Milestone Gold Mastercard – How to apply

By Marcos • 11/29/2024

Unlike other cards, Milestone doesn’t require a security deposit, making it an affordable choice for those who don’t have or don’t want to use an initial deposit amount. 

Along with the cards Destiny and Indigo, the Milestone Gold Mastercard is part of a line of products from Genesis Financial Solutions which aims to help people rebuild their credit.

The gold card Milestone offers a revolving line of credit, allowing users to control their finances more flexibly.

This is an ideal type of credit card for those who want to improve their credit score over time. 

How does Milestone Gold work?

The Milestone Gold Mastercard is a straightforward solution to improving your credit score without requiring an initial deposit. 

You can easily check if you qualify on the issuer’s website without it impacting your credit score. This pre-qualification process is a great way to get a clear idea of ​​the card’s status before proceeding to the formal application.

Once approved, the card offers a revolving line of credit that can be used to make purchases anywhere that Mastercard is accepted. 

After that, you can make your purchases normally and pay the invoice by the due date, choosing to pay the full amount or a minimum payment.

Main Benefits of Milestone Gold Credit Card Mastercard

Because it doesn’t require a security deposit, the Milestone credit card is a convenient solution for those who want to avoid the extra cost of securing a credit card.

This makes it easier for people with bad credit to access a credit card without the upfront costs of other types of credit cards.

After approval, your initial credit limit is determined based on your financial standing and credit score. 

This limit can vary, but it’s typically around $700, and you can request a limit increase as your score improves.

Another important benefit is the flexibility to use the card anywhere that Mastercard is accepted. With this, you have access to millions of establishments around the world, both for physical and online shopping. 

It is worth considering that Milestone Gold also reports your credit activity to the major credit bureaus, which helps build a positive credit history over time, as long as the card is used responsibly. 

And finally, the credit card also helps protect your purchases, with the fraud coverage provided by the Mastercard brand, with this additional feature you can purchase more safely.

Cons of Milestone Gold 

One of the main negative points is the annual fee, which varies depending on the version of the card. 

For some people, the value of this fee may be an additional cost that weighs on their budget, especially when compared to other credit card options available on the market.

Furthermore, the cash advance fee can be an obstacle for those who need to use the card for this type of transaction. 

Even though the first year is exempt from this charge, after this period, the fee applied to advances is significant, which can mean that anyone who needs money quickly ends up paying more for this service. 

APR and Fees

An annual fee varies between US$35 to US$99, depending on the version of the card you choose and the APR (interest rate) is relatively high compared to other credit cards. 

A rate of 24.90% (variable) for purchases and 29.90% (variable) for cash advances can be a challenge for those who are unable to pay the bill in full each month, leading to interest accruing on the outstanding balance.

Additionally, the card charges a cash advance fee of $0 for the first year, but then becomes $5 or 5% of the value of each transaction.

It is important to keep in mind that, in addition to this fee, there is also a 1% foreign transaction fee for purchases made outside the United States.

Finally, the Milestone Gold Mastercard also imposes late payment fees of up to $40 and over-limit fees of up to $41.

How to apply for the Milestone Gold Credit Card Mastercard

The first step to request the Milestone Gold credit card Mastercard is to go to the issuer’s website and check if you qualify for the card. The pre-qualification process is simple and does not affect your credit score. 

Once this is done,If you qualify, the next step is to complete the online application form. 

Once your application is received, the issuer will perform a detailed analysis of your credit, which may temporarily reduce your score and if approved you will receive the card at your home.