How Much is the Milestone Card Fee?

The Milestone Gold Mastercard and Milestone Platinum Mastercard from Credit One Bank are popular credit cards that offer cash back rewards on purchases. When evaluating these cards, a common question that arises is – how much is the annual or monthly fee?

The good news is that Milestone cards come with no annual fee. However, there are some other fees to be aware of if you are considering applying for a Milestone credit card.

In this comprehensive guide, we’ll cover:

  • The lack of an annual fee for Milestone cards
  • Other common fees charged on Milestone cards
  • How Milestone fees compare to other credit cards
  • Tips for avoiding fees on your Milestone card
  • Alternatives to consider if Milestone fees are too high
  • Questions to ask about fees before applying
  • How to reduce or waive fees on your existing account

Let’s dive into the complete details on Milestone credit card fees so you know what to expect as a cardholder.

No Annual Fee for Milestone Cards

The biggest fee that cardholders watch out for is the annual fee. This is a yearly charge just to have the credit card, whether you use it or not.

Fortunately, neither the Milestone Gold Mastercard nor the Milestone Platinum Mastercard charges an annual fee.

This makes Milestone cards attractive compared to premium travel rewards cards that levy hefty annual fees of $95 to $550 or more. Avoiding annual fees with Milestone cards puts more money back in your pocket.

However, Milestone cards do have other common fees to be aware of.

Other Fees Charged on Milestone Credit Cards

While no annual fee is great, Milestone cards do charge certain other fees in many cases:

  • Balance transfer fee – Either $5 or 3% of the transfer amount
  • Cash advance fee – $5 or 8% of the cash withdrawal, whichever is greater
  • Foreign transaction fee – 3% of the transaction total
  • Late payment fee – Up to $39 per billing cycle
  • Returned payment fee – Up to $39 if your payment is declined
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Most credit cards charge similar fees, though rates can vary. It’s important to factor these into your total cost of use. Let’s see how Milestone compares.

How Milestone Credit Card Fees Compare?

In general, Milestone card fees are quite average and competitive for cards with no annual fee:

  • Balance transfer fees – Milestone’s 3% is right around average. Many cards charge 3-5%.
  • Cash advance fees – Milestone’s $5 or 8% fee is typical among major issuers.
  • Foreign transaction fees – Milestone’s 3% foreign fee is again standard. Great cards offer no foreign fees.
  • Late and returned fees – Milestone’s maximum $39 fees are industry norm. Some levy up to $50.

Across the board, Milestone fees are reasonable relative to other entry-level cash back cards. They aren’t the most competitive fees but are acceptable given the lack of an annual fee.

Now let’s look at ways to reduce or avoid these fees.

Tips to Avoid Fees on Milestone Credit Cards

To minimize fees when using your Milestone card:

  • Avoid cash advances – High fees make them very expensive. Use only in absolute emergencies.
  • Pay on time – Pay at least the minimum by the due date to avoid late fees. Set payment reminders.
  • Review statements carefully – Identify any errors or discrepancies before paying to avoid issues.
  • Don’t spend over limit – Track your spending to avoid over limit fees.
  • Know foreign transaction policies – Use a different no-foreign-fee card when traveling abroad if possible.
  • Don’t rush payments – Allow 5-7 days for payments to avoid late fees due to processing time. Consider autopay.
  • Avoid returned payments – Update your card if your account changes to prevent declines. Have backup payment methods.

With smart credit card habits, you can minimize or eliminate avoidable credit card fees. But for heavy usage, you may find lower-fee alternatives.

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Alternatives If Milestone Fees Are Too High

If you frequently carry balances or travel internationally, Milestone fee rates could become quite costly. Some alternatives to consider include:

  • No annual fee cards with lower rates for services you use frequently. Compare fee tables carefully.
  • Secured cards often have lower fees overall while building your credit.
  • Charge cards that must be paid in full each billing cycle have no late fees.
  • Debit cards have no interest fees or foreign transaction fees.
  • Prepaid expense cards aren’t technically credit but may carry fewer fees.
  • PayPal Mastercard removes foreign transaction fees on PayPal purchases.

For most Milestone cardholders, the fees are reasonable given the lack of an annual fee. But evaluate spending patterns and needs to choose the optimal fee structure.

Key Questions to Ask About Milestone Fees

Before applying for a Milestone credit card, make sure to inquire about:

  • Is there an annual fee? How much?
  • What are the fees for cash advances and balance transfers?
  • Will I be charged foreign transaction fees on international purchases?
  • What are the late fee and returned payment fee rates and limits?
  • Are there any conditions where fees may be waived? Which ones?
  • Do you report consumer fee reimbursement requests to the credit bureaus?
  • Can you provide fee schedules and disclosures in writing before I apply?
  • Do you proactively notify customers of upcoming or missed payments to help avoid fees?

Asking important questions upfront ensures you fully understand the Milestone fee structure before committing. It’s also key to know options for addressing fees if they do occur.

How to Reduce or Waive Fees on Your Milestone Account?

If you are incurred fees that seem unfair or are facing financial hardship, contact Credit One immediately to politely request:

  • A one-time courtesy fee waiver, especially for first-time offenses.
  • reversal of interest/late charges if you resolve issues promptly.
  • Input on avoiding fees going forward.
  • An alternative payment date if a due date causes issues.
  • Consideration of a temporary hardship program with fee relief.
  • Payment plans or settlements for customers having chronic issues or high balances.
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While not guaranteed, politely asking about ways to reduce harsh fees can sometimes get results if you communicate early and demonstrate good intentions going forward. Prioritizing on-time payments is also key to maintaining leeway.

FAQs

How much is the Milestone Card Fee?

The exact amount of the Milestone Card Fee varies depending on the cardholder’s creditworthiness, the specific card product, and any promotional offers at the time of application.

Are there any ways to avoid or minimize the Milestone Card Fee?

While it may not be possible to entirely avoid the fee, some cardholders may qualify for promotional offers that waive certain fees for a limited time. Additionally, maintaining good credit habits can potentially lead to better terms on future credit products.

How often is the Milestone Card Fee charged?

The fee structure for the Milestone Card is typically outlined in the cardholder agreement, with details on when and how often fees are assessed.

Can the Milestone Card Fee change over time?

Yes, the Milestone Card Fee may change periodically based on factors such as updates to the card’s terms and conditions, changes in regulatory requirements, or adjustments made by the card issuer.

The Bottom Line on Milestone Credit Card Fees

The lack of an annual fee on Milestone cards is excellent, but occasional fees for things like cash advances, balance transfers and late payments may still apply based on usage. Carefully evaluate your spending patterns and financial discipline when choosing cards. With prudent credit habits, Milestone cards offer a fee-friendly cash back option. But weigh alternatives if your usage patterns risk incurring many fees that outweigh rewards.