Milestone credit card, a Mastercard tailored for individuals with bad or no credit. Issued by Genesis Financial Solutions, this card comes with a generous credit limit of up to $1,000 and a 1% cash-back rewards program. Learn about its pros and cons, and explore essential factors to consider before applying.
The Milestone Credit Card
In today's financial landscape, good credit history is crucial for various aspects of life, including securing loans, renting apartments, and even landing a job. However, building credit can be challenging, especially for those with a less-than-stellar credit score. The Milestone credit card is designed precisely for this purpose – assisting individuals with bad or no credit in establishing or rebuilding their creditworthiness. Let's further in detail all the features of the Milestone Card.
Pros of the Milestone Credit Card
1. No Annual Fee
The Milestone card stands out for its lack of an annual fee. This feature ensures that cardholders can maintain their accounts without worrying about additional costs that may burden their finances.
2. No Security Deposit Required
Unlike some secured credit cards that mandate a security deposit as collateral, the Milestone credit card does not require such a deposit. This makes it more accessible to individuals who may not have the funds to secure a secured credit card.
3. 1% Cash Back Rewards
One of the perks of the Milestone card is the opportunity to earn 1% cash back on eligible purchases. This reward program enables cardholders to accumulate cash back on their spending, making it a valuable incentive for responsible credit card use.
4. Mastercard Acceptance Worldwide
The Milestone card is accepted at millions of locations worldwide as a Mastercard. This wide acceptance ensures that cardholders can conveniently use their card for purchases, travel, and other transactions wherever Mastercard is accepted.
5. Pre-Qualification Tool Available
Before applying for the Milestone card, individuals can utilize the pre-qualification tool offered by Genesis Financial Solutions. This tool allows potential applicants to check whether they are likely to be approved without impacting their credit score, giving them greater confidence in their application.
Cons of the Milestone Credit Card
1. High APR (29.99%)
The most significant drawback of the Milestone card is its high Annual Percentage Rate (APR) of 29.99%. This rate is considerably higher than many other credit cards, highlighting the importance of paying off balances promptly to avoid accruing substantial interest charges.
2. Late Payment Fees of Up to $35
Cardholders must be cautious about making timely payments, as the Milestone card imposes late payment fees that can reach up to $35. Consistent late payments can also negatively impact one's credit score.
3. Foreign Transaction Fees of 3%
For those who frequently travel internationally, the Milestone card's foreign transaction fees may pose a concern. With a foreign transaction fee of 3%, using the card for purchases abroad can lead to additional costs.
4. No Sign-Up Bonus
Unlike some other credit cards that offer attractive sign-up bonuses to new cardholders, the Milestone card does not offer any bonuses or introductory offers.
Additional Considerations Before Applying
Your Credit Score
While the Milestone credit card caters to individuals with bad or no credit, your current credit score will still play a role in your approval odds. If your credit score is particularly low, you may need to work on improving it before applying for the card.
Your Income
The Milestone credit card does not have a minimum income requirement. However, it is essential to assess whether you can comfortably afford the monthly payments to avoid falling into a cycle of debt.
Your Spending Habits
Due to its high APR, it is crucial to exercise prudence with your spending habits when using the Milestone credit card. Limit its usage to purchases you can afford to pay off in full each month to avoid accumulating excessive interest charges.
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Frequently Asked Questions (FAQs)
Can I get approved for the Milestone credit card with bad credit?
Yes, the Milestone credit card is designed for individuals with bad or no credit. While approval is not guaranteed, the card provides an opportunity for those seeking to build or rebuild their credit history.
Is the Milestone credit card a secured card?
No, the Milestone credit card is an unsecured credit card. Unlike secured cards requiring a security deposit, this card does not demand collateral.
How can I check if I pre-qualify for the Milestone credit card?
Genesis Financial Solutions offers a pre-qualification tool that allows you to check your eligibility without affecting your credit score. Visit their website and provide the necessary information to see if you pre-qualify.
Is the 1% cash-back rewards program worthwhile?
Yes, the 1% cash-back rewards program can be beneficial, especially for individuals who use the card for regular expenses. Earning cash back on eligible purchases can help offset some costs and provide a slight financial advantage.
Can the Milestone credit card help improve my credit score?
Yes, when used responsibly, the Milestone credit card can contribute positively to building or rebuilding your credit history. Making timely payments and maintaining a low credit utilization rate are key factors in improving your credit score.
Are there any other similar credit cards with better terms?
While the Milestone credit card serves its purpose for individuals with bad or no credit, other credit cards are available with varying terms and benefits. It is essential to research and compare multiple options to find the one that best suits your financial needs and goals.
What is the customer service phone number for the Milestone credit card?
The customer service phone number for the Milestone credit card is (800) 305-03302. You can contact customer service for assistance with payments, account inquiries, and other concerns related to your Milestone credit card.
What credit score do you need for a milestone card?
The Milestone card is designed for people with bad or no credit, so there is no minimum credit score requirement. However, your credit score will still be a factor in your approval odds. If you have a low credit score, you may be approved for the Milestone credit card with a lower credit limit.
Can I withdraw cash from my milestone card?
Yes, you can withdraw cash from the Milestone card, but it comes with a withdrawal fee of$5 and ana separate cash advance APR of 35.9% that starts immediately after you complete your transaction, along with any charges from atm ower.
Where/how can I pay my milestone credit card?
There are various methods to pay your Milestone credit card bill. You have the option to:
Pay online: You can log in to your Milestone credit card account online and make a payment. This is the most convenient way to pay your bill, and it is usually free.
Pay by phone: You can call the Milestone customer service number at (800) 305-0330 and make a payment over the phone. There is a small fee for paying by phone.
Pay by mail: You can mail a check or money order to the following address:
Genesis FS Card Services PO Box 84059 Columbus, GA 31908-4059
Pay through a bill pay service: You can use a bill pay service like PayPal or Venmo to make a payment to your Milestone credit card. This is a convenient way to pay your bill, but there may be fees associated with it.
Pay through MoneyGram: You can go to a MoneyGram location and pay your Milestone credit card bill in person. There is a small fee for paying through MoneyGram.
Can I use my Milestone Credit Card before it arrives?
Unfortunately, you will be unable to use your Milestone credit card until it arrives. Because the Milestone credit card does not provide a virtual card number, you must wait until you receive your physical card in the mail before using it.
Can you get a credit increase on Milestone Credit Card?
Unfortunately, credit limit increases are not available with the Milestone card. It is an unsecured card intended for persons with bad or no credit, and the issuer does not wish to give cardholders more credit than they are capable of handling.
Conclusion
The Milestone credit card is a valuable tool for individuals seeking to establish or rebuild their credit. With its lack of an annual fee, no security deposit requirement, and cash-back rewards program, the card offers several advantages to its target audience. However, potential applicants should be mindful of its high APR and other associated fees. By understanding their credit score, income, and spending habits, applicants can make an informed decision about whether the Milestone credit card aligns with their financial goals. Remember, responsible credit card usage is crucial for building a strong credit foundation and achieving financial success.
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