Milestone credit card: is it the solution for bad credit?

The Milestone credit card is a viable option for those with a bad credit history as it helps you to rebuild your score.

Even if you have a negative credit history, you will be approved for this is card. The key is to use it responsibly.

So, we’re doing a full review on that card. Is it really worth it? Let’s check it out!

1. Milestone credit card: how it works
2. Features
3. How to apply for the Milestone credit card

Milestone Credit Card how it works

He is designed, as mentioned, for those with no and even negative credit history.

Therefore, you can expect a higher APR (annual interest) and not many perks, but sure is a way to get your foot back on the credit system.

This credit card is issued by the Bank of Missouri and carries the Mastercard brand, and there’s no security deposit required.

So, different from most “bad credit credit cards” which require a security deposit, you’ll get a credit limit that will get higher month after month, considering you’re using it responsibly.

By that, we mean that it’s important to avoid getting late on your bills to keep a good record, increase your score and credit line.

Features

So, let’s check out what this credit card has to offer:

Annual Fee

The Milestone Mastercard has an annual fee of $75 for the first year, which will be charged on your first billing cycle. After the first year, the annual fee is $99.

Interests and Penalty

As mentioned before, this is a high APR credit card and that’s why it’s very important to not get late on your payments.

There’s a 29.90% APR penalty, and a $40 for late payments, so always pay it on time!

Credit Limit

As most “bad credit” credit cards, you may expect a low credit limit. Initial credit lines start at $300, but you can increase it by having your bills paid on time.

Is it worth it?

Here’s what to consider:

On the good side, approval is easier for those with bad credit, and there’s no security deposit required. Besides, there are the Mastercard Gold benefits (points rewards).

Also, it helps you build your credit up, as it reports your payments for the main credit bureaus.

On the other hand, however, the initial limit is quite low, especially considering that the first annual fee will be deducted right on the first billing cycle, making it lower.

Moreover, the APR and late payment fees are very high, so you must be very responsible with it.

How to apply for the Milestone Mastercard credit card

Pre-qualification for the Milestone credit card can be done online and it will not impact your credit score.

We have a quick step-by-step to the pre-qualification and application process, to check it out, just click on the button below!