Milestone Mastercard® - $700 Credit Limit Review

Discover how the Milestone Mastercard® caters to those rebuilding credit with a $700 limit and no deposit required, plus a soft credit pull for prequalification. Our review delves into its potential to ease financial strains and boost credit health.

By Grace Pilling

Reviewed by Alene Laney

Updated: December 11, 2024

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Milestone Mastercard® - $700 Credit Limit

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

N/A

APR

See terms*

Annual Fee

See terms*

Recommended Credit

300 – 670 (Bad to Fair)

PROS
- Helps build and rebuild credit
- No security deposit needed
- Reports to major credit bureaus
- Universal Mastercard acceptance
CONS
- High annual fee
- With monthly fee
- High regular APR
- Credit Building Features
  - Enjoy a $700 credit limit, offering greater access to credit.
  - Your account history is reported to the three major credit bureaus in the U.S., helping you build your credit profile.
- Accessibility and Convenience
  - Use your Mastercard online, in-store, and in-app for versatile spending options.
  - Access your account information 24/7, even on mobile, for convenient management.
- Application Process
  - Apply quickly and easily with our fast decision process.
  - No security deposit is required, even if your credit isn't perfect

The Milestone Mastercard® is an excellent tool for building or rebuilding credit history. It's particularly beneficial if you've faced financial challenges, because it requires no security deposit and provides a manageable credit limit.

A standout feature is its regular reporting to all major credit bureaus, significantly improving your credit score. The card's widespread acceptance and mobile account access also make daily transactions extremely convenient. It's a practical choice that balances functionality and the opportunity to enhance your financial standing, emphasizing accessibility and ease of use.

Milestone Mastercard® - $700 Credit Limit Overview

When choosing a credit card, a thorough evaluation of its features is crucial, as they can significantly impact your financial journey positively and negatively.

Regular APR: See terms*
Deposit required: None
Potential credit limit: $700
Annual fee: See terms*
Rewards rate: None

Important Card Details

In exploring the features of the Milestone Mastercard®, examine how it caters to those rebuilding their credit while also considering its broader impact on financial management. This analysis aims to provide an unbiased look at critical aspects like the card's credit line and approval process, highlighting the opportunities and considerations they present for potential cardholders.

Fees

The Milestone Mastercard® has a unique fee structure. In the first year, users pay a substantial annual fee of $175, but no monthly fees. From the second year, the annual fee reduces to $49, yet a monthly fee of $12.50 kicks in. This makes it important for consumers to assess their budget and long-term card usage. It's a considerable initial investment for credit access, but the reduced second-year fee can balance this out, especially for those rebuilding credit and needing a no-deposit option.

Credit Limit

A $700 credit limit is offered with this card, which is a moderate amount for those starting or rebuilding their credit. It's a manageable limit that helps users stay within responsible spending while having enough flexibility for everyday purchases. This limit can be a starting point for those with less-than-perfect credit to prove their creditworthiness without the risk of high debt.

Credit Building Potential

Reporting to all three major U.S. credit bureaus, this card is a strong tool for building or rebuilding credit. Consistent, on-time payments and responsible usage can positively impact a user's credit score. It's particularly beneficial for those with previous credit challenges, offering a pathway to improved creditworthiness. However, the high APR calls for careful balance management to avoid costly interest charges.

Other Perks

Besides credit building, this Mastercard comes with universal acceptance online, in-store and through apps, ensuring convenience in various spending situations. Additionally, the card offers 24/7 mobile account access, a feature that aligns with the modern consumer's need for banking flexibility and constant connectivity. The quick application process is another plus, reducing the time and stress often associated with credit card approvals.

How the Milestone Mastercard® - $700 Credit Limit Compares

In this side-by-side comparison, we'll closely examine the Milestone Mastercard® - $700 Credit Limit card with another popular card. We'll highlighting their features, benefits and limitations to assist you in choosing the one that best fits your financial objectives.

How This Card Compares

Milestone Mastercard® - $700 Credit Limit

Regular APR: See terms*
Deposit required: None
Potential credit limit: $700
Annual fee: See terms*
Rewards rate: None
Best for: Those rebuilding or establishing credit, preferring a simple, no-deposit card with a moderate credit limit, without rewards focus.

Capital One Platinum Secured Credit Card

Regular APR: 29.99% (Variable)
Deposit required: $49 minimum security deposit (up to $200 maximum security deposit)
Potential credit limit: $200
Annual fee: $0
Rewards rate: None
Best for: Individuals starting their credit journey or repairing credit, seeking an accessible card with a low deposit, minimal fees, and primary credit limits.

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

Read Full Bio »

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
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