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You need credit, but have a dirty name or low credit history? A Milestone Gold Mastercard might be a good option for you.
It was created just for those who are starting out or trying to recover credit, offering an initial limit of up to $300.
Using the card responsibly, you can improve your score. Were you interested? So, read on to know how to apply for yours!
Milestone Gold Mastercard
Designed for individuals No securityHow does the Milestone Gold Mastercard work?
The Milestone Gold Mastercard works like a regular credit card, but it’s designed for those with poor or limited credit. When you are approved, you receive an initial limit of up to $300.
The idea is to use the card responsibly, paying your invoices on time, and so the company will report its payments to the main credit agencies (Equifax, Experian and TransUnion). This can help improve your score over time.
However, it is important to be aware of the fees: the card has an annuity of US$ 75 in the first year and US$ 99 in the following years. In addition, it offers no membership rewards or bonuses, and the interest rate (APR) is high.
Therefore, to make the most of your card, it is essential to keep track of your expenses and pay your bill on time, avoiding interest and fines. With this, the Milestone Gold Mastercard can be a good option for anyone who is starting out or trying to recover credit.
Main benefits for the Milestone Gold Mastercard
The Milestone Gold Mastercard brings some interesting benefits to anyone trying to recover or improve credit.
The biggest benefit is the opportunity to increase your score, since the card sends information of your payments to the main credit agencies (Equifax, Experian and TransUnion). This helps build or improve your financial history, as long as you pay the invoices on time.
In addition, the card does not require a security deposit, which is common on other credit cards for those with a bad track record. That is, you get to use the card without having to make an initial payment.
Another positive point is that the Milestone Gold Mastercard offers services such as assistance in case of identity theft and extended warranty for your purchases.
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Cons for the Milestone Gold Mastercard
Although the Milestone Gold Mastercard offers some benefits, it has some drawbacks. The main one is the annual fee, which is US$ 75 in the first year and US$ 99 in the following years. This can be a high cost, considering the initial credit limit is low, usually $300.
In addition, the interest rate (APR) is high, standing at 24.9% for purchases. If you do not pay the entire invoice, you may end up paying a lot of interest. If there is a delay in payment, the fee may rise further, reaching 29.9%.
Another negative point is that the card does not offer rewards or membership bonuses, which is common in other cards.
APR and Fees
The Milestone Gold Mastercard has a high interest rate (APR), which is important to know before using.
The APR for purchases is 24.9%, that is, if you do not pay the full invoice, interest can rise quickly. If you delay payment, the APR can rise to 29.9%, making the outstanding balance even more expensive.
In addition, the card charges an annual fee of $75 for the first year and $99 for subsequent years. This amount is deducted from your credit limit, which decreases the amount available for purchases.
Additional fees may also be charged for late payments, refunds or exceeding the credit limit. Therefore, it is important to pay attention to the payment dates and control the expenses well to avoid additional costs.
How to apply for the Milestone Gold Mastercard
To apply for a Milestone Gold Mastercard, the process is very simple and can be done over the internet. Simply go to the card issuer’s website where you will find a form to fill out.
You will need to provide personal data such as name, address, phone number, date of birth and also financial information such as your monthly income.
It is important to know that this card is intended for people with bad or limited credit, so even if your credit history is not perfect, you can still be approved. The pre-approval process is quick and does not affect your credit score.
After submitting your application, you will receive a response in no time. If approved, the initial credit limit will be up to $300.
