Milestone® Unsecured Mastercard® Review
The Milestone® Unsecured Mastercard® allows you to pre-qualify in seconds without impacting your credit score. It is also one of the few cards that offers those with bad credit or no credit to repair or build their credit history without putting any money down.
MoneyGeek’s Milestone® Unsecured Mastercard® review finds that the card is designed specifically for people with bad credit. It has the features you need to properly manage and improve your credit, plus you can track your progress online 24/7.
An unsecured credit card, the Milestone® Unsecured Mastercard® does not require a security deposit. This can be very helpful to those who might struggle to come up with a deposit, which is typically as much as double the amount of the credit limit. In addition to easy pre-qualification that does not impact your credit score, another Milestone® Unsecured Mastercard® benefit is that it discloses your monthly card activity to all three credit bureaus, which gives you the chance to establish a consistent payment record.
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 CreditNone-Poor
Milestone® Unsecured Mastercard® at a Glance
Anyone who wants to establish or rebuild their credit may consider applying for the Milestone® Unsecured Mastercard®. While it has a fixed and relatively high APR of 24.9% plus various fees, you can avoid these extra costs by developing good financial habits with your card, including paying your statement in full each month.
- Milestone® Unsecured Mastercard®
A good unsecured credit card for people with poor or no credit history
- None-PoorRecommended Credit
- $35 – $99Annual Fee
- 3# of Reporting Bureaus
Pros & Cons Explained
The Milestone® Unsecured Mastercard® offers benefits to those with poor credit; however, it's also necessary to consider its drawbacks.
- No security depositA security deposit is not required with the Milestone® Unsecured Mastercard®. Typically unsecured cards require as much as twice the credit limit as a security deposit, so this feature can save you some money upfront.
- Credit bureau reportingThe Milestone® Unsecured Mastercard® reports to all three main credit bureaus (TransUnion, Equifax, and Experian) on a monthly basis, which can help establish your credit history.
- Quick prequalificationIt only takes a few seconds to get pre-qualified for your Milestone® Unsecured Mastercard®, and the process has no impact on your credit score.
- High APRThe Milestone® Unsecured Mastercard® has a fixed annual percentage rate (APR) of 24.9% on purchases, which is somewhat high. The APR on cash advances is even more at 29.9%. This card, therefore, is only recommended for those who intend to pay their balance in full every month; otherwise, the APR can become a financial burden.
- High annual feeThe Milestone® Unsecured Mastercard® has an annual fee of between $35 and $99, with the average being $67.
- Low credit limitYou will be given a credit limit of $300 if you're approved for a Milestone® Unsecured Mastercard®. Unlike many other cards, you cannot increase your credit limit.
- No mobile appMilestone® Unsecured Mastercard® doesn’t provide a mobile app, but you can register online to manage your account, pay your bills or set up autopay.
MoneyGeek analyzes the data of each card in our database every month and chooses our top picks for popular card categories. Find out our picks for the best credit cards for bad credit in 2022.
Other Features Explained
Other advantages and key features of the Milestone® Unsecured Mastercard® include:
- Card FeatureDescription
- Mastercard account protectionMilestone® Unsecured Mastercard® offers zero liability, which protects you against any unauthorized purchases made on lost or stolen cards. If your card is lost or stolen, contact Milestone immediately, and you may not be responsible for those charges.
- Identity monitoringMilestone® Unsecured Mastercard® provides identity theft protection by ensuring that information related to your social security number, email addresses, account login information, credit and debit cards and bank accounts is all protected.
- Getting a cash advanceYou can use your Milestone® Unsecured Mastercard® for cash advances at a number of financial institutions, subject to credit approval. There is a 5% fee on each cash advance, and the APR on cash advances is 29.9%.
You can demonstrate the financial responsibility lenders look for when assessing your creditworthiness by making consistent, on-time monthly payments. Your Milestone® Unsecured Mastercard® payment history is reported to all three major credit bureaus, and making on-time payments will help you establish a positive payment history.
Understanding the Fine Print
Take a moment to explore and understand the fine print before applying for the Milestone® Unsecured Mastercard®.
- Card FeatureAmount or Rate
- Annual Fee$35 – $99
- Balance Transfer FeeUnspecified
- Balance Transfer APRUnspecified
- Late Fees$40.00
The Milestone® Unsecured Mastercard® has a fixed APR of 24.9% and a cash advance APR of 29.9%. Paying your amount in full each month and avoiding cash advances are essential, and they're even more necessary with this card's high interest rates.
The annual fee is different depending on whatever level of Milestone® Unsecured Mastercard® you have (Gold 300, Gold 301 or Gold 322) as follows:
- Gold 300 – $35 the first year and $35 each year thereafter;
- Gold 301 – $75 the first year and $99 each year thereafter; and
- Gold 322 – $59 the first year and $59 each year after that.
If interest is charged, it will be a minimum of $1.00. Milestone won’t charge you any interest on purchases if you pay your entire debt on the due date each month. Your due date is at least 25 days following the close of each billing cycle. Internet on cash advances starts on the date of the transaction.
Foreign Transaction Fee
The foreign transaction fee with Milestone® Unsecured Mastercard® is low at 1% (it’s usually 3%).
Cash Advance Fee
The standard cash advance fee of $5 or 5% of the amount of each transaction, whichever is more but not to exceed $100.
Fees of up to $40 each may be charged by Milestone® Unsecured Mastercard® for late payments, going over your limit and returned payment fees.
Pay particular attention to the APR and any related costs when comparing this card to other credit cards for bad credit. If you want to compare it to a card you already have, look at your most recent billing statement or your card provider's website or app. You may find information in the Consumer Financial Protection Bureau's (CFPB) credit card agreement database.
Who Should & Shouldn’t Consider Milestone® Unsecured Mastercard®?
Other Considerations for Milestone® Unsecured Mastercard®
Consider if you want to use the Milestone® Unsecured Mastercard® as your primary credit card or a secondary one. Good habits for building credit means paying off your credit card account in full each month (making regular payments to do so) and only spending what you can afford. Before you decide to pursue this card, there are a few things to consider.
Things to Consider if This Will Be Your First or Only Credit Card
The Milestone® Unsecured Mastercard® low credit limit and high interest rates and fees can be a poor combination for people attempting to reestablish their credit.
Because of the high APR on this card, if you keep a balance on your card from month to month, you'll wind up paying a lot of interest. If this is your first or only credit card, it’s good to know there’s no security deposit, pre-qualification will not affect your credit score advantage, and the card comes with fraud protection in case it’s lost or stolen.
Things to Consider if This Will Be an Additional Card in Your Wallet
While the Milestone® Unsecured Mastercard® can help people restore or build their credit, it has drawbacks compared to other credit cards. For instance, Capital One Platinum Secured Credit Card can help you build credit with no annual fee, but you’ll pay $35 or more with the Milestone® Unsecured Mastercard®.
If you decide to use it as an additional card in your wallet, you may consider it a short-term tool to improve your credit score by making all of your payments on time. Once you’ve fully taken advantage of the benefits of the Milestone® Unsecured Mastercard® in building your credit, you might be able to qualify for a card without fees.
MoneyGeek's methodology and review process are based on a comprehensive and standardized approach that allows us to obtain accurate information on a variety of credit card categories. We use a multi-step procedure that focuses on data gathering, analysis and ranking computations.
Our approach concludes with an approximation of a card's three-year value and a regular re-ranking process after an in-depth study of average spending profiles and other incentives given by different credit card companies.
How Milestone® Unsecured Mastercard® Compares to Other Cards
The Milestone® Unsecured Mastercard® is comparable to other credit cards designed to establish or rebuild credit. MoneyGeek compared the Milestone® Unsecured Mastercard® to the Capital One Platinum Secured Credit Card in terms of relevant costs and benefits.
Quick Comparison of Milestone® Unsecured Mastercard®
Milestone® Unsecured Mastercard®
- Annual fee: $35-$99
- Regular APR: 24.9%
- Foreign transaction fee: 1%
- Welcome offer: N/A
- Best for: People with bad credit who want to improve or rebuild their credit using this card as a short-term tool
Capital One Platinum Secured Credit Card
- Annual fee: $0
- Regular APR: 26.99% (Variable)
- Foreign transaction fee: None
- Welcome offer: N/A
- Best for: People who wish to make obtaining and expanding credit easier while building or repairing their credit history
Other Helpful Decision-Making Q&As
To complete a Milestone® Unsecured Mastercard® application, additional information is usually necessary. MoneyGeek answers the most frequently asked questions below.
Still not sure about this card? Consider these options.
If you're not sure whether the Milestone® Unsecured Mastercard® suits your needs, check out some of the top credit cards for those with bad credit. If your credit is fair, a rewards card or a balance transfer card may be a better option.
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Learn more about credit cards in general
- Capital One. "A smarter card to build your credit responsibly." Accessed April 11, 2022.
- Capital One. "See if you're pre-approved for card offers—with no harm to your credit." Accessed April 11, 2022.
- Milestone. "Frequently Asked Questions." Accessed April 11, 2022.
- Milestone. "Take credit for your accomplishments." Accessed April 11, 2022.
- Milestone. "Pre-Qualify Today!." Accessed April 11, 2022.
- The Bank of Missouri. "Choose the credit card that best suits you." Accessed April 11, 2022.
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