Milestone Gold Mastercard Review

By: Heather Hanks Oct. 24, 2019

Your credit card choices are limited when you have less than perfect credit. You might qualify for a credit card, but it will be a basic card with no benefits. The Milestone Gold Mastercard allows you to enjoy all the benefits of a Gold card even if you have bad credit. You’ll get Mastercard Gold benefits, free online account access 24/7, and card chip technology. Plus, you can prequalify with no impact to your credit history. You’ll also get to pick your own card design without additional cost.

As a Milestone Gold Mastercard member, your activity is reported to the three major credit reporting bureaus. This can help you boost your credit profile if you use it responsibly. You might not have heard of them, but Genesis Financial Solutions has been in business for over 12 years. Here is everything you need to know about the Milestone Gold Mastercard and how you can use it to boost your credit profile.

What is the Milestone Gold Mastercard?

The Milestone Gold Mastercard is brought to you by Milestone. If you’ve never heard of them before, here’s a little background. The company has been serving customers in the United States for 12 years. They believe in delivering you a straightforward opportunity to build your credit even if you have damaged credit. They allow you to build and manage your credit so that you can meet your daily needs without hassle. The card is issued by The Bank of Missouri, which is a well-established bank that is FDIC insured and was founded in 1891. The company partnered with Genesis FS Card Services and serves accounts throughout North America.

The Milestone Gold Mastercard allows you access to credit monitoring. It also protects you from identity theft. The card comes with an annual fee of $35 to $75 for the first year and a credit limit of $300, based on your current credit history. During your second year, your annual fee may increase to $99. The card is unsecured, which means that you don’t need to put down collateral to secure this card. Your APR might be higher than normal, but this is to be expected if you have bad credit. Most lenders won't even work with you if you have bad credit because you’ll be seen as too much of a risk! For this reason, the Milestone Gold Mastercard is one of the best unsecured credit cards for bad credit.

Here is some basic information about the card:

Annual fee of $35 to $75 for the first year; the second year can be as high as $99 depending on your credit history

Credit limit is $300 to help you stay on track with your payments without overspending

Ongoing APR is 24.9% but may increase to 29.9% after a missed payment and will go back to the original APR after several on time payments.

25 day grace period for making payments interest free

Late payment fees and overlimit fees are up to $40 each

Annual fee is refundable if you cancel your account and do not make any charges to your card

No minimum credit score is needed to apply (you can get approved if you have bad credit)

The card reports activity to the three major credit bureaus to help boost your credit profile

Cash advance fee is $0 the first year and then $5 or 5% of the amount after that

Cash advance APR is 29.9%

Foreign transaction fee is 1% of amount

One-time $25 fee for signing up

How Does Milestone Gold Mastercard Work?

You can’t boost your credit without an opportunity to practice good habits. But most companies won’t approve you with bad credit. This makes it hard to improve damaged credit. The Milestone Gold Mastercard is a great tool to use if you want to boost your credit. Milestone will lend to you even if you have bad credit. They set a relatively low credit limit of $300 to help you stay on track and make timely payments without overspending.

Each time you pay on time, your activity is reported to the three credit reporting agencies. This information goes on your credit report and could boost your credit profile. There is a one-time sign up fee of $20 and then an annual fee of around $50 to open an account. But if you make timely payments for one year, then you should start to see improvements on your credit report and can cancel your card to avoid increasing fees.

The terms and conditions for the Milestone Gold Mastercard may vary depending on your credit history. In most cases, the better your credit profile is, the better your rates will be. You can fill out the prequalification information to see what your terms and conditions will be like before you apply. Doing so will not negatively impact your credit history. However, remember that being prequalified does not mean you are guaranteed to be approved or are guaranteed to receive specific rates. According to the website, Milestone uses an average daily balance to determine your balance. You can learn more about this in your cardholder agreement.

The following is a breakdown of all four different APR and annual fee possibilities.

$25 account opening fee and 24.9% APR with a $50 annual fee the first year and $99 annual fee for every year after

$35 annual fee with 24.9% APR

$59 annual fee with 24.9% APR

$75 annual fee the first year and $99 after that with 24.9% APR

What Does Milestone Gold Mastercard Offer?

If you’re lucky enough to qualify for a credit card with bad credit, then you can expect it to be a bare bones card with not much to offer. The Milestone Gold Mastercard is different. It offers unique features that won’t leave you feeling like you’re being punished while trying to rebuild your credit. The fees are relatively low and aren’t that much higher than a credit card that you would get with good credit.

The card sets you up for success by allowing you to apply with bad credit and then extending you low credit limits. This helps you stay on track so you don’t overspend. They also report your credit activity to the three major credit reporting agencies to boost your credit. Some lenders only report to one or two. Reporting the same information to all three agencies means that your credit report will match no matter where you pull it from. We like that this feature sets you up for consistency.

Here are some key features that the Milestone Gold Mastercard offers:

APR rates that aren’t that much higher than credit cards meant for those with good credit

Unsecured credit, which means that you don’t have to put down collateral to secure the card

Your activity will be reported to all three major credit reporting bureaus

You can get approved with bad credit

Security features such as a chip and PIN assigned

Pick your own card design for free

Low credit limits to help you get back on track

Get in touch with customer service 24/7

You can get prequalified without an inquiry showing up on your report

With the Milestone Gold Mastercard, you’ll save the most money within the first year. Your annual feel tends to go up the second year. Your APR also goes up for good if you miss one payment. For this reason, we recommend using it responsibly for at least a year to help build your credit. If you don’t rack up additional fees and make all payments in time, then you should see an increase in your credit score. We like that they offer affordable fees. Other companies charge monthly rates and have interest fees of more than 30%.

Milestone Gold Mastercard: PROS and CONS

Your options are pretty limited when it comes to picking out a credit card for bad credit. But that doesn’t mean you don’t have the right to shop around. The Milestone Gold Mastercard doesn’t guarantee approval to everyone who applies, but they welcome people with bad with open arms. We like that they offer affordable fees and APR rates compared to other credit cards for people with bad credit. You also get added security features and the option to pick your own card design for free. You can also contact customer service 24/7 with questions or log into your account online anytime of day or night. Here are some pros and cons of the Milestone Gold Mastercard.

Milestone Gold Mastercard PROS

  • APR and other fees are not that much higher than credit cards intended for people with good credit
  • There are four Annual fee packages that are based on your current credit profile
  • The website provides credit education to help you better understand credit and how it works
  • There is no cash advance fee for the first year (after that, the fee is $5 or 5% of the amount)
  • There is a $300 credit limit to help you make affordable payments and get back on track without overspending
  • The card is FDIC insured and the company has been in business for 12 years
  • There are no monthly fees and the foreign transaction fee of 1% is low
  • There is a 25 day grace period to make payments without interest
  • All activity is reported to the three major credit reporting agencies
  • You can use your card at 33 million locations in 210 countries
  • You can get prequalified within an inquiry on your credit report
  • There is no collateral required to secure your card
  • Security features include a PIN and a chip in your card
  • You can get approved if you have bad credit
  • You can sign into your account online 24/7
  • Customer service is available 24/7
  • You can pick out your card design for free

Milestone Gold Mastercard CONS

  • Depending on your credit profile, your annual fee and cash advance fee may increase your second year. Your APR will also increase for good if you have one missed payment. But we think this is good motivation to make timely payments for one year and then move on. Remember that this card is a stepping stone designed to help you build credit at an affordable rate. Once you get your credit back to where you want it, then you can apply for a card with more benefits and a higher credit limit.

How To Apply Milestone Gold Mastercard

The application process is pretty easy. Before you apply, we recommend that you get prequalified so that you have a better chance of being accepted. You can apply if you have bad. This makes it a good card if you’re just starting out or trying to recover from a damaged past. You need to be 18 years old to apply (19 in Alabama).

You can get prequalified by visiting the Milestone Gold Mastercard website and clicking on the “get the card now” tab at the top of the page. You’ll be asked to fill out a form that will help determine whether or not you’ll be approved based on your credit profile. Remember that this does not guarantee that you will be approved until you officially apply.

You’ll need to fill out the following information:

  • Your full name
  • Email address
  • Physical address
  • Social Security Number
  • Date of birth
  • Primary phone number

Then you’ll need to agree to consent to electronic disclosures. This means that you agree to have Milestone contact you via email. If you are prequalified, then you will still need to fill out an application before officially being accepted. Once accepted, your card should arrive within two weeks and you can log into your account to update your personal settings and password.

If you do not have to pay an opening fee, then your annual fee for the first year might be not more than $75. Your annual fee and other fees may vary from year to year. For this reason, it’s important to make sure you understand all terms and conditions of the card before signing on. The last thing you want is to be hit with a surprise fee a year into your membership that you weren’t aware of!

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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