Milestone Mastercard Overview
Building credit can be challenging. The Bank of Missouri Milestone Mastercard® is one of many credit-building cards on the market. The card requires no deposit and has a solid minimum credit limit for an entry-level card, but the annual fee for the first year is outrageous for a card of this type. Card rating*: ⭐
*Card rating is based on the opinion of TPG editors and is not influenced by the card issuer.
At first glance, some of the credit-building benefits of the Milestone Mastercard may seem attractive. However, this card quickly slips to the bottom of the list when you factor in the $175 annual fee for the first year.
Although the Milestone Mastercard’s annual fee drops to $49 in subsequent years, that doesn’t mean you’re saving money. Starting in the second year, you’ll have to pay an additional monthly maintenance fee of $12.50. All in all, you’ll pay a whopping $199 per year for this card.
With fees like that, this card has to offer some fantastic benefits to even be considered, but one key benefit is that there is no minimum credit score required for approval.
Let’s take a closer look at this card to see if it offers anything in return for those exorbitant fees.
Milestone Mastercard information was collected independently by The Points Guy. The card details on this page have not been verified or provided by the card issuer.
Advantages and disadvantages of the Milestone Mastercard
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Benefits of the Milestone Mastercard
The Milestone Mastercard doesn’t offer any kind of welcome offer. That’s not unusual for a credit-building credit card, but it is unusual for a card with such a high annual fee.
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The card has two notable benefits: no security deposit is required and there is a minimum credit limit of $700.
Many credit cards require a security deposit to get you approved, and that deposit serves as your initial credit limit. Since the Milestone Mastercard doesn’t require a deposit, you don’t need to have any money up front when you apply (aside from the $175 annual fee).
This card’s $700 credit limit isn’t great, but it’s better than the initial credit limits on many starter cards, which are sometimes as low as $200.
Depending on your financial situation, the Milestone Mastercard may offer an even higher starting amount. Additionally, this card reports to all three credit bureaus and offers fraud protection, as well as the ability to use the card anywhere Mastercard is accepted.
While these are decent benefits for a credit-building card, they’re incredibly lackluster for a card that costs as much as the Milestone Mastercard.
Related: Best secured credit cards
Collect and redeem rewards with the Milestone Mastercard
The Milestone Mastercard doesn’t offer rewards, so you won’t earn points, miles or cash back on your spending. That’s what we generally expect from basic credit cards, but since this one is so expensive, it’s disappointing that it doesn’t offer anything here.
If you want a starter card with rewards offers, consider one of our recommendations below instead of the Milestone Mastercard.
Related: 6 Simple Strategies I Use to Earn Over 500,000 Points and Miles a Year
Which cards compete with the Milestone Mastercard?
It’s not hard to find competitors for this card; virtually every other card on the market outperformes the Milestone Mastercard. Here are three options to consider:
- If you want to earn rewards while building credit: The Capital One Quicksilver Secured Cash Rewards Credit Card has no annual fee (see rates and fees) and offers 1.5% cash back on all purchases. However, a minimum deposit of $200 is required when opening the account. For more details, read our full Capital One Quicksilver Secured review.
- If you like Chase: The Chase Freedom Rise® is a great option for those with poor or no credit. A Chase checking or savings account with at least $250 is highly recommended, but not required. With this card, you’ll earn 1.5% back on all purchases. Plus, you’ll start building a relationship with Chase, which can make it easier to get approved for their other cards.
- If you are a student: The Capital One SavorOne Rewards for Students is perfect for a college student looking to improve or build their credit score. This card has an impressive earning rate and offers 3% cash back on dining, entertainment, popular streaming services, and grocery store purchases. Like the other cards featured here, you don’t have to pay an annual fee (see rates and fees).
For more options, check out our selection of the best credit cards for beginners.
Chase Freedom Rise information was collected independently by The Points Guy. The card details on this page have not been verified or provided by the card issuer.
Related topics: My journey into the world of cards and points in the first year: From small steps to maximizing rewards
Is the Milestone Mastercard worth it?
I’ve never been more confident in recommending against a credit card. With minimal benefits and excessive fees, the Milestone Mastercard is one of the worst on the market. Skip this card and opt for a card with lower fees and better benefits instead.
Related: Why I canceled my first credit card and what I would do differently if I could go back
Conclusion
The Milestone Mastercard is a credit-building card that doesn’t require a credit score or a security deposit. However, the high fees and lack of opportunities to earn rewards make this one of the worst beginner cards available. Almost everyone is better off with a card like the Capital One Quicksilver secured or the rise of freedom.
Related: Credit Cards 101: The Beginner’s Guide
