Review: Milestone Credit Card

milestone-credit-cardThe is targeted at people with bad credit who are looking for a chance to improve upon their past mistakes and improve their credit scores. Like most credit cards of this type, it offers high fees and interest rates coupled with very low credit lines. Our complete overview / review of the Milestone credit card is below:

If you’ve had credit problems in the past, you probably know that it is very difficult to get new credit once you’ve messed up. Credit cards like Milestone offer you the potential to improve your credit history, but they are so restrictive that we can’t recommend them. Let’s look at what the Milestone credit card offers and then talk about other options.

If you are accepted for a Milestone MasterCard (which is almost a sure thing considering the fees they charge), you get a credit card with a credit line of just $300. So, you can’t buy much with the card.

You also will pay an annual fee. Depending on how bad your credit history is, this fee may be $35, $59, or $75. (The $75 annual fee actually goes up to $99 after the first year.) This annual fee is immediately taken out of your credit line when you get the card, so your credit line begins at anywhere from $265 to $225. Now you really can’t buy much with the card.

In addition, the interest rate on the card is 23.9%, which is very high. If your credit is bad, you’re going to get a high rate, there is no avoiding that, so we can’t fault Milestone too much for this.

The Milestone MasterCard reports to the major credit bureaus, and if you use the card wisely you could improve your credit score over time.

However, the card is just too restrictive and expensive for us to recommend.

If you have bad credit but it’s not really, really bad, check out our Unsecured Credit Cards For Bad Credit page to see other options you might want to try. If your credit history is very very bad, see our Secured Credit Cards page for information on cards that require a security deposit but have lower fees and interest rates. Many secured cards are from major banks that will consider upgrading you to a better card once you establish a history of on-time payments.

See also: Store Credit Cards, Gas Credit Cards, Milestone Credit Card Payment, Login, and Customer Service Information