The milestonegoldcard.com credit card is offered by the Milestone company and issued by the Bank of Missouri. It's marketed as a good card for people with less-than-perfect credit or people that have no credit history. All things considered, this is an accurate statement.
The Milestone Gold Card offers a card with a mix of pros and cons. It has a high APR but a low annual fee and no additional monthly, maintenance, or setup fees. This is an unsecured credit card with a set credit limit. Though low, it's higher than some other cards with the same credit requirements and much higher annual fees. To learn why the Milestone Gold Card could be better than it might seem at first glance, consider reading the full review below.
The Milestone Gold MasterCard is a credit card marketed to people that need to establish credit. If you have no credit history at all, the choices you have when it comes to beginner credit cards are slim. The Milestone Gold Card isn't the worst choice and it may be one of the far better choices if you're dead-set on having an unsecured credit card.
In addition to people with no credit history, the Milestone Gold MasterCard can work well as a limited credit rebuilding tool. IT does have a strict credit line of just $300, but if your score is below 600 or in the very early 600s and you have no other credit cards, the Milestone Gold MasterCard could fill the gap and help you re-establish a positive credit profile.
This is a card marketed to people who are just beginning to establish credit or who are rebuilding credit. As such, this card does not allow balance transfers and there is no APR for balance transfers.
The APR for purchases made with the Milestone Gold Card is a variable rate. This means there is a set margin added to the current Prime Rate. At present, this results in an APR for purchases of 24.9% for all cardmembers.
The APR for cash advances made with the Milestone Gold Card is non-variable and set at a maximum of 29.9%. 29.9% is also the maximum penalty APR. This penalty APR applies when any late payments are made for any reason. The rate for milestonegoldcard.com may apply indefinitely or at least until 6 months have passed with no additional late payments.
The maximum credit limit for the Milestone Gold Card is $300. This is also the minimum and starting limit for the Milestone Gold Card. No matter how long you keep the card or how good your credit score gets, this limit will not change.
- Annual Fee – There is an annual fee of $35 each year for the Milestone Gold MasterCard.
- Cash Advance Fee – The cash advance fee for the Milestone Gold MasterCard is waived for the first year after account opening. After the first year is up, the cash advance fee for cash advances made with the Milestone Gold Card is the greater of $5 or 5% of the cash advance.
- Foreign Transaction Fee – The foreign transaction fee for foreign purchases and ATM withdrawals made with the Milestone Gold Card is only 1% of the total transaction.
- Late Payment Fee – There is a late payment fee of $40 for all late payments made to the Milestone Gold Card.
- Return Payment Fee - There is a return payment fee of $40 for all returned payments made to the Milestone Gold Card.
- Authorized User Fees – There are no authorized user fees for the Milestone Gold Card, though there are strict authorized user restrictions.
- Balance Transfer Fee – There is no balance transfer fee for the Milestone Gold Card as balance transfers are prohibited.
- Overlimit Fee – There is an overlimit fee of $40 that will apply each billing cycle that your total card balance exceeds your credit line of $300.
There is no rewards program with the Milestone Gold Card. This is not unique to just this type of credit card (www.milestonegoldcard.com), but all types of credit cards catering to those with bad credit. However, you will get the benefits of MasterCard Gold credit cards as well as fraud protection. While these are not unique benefits, they're better than what some cards offer and could help you safeguard your newly-established positive credit profile.
Pros – Advantages of the Milestone Gold Credit Card
The Milestone Gold Card has more pros than many credit-building cards do.
- Low Annual Fee – The Milestone Gold MasterCard has a much lower fee than many other credit cards marketed toward those with bad credit or no credit. Not only that, but the Milestone Gold Card has no maintenance or application fees and it happens to be an unsecured card. This may be one of the most cost-effective cards you could have when it comes to rebuilding credit with a conventional credit card.
- Flat Rate APR, Fees, and Credit Limit – A lot about the Milestone Gold Card is very clear. They have no hidden fees or policies that might make cardmembers frustrated.
- Permissive Approval Requirements – This is a credit card that accepts and approves applicants with bad credit. Scores less than 600 are approved frequently and there is a simple online tool to check pre-approval and that will not damage your credit score.
- Surprisingly Low Foreign Transaction Fee – Not only does the Milestone Gold Card allow foreign transactions to be made with this credit card, the fee is only 1% of the transaction total.
Cons – Disadvantages of the Milestone Gold Credit Card
There are a few less-than-advantageous things to note about the Milestone Gold Card before you apply.
- Small Credit Limit – The set credit limit for the Milestone Gold Card is $300.
- High APR – The APR for the Milestone Gold Card is on the higher end, though as a card given out to almost anyone, that should be expected.
The Milestone Gold MasterCard is a near-perfect card for its intended use. This card can be used to easily establish or build credit. It's available to most applicants with very permissive credit score and credit history requirements.
However, anyone applying for this card should treat it as a tool, not a standard credit card. With high APR which is somewhat hidden at milestonegoldcard.com, a balance should never be carried on this card. With a low $300 credit limit, it's important to realize this card won't be an option to pay emergency expenses. With these few things in mind, the Milestone Gold Card still makes an excellent, cost-effective tool for building or rebuilding credit.