There are many factors to consider when deciding on a credit card to apply for. There are countless credit card companies out there; sifting through the endless offers out there can be tedious, and after a while, they all begin to sound the same.
But not all credit cards are created equal. You may feel better about going with a big, established name when deciding which credit card company to work with. While big names can make great products, it’s important to know that they aren’t your only options.
Milestone Gold Card
The Milestone Gold MasterCard is one credit card option you may not have heard of, though it might be a great option for people who are looking for a simple card to help them manage their credit. It has been around for 12 years, and specializes in “helping consumers with limited or damaged credit make a fresh start.” The card is issued by the Mid America Bank & Trust Company, an FDIC-insured bank out of Missouri.
Below, we will outline the advantages and disadvantages of the Milestone Gold MasterCard. Keep reading to find out who we believe would benefit the most from obtaining this credit card.
After reviewing the Milestone Gold MasterCard, we’ve noticed some aspects that might be significantly advantageous for users with a bad credit history. If you are trying to improve your credit score, this may be the right card for you because of the following:
- Pre-Qualification: You can apply for this card online and very quickly find out if you are a match. The application process has no effect on your credit score. If you are not matched with a Gold Card, you may still be offered the opportunity to apply for a different card with another bank.
- Good Option for Damaged Credit: If you are living with a low credit score or damaged credit, it can be really difficult to start building (or re-building) a good credit history. This credit card offers users with low credit a chance to open an account and start building good credit. Depending on your credit score when you apply, you will be given a different annual fee.
- Low Credit Limit: The credit limit on this card is $300. For consumers looking to build credit, but who may be tempted to overspend when faced with a high credit limit, this might be a very responsible choice.
- MasterCard Gold Benefits: This card comes with MasterCard Gold Benefits, including MasterRental Insurance, Extended Warranty Coverage, Master RoadAssist Service, and Travel Assistance Services.
- Customizable Design: Users can pick the design they want for their card at no extra charge. Though this isn’t necessarily an advantage to the card’s usability, that may be an important aspect for some users to consider.
Drawbacks to the Gold Card
There are, of course, drawbacks to every credit card as well – no cad is perfect. Here are some of the drawbacks that come with the Gold Card:
- Annual Fee: This card comes with an annual fee. Depending on your credit score when you apply, you’ll be eligible for a specific annual fee, ranging from $35 to $99. Though there are cards on the market that come with no annual fee, some are harder to be approved for if you don’t have a good credit history.
- Zero Introductory Offers: Some cards come with an introductory offer, such as a delayed APR applied to balance transfers. The Gold Card does not.
- Zero Rewards: The Milestone Gold MasterCard doesn’t come with a rewards program or incentives, such as cash back or rewards points. While you don’t want to use a credit card irresponsibly, rewards programs are a great way to earn spending money back when you use a credit card that utilizes them.
- Low Credit Limit: Though this may be an advantage for some credit card users who are more likely to overspend, a $300 credit limit is too low for many consumers.
The Milestone Gold MasterCard is a very basic credit card. With a low credit limit, high APR (about 23%), and an annual fee with zero rewards programs, it’s not the best card for maximizing what your money can do. However, it does have a certain appeal for consumers with a bad credit history. Thanks to the easy application and low credit limit, users who need to build credit and improve their financial life may find using this card to their benefit.
There are many factors to consider when deciding on a credit card to apply for. There are countless credit card companies out there; sifting through the endless offers out there can be tedious, and after a while, they all begin to sound the same. But not all credit cards are created equal. You may feel better about going with a big, established name when deciding which credit card company to work with. While big names can make great products, it’s important to know that they aren’t your only options.
- Good for damaged credit
- Easy Pre-Qualification
- No Intro Offers
- No Rewards