It can be daunting to navigate the myriad credit cards in the marketplace, particularly if you’re trying to rebuild your credit. For those with no credit or poor credit, some might consider the Milestone Credit Card an enticing offer. But does this card truly offer the ideal fit for your financial life?
Below, we break down the Milestone Gold Card and compare everything from its interest rates, rewards, and fees to its drawbacks and potential alternatives.
And by the end, you should have a sense of whether this card is right for you, or whether you might want to look at others.
What is the Milestone Credit Card?
The Milestone Credit Card, issued by The Bank of Missouri, is an unsecured Mastercard created for folks who are working to rebuild their credit. The Milestone card is unsecured, meaning you won’t have to make an initial security deposit, which makes it a more friendly choice for those with thin wallets.
It is also a general accepted and useful card for daily transactions. The card will also report to all three of the major credit bureaus — Equifax, Experian and TransUnion — helping you to build a good credit history when you use it responsibly.
If you are recovering from a bad credit history or looking to establish your credit with a little help, the Milestone Mastercard is here to work with you.
This post is especially for you if you:
- Have a low credit score or no credit history.
- Are you looking for an unsecured credit card without needing a deposit?
- Want a card that helps you improve your credit score while offering fraud protection?
Milestone Credit Card Basics
1. Card Type and Issuer
We issuer this issuer’s other card, the Milestone Credit Card, which is an unsecured Mastercard. That means no security deposit to build credit (provided you make on-time payments on your previous line of credit product (more on the type of product below that you are approved for)).
It’s provided by the Bank of Missouri, a reputable financial institution known for developing products that are specific to underbanked consumers.
For consumers seeking a solution to simplify their payments and make credit even more accessible, the Capital One® Platinum Credit Card is an easy line of credit to help build or re-establish credit, without being required to make a deposit, drain funds in a savings account, or fret over an annual fee.
2. Credit Bureau Reporting
Dedicated to helping its users build up their credit, one of the best parts of the Milestone Credit Card is its commitment to you. It sends all of your monthly payment activity to the big three credit bureaus — Equifax, TransUnion and Experian.
This means that every time you pay on time, that payment is reported, which can help you get your — ahem — credit on the road (or boost it).
It could be that for those looking to climb to better financial health, using this card responsibly is the beginning of a solid foundation for great credit and better financial opportunities down the road.
3. Starting Credit Limit
Based on creditworthiness, new cardholders generally begin with a milestone credit card limit between $300 and $700.
The yearly fee can be subtracted from this limit when the account is issued, which might lower the credit decision. Some even say they have gotten a milestone credit card starting limit of $700.
Example: A $300 credit limit with a $75 annual fee means $225 will be available for purchases initially.
4. Fees and APR
Costs of the Milestone Credit Card The Milestone Credit Card can be expensive — it has various fees and an exceptionally high Annual Percentage Rate (APR), so it’s important to know the costs before you apply for the card. These cards might have had annual fees, late payment fees or foreign transaction fees.
Here’s a deeper look at the two to help you make your decision:
| Fee Type | Amount |
|---|---|
| Annual Fee (First Year) | $75–$175, depending on your specific terms |
| Annual Fee (Subsequent Years) | $49 plus a $12.50 monthly maintenance fee ($150/year total) |
| Purchase APR | Up to 35.9% |
| Late Payment Fee | Up to $41 |
| Returned Payment Fee | Up to $41 |
| Foreign Transaction Fee | 1% of each transaction in U.S. dollars |
The Milestone Credit Card’s APR is high at 35.9%, which is one of the highest rates you can find on a credit-building product. It can translate to hefty interest charges if you don’t pay your balance in full each time.
All the more reason why it’s critical to pay your balance in full every month and steer clear of these costly fees.
While the card can help you establish or re-establish credit, its high APR means you’ll want to use it responsibly so as not to fall further into debt.
How the Milestone Credit Card Works
1. Approval Odds and Pre-Approval Process
The card also has a credit card prequalification process if you compare cards, which won’t affect your credit score.
Most applicants who fit within basic credit and income requirements and those with post-bankruptcy histories can be approved. A few users have gotten $700 pre-approval credit card offers.
2. Credit-Building Mechanics
Milestone Mastercard is perfect for increasing credit score when used responsibly, so it sounds like it is for people looking to rebuild, recover, or improve their credit history. By responsibly using the card, such as making payments by the due date and using a small amount of the credit limit, cardholders can show that they are acting responsibly and change their credit history.
- Make on-time payments monthly.
- Keep their milestone card credit limit utilisation ratio under 30%.
These habits are key to improving your credit over time.
Activation Steps
Once approved, activating your Milestone Credit Card is simple:
- Visit the official Milestone activation page or call Milestone credit card customer service.
- Follow the instructions to complete your application for activation.
Eligibility for Milestone Credit Card
Who Qualifies?
The Milestone Credit Card is geared toward individuals with:
- Poor or no credit history.
- A history of financial challenges, including past bankruptcies.
This makes it ideal for credit rebuilders looking for unsecured options.
Application Process
Here’s how to apply for a milestone credit card:
- Pre-Qualify: Start by completing an online milestone credit card application to determine eligibility.
- Submit Application: Provide essential details, including your income, SSN, and physical address.
- Approval Notification: You’ll receive a decision shortly after submission.
What to Expect Next
After submitting your application:
- Use the milestone credit card status portal to track your progress.
- If approved, your physical card will arrive within 7–10 business days.
Managing Your Account
Online Login and Payments: Keep everything in pace with Milestone’s online dashboard. It’s an easy way to follow your progress and stay active online, with convenient access to all the tools you need to succeed in one place.
- Log in at milestone.myfinanceservice.com to view your account.
- Pay my milestone credit card bill easily through the dashboard.
Setting Up Autopay: Activate autopay and alerts to ensure your payment is never missed.
Increasing Your Credit Limit: The card offers limited flexibility to increase the credit limit. However, responsible usage may eventually qualify you for better cards.
Cash Advances: While the card offers cash advance features, high fees make it less ideal.
