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Milestone Credit Card Review 2024: Fees & Alternatives
The Milestone Credit Card is a popular choice for individuals aiming to rebuild their credit history. However, with high fees and limited benefits, it may not be the best option for everyone. In this comprehensive review, we will explore the Milestone Credit Card’s features, fees, and benefits. We’ll also highlight real user experiences, compare it to other credit cards, and discuss whether it’s the right choice for improving your credit score. If you’re considering the Milestone Mastercard, read on to find out everything you need to know before making your decision.
Milestone Credit Card At A Glance
- Annual Fee: $175 for the first year, then $49 per year after that
- Credit Limit: Up to $700
- APR: 35.9% (variable)
- No rewards program
- Reports to all three major credit bureaus
- Designed for individuals with bad or no credit
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What Real People Are Saying
Negative Reviews
The Milestone Credit Card has received many negative reviews due to its high fees and lack of rewards. Cardholders have expressed dissatisfaction with the annual fee, monthly maintenance fee, and high-interest rates. Some users on Reddit reported difficulties with customer service and declined purchases.
SergNH: “Any credit card that has an AF that is a 1/4 of your credit limit is definitely not worth it. Especially if there are no rewards at all.”
jasonbf78: “It’s a card for people that don’t have any credit or have bad credit and are trying to rebuild. It helps build credit, but the annual fee is a downside.”
Fraud Concerns
If you received a Milestone Credit Card without applying for it and suspect fraud, it is important to take immediate action. You can contact Milestone Mastercard customer service by calling 1-800-305-0330. You can also contact them by fax at 503-268-4711 or by mail at Concora Credit Card Services, PO Box 4477, Beaverton, OR 97076-4477.
Milestone Credit Card Highlights
Is The Milestone Credit Card Good for Your Credit History?
The Milestone Credit Card is aimed at individuals with bad credit, offering a chance to rebuild their credit score and credit history. However, the high fees and lack of benefits make it less attractive compared to other credit cards available for those with poor credit.
Milestone Credit Card Features
- Annual Fee: The Milestone Credit Card charges an annual fee of $175 for the first year and $49 per year after that, which is high compared to other cards in the same category.
- Credit Limit: The initial credit limit is up to $700, which is higher than many other starter credit cards and does not require a deposit, even for people with low credit scores.
- High APR: The card has a high APR of 35.9%, making it an expensive option if you carry a balance.
- Credit Reporting: It reports to all three major credit bureaus, which can help in building or rebuilding credit if used responsibly.
- Balance Transfers: The Milestone Credit Card does not typically offer balance transfer options, which can limit its appeal for those looking to consolidate debt.
Milestone Credit Card Downsides
High Annual Fee and Limited Credit Score Benefits
One major downside of the Milestone Credit Card is its high fees. The card charges an annual fee of $175 for the first year and $49 each year after that. Additionally, there are monthly maintenance fees and a high APR of 35.9%. These costs can quickly add up, making it an expensive option for cardholders. Despite these fees, the benefits for your credit score are limited compared to other cards that offer more favorable terms.
Poor Customer Service and Limited Credit Limit
Many cardholders have reported issues with reaching customer service, which can be frustrating if you encounter problems with your card. Additionally, the initial credit limit of up to $700 may not be sufficient for many users, even though it is higher than some other starter cards. These limitations can make managing your account more difficult and less beneficial for building your credit history.
Who Should Consider the Milestone Mastercard?
The Milestone Credit Card is primarily targeted at individuals with bad or no credit. However, due to its high fees and limited benefits, it may not be the best option available. If you are looking to rebuild your credit, consider a secured credit card or other alternatives that offer better terms and benefits. These options often come with lower fees and more favorable conditions, making them a smarter choice for improving your credit history.
Compare the Milestone Credit Card to Other Credit Cards
Milestone Credit Card vs. Chime Credit Builder Secured Visa Credit Card
The Chime Credit Builder Visa® Card is a great option for those looking to build or rebuild their credit. Unlike the Milestone Mastercard, it comes with several benefits that can make managing your credit easier and more affordable.
- Annual Fee: $0 (Chime) vs. $175 for the first year, then $49 per year after that (Milestone)
- Credit Limit: Based on the amount you transfer to your Credit Builder account (Chime) vs. up to $700 (Milestone)
- APR: 0% (Chime) vs. 24.9% (Milestone)
- Benefits: The Chime Credit Builder has no interest charges or annual fees and does not require a minimum security deposit. It also offers a unique feature called “Credit Builder” which allows you to use the money in your Chime Spending Account to set your credit limit. This can help you control your spending and avoid debt. Chime also reports to all three major credit bureaus.
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Milestone Credit Card vs. Discover it Secured Credit Card
The Discover it® Secured Credit Card is another excellent alternative for those with poor credit. It provides valuable rewards and no annual fee, making it a more attractive option than the Milestone Card.
- Annual Fee: $0 (Discover) vs. $175 for the first year, then $49 per year after that (Milestone)
- Credit Limit: Based on the security deposit (Discover) vs. up to $700 (Milestone)
- APR: 27.49% (Discover) vs. 35.9% (Milestone)
- Benefits: The Discover it Secured Credit Card offers 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter) and 1% on all other purchases. Discover will also match all the cash back you’ve earned at the end of your first year. The card requires a security deposit, but it can be refunded if you graduate to an unsecured card. Like the Milestone Card, it reports to all three major credit bureaus.
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Milestone Credit Card: Our Expert Takeaway
The Milestone Credit Card can help those with bad credit, but its high fees and limited benefits make it less appealing compared to other cards. While it reports to all three major credit bureaus, aiding in rebuilding credit history, the associated costs may outweigh the benefits. It’s advisable to consider other options like secured credit cards, which typically have lower fees and better terms, offering more value for those looking to improve their credit score.
Additionally, using tools like Kudos can further enhance your credit card experience. Kudos is a free AI-powered smart wallet that helps you find the best credit card for your needs and earn rewards when you shop at over 15,000 participating stores, even if your card doesn’t usually offer rewards. With Kudos, you can maximize your credit card benefits, track spending, and receive personalized recommendations. Stop leaving money on the table and get Kudos for free today. By combining a better credit card choice with Kudos, you can significantly improve your financial health and credit history.
Milestone Credit Card FAQs
Is there an app for Milestone Credit Cards?
Yes, the Milestone Credit Card has the Concora Credit App. Available for Android and iPhone, it lets you manage your account, track payment history, and get alerts for potential fraud, all from your smartphone.
What is the Milestone credit card limit?
The Milestone Mastercard has a credit limit of up to $700, which is higher than many other starter credit cards. This limit doesn’t require a deposit, even for people with low credit scores.
Is a Milestone credit card legit?
Yes, the Milestone credit card is a legitimate credit card offered by The Bank of Missouri, designed for individuals with bad or no credit.
How do I check the balance on my Milestone card?
You can check the balance on your Milestone card by logging into your account online or through the Milestone mobile app.
How to close the Milestone credit card?
To close your Milestone credit card, contact customer service at the number provided on the back of your card and follow their instructions.
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