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Milestone Gold Mastercard Review

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Aug 16, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

Who the card is best for

The Milestone® Gold Mastercard® is an OK card that people with average/fair/bad credit can use to build credit if used responsibly. You won’t earn rewards or receive any standout benefits, but if managed properly you may see your score improve. However, since this card has several fees, those with no credit or bad credit should check out other cards that may have no annual fee or a lower fee. Also, if you have good or excellent credit, a secured card really isn’t for you — there are numerous other options that have both better terms and benefits.

  • Accepted Worldwide and $0 Fraud Liability

  • Pick from multiple card designs at no extra charge

  • 23.9% variable

Highlights
  • Easy pre-qualification process which does not affect your credit score
  • Protection from fraud if your card is stolen
  • Access your account online or from your mobile device 24/7
  • All credit histories considered
  • Pick from multiple card designs at no extra charge
  • No security deposit required

See additional details for Milestone® Gold Mastercard®

More Info

Where this card stands out in its category

The Milestone® Gold Mastercard® is a basic card that doesn’t have any exceptional benefits. You do have the option to check if you prequalify for this card without hurting your credit, which is a helpful feature if you have bad credit and want to compare cards from different issuers. Remember, when you submit an application, there will be a hard pull on your credit.

Where this card falls short in its category

This card has several fees to take into consideration: The annual fee ranges from $35-$99, depending on creditworthiness* and you may be charged an account opening fee, which can range from $5-$50. You won’t know which fees you have to pay until after your account is approved. This can be an issue, especially if you end up with the highest fees. Also take note that any fees will be deducted from your initial available credit.

Additional card benefits

The Milestone® Gold Mastercard® lacks added benefits beyond reporting to the three major credit bureaus, as well as Mastercard® Gold benefits like price protection and extended warranty coverage.

How to use it most effectively

The Milestone® Gold Mastercard® should be used responsibly to help you build credit. One of your top priorities should be making regular, on-time monthly payments with the goal of paying your balance in full each month. This not only establishes a good payment history, but also helps you avoid late payment fees and interest charges. You should also keep a low utilization rate — the amount of your total credit limit you use. For example, spending $200 on a $500 credit limit will give you a 20% utilization rate, which is pretty good, but the less you use of your available credit, the better.

Compare it with the Discover it® Secured

If you’re new to credit, you may benefit more from a secured card like the Discover it® Secured than the Milestone® Gold Mastercard® for various reasons, including the annual fee, benefits and rewards. A secured card requires a security deposit that will become your line of credit, and in this case, the Discover it® Secured requires a $200 deposit. This may be an issue if you’re unable to come up with the minimum $200 deposit, but it’s refundable if you pay your balance in full and close your account or are transitioned to an unsecured card.

  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.

  • Credit line will equal your security deposit of $200 or more*

  • No annual fee, no late fee on your first late payment. No penalty APR*

Highlights
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • It’s a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
  • Establish your credit line by providing a refundable security deposit from $200-$2500 after being approved. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • We automatically match all the cash back you’ve earned at the end of your first year.
  • Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
  • See Rates & Fees

See additional details for Discover it® Secured

More Info

The Discover it® Secured has a $0 annual fee while the Milestone® Gold Mastercard® has an annual fee that ranges from $35-$99, depending on creditworthiness*. Unfortunately, you won’t know your annual fee until after you apply, and that can be worrisome, especially if you receive the highest fee.

Looking at the features of each card, the Discover it® Secured provides exceptional benefits, including the chance to build credit while earning rewards, access to your free credit score, a credit resource center and more. The Milestone® Gold Mastercard® lacks the majority of those features. Therefore, if you want to build credit and receive additional card benefits, the Discover it® Secured is a great alternative.

Here’s a breakdown of the key features of each card:

Milestone® Gold Mastercard® Discover it® Secured
Annual Fee $35-$99, depending on creditworthiness* $0
Minimum Security Deposit N/A $200
Purchase Intro Rate N/A N/A
Balance Transfer Intro Rate N/A 10.99% APR for 6 Months
Balance Transfer Fee N/A 3%
Regular Purchase APR 23.9% variable* 24.99% Variable
Rewards Non-rewards card 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
Sign Up Bonus No bonus Discover will automatically match all the cash back you earn at the end of your first year.
Foreign Transaction Fee 1% of each transaction None

Bottom line

The Milestone® Gold Mastercard® is an OK option for people looking to build credit; however, you may be better off with a secured card that has more benefits and lower fees.


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