The Milestone Gold Mastercard is an excellent option for anyone looking to build their credit from scratch or repair their damaged credit.
Who Is This Card For?
As stated above, this is a perfect option for consumers who are looking to get rid of their bad credit. This card is purposefully designed around these people. All of its features are centered around maximal user experience, helping the user repair their tarnished credit, and user security. The approval rates are sky high, and utilizing the perks of the card is going to serve a vital role in any credit strategy. It makes a great card for any everyday spending endeavor, as it’s an unsecured card. Purchasing many relatively cheap things and paying all of your bills on time is going to improve your credit, as this card reports to all three major credit bureaus.
What are Milestone Gold Card Benefits?
- Unrivaled approval ratings. No matter your credit score history (or even its existence), you’re likely going to get approved for the card. Even if you have had a prior bankruptcy, you’re eligible for this card. It accepts all people into its fold. By applying for this card, you’re guaranteed to have a quick application, pre-qualification, and approval process.
- No hard credit inquiries. The pre-qualification process doesn’t cause a hard inquiry. A hard inquiry into your credit history might damage your credit score, making the whole credit reparation process kind of counterintuitive.
- 3-bureaus credit reporting. When it comes to the credit reparation benefits of this card, the fact that it’s both unsecured and reported to TransUnion, Equifax, and Experian.
- No security deposit required. Unsecured cards are held in higher regard with the three major credit bureaus, as they don’t require any initial security deposit. When you open this card, you’re going to be charged an opening fee depending on your credit score. Still, you’re not going to be charged a costly initial down payment fee. Continually improving your credit is going to improve your credit score to such an extent that you may get a credit card for an excellent credit score.
- Mastercard Gold benefits. This card doesn’t have any unique features all by itself. It relies solely on all the Mastercard Gold benefits. The Mastercard Gold benefits are plentiful and include everything from luggage insurance, roadside assistance, payment protection, to advanced security features like identity theft protection. If you’re a frequent traveler, you’re going to love the fact that the Mastercard based Milestone Gold is accepted in over 35 million spots all around the world, in over 210 countries.
- Low foreign transaction fee. It also has travel protection and a very reasonable foreign transaction fee, which is capped at 1%. All of these benefits make the Milestone Gold Mastercard an ideal option for any frequent traveler – or anyone looking to repair their credit score or build it from scratch.
Are There Any Disadvantages?
It would be a lie if we told you that this card doesn’t come with some downsides.
- Low initial benefits. While there is no requirement for an initial down payment, the purchasing power that you start off with is very weak. It’s capped at only $300, making the card very unsuitable for larger purchases.
- High interest and fees. If you’re an impulse shopper, you’re not going to like this card. Not only is its purchasing power very meek, it’s APR and purchasing fees are also relatively high. They’re capped a little above the industry standard, but it’s not that good to spend more money if you have a small amount of money to spend. If you, by any chance, miss out on a payment, you’re not only going to tarnish your credit score but get a late fee and penalty APR. Both of these can stack up quite a lot, thus ruining any chance of you repairing your credit score.
- Outdated website. When it comes to card management, it’s all done through the internet. While the website itself is very streamlined and straightforward, it’s a bit outdated. The website’s management system works alright, but it’s begging for a revamp and redesign. Some information is purposefully hidden from consumers, but redeeming qualities are highlighted.
- Slow customer support. Customer support is only available through the landline, and it can take quite some time to get to an actual operator.
Taking all of these things into consideration, you can utilize this card as long as you’re careful. If you’re responsible with your payments, you can experience an excellent tool for building credit. But if you’re not too accountable, you could be in for a world of hurt.
Should You Use This Card?
If you’re a student who is just out of school – or someone with some prior credit history that’s not too good, you can consider utilizing this starter credit card. It’s an excellent card for repairing your less-than-ideal credit or building one from scratch. This is supplemented by its unsecured nature, the fact that it reports to all three major credit bureaus (Explained), and its Mastercard Gold features. If you’re looking to get a card that will give you airline miles, cash-back features, and many more, you’re going to have to earn it by getting your credit score to a high degree.
Getting your credit score up there is only going to be possible if you utilize a tool like the Milestone Gold, and use it properly. There is no magic card that will do this for you. The credit score is built by being responsible and working hard on improving your financial health.
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