, if you have a $700 credit limit, you could start with only a $525 credit limit.

The interest rate for the Milestone Mastercard® and the cash advance APR is high at 35.90%. There is no penalty APR with this card.

Related: Best Interest-Free Credit Cards

How to Apply for the Milestone Mastercard®

When filling out the application, you can expect to include the following information:

    • Name

    • Email

    • Address

    • Social Security number

    • Birthdate

    • Phone number

You can also expect to provide details such as your monthly income and expenses. You can also choose Overlimit Coverage, which charges a fee of $41 plus additional fees if you continue to be over your credit limit on future billing cycles.

After that’s done, you submit your application. If the bank needs more information, they might call you to verify your income or to ask you to submit other documentation.

Mobile Support

Right now, there isn’t a mobile app. However, you can create an online account and manage your Milestone Mastercard® from there. You can schedule payments, check your balance, and request a credit limit.

It is possible to use your mobile device’s browser to navigate to the website and your account. However, you might not be able to see the webpage as well on the smaller screen.

Customer Service

Milestone offers a FAQ section you can use to get answers to the most common questions. Milestone Mastercard® encourages cardholders to use their online accounts to manage most customer service-related issues, including activating your card when it arrives.

There is a customer service number you can call: 1-800-305-0330.

Who Is the Milestone Mastercard® For?

This card is ideal for someone who doesn’t want a secured credit card but is having trouble qualifying for an unsecured credit card.

One of the best things you can do is use the card responsibly and after a few months see if your credit has improved enough to allow you to qualify for a different unsecured card–one without an annual fee.

Bottom Line

The Milestone Mastercard® isn’t the best choice out there for those with poor credit. If you can’t afford a large security deposit, the Capital One Platinum Secured Credit Card is a better choice because you can get close to the same spending power with a $49 deposit–which is cheaper than the fees you’re likely to pay with Milestone.

A secured credit card is just as effective at helping you rebuild your credit, and you can usually find one without the expensive fees.

Check out a recap of the fees, features, pros and cons, and the best alternatives below.

Welcome Offer

None

Features & Benefits

SecurityZero Liability, Identity theft protection
Contactless Payments
BenefitsFree credit score access
Travel PerksNone

Rewards

Interest Rates & Fees

Annual Fee$175 the first year; $49 thereafter. Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month)
Foreign Transaction Fee1% of each transaction in U.S. dollars
Regular APR35.90% (V) APR

Pros & Cons

Pros
  • Reports to all three credit bureaus
  • You may qualify for this card even if you have poor credit
Cons
  • Annual fee
  • No welcome bonus
  • No rewards
  • High APR
  • Foreign transaction fee
  • Monthly fee

What Are the Best Alternatives?

Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card

Rating

4.5

Rewards Range

N/A

Annual Fee

$0

Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver Secured Cash Rewards Credit Card

Rating

4.8

Rewards Range

1.5%

Annual Fee

$0

U.S. Bank Cash+® Visa® Secured Card
U.S. Bank Cash+® Visa® Secured Card

Rating

4.6

Rewards Range

1% - 5%

Annual Fee

$0

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