Milestone Credit Card $700 Limit
The Milestone Card presents a credit limit of $700 without necessitating a security deposit, making it a potentially valuable option. While a notably high APR is applied to any carried-over balance from month to month, it can serve as a resource for unexpected needs.
Individuals with less-than-perfect credit, unwilling to make a down payment, may find the Milestone Credit Card worth considering. However, it’s essential to note that this card may not be a long-term solution due to its exorbitant annual fee when compared to other credit cards.
For additional insights into the Milestone® Mastercard®, detailed information is provided below to assist you in making an informed decision regarding your application.
How to activate milestone credit card $700
Fee Structure: The Milestone Mastercard entails the following fees:
- High APR: Users may encounter a substantial purchase APR of 35.90%.
- Annual Fee: A notable feature is the annual fee, amounting to $175 for the first year and $49 thereafter. This fee is notably higher compared to most credit-builder credit cards.
- Low Credit Limit: The card offers a credit limit of $700, with the annual fee deducted from this amount. This results in a considerably reduced credit line in comparison to alternative credit-building choices.
- Over-Limit Fee: Enrolling in Overlimit Coverage may lead to an up to $41 charge if you surpass your credit limit. Without enrollment, exceeding the limit will result in declined charges.
- Foreign Transaction Fee: A relatively low foreign transaction fee of 1% is applicable, which stands favorable compared to other credit cards.
- Cash Advance Fee: Users are subject to a cash advance fee of 5% or $5 of the transaction, whichever is greater, not exceeding $100 (waived during the first year).
Milestone Credit Card Review
The Best Low-Interest, No-Security Card for Poor Credit
While the assertion that this card is the top unsecured credit card for bad credit should be approached with caution, the Milestone® Mastercard proves to be a viable option for those in need of quick financing rather than solely aiming for credit score improvement.
Expensive Rates
In comparison to its competitors, the Milestone Credit Card distinguishes itself by not having annual fees. However, it is crucial to note that the initial year’s cost for the Milestone Mastercard is $175. Subsequently, the annual fee decreases to $49, with an additional monthly charge of $12.50 introduced after the first year.
Offers a Modest Spending Limit
The initial annual fee, typically assessed during the account setup, essentially diminishes a cardholder’s initial spending limit of $700 to $525 in the first year. Is this sufficient for your needs?
If not, opting for a secured credit card might be a viable alternative. This can aid in building credit and potentially qualify you for a card with a larger limit, requiring less of an initial investment.
High 35.9% APR
As per WalletHub’s latest Credit Card Landscape Report, the average annual percentage rate (APR) offered by secured credit cards stands at 19.74%. In contrast, the Milestone Card’s standard APR is notably higher. Consequently, it is advisable not to carry a balance for any longer than absolutely necessary.
FAQs
Does Milestone have a 700 credit limit?
The version of the Milestone Mastercard available if you apply via Bankrate has a starting credit limit of $700.
What is the minimum credit score for the milestone credit card?
There is no minimum credit score required to get the Milestone Credit Card, as it’s available for people with bad credit. That means you can get approved for the Milestone Credit Card with a credit score below 500.
How to activate Milestone credit card $700?
By phone: To activate your Milestone Credit Card by phone, call (800) 305-0330. Then, enter your Social Security Number and follow the automated prompts to get connected to a representative.
Is Milestone Mastercard for bad credit?
Milestone® Mastercard®: Basics
Card type: Bad credit or fair credit. Annual fee: According to the card’s website, the annual fee is determined based on an analysis of your credit profile. As of December 2023, per the website, the annual fee could be as high as $175 in the first year; then $49.
How much credit card can I get with 700 credit score?
“In the 700 club, your credit limit will likely be close to the average credit limit for a newly issued card, about $5,000,” says Ted Rossman, senior industry analyst at Bankrate. “That limit can vary based on income and other debt.”
Can I get a credit card with 700 credit score?
A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).
What is the highest credit limit on milestone?
It is an unsecured card designed for people with bad credit and offers a $700 credit limit. You can contact the Milestone Credit Card customer service department at (800) 305-0330 (from 6:00 am to 6:00 pm, Pacific Time, seven days a week) to inquire about any changes to their credit limit policy.
What is the highest limit on a milestone card?
$700 Credit The ongoing annual fee ranges from $35 to $99. Of the three possible annual fees of the Milestone Mastercard® – $700 Credit Limit, the highest one (for those with the worst credit) is over 30% of the $300 credit line—immediately raising your credit utilization ratio and making it difficult to ever achieve good credit.
