The Milestone Gold Mastercard is primarily for people who have low credit scores and cannot get approval for other credit cards. Therefore, it reports to all three major credit scoring agencies, allowing you to improve your financial reputation eventually.
This means that anyone in this situation, including those who don’t have any credit cards, may find this offer attractive and apply for one. But it takes the card to charge higher interest rates to offset the risks of creditors with a low reputation.
If you think Milestone Gold Mastercard, here’s how to apply for yours and more information about the card.
Milestone Gold Mastercard: all the main benefits
As stated earlier, the main purpose of Milestone Gold Mastercard is to enable its users to improve their credit score. As such, it doesn’t offer many benefits other than that.
Check out some more benefits that Milestone Gold Mastercard can offer:
- It does not require an initial deposit to get the credit card approved.
- Reports to the top three US reporting agencies.
- It does not use your credit score as a criteria for card approval.
If you want a credit card that offers a rewards and cashback program, the Milestone Gold Mastercard is not the best option as it only works to get its users to have a credit card and start building their financial history.
Is it necessary to make a security deposit for this card?
For security reasons, most credit cards designed especially for people with low credit scores require an initial deposit as a guarantee. These deposits generally require a deposit amount equal to the threshold amount. This means that the higher the limit, the higher the deposit required.
MILESTONE GOLD MASTERCARD
PRE-APPROVED SIMPLE AND FAST PROCESSHowever, this is not required on Milestone Gold Mastercard, which is already pre-approved for everyone. The downside is the high interest rate you may be charged if your score is too low.
If you want to know if you are pre-approved to purchase your Milestone Gold Mastercard, just go to the Milestone website for your answer. The program will do a quick credit check without damaging your score.
So, make your inquiry on the website and check the credit card terms before making your decision and applying for yours.
Who can qualify for Milestone Gold Mastercard?
The Milestone Gold Mastercard accepts people with low credit scores, with points between 300 and 579, as long as they show proof of US residency and a social security number.
APRs and fees for Milestone Gold Mastercard
One of the main disadvantages of the Milestone Gold Mastercard is the higher interest rates than those found on other cards. As a card aimed at people with low credit scores, these high fees are to be expected. The fixed standard APR is 24.9%.
Due to its high interest rates, we do not recommend that you keep a balance with Milestone Gold Mastercard. So spend only the amount you can spend to make the payment on time every month, avoiding the accumulation of interest and even more debt.
Plan your spending smartly and pay your balance in full on the correct date every time, improving your credit score even more.
Also, other interest rates may vary based on your credit score. Cardholders with a better score may have to pay an annual fee of $35, while people with lower scores may pay up to $99 a year. The fee charged for foreign transactions is 1%, which is lower than the 3% commonly found on other cards.
It is worth reinforcing to avoid any delay in your payments. Paying your balance late can result in a 29.9% fine APR.
Among other fees we have:
- $40 late payment fee;
- Fee for returned payments;
- Excessive credit limit rate.
Fraud protection and security
Mastercard also offers some security policies that give you peace of mind when you make your purchases.
In cases of theft or fraud, there is a zero liability clause, that is, you do not have to pay debts that were not made by you.
People who have been victims of theft tend to consider this type of benefit for the extra security it provides. In addition, Mastercard offers free identity theft monitoring, allowing you to quickly identify if you have been a victim of a scam.
What is the starting credit limit for the Milestone Gold Mastercard?
Milestone Gold Mastercard’s initial limit can be considered a disadvantage as it is too low. In general, the default limit for this credit card is $300, which is already less than many other credit card options. In addition, an annual fee of $35 is deducted from your limit.
How to apply for the Milestone Gold Mastercard?
Applying for the Milestone Gold Mastercard is quite easy. The first step is to find out if you are pre-approved on the Milestone website. After this verification, the finance company may ask for some more information, such as your home address and other personal information, as well as generate a brief credit check on your history.
In view of everything that has been exposed in the post, all you have to do is decide if the Milestone Gold Mastercard is right for you and if it meets your needs and request yours.
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