If you’re rebuilding your credit or applying for your first credit card, the Milestone Credit Card may seem like a simple solution. It’s designed for individuals with limited or damaged credit history who need a way to prove financial reliability. But the big question remains: Is the Milestone Credit Card good compared to other credit cards?
In this article, we’ll dive deep into its benefits, drawbacks, and alternatives, helping you decide whether the Milestone Card Credit is the right fit for your financial goals.
Overview of the Milestone Credit Card
The Milestone Credit Card, issued by the Bank of Missouri, is a unsecured credit card aimed at people who may not qualify for traditional cards. It’s part of the Genesis Financial Solutions network, known for providing subprime credit options.
Here’s what makes it stand out:
- No security deposit required – Unlike secured cards, you don’t need to put down collateral.
- Reports to all three major credit bureaus – Helps build your credit history faster.
- Quick prequalification – Soft inquiry only, so your credit score won’t be affected initially.
- Mastercard benefits – Accepted globally, both online and offline.
However, it comes with certain limitations — particularly in terms of annual fees, credit limits, and APR — that we’ll compare below.
Milestone Credit Card Features at a Glance
| Feature | Milestone Credit Card | Typical Secured Card | Other Starter Credit Cards |
|---|---|---|---|
| Annual Fee | $35–$99 | $0–$50 | $0–$75 |
| APR (Variable) | ~24.9% | ~22% | ~20–25% |
| Credit Limit | $300–$700 | Deposit-based | $300–$1,000 |
| Security Deposit | None | Required | Not required |
| Reports to Bureaus | Yes (3) | Yes | Yes |
| Rewards | None | Rare | Some offer cashback |
Data source: Bank of Missouri, NerdWallet, Credit Karma
Is the Milestone Credit Card Good for Building Credit?
Yes — if your main goal is credit rebuilding, the Milestone Credit Card can be effective. Since it reports to Equifax, Experian, and TransUnion, consistent on-time payments can significantly improve your credit score over time.
However, the high APR and potential annual fees make it more expensive than some competitors. You must pay balances in full every month to avoid interest accumulation.
Tip: Treat the Milestone Card Credit as a short-term tool — once your credit improves, consider upgrading to a low-fee or rewards card.
Pros and Cons of the Milestone Credit Card
✅ Pros
- No deposit needed — suitable for those with limited savings.
- Accepts applicants with poor or fair credit.
- Reports monthly to all credit bureaus.
- Quick and simple online application.
- Worldwide Mastercard acceptance.
❌ Cons
- High annual fees (up to $99 per year).
- Low initial credit limit (around $300).
- No rewards or cashback.
- High interest rate (~24.9% APR).
- Late or over-limit fees can add up quickly.
Milestone Credit Card vs. Other Credit Cards
Let’s compare the Milestone Credit Card with some popular alternatives for credit-building:
| Card Name | Type | Annual Fee | APR | Rewards | Deposit Required |
|---|---|---|---|---|---|
| Milestone Credit Card | Unsecured | $35–$99 | ~24.9% | None | No |
| Capital One Platinum Secured | Secured | $0 | ~30% | None | Yes |
| Discover it® Secured | Secured | $0 | ~28% | 1–2% cashback | Yes |
| Mission Lane Visa® | Unsecured | $0–$59 | ~26% | None | No |
| OpenSky® Secured Visa® | Secured | $35 | ~23% | None | Yes |
Verdict:
The Milestone Credit Card is easier to qualify for, but the Discover it® Secured and Mission Lane Visa® offer better long-term value due to lower fees and potential rewards.
Who Should Apply for the Milestone Credit Card?
The Milestone Card Credit is best suited for:
- Individuals with poor or no credit.
- Those rejected by major banks or credit unions.
- Users who want a no-deposit option.
- People looking to rebuild credit within 6–12 months.
If you already have moderate credit or can afford a secured card deposit, you’ll likely find better value elsewhere.
What Users Say About Milestone Credit Card
According to verified reviews from Credit Karma and WalletHub:
- Many users appreciated how easy it was to get approved despite a low score.
- Some complained about high annual fees and limited credit increases.
- The customer service experience is generally rated as “average.”
Example:
A Credit Karma reviewer noted, “It helped boost my score by 50 points in 4 months, but the fees are a bit much.”
Alternatives to the Milestone Card Credit
If you’re not sure the Milestone Credit Card is the right choice, here are some solid alternatives:
- Discover it® Secured Credit Card – Offers cashback and free FICO score tracking.
- Capital One QuicksilverOne – Better rewards for moderate credit holders.
- Mission Lane Visa® – Lower fees, easy mobile app management.
- Petal® 1 Visa – Uses cash flow, not just credit score, to approve applicants.
- Chime Credit Builder Card – No annual fees, no interest, no credit check.
Each of these cards offers more flexibility and long-term benefits once your credit improves.
FAQs: Is the Milestone Credit Card Worth It?
Q1: Does the Milestone Credit Card increase credit limits over time?
Yes, after consistent payments for several months, you may qualify for a limit increase, though it’s not guaranteed.
Q2: Will applying for the Milestone Credit Card hurt my credit score?
The prequalification process uses a soft pull, which doesn’t affect your score. Only the full application triggers a hard inquiry.
Q3: Can I upgrade to a rewards card later?
The Milestone Card Credit itself doesn’t offer upgrades, but you can transition to other unsecured cards after improving your credit.
Q4: How fast does it report to credit bureaus?
It typically reports monthly to all three bureaus, allowing visible progress within 1–2 billing cycles.
Conclusion: Is the Milestone Credit Card Good?
The Milestone Credit Card serves its purpose — providing access to credit for those who can’t qualify elsewhere. It’s a solid short-term tool for rebuilding credit but not ideal for long-term financial growth due to high fees and no rewards.
If you handle it responsibly, make payments on time, and keep your utilization low, it can be a stepping stone to stronger credit options in the future.
Bottom Line:
✅ Good for rebuilding credit.
❌ Not ideal for rewards or long-term use.
When comparing the Milestone Credit Card to others, it’s good — but not the best. Choose it for accessibility, not affordability.
