Milestone® Gold Mastercard®
When you have poor or limited credit, you’re stuck with some poor choices among credit cards. The Milestone Gold Mastercard is yet another in a long list of cards that offer confusing terms and tack on unnecessary fees directed at consumers who could likely use a price break.
The only reason to get the Milestone Gold Mastercard is if you don’t have any other options and you need a credit card. It’s possible you might be able to improve your credit score, as this card reports to the three major credit reporting bureaus.
To get the card, you have to apply to be pre-qualified. After this, you’ll receive one of six different offers, all with the same variable APR of 23.9%, but each with different annual fees and or account opening fees.
At best, you’ll qualify for a $35 annual fee. The worst offer is a $75 fee the first year and $99 thereafter. These charges will seriously hamper your available credit as the maximum limit on this card is $300. If you’re stuck paying a $75 fee on a $300 limit card, you’ve already reduced your purchasing power to $225.
Although this card is a step above a payday lender, you can do better. Try a credit union or a secured card if you want a clear and fair price structure for your credit card.
Who should get this card
We don’t recommend this card.
Fees and APR
- This card has a variable APR of 23.90%.
- The annual fee will be either a flat $35 or $59, or $25 the first year and $99 thereafter, or $50 the first year and $99 thereafter, or $70 the first year and $99 thereafter, depending on creditworthiness.
- There may be an account opening fee of either $5, $25 or $50 depending on creditworthiness.
- A penalty APR of 29.9% may apply indefinitely if you make a late payment.
- There’s a late payment fee of up to $38.
- There’s a 1% foreign transaction fee for all purchases made outside the U.S.
Extras, perks and using points
This card comes with extended warranty coverage and price protections.
There are some credit educational tools on the card’s website including definitions of credit terms and links to Federal Trade Commission articles.
How this card compares
The Credit One Bank Platinum Card pays 1% cash back on eligible purchases, but it’s not always easy to figure out what eligible means. This card also piles on the extra charges for things like requesting a higher limit and expedited payments.
A major drawback of the Credit One Bank Platinum Card is that you won’t know the exact terms of your offer until you’ve applied. The overall fee structure with this card is confusing and likely not clear to most applicants.
The Indigo Platinum Mastercard is aimed at those with fair credit, which means it’s easier to be approved for than many other cards. It also reports to all three of the major credit bureaus so with regular on-time payments, you can improve your score and eligibility for credit cards with lower APRs.
This card doesn’t charge an annual fee but it may have some “set-up and maintenance fees” that are disclosed after you apply for the card. This still might be a better choice than a card with murky charges levied for “set-up” on top of an annual fee.
The Total Visa Unsecured Credit Card is another card that tacks on the program fee, servicing fees and sticks it to you with a higher APR of (See Terms*). Notably, there’s no foreign transaction fees with this card. Overall, it’s likely not a great choice for most due to the combination of high APR and extra fees. Like the Milestone Gold Mastercard, the extra fee charges severely impair your ability to actually use the card.
A better choice all-around would be the no-fee Discover it® Secured. This is one of the only secured credit cards on the market that offers cash-back rewards — and generous ones at that, too. Not only does this card earn 2% back on gas stations and restaurants, up to a quarterly maximum of $1,000, and 1% on everything else, but Discover will match all those rewards dollar-for-dollar at the end of the first year.
We also like that you can quickly graduate to an unsecured Discover card with just eight months of good payment behavior.