Milestone Mastercard Review 2023 (Gold Mastercard Benefits)

This one’s for the credit-challenged folks—the Milestone Mastercard is an unsecured credit card that gives you a fair chance to build credit. 

Since you won’t have to worry about a security deposit, picking this credit card may seem like a no-brainer. 

But there are some drawbacks you must consider—

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Milestone Mastercard: Quick Glance

Full name: Milestone® Mastercard®

Best for: Building credit history without a security deposit

Issuer: The Bank of Missouri

Required credit score: Bad to fair credit (300–669)

What is the Milestone Mastercard?

The Milestone Mastercard is a credit card for folks with poor credit. 

Along with the Destiny and Indigo cards, it’s part of a lineup by Genesis Financial Solutions aimed at helping people rebuild credit. 

The Milestone card reports your monthly payments to all three major credit bureaus, which can help improve your credit score over time.

Unlike most cards for bad credit, you don’t need to put down a security deposit to start using the Milestone card. 

But there are a couple of downsides to consider— 

For instance, the initial credit limit is usually pretty low, and the card has high-interest rates. The Milestone card also has different annual fees depending on your situation. 

In other words, you’ll want to read the terms and conditions carefully to understand how the payment works.

How Does the Milestone Mastercard Work?

The Milestone Mastercard is a straightforward credit-building solution. You can check if you pre-qualify for it by going to the issuer’s website. 

This won’t affect your credit scores because it’s not a hard pull on your credit report. 

Depending on your credit history and income, you’ll be pre-approved for one of three versions of the Milestone Mastercard. 

Now, the only difference between these versions is the annual fees.

Here’s a quick breakdown:

• Milestone Mastercard 300: This one has an annual fee of $35.
• Milestone Mastercard 301: The first year, the annual fee is $75 ($99 after that).
• Milestone Mastercard 322: This version has an annual fee of $59.

Once you qualify for one of these cards, you’ll get all the key information about the credit line, annual fee, and other terms and conditions. 

If you’re happy with the offer, you can submit a formal application. 

Just keep in mind that this step triggers a hard inquiry on your credit report, and this can temporarily bring down your credit score.

Milestone Mastercard: Rating

Here’s our quick Milestone Mastercard review and overall rating:

Milestone Mastercard Fees

Here are all the key fees you should consider before getting your hands on the Milestone Mastercard:

Milestone Mastercard: Pros and Cons

Here’s a glance at all the pros and cons of getting this credit card:

Pros

Cons

Pros—What We Like

Qualify with bad credit

The Milestone Mastercard is designed for folks with challenging credit histories, and those who want to rebuild credit. That’s why you can apply for this card with bad credit.

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No security deposit

Traditional unsecured credit cards aren’t usually accessible for people with poor credit or no credit history. But the Milestone Mastercard takes a different approach by getting rid of security deposits altogether.

You’re granted a revolving line of credit without having to put down a security deposit—and an annual fee is deducted from your available credit. 

Both the credit limit and the annual fee are determined based on your creditworthiness.

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Reports to major credit bureaus

Milestone Mastercard reports your credit activity to all three major credit bureaus (TransUnion, Equifax, and Experian). 

So, if you use your card responsibly and make positive contributions to your credit, this card can help you build a credit history. 

Quick pre-qualification

To find out if you’re eligible for the Milestone Mastercard, head over to the issuer’s website and check if you pre-qualify. 

The cool part is that this won’t have any negative impact on your credit scores because it’s not considered a hard inquiry on your credit report. 

Cons—What to Consider

High annual fees

Like we said, the annual fee for the Milestone Mastercard depends on which level of card you qualify for: the Gold 300, 301, or 322.

• Milestone Gold Mastercard 300: The annual fee is $35. 
• Milestone Gold Mastercard 301: For the first year, the annual fee is $75. Then—from the second year onwards—it goes up to $99 per year.
• Milestone Gold Mastercard 322: The annual fee is $59. 

Low starting credit limit

When you get approved for a Milestone Mastercard, you’ll get a credit line of at least $700.

Other unsecured credit cards like the Petal 2 Visa card give you a maximum figure as high as $10,000.

No rewards or one-time offers

The Milestone Mastercard doesn’t provide rewards for spending and doesn’t offer a one-time bonus to new card members. 

While this is common for a card designed for bad credit, it’s an unusual omission for a card that charges annual fees.

Milestone Mastercard Comparison

Here’s how the Milestone Mastercard compares to similar credit cards:

Milestone Mastercard: Useful links

Milestone Unsecured Mastercard Online Reviews

Here are some Milestone Mastercard reviews from cardholders on the internet:

“Good for rebuilding credit provided you don’t maintain a balance and that you don’t go over the limit.”

“This is a good card for rebuilding your credit. Was easy to obtain and the online management helps me keep track of spending and payments.”

“Someone that wasn’t me and wasn’t even verified (I have proof) was able to call and report identity theft on my account causing my account to be closed. Customer service advised that I would need to get a new card and upload a copy of my ID.”

Is the Milestone Mastercard Good for Me?

You can get a Milestone Mastercard even if your credit is fair or poor. But this feature alone may not justify choosing this card over better options. 

This card comes with an annual fee of up to $99 per year, which is charged to the card and reduces your credit limit until it’s repaid. The credit limit can be as low as $300, and the exact amount of your limit is uncertain. 

You can consider the Milestone Mastercard as a short-term tool to establish your credit. 

You can also explore alternatives like the Petal 2 Visa card. This card is fee-free if you meet the qualifying criteria, and offers cashback on your everyday purchases.