Who is the Milestone Gold Mastercard for?
If you’re new to owning a bank account or trying to establish credit, this could be the card you’ve been looking for. This card is among the best for new and inexperienced cardholders. This card has the rare “no credit line” policy, meaning they won’t take your credit score into account when deciding whether or not to approve you for the card.
Upon attaining this card, you will not need to link any bank accounts. In fact, if you have recently declared bankruptcy in the last few months or year, you can still get this card. Probably one of the most exciting features of this secured credit card is that all money that is initially deposited into this card will be used as a credit line. With a credit line, money can be taken out from your bank account under your bank’s name and be repaid with minimal interest. Unlike most credit cards, the ability to build credit is also a feature that comes with this card. With monthly reporting to the three major credit bureaus (TransUnion, Equifax, and Experian), your creditworthiness becomes more known and slowly improves.
One thing that should absolutely be noted about this card is its higher variable APR rate. For most secured credit cards, the variable APR will be much lower than traditional credit cards. This card has an ongoing APR of 24.90%, which is definitely something to watch for when making a purchase.
Something very interesting about this card is it doesn’t have typical bonus rewards points, therefore, it doesn't have redeemable rewards points either. This card is for those who are just starting out and trying to figure out how to establish a great credit score.
Benefits and Credits
The no credit check that this card offers is another huge bonus. With no need to worry about bad credit or non-existing credit, getting approval for this card is relatively easy. If you’re a recent college graduate looking for work, this card is great to start out with. If you’re currently in college and looking to get a head start on your finances for the future, opening a credit card connected to the three major credit bureaus would be a positive start to personal gains in raising credit score.
You can also choose whatever images you would like on this card. If you want to see butterflies, sunflowers, or anything really, you can make it so with no extra charges.
While this card has no welcome bonus, it is still a great starter card for those with lower credit scores.
This card has a high annual fee between $35-$99. While the introductory fee is only $35, it increases until it reaches $99 annually. This can be seen as quite expensive, and therefore should be taken into consideration when applying.
If you have established credit and aren’t looking to upgrade your credit score, this probably isn’t for you. If you’re someone who wants to get into a better credit score standing, either because you’ve never had one or because of some untimely purchases, this could be the card to set you on the right path.