The Milestone Gold Mastercard is primarily aimed at individuals with compromised credit scores. It offers a pathway to improve credit history but may not deliver many extra perks.
Here’s a closer look:
Milestone Gold Mastercard Overview:
While many credit cards flaunt numerous benefits, the Milestone Gold Mastercard mainly assists users in building or rebuilding their credit history. It’s ideal for those with tarnished credit records, and while the benefits might be limited compared to other cards, it offers a chance to improve financial standing. If you’re new to credit or seeking ways to restore your creditworthiness, it could be a contender, but it’s wise to explore all options before committing.
Key Features:
- Designed for those with poor credit ratings.
- Payments are reported to all three major credit bureaus, potentially aiding in credit score improvement over time.
- No security deposit required for approval.
- Soft inquiry ensures no negative impact on your existing credit score.
- Swift pre-qualification.
Potential Drawbacks:
- The card does not offer additional perks like cashback.
- Its primary function is to cater to individuals who might face challenges getting approved for mainstream credit cards.
Fees and Rates:
One downside is the high-interest rates and the various fees associated with the Milestone Gold Mastercard. With an APR of 24.9%, cardholders are advised not to maintain a balance. It’s essential to settle the full amount each month to avoid accruing high interest, which could counteract efforts to build credit. Depending on one’s credit score, annual fees can range from $35 to $99. While foreign transaction fees are relatively lower at 1%, late payments can incur substantial penalties.
Security and Protection:
Mastercard has implemented stringent security measures, ensuring peace of mind for cardholders. The zero-liability clause protects against unauthorized transactions in case of theft. Moreover, Mastercard provides complimentary identity theft monitoring, allowing users to detect potential fraud promptly.
Credit Limit and Application Process:
Starting with a modest credit limit of $300, bear in mind that any annual fee will be deducted from this amount. The application process is straightforward: prospective cardholders can check for pre-approval on the Milestone website. Though a pre-approval is not a guarantee, it initiates the next steps, which may involve a more detailed credit check.
In conclusion, the Milestone Gold Mastercard may be a suitable tool for some to rebuild credit, but it’s essential to be aware of its limitations and costs. It’s always a good practice to compare options and understand the terms before making a credit decision.
On credit card page
