Milestone® Gold Mastercard® Review
With little to no credit eligibility, the Bank of Missouri’s Milestone® Gold Mastercard® could be a good fit for those looking to improve their credit score. It doesn’t require a security deposit, but be prepared to pay an annual fee and receive a lower credit limit.
Building one’s credit can take time and effort. It also doesn’t help that most card issuers use an applicant’s credit score as the basis for their creditworthiness and likelihood of repaying a loan.
Luckily, there is the option to apply for Milestone® Gold Mastercard®. This is a credit card designed for people with poor credit or no credit at all. It reports to the three major credit bureaus, helping you build toward excellent credit if you make payments on time and keep your balance low. Being that it is an unsecured card, a security deposit is not required.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Recommended CreditFair-Good
Milestone® Gold Mastercard® at a Glance
The Milestone® Gold Mastercard® is an excellent option for people who want to rebuild their credit without paying a security deposit. As long as you pay your balances on time, you’ll see a positive effect on your credit reports issued by the three major credit bureaus. Additionally, pre-qualifying for the card doesn’t negatively impact your credit score.
Since this is a Mastercard-affiliated card, you may use it globally. Fraud protection also ensures that you’re not held responsible for unauthorized charges.
- Milestone® Gold Mastercard®
An ideal card for rebuilding your credit without paying a security deposit.
- Fair-GoodRecommended Credit
- $35–$99Annual Fee
- 3# of Reporting Bureaus
Pros & Cons Explained
In this review, MoneyGeek outlines the potential benefits and drawbacks of having a Milestone® Gold Mastercard® either as a supplement to your other cards or as your first credit card. You can then weigh these pros and cons when evaluating your financial goals.
- Ideal for rebuilding creditMilestone® Gold Mastercard® gives individuals with less than stellar credit histories a chance to redeem their scores by maintaining a consistent payment record.
- Doesn’t require a security depositMilestone® Gold Mastercard® is an unsecured credit card. This means that you don’t have to deal with the added stress of paying a significant amount of cash upfront as your security deposit.
- Pay no cash advance fees for the first yearCardholders can use their Milestone® Gold Mastercard® for cash advances at many financial institutions without being charged any cash advance fees during the first year.
- Reports to three major credit bureausYour card payment history is reported to three major credit bureaus. As long as you pay your balances on time, you’ll see a positive effect on your credit reports and this helps build your creditworthiness over time.
- Charges creditworthiness-based annual feesYour credit profile will determine your annual fees. The lower your FICO score, the higher your annual fees will be. If your credit score drops significantly, your annual fee could be as high as $99.
- Cash advance fees apply after the first yearYou’ll be charged a 5% cash advance fee after your first year.
- Has foreign transaction feesThere is a 1% foreign transaction fee that is charged per transaction when you use this card outside of the U.S. Note that you should first call 1-800-305-0330 to notify them of your intention to use your card overseas so they can set a travel alert.
- Penalty APR may apply when you make a late paymentYou’ll be charged a penalty APR of 29.90% if you miss a payment. There could also be an additional $40 late payment fee.
The Milestone® Gold Mastercard® is not one of our top picks for the best credit cards for people with bad credit. For better options, you may check out our list of best credit cards for bad credit in 2022.
Other Features Explained
The Milestone® Gold Mastercard® features several Mastercard-linked perks and benefits that its cardholders can enjoy. These are included at no additional cost.
- Card FeatureDescription
- Mastercard ID Theft ProtectionThis security feature provides thorough identity monitoring covering your social security number, email addresses, debit cards, credit cards, bank accounts, usernames and passwords for web logins, and much more. It also gives you access to a wide range of identity theft resolution services that help detect fraud at its inception. Credit monitoring will also be performed using a single bureau, TransUnion, so cardholders will be alerted and can take immediate action at the first sign of identity theft, thereby minimizing overall damage.
- Zero-Liability Fraud ProtectionCardholders can have peace of mind knowing that they will not be held responsible for unauthorized transactions.
- Mastercard Global ServiceAside from being accepted globally, this card also offers 24/7 assistance worldwide with lost and stolen card reporting, emergency card replacement and emergency cash advance.
To benefit from the credit-building capacity of this card, ensure that your account is not past due on the last day of each billing cycle. Doing so will reflect well on your credit report, which is sent monthly to Experian, Equifax and TransUnion.
Understanding the Fine Print
MoneyGeek gives you a quick overview of the Milestone® Gold Mastercard®’s benefits, fees and interest rates to help you decide if this card matches your needs.
The table below shows the cash back rewards rates, APRs, fees and other data included in the fine print to give you a clear picture of how this card stacks up against other cards.
- Card FeatureAmount or Rate
- Annual Fee$35–$99
- Balance Transfer FeeUnspecified
- Balance Transfer APRUnspecified
- Late Fees$40.00
With this card, you will be charged a fixed APR of 24.90%. This interest rate is considered fairly high compared to other credit cards in the market.
Late Payment APR and Fee
Generally, a cardholder is given 21 days to pay the credit card balance in full before being charged any interest. Once this grace period ends, you will already be charged a late payment fee. With Milestone® Gold Mastercard®, late or returned payments incur a fee of up to $40. This is higher than the average late payment fee of $5 or 5% of the balance transfer amount (whichever is greater), and up to $39 than most credit card issuers charge. On top of this fee, cardholders who miss even a single payment will also be charged a penalty APR of 29.90%, which is also considerably high.
Cash Advance APR and Fee
If you need to withdraw a sum of cash immediately, Milestone® Gold Mastercard® offers a cash advance feature. You’ll enjoy a 0% cash advance fee on your first year, but a 5% fee will be charged on succeeding years. This also comes with a very steep cash advance APR of 29.90%.
When comparing this card with other credit-building cards, you must not be blindsided by fees. Always be mindful of the APR and fees, especially those associated with late payment.
You will find all important information regarding your credit card and fees on your last billing statement or on your Milestone Mastercard online account, as well as on Milestone’s website. You may also check out the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).
Who Should & Shouldn’t Consider Milestone® Gold Mastercard®?
Other Considerations for Milestone® Gold Mastercard®
Let’s go over a few important factors before you decide whether to move forward and apply for a Milestone® Gold Mastercard®. Whether you are planning to make it your first card or you are considering it as an additional line of credit, MoneyGeek can help.
Things to Consider if This Will Be Your First or Only Credit Card
If the Milestone® Gold Mastercard® will be your first or only credit card, it should serve one primary purpose: building your credit. Your FICO score determines your credit limit, so if you have been plagued by bad credit, you might need to lower your expectations regarding your credit limit. With a Milestone® Gold Mastercard®, your borrowing limit could be as low as $300.
Also, keep in mind that this card carries a relatively high APR for purchases and cash advances beyond the first year, and it doesn’t have the option for balance transfers, rewards and cash back. If you prioritize perks and rewards, consider your other options.
Things to Consider if This Will Be an Additional Card in Your Wallet
If you’ve already successfully qualified for other cards, it might be best to apply for an additional card aside from Milestone® Gold Mastercard®. Consider one that offers better rates and lower fees.
We also advise that you focus on building your credit by not getting an additional card to pair with your Milestone® Gold Mastercard®. This card has quite a hefty annual fee and associated charges. Pairing it with another card that also has significant fees can most likely outweigh the advantages.
MoneyGeek follows a data-driven and unbiased methodology in developing comprehensive reviews and head-to-head comparisons of over 106 credit cards that are currently available in the market. We do this by independently gathering data from the Consumer Finance Protection Bureau’s database, standardizing data points for easy comparison, estimating average spend profiles, determining long-term value and regularly conducting data review and re-ranking.
How Milestone® Gold Mastercard® Compares to Other Cards
The Milestone® Gold Mastercard® didn’t make it to our list of 2022’s top-rated credit cards for bad credit. But, it’s still a good option to have in one’s financial toolkit, especially for those with poor credit and those having difficulty getting approved for loans, including credit cards. That said, how this card compares to other cards depends on what you are looking for and how you intend to use your credit card.
Below we feature a head-to-head comparison of Milestone® Gold Mastercard® and Total Visa® Card, another credit card backed by the Bank of Missouri that also targets individuals with poor credit history.
Quick Comparison of Milestone® Gold Mastercard®
Milestone® Gold Mastercard®
- Annual fee: $35-$99, depending on your credit profile
- Regular APR: 24.90% (fixed)
- Cash advance fee: 0% in the first year, 5% thereafter
- Cash advance APR: 29.90%
- Best for: Best for people with poor to average credit who want to rebuild their credit score without paying a security deposit while being charged relatively lower APRs for purchases and cash advances.
Total Visa® Card
- Annual fee: $48
- Regular APR: 34.99%
- Cash advance fee: 3%
- Cash advance APR: 34.99%
- Best for: Ideal for consumers with poor, fair or no credit who want to build or rebuild their credit score without paying a security deposit.
Other Helpful Decision-Making Q&As
Here are answers to several frequently asked questions about Milestone® Gold Mastercard® that might help you decide whether this card is right for you.
Still not sure about this card? Consider these options.
If you are still unsure about how this card fits your lifestyle and overall spending habits, consider taking a look at our top picks for credit cards for people with bad credit. Review their offerings against the Milestone® Gold Mastercard®. Also, depending on your intended use for the card, you may benefit more from a balance transfer credit card or a secured credit card.
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Learn more about credit cards in general
- Milestonegoldcard.com. "Why Choose Milestone Mastercard?." Accessed April 11, 2022.
- Milestonegoldcard.com. "Frequently Asked Questions." Accessed April 11, 2022.
- Milestonegoldcard.com. "Mastercard Guide to Benefits for Credit Cardholders." Accessed April 11, 2022.
- Milestone. "Contact Us." Accessed April 11, 2022.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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