The Milestone Credit Card by The Bank of Missouri offers features designed for simplicity and convenience, catering to individuals looking to build or rebuild their credit.
Features & Benefits, Drawbacks
The Milestone® Mastercard® provides an opportunity for individuals to access unsecured credit and work towards improving their credit scores. However, the associated high fees, elevated interest rates, and fixed low credit limit necessitate careful consideration. Potential applicants should assess their financial situations and compare alternative credit-building options to ensure they select the most suitable product for their needs.
Important Features
Here are the key features of Milestone Card presented in a simple and easy-to-understand format:
1. Credit Building
- Reports monthly to all three major credit bureaus (Experian, Equifax, and TransUnion).
- Helps establish or improve your credit score with responsible use.
2. Pre-Qualification
- Check if you’re pre-qualified without impacting your credit score.
- No obligation and no hard inquiry until you officially apply.
3. Accepted Worldwide
- Mastercard® benefits with global acceptance in millions of locations.
4. No Security Deposit
- Unlike secured cards, no upfront deposit is required to open an Mymilestonecard account.
5. Online Account Management
- Easy-to-use online portal and mobile-friendly account access for:
- Viewing statements.
- Making payments.
- Monitoring account activity.
6. Fraud Protection
- Zero Liability Protection for unauthorized charges.
7. Fixed Fees
- Transparent terms with predictable fees, ensuring no surprise costs.
These features make the Milestone card an accessible option for those seeking to establish or rebuild their credit while enjoying simple account management and broad usability.
Benefits
The Milestone Mastercard offers several benefits tailored for individuals aiming to build or rebuild their credit:
- No Security Deposit Required: Unlike many credit-building cards, the Milestone Mastercard doesn’t require an upfront security deposit, making it more accessible.
- Credit Reporting: The card reports to all three major credit bureaus—Equifax, Experian, and TransUnion—which can help improve your credit score with responsible use.
- Fixed Annual Percentage Rate (APR): The card offers a fixed APR, providing predictability in interest charges.
- Zero Liability Protection: Cardholders aren’t held responsible for unauthorized transactions, enhancing security.
- Mastercard Global Service: Access 24/7 assistance for lost or stolen cards, emergency card replacement, and cash advances.
- Worldwide Acceptance: Accepted at over 33 million locations in 210 countries, providing flexibility for international use.
- Online Account Management: Manage your account, pay bills, and view statements online anytime.
- Pre-Qualification Available: Prospective applicants can check eligibility without affecting their credit score.
- Fixed Credit Limit: Cardholders receive a $700 credit limit, providing greater access to credit without the need for a security deposit.
- Online Account Management: Manage your account, view statements, and make payments online 24/7, offering convenience and control over your finances.
- Mastercard Benefits: Enjoy the security and acceptance of a Mastercard, including zero liability protection for unauthorized purchases.
How to Avail Benefits of My Milestone Card
Here are the easy steps to avail the benefits of your Milestone® Mastercard®:
- Activate Your Card:
- Visit milestone.myfinanceservice.com or call (800) 305-0330 to activate your card.
- Register for Online Account Access:
- Sign up for an online account on the same website to manage your card easily.
- Make Timely Payments:
- Pay your bills on time each month to avoid late fees and build a positive credit history.
- Monitor Your Credit Score:
- Check your credit reports regularly as the card reports to all three major credit bureaus.
- Avoid Carrying a Balance:
- Pay your balance in full each month to avoid high-interest charges.
- Use Securely:
- Benefit from Mastercard’s zero liability protection against unauthorized transactions.
- Track Spending:
- Use your online account to monitor transactions and stay within your credit limit.
Following these steps will help you maximize the benefits while building a stronger credit profile.
Mymilestonecard Drawbacks
While the Milestone® Mastercard® offers accessibility to individuals with less-than-perfect credit, it’s important to consider several drawbacks associated with the card:
- High Annual and Monthly Fees: The card charges a significant annual fee, which can be as high as $175 for the first year and $49 thereafter. Additionally, starting the second year, a monthly fee of $12.50 may apply.
- High APR: The Milestone® Mastercard® has a high annual percentage rate (APR) of 35.9%, which means carrying a balance can lead to substantial interest charges.
- No Rewards Program: Unlike some other credit cards, this card does not offer any rewards or cash back on purchases, limiting its value for everyday spending.
- Low Credit Limit: The card typically offers a low credit limit, often around $300, which can be quickly consumed by fees and limits purchasing power.
- No Credit Limit Increases: Cardholders have reported that the issuer does not offer credit limit increases, which can hinder credit utilization improvements over time.
- Foreign Transaction Fees: The card charges a 1% fee on transactions made outside the United States, making it less ideal for international use.
These factors may outweigh the benefits for some consumers, especially when compared to other credit-building options that offer lower fees, rewards, or higher credit limits.
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