Is Milestone Mastercard a Good Card? Evaluating the Benefits

If you have a low credit score and want to rebuild your credit history, you may have heard of the Milestone Mastercard.

This card is issued by The Bank of Missouri in partnership with Genesis FS Card Services and is designed for people who have less than perfect credit.

But is Milestone Mastercard a good card and what are the benefits of using it? In this blog post, we will evaluate the benefits of the Milestone Mastercard and help you decide if it is a good choice for you.

What is the Milestone Mastercard?

The Milestone Mastercard is a credit card that can be used anywhere Mastercard is accepted. The card has a $300 credit limit and an annual fee that ranges from $35 to $99, depending on your creditworthiness. The card also has a $0 fraud liability protection, which means you are not responsible for any unauthorized charges on your account.

The Milestone Mastercard has some advantages over other credit cards for people with bad credit, such as:

  • It does not require a security deposit or a minimum balance.
  • It reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which can help you improve your credit score over time if you use the card responsibly.
  • It offers online account access, where you can view your statements, make payments, and manage your account settings.
  • It has a 24/7 customer service, where you can contact a representative by phone, email, or chat.

However, the Milestone Mastercard also has some drawbacks that you should be aware of, such as:

  • It has a high annual percentage rate (APR) of 24.9%, which means you will pay a lot of interest if you carry a balance on your card.
  • It has a high late payment fee of up to $40, which means you will pay a penalty if you miss a payment or pay after the due date.
  • It has a high foreign transaction fee of 1%, which means you will pay an extra charge if you use the card outside the US.
  • It does not offer any rewards, cash back, or other perks that some other credit cards offer.

Therefore, you should weigh the pros and cons of the Milestone Mastercard before applying and use it wisely if you get approved.

What are the benefits of the Milestone Mastercard?

The Milestone Mastercard can offer you some benefits if you use it properly and responsibly. Here are some of the benefits that you can enjoy with the Milestone Mastercard:

Easy application and approval process

The Milestone Mastercard has an easy and fast application and approval process. You can apply online at www.mymilestonecard.com by filling out a simple form with your personal information, such as name, address, email, phone number, date of birth, and social security number. You will also need to provide your monthly income and housing information.

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You will receive an instant decision on whether you are pre-qualified or not. If you are pre-qualified, you will be presented with an offer that shows your annual fee, APR, and credit limit. You can either accept or decline the offer.

If you accept the offer, you will need to complete the final application by providing some additional information, such as your bank account number and routing number. You will also need to verify your identity by answering some security questions.

Once you submit the final application, you will receive a confirmation email with your account number and other details. You can expect to receive your card in the mail within 14 days.

The whole process should take no more than 15 minutes and will not affect your credit score unless you accept the offer. However, you should only apply if you are sure you want the card and can afford the fees and interest.

Credit building opportunity

The Milestone Mastercard can help you build or rebuild your credit history and score if you use it responsibly. The card reports to all three major credit bureaus every month, which means your payment history, credit utilization, and other credit factors will be reflected on your credit report.

Your credit score is a numerical representation of your creditworthiness, based on your credit history and behavior. It ranges from 300 to 850, with higher scores indicating lower risk. Your credit score affects your ability to get approved for loans, mortgages, insurance, and other financial products. It also affects the interest rates and fees that you pay on your credit cards and other debts.

To improve your credit score with the Milestone Mastercard, you should follow these tips:

  • Pay your bill on time and in full every month. Your payment history is the most important factor that affects your credit score, as it shows your ability and willingness to repay your debts. If you pay your bill on time and in full every month, you will establish a positive payment history and boost your credit score. If you miss a payment or pay late, you will incur a late payment fee and hurt your credit score.
  • Keep your credit utilization low. Your credit utilization is the percentage of your available credit that you use. For example, if you have a $300 credit limit and you spend $150 on your card, your credit utilization is 50%. Your credit utilization is the second most important factor that affects your credit score, as it shows your ability to manage your debt. The lower your credit utilization, the better your credit score. Generally, you should aim to keep your credit utilization below 30% to avoid hurting your credit score.
  • Monitor your credit report and score. You should regularly check your credit report and score to track your progress and identify any errors or discrepancies. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year at www.annualcreditreport.com. You can also get a free credit score from various sources, such as www.creditkarma.com or www.credit.com. You should review your credit report and score and report any errors or unauthorized charges to the credit bureaus and the card issuer as soon as possible.
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By following these tips, you can improve your credit score with the Milestone Mastercard and enjoy the benefits of having a good credit history.

Flexible payment options

The Milestone Mastercard offers you flexible payment options that suit your preferences and convenience. You can pay your bill online, by phone, by mail, or by using the MoneyGram service. Here are the details of each payment option:

  • Online payment. You can pay your bill online by logging in to your account at www.mymilestonecard.com and clicking on the Make a Payment button. You can choose to pay the minimum payment, the statement balance, the current balance, or a custom amount. You can also choose to pay from your checking or savings account. You can schedule your payment up to 30 days in advance or set up recurring payments. Online payments are free and convenient, but you should make sure you have enough funds in your bank account to avoid overdraft fees or returned payments.
  • Phone payment. You can pay your bill by phone by calling the customer service number at 1-866-453-2636 and following the prompts. You can choose to pay the minimum payment, the statement balance, the current balance, or a custom amount. You can also choose to pay from your checking or savings account. Phone payments are free and easy, but you should have your card number, your bank account number, and your routing number handy when you call.
  • Mail payment. You can pay your bill by mail by sending a check or a money order to the address on your statement or on the back of your card. You should write your card number on the check or money order and include the payment coupon from your statement. You should also allow enough time for your payment to reach the issuer and be processed, usually at least seven days before the due date. Mail payments are free and secure, but they are slow and unreliable.
  • MoneyGram payment. You can pay your bill by using the MoneyGram service, which is available at various locations, such as Walmart, CVS, or 7-Eleven. You can find the nearest MoneyGram location at www.moneygram.com or by calling 1-800-926-9400. You should bring your card, your payment amount, and the MoneyGram receive code, which is 6267. You should also bring a valid ID and a fee, which varies depending on the location and the payment amount. MoneyGram payments are fast and convenient, but they are expensive and require you to visit a physical location.
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You should choose the payment option that works best for you and your budget. You should also pay your bill at least seven days before the due date to ensure it is processed on time and avoid late fees and interest charges.

FAQs

What makes Milestone Mastercard stand out among other credit card options?

Milestone Mastercard offers unique benefits tailored to individuals with less-than-perfect credit scores. Its approval process considers various factors beyond just credit history, providing opportunities for those looking to rebuild or establish credit.

What are the primary benefits of the Milestone Mastercard?

The Milestone Mastercard offers benefits such as access to credit-building tools, customizable payment options, and the opportunity to increase credit limits over time with responsible card usage.

How does the Milestone Mastercard help improve credit scores?

By reporting cardholder activity to major credit bureaus, the Milestone Mastercard provides a platform for individuals to demonstrate responsible credit management. Timely payments and prudent credit utilization can positively impact credit scores over time.

Are there any rewards or perks associated with the Milestone Mastercard?

While the Milestone Mastercard may not offer traditional rewards programs commonly found in other credit cards, its primary focus lies in assisting cardholders with credit rebuilding efforts. However, the card may offer occasional promotions or benefits depending on the issuer’s discretion.

How can I apply for a Milestone Mastercard, and what are the approval criteria?

Interested individuals can apply for a Milestone Mastercard online through the issuer’s website. Approval criteria typically consider factors such as income, employment status, and credit history. While the Milestone Mastercard is designed for those with less-than-perfect credit, approval is not guaranteed and is subject to review.

Conclusion

The Milestone Mastercard is a credit card that can help you improve your credit score and offer you flexible payment options.

However, it also has high fees and interest rates and a low credit limit that you should be aware of. Therefore, you should weigh the pros and cons of the Milestone Mastercard before applying and use it wisely if you get approved.

By following the tips and guidelines we outlined in this blog post, you can evaluate the benefits of the Milestone Mastercard and decide if it is a good choice for you. We hope this article was helpful and informative. If you have any questions or comments