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Milestone ® Mastercard ® Review

Dena Standley | November 02, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: The Milestone ® Mastercard ® credit card may be easily accessible to consumers with non-existent or bad credit. However, it has a low credit limit, a high annual fee, and no rewards.

Genesis Financial Solutions Card Services, Inc. —the servicers of Milestone ® Mastercard—market it as a second chance for 'non-prime' consumers to rebuild their credit. In other words, the credit card is supposed to offer a stepping stone for the following sets of people to build or rebuild their credit:

  • College students with zero or minimal credit history
  • Consumers with below-average credit scores
  • Consumers who do not want a hard inquiry on their credit

Milestone ® is an unsecured card, which makes it further appealing to consumers without cash to insure the new credit line.

Pre-approval is possible for almost all interested consumers. But, as with all credit lines, there is a catch. This review by SoloSuit provides an in-depth discussion of the pros and cons of Milestone ® so you can decide wisely.

What are the pros of opening a Milestone ® Mastercard ® account?

Aside from being able to spend money you do not have on hand, the Milestone ® Mastercard ® has a handful of benefits.

  • No security deposit required: As mentioned, Milestone ® is an unsecured credit card. So you do not have to deposit money with the provider pending approval.
  • Bad credit is okay: Consumers with less than a 630 credit score qualify for Milestone ®.
  • No hard inquiries during pre-qualification: The company conducts a soft pull on your recent credit to pre-qualify you. Your credit score is not affected, as is typical when shopping for new credit lines.
  • Milestone ® reports to the three credit reporting agencies: A positive remark to the major credit bureaus gives users a unique opportunity to raise their scores.

What are the drawbacks of Milestone ® Mastercard ®

Paying attention to any product's disadvantages is always wise because the seller rarely shines any light on them. For Milestone ®, this is even more crucial because most of these cons are in the fine print.

Milestone ® Mastercard ® charges high annual membership fees

The Milestone ® Mastercard has three variants. Unfortunately, you won't know which one you qualify for until approved. The lowest annual fee is $35, and the highest is $99. The third option is $59 a year. If you qualify for the $99 variant, you have a first-year offer of a $75 fee and then $99 for subsequent years.

This fee is taken directly from your credit limit. So, if you start at Milestone's beginner limit of $300, you would have at most $265. That amount significantly drops if you qualify for the more expensive credit card versions.

The Milestone ® credit card -$700 limit attracts a first-year annual fee of $175 and $49 afterward. That leaves new holders with just $525 to spend on the card.

Milestone ® Mastercard ® has a high APR

Most consumers who sign up for Milestone are already struggling financially, yet the interest rate is steep. Moreover, there is no standard APR, and you can only hope your terms will be favorable.

Consumers have reported interest rates as high as 24.90%. And if you are late on payments, you may incur an additional 40% fee. The cash advance APR is also high at between 35 and 41%.

No rewards with Milestone ® Mastercard ®

No matter how responsible you are, there are no rewards for using Milestone—unlike many other credit cards.

There is no introductory APR

Some credit cards offer much lower or 0% APRs to new customers. Milestone ® does not.

No balance transfer option

If you are in debt and are looking for a credit card where you can transfer the balance, Milestone is not it.

You cannot increase your credit limit

Milestone does not offer an increase in credit limit. If you qualify for the $700 credit card, that remains your limit for life.

The low credit limit can destroy your credit score

You should use a maximum of 30% of your monthly credit limit and pay back before the due date for a credit card to improve your credit score. With a $265 or less limit, it can be challenging to keep up, and you could further lower your credit score.

Related: 6 Reasons Your Credit Score Isn't Going Up.

SoloSuit's verdict on Milestone ® Mastercard ®

Even with the attractive benefits Milestone ® Mastercard ® offers, the three drawbacks you need to consider keenly before using their services are:

  • They are expensive both in fees and APR
  • The credit limit is relatively low to help you grow your score
  • You are stuck at the same credit limit for life

Here is an example of a complaint from a frustrated consumer on their Better Business Bureau Profile:

“I was approved for a Milestone credit card. I waited a lot longer than the time I was told it would arrive. It never did. So I would call to find out where my card was. They didn't get my mailing address right, and we fixed it. I waited even longer for the card. It never came. But they charged me $75 for the card and reported that I owe them for this card. It states I'm using the card, but I never received it. I got it today, and they told me they blocked my card and that I needed to wait for their response. They even lowered my credit score. Now, they closed my account, that I never opened, and it is reported on my credit.”

Before you sign up for a Milestone ® Mastercard ®, be sure you understand the terms and conditions and know if it is a good fit for you. And if you get it, remember to make payments to prevent ruining your credit.

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