Can I Get Cash Back on My Milestone Card?

The Milestone Gold Mastercard and Milestone Platinum Mastercard from Credit One Bank offer the ability to earn cash back rewards on your purchases. But how exactly does the cash back work, and how can you make sure you maximize this valuable perk as a Milestone cardholder?

In this comprehensive guide, we’ll cover everything you need to know about getting and redeeming cash back rewards with Milestone cards, including:

  • How Milestone card cash back rewards work
  • Cash back earning rates and bonuses
  • Important considerations and limitations
  • Tips to maximize your cash back earnings
  • The redemption process step-by-step
  • Cash back redemption best practices
  • Alternative redemption options beyond cash
  • Comparisons to other card rewards programs
  • Strategies to optimize rewards value long-term

Let’s dive into the full details on how to earn and use lucrative cash back with your Milestone credit card.

How Milestone Card Cash Back Rewards Work?

Milestone cards allow cardholders to earn cash back as a percentage on purchases:

  • Earn 1% or 1.5% back on all eligible purchases
  • Extra bonuses in categories like dining or gas
  • Cash back is tracked as redeemable rewards
  • Rewards can be redeemed for cash deposit, statement credit or other options
  • No limit on total potential cash back earnings

It’s a simple and automatic way to get monetary rewards just for using your card on your regular spending.

Milestone Cash Back Earning Rates and Bonuses

Here are the standard ongoing cash back rates with Milestone cards:

  • Milestone Gold: 1% back per $1 spent on all purchases
  • Milestone Platinum: 1.5% back per $1 spent on all purchases

Higher-end Milestone cards may offer category bonuses like:

  • 3% back on dining purchases
  • 2% back at gas stations
  • 5% back on select rotating categories each quarter

New cardholders may also qualify for special intro bonuses for a limited time, like $100 back after $500 spend in 90 days.

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Important Considerations and Limitations

A few important cash back rules and limitations to note:

  • Rewards are redeemable only after they appear on a statement
  • Cash advances and balance transfers don’t earn rewards
  • There may be a cap on total rewards earned annually
  • Only the primary cardholder can redeem rewards
  • Rewards don’t expire but accounts must remain active

Make sure to review the full rewards program terms for other important conditions before applying. Now let’s discuss how to maximize earnings.

Tips to Maximize Your Milestone Cash Back Rewards

Follow these tips to optimize cash back rewards with your Milestone card:

  • Activate bonus category offers to earn extra when you spend on eligible purchases
  • Use your card for all eligible purchases to accumulate rewards faster
  • Make large purchases and recurring payments like insurance with your card when possible
  • Pay your card balance in full each month to avoid interest fees eating into rewards
  • Refer friends and family and earn bonuses when they get approved
  • Check your statement to ensure rewards are tracking as expected
  • Contact the issuer if you notice any missing or incorrect rewards

Taking advantage of all available rewards opportunities ensures you maximize your cash back earnings over time.

How to Redeem Milestone Credit Card Cash Back Rewards?

When ready to use your earned Milestone rewards, you can redeem in a few ways:

  1. Log in online or via mobile app to access your rewards dashboard
  2. Select the “Redeem Rewards” option
  3. Choose your preferred redemption (statement credit, deposit, etc)
  4. Confirm the dollar amount requested and payment details
  5. Complete any required identification verification
  6. Process the redemption request
  7. Allow up to 2 weeks for rewards to post to your account

Be sure to only redeem amounts that have already appeared on a statement to avoid issues.

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Cash Back Redemption Tips and Best Practices

To maximize the value of your rewards redemptions:

  • Redeem lump sum amounts instead of small increments to minimize fees
  • Time redemptions smartly for when you have major purchases or expenses coming up
  • Redeem strategically – don’t cash out everything as soon as it appears if close to reaching a bonus threshold
  • Check for redemption minimums before cashing out small balances
  • Log in frequently to monitor your pending rewards balance
  • Don’t close your account or let it become inactive before redeeming rewards
  • Review redemption terms closely – some rewards expire if not used within a certain timeframe

Planning your redemptions wisely helps you gain maximum value from your accumulated cash back.

Cash Back Alternatives Beyond Cash Redemption

Instead of redeeming Milestone rewards for cash, you may have other options like:

  • Statement credits to save on your next bill
  • Pay with points for purchases and get cash back on redeemed rewards
  • Gift cards for popular merchants to offset future shopping
  • Merchandise – electronics, home goods, jewelry, shopping gift cards
  • Travel – flights, hotels, car rentals, vacation packages
  • Mortgage or student loan rebates
  • Charitable donations to give to causes you support

Consider all redemption possibilities to identify the best options aligned with your goals and preferences.

How Milestone Cash Back Compares to Other Rewards Cards?

Milestone cash back earning potential is decent compared to other cards:

  • Flat 1-1.5% back is standard for no-fee cash back cards
  • 3-5% category bonuses are higher than many competing cards
  • No cap on total rewards earned is better than capped programs
  • Simple cash redemptions are more flexible than points
  • Offers a cash back alternative to premium travel rewards cards with high fees

For a no-annual-fee cash back option, Milestone cards provide solid rewards value compared to many competitors.

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Strategies to Get the Most Value Long-Term

To maximize ongoing value from Milestone cash back:

  • Use the highest multipliers first when working toward minimum spends
  • Combine category bonuses across multiple cards
  • Use bonus category alerts and track your highest spending categories
  • Pool rewards across authorized users on your account
  • Use cash back strategically to offset expensive purchases in high rewards categories
  • Redeem strategically timed with your statement cycle and largest expenses

With smart planning and habits, you can optimize Milestone rewards value over the long-run.

FAQs

Can I get cash back with my Milestone Card?

Typically, Milestone Cards do not offer cash back rewards as a standard feature. However, some variations of the card may have cash back options, but these are less common.

How can I redeem rewards with my Milestone Card?

If your Milestone Card offers rewards, you can usually redeem them through the issuer’s online portal or by calling customer service. Rewards options may include statement credits, gift cards, merchandise, or travel rewards.

Are there any fees associated with cash advances on my Milestone Card?

Yes, there are usually fees associated with cash advances on Milestone Cards. These fees can include a flat transaction fee or a percentage of the cash advance amount, in addition to higher interest rates compared to regular purchases.

Can I increase my credit limit with a Milestone Card?

Some Milestone Cards may offer opportunities to increase your credit limit over time with responsible card usage and timely payments. Contacting the issuer directly or checking for pre-qualification offers may provide insights into this possibility.

The Bottom Line

Milestone cards make it easy to earn unlimited cash back rewards just through your everyday purchasing. Follow best practices to maximize earnings potential and redemption value. Used wisely, the cash back perks can provide you with substantial monetary rewards.