The Milestone Card is a type of financial product that provides a solution for people with bad credit to improve their credit history. We will cover all the information in this article, including preapproval, the sign-up/login process, and more.
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What is Milestone Credit Card?
The Milestone Credit Card is a type of financial product that helps people with bad or limited credit build or improve their credit history. It is an unsecured credit card, which means that no security deposit is required to open an account, making it more accessible to consumers who may not have additional monies to set up as security.
Milestone Credit Card Key Factors
Fundamental Features: It is perfect for smaller expenditures that can be paid off each month because it usually has a modest credit limit.
Accessible Application: People with fair to bad credit are frequently the target market for the card, and the pre-qualification procedure helps establish eligibility without affecting your credit score.
Building Credit: Experian, Equifax, and TransUnion are the three main credit agencies that get payment activity reports from the card. This makes it possible for responsible use to raise your credit score.
Zero Security Deposit: The Milestone Credit Card is an excellent choice for people who are unable to pay the initial fee associated with secured credit cards because it does not need one.
Online Account Management: Cardholders can conduct account management, check balances, and make payments using online.
Milestone Credit Card Pros and Cons
Pros
Available to People with Bad Credit
The card is designed to give those with less-than-perfect credit an opportunity to get credit and raise their credit score.
The Procedure for Pre-Qualification
It is risk-free for potential applicants to see if the card is a suitable fit by checking their eligibility without affecting their credit score.
No Deposit Needed for Security
The Milestone Card is more accessible to people with low incomes because it doesn’t need a deposit like secured credit cards do.
Builds Credit
By using the card responsibly, consumers can build or improve their credit history by reporting to all three of the main credit bureaus: Experian, Equifax, and TransUnion.
Protecting Against Fraud
By providing fraud protection, the Milestone Card makes sure that users are not responsible for unauthorized charges.
Management of Accounts Online
Online account management, spending tracking, and payment processing are all made easy for cardholders.
Cons
Low Credit Limit
The credit limit is often minimal, which might restrict spending and, in the event of significant amounts, may affect the cardholder’s credit use percentage.
No Benefits or Rewards
The Milestone Card focuses exclusively on establishing credit and does not provide cashback, points, or any other rewards, in contrast to many other credit cards.
Higher APR
The Milestone Card is expensive for people who carry a balance rather than paying it off in full each month because of its higher-than-average interest rates.
Annual Charges
Depending on the cardholder’s creditworthiness, the card has an annual fee that might lower its total value.
Limited Possibilities for Upgrades
As your credit improves, the Milestone Card does not provide an upgrade path to a card with higher terms or rewards.
Interest Rates (APR’S) of Milestone Credit Card
The interest rates for the Milestone Credit Card are usually higher than most other cards because it is focused at people with little or bad credit.
Cash Advance APR: Cash advances may be subject to a higher rate, usually around 29.90%.
Purchase APR: Depending on your creditworthiness, it typically ranges from 24.90% to 29.90%.
Extra Charges
Annual Cost: $175 for the first year
Future Years: $49
Monthly Cost: $0 for the first year, after that $12.50.
- You won’t be charged interest if you pay off your entire debt by the due date on the Milestone Card because it has a grace period for new purchases. Even though there isn’t a penalty annual percentage rate (APR) mentioned on the card, late fines and interest can add up quickly.
- A cash advance fee is usually $5 or 5% of the total amount of the transaction, whichever is higher.
- The annual fee ranges from $35 to $99, depending on your credit history. This charge is made once a year.
- When using the card to make transactions in foreign currencies or outside of the United States, there is a 3% foreign transaction fee.
- There will be a penalty fee $40 if you fail to pay the fee or if the payment is returned for insufficient funds.
Read Also : Ally Credit Card Preapproval 2024
How to Apply Milestone Card?
- Check out the Milestone webpage.
- Select the “Pre-Qualify Now” option.
- Complete the pre-qualification form by providing your personal details, such as:
- Name, Address, Social Security Number, and Income Information
- Without affecting your credit score, fill out the form to find out whether you are pre-qualified.
- You will receive an offer if you are pre-qualified, which consists of:
- Details of the annual fee
- Details of the credit limit and APR
- Make sure the terms suit your financial needs by reviewing them.
- Fill out the official application if you accept the offer.
- Your credit score may be temporarily lowered at this point due to a hard credit inquiry.
- A decision will be sent to you following the submission of your application.
- Immediate Approval: In certain situations, you can receive an answer right away.
- Extra Review: It could take a few days for clearance if more information is required.
- Your card will be mailed to you in 7–10 business days if it is accepted.
- To activate your card and create an online account to track transactions and manage payments, follow the instructions.
Milestone Card Login Process
- Visit the webpage for the Milestone Credit Card.
- Find and click the “Login” button or link on the homepage to access the Login Page.
- Enter your credentials for login (Username and Password).
- To access your account after entering your information, click the “Log In” button.
- You can view your account balance after logging in.
- Make Payments and Check the history of transactions.
- Manage account options or set up notifications.
Tips to Increase the Milestone Credit Card Credit Limit
1.Track Your Credit Score: Check your credit report frequently to make sure it is accurate and to monitor any increases in your credit score.
2.Switch to a Better Card: Apply for a credit card with better rewards, reduced fees, and higher limits when your credit gets stronger.
3.Pay on Time: To show that you use credit responsibly, make sure you pay your credit card account on time each month.
4.Avoid New Debt: Applying for too many hard inquiries can result in a worse credit score.
Milestone Credit Card related FAQ’S
What is the Milestone Credit Card interest rate (APR)?
The annual fee ranges from $35 to $99, depending on your credit history. This charge is made once a year.
Do you get cashback or rewards with the Milestone Credit Card?
The Milestone Credit Card does not provide cashback, incentives, or any other benefits. Building people’s credit is the primary goal.
What is the Milestone Credit Card interest rate (APR)?
Cash advances often have a higher rate of about 29.90%. The purchase APR usually falls between 24.90% and 29.90%, depending on your creditworthiness.
Final Words
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