If you have perfect credit, you may find it difficult to receive approval on many of the most popular credit cards. Your credit score is one of the most significant factors that card issuers will take into account when processing your application, and low credit often means no card.
The good news is that there are also credit card options tailored to those trying to improve bad to average credit scores. One option with great benefits is the Milestone Gold MasterCard. This is an unsecured, bad credit MasterCard, which means you won’t need to pay any money for a security deposit to get the card. Interested in learning more and seeing if this card is right for you? From Gold Member benefits to the application process, we have all the info you need.
Terms and Benefits of the Milestone Gold MasterCard
First and foremost, here are the terms of this bad credit MasterCard:
• A variable annual percentage rate (APR) of 23.90 percent
• An annual fee of either $35, $59, or $75 for the first year and $99 for subsequent years
• Cash advance and penalty APRs of 29.9 percent
• A minimum credit limit of $300
• Late payment, overdraft and returned payment fees of $38 each
The annual fee you’re charged depends on your creditworthiness. The card issuer determines this based on your credit score, your income and any other debts that you have when you apply for the card. Applicants that meet certain creditworthiness requirements of Milestone will qualify for either those $35 or $59 annual fees.
Others will have that first-year annual fee of $75 and $99 for the second year and beyond. You can access your credit card account online at any time, and there are several custom card designs available to choose from.
What About Gold Member Benefits?
Because of this a Gold MasterCard, it entitles you to Gold Member Benefits. These include:
• Identity theft resolution services
• Extended warranty protection on products you purchase using the card
• Price protection on products you purchase using the card
A full guide to the great benefits that are available with the Milestone Gold MasterCard accompanies the card when you receive it in the mail.
The Application Process
The first step in applying for this Gold MasterCard is filling out Milestone’s pre-qualification form on its website. You’ll need to enter your basic personal and contact information, including your name, email address, home address, Social Security number, date of birth and phone number. After you submit this information, Milestone will run a soft credit check on you. The benefit of a soft credit check is that it allows Milestone to find out if you’re qualified to get the card, but this doesn’t make a negative impact on your credit score like a hard credit check can. If Milestone determines that you’re qualified for the card, you can fill out the application and submit it. There’s never a guarantee you’ll get approved for a credit card, but this MasterCard is specifically for people with below perfect credit and bad credit. If you have any questions or concerns, you can contact Milestone’s customer service. Once you receive approval for a card, it should arrive by mail within 14 business days.
Using Your Card to Boost Your Credit Score
When you get a card and you have bad or average credit, it’s important that you use it correctly so that you can raise your score. This is especially important because of the annual fee on this card. Although the annual fee isn’t bad, there are plenty of credit cards that offer excellent rewards for the same or lower annual fees. The best way to use this card is to improve your credit score with it and then switch to another card with rewards or no annual fee. The good news is that boosting your credit score with this card is simple enough.
All you need to do is make at least one or two purchases using the card every month. That way, you have a bill that you can make a payment on. Pay the balance off in full on or before the payment due date. You won’t get charged any interest and you’ll build a strong payment history. Make sure that you keep your credit utilization low, as well. If it goes above 30 percent, that can negatively impact your credit score. If you start out with that $300 credit limit, never go above a balance of $90. This Gold MasterCard by Milestone is a simple, effective option when you want to establish or repair your credit. It doesn’t have strict applicant requirements for you to meet, and if you use it responsibly, it could be just what your credit score needed.