Milestone® Mastercard®

Milestone Mastercard at a Glance

The Milestone Mastercard is an unsecured credit card from Concora Credit designed for consumers with challenging or less-than-perfect credit histories. It does not require a security deposit and provides a $700 credit limit if approved.

• Credit limit: $700 if approved
• Security deposit: None
• First-year annual fee: $175
• Initial available credit: Approximately $525 after the first-year annual fee
• Purchase APR: 35.9% under the currently linked terms
• Credit reporting: Monthly payments reported to all three major credit bureaus
• Rewards: None
• Balance transfers: Not currently offered

Finance Globe’s Take

The Milestone Mastercard provides access to an unsecured $700 credit line without requiring a security deposit. That may be appealing to someone who wants to establish or rebuild a payment history but does not want to place several hundred dollars into a secured-card deposit.

The primary drawback is cost. The first-year annual fee is charged directly to the account, reducing the initial available credit from $700 to approximately $525 before any purchases are made. The card also has a high variable APR and does not earn cash back, points or other purchase rewards.

This card makes the most sense when the lack of a security deposit is important and the cardholder expects to keep spending limited, pay on time and preferably pay the statement balance in full. Someone who qualifies for a lower-cost credit card may receive better long-term value elsewhere.

How the $700 Credit Limit Works

The offer provides a $700 credit limit if the application is approved. This means approved applicants receive a defined initial limit rather than a credit-limit range.

However, the entire $700 will not initially be available for purchases. The current terms charge a $175 annual fee to the account during the first year. After that fee is applied, the initial available credit will be approximately $525.

Any additional purchases, interest or fees will reduce the available credit further. Keeping the balance well below the limit and making payments by the due date can help preserve available credit and avoid unnecessary interest charges.

Milestone Mastercard Fees and APR

The currently linked offer terms list the following account costs:

• First year: $175 annual fee and no monthly fee
• After the first year: $49 annual fee plus a $12.50 monthly fee
• Total annual and monthly fees after the first year: $199 per year
• Purchase APR: 35.9%
• Cash advance APR: 35.9%

The ongoing cost after the first year is an important consideration. Although the annual fee decreases, the monthly fee causes the combined yearly account fees to increase to $199.

Interest charges can also accumulate quickly at the card’s APR. Paying the statement balance in full by the due date is the most effective way to avoid purchase interest when the grace-period requirements are met.

Application and Credit-Inquiry Details

Milestone states that if an application is not approved, a hard inquiry will not appear on the applicant’s credit report and the credit score will not be affected. Applicants who are approved may receive a hard inquiry as part of the completed application process.

This protection does not guarantee approval. Concora reviews the application and may consider income, existing debt, identity-verification information, credit history and other qualification criteria.

Finance Globe does not recommend a particular FICO score or claim that applicants above a specific score are likely to be approved. Credit scores are only one part of an issuer’s decision.

Does the Milestone Mastercard Report to the Credit Bureaus?

Yes. Milestone reports monthly payment information to Equifax, Experian and TransUnion. This gives cardholders an opportunity to establish a payment record across all three major credit bureaus.

Credit reporting does not guarantee that a credit score will increase. Payment history, balances, credit utilization, account age and activity elsewhere in a credit report can all affect a consumer’s score.

Late or missed payments may also be reported. Cardholders should make at least the minimum payment by the due date and keep the account balance manageable.

Who the Milestone Mastercard May Be Useful For

The Milestone Mastercard may be worth considering for someone who:

• Wants an unsecured credit card without a security deposit
• Has experienced difficulty qualifying for traditional credit cards
• Wants monthly reporting to all three major credit bureaus
• Understands that the first-year fee reduces the initial available credit
• Plans to keep the balance low and make every payment on time
• Does not need cash-back or travel rewards

Important Things to Consider

• The $175 first-year annual fee reduces the initial available credit to approximately $525.
• Beginning in the second year, the card charges both an annual fee and a monthly fee.
• The combined annual and monthly fees after the first year total $199.
• The card has a high regular APR.
• No purchase rewards are offered.
• Balance transfers are not currently available.
• Approval is not guaranteed.
• Responsible use may help establish payment history, but credit-score improvement is not guaranteed.

Frequently Asked Questions

Is the Milestone Mastercard a secured credit card?

No. The Milestone Mastercard is an unsecured card and does not require a security deposit.

What is the Milestone Mastercard credit limit?

This offer provides a $700 credit limit if the application is approved.

Why is the initial available credit approximately $525?

The $175 first-year annual fee is charged to the account. Subtracting that fee from the $700 credit limit leaves approximately $525 available before any purchases are made.

Does the Milestone Mastercard have an annual fee?

Yes. The currently linked terms charge a $175 annual fee during the first year and a $49 annual fee thereafter. A $12.50 monthly fee also begins after the first year.

Does applying affect your credit score?

Milestone states that if the application is not approved, a hard inquiry will not appear and the applicant’s credit score will not be affected. An approved application may result in a hard inquiry.

Does the Milestone Mastercard report to all three credit bureaus?

Yes. Monthly payment information is reported to Equifax, Experian and TransUnion.

Does the Milestone Mastercard earn rewards?

No. The card does not currently earn cash back, points or travel rewards.

Can you transfer a balance to the Milestone Mastercard?

No. Milestone states that balance transfers are not currently offered.

Is approval guaranteed?

No. The $700 credit limit is guaranteed if approved, but approval itself is not guaranteed. Applications remain subject to review and qualification requirements.

What credit score is needed for the Milestone Mastercard?

Milestone does not publish a guaranteed minimum credit score for approval. The card is designed for consumers with challenging credit histories, but the decision can depend on credit history, income, debt and other application information.

Finance Globe’s Bottom Line

The Milestone Mastercard provides a defined $700 credit limit if approved and does not require a security deposit. Its monthly credit-bureau reporting may help cardholders establish a payment history when the account is used responsibly.

The tradeoff is cost. The first-year annual fee substantially reduces the credit initially available, and the combined annual and monthly fees after the first year remain significant. The card is best suited to someone who values unsecured access to credit, understands the fees and plans to keep the balance low.