Update:The offer mentioned below has expired and is no longer available.
Milestone Card at a Glance
The Milestone card is issued by the Bank of Missouri and serviced by Genesis FS Card Services, Inc. This card is specifically designed to help people establish payment history. Because this card is a Mastercard, you can use it on everyday purchases and it is widely accepted abroad.
It notes that the card “enables you to enjoy the benefits of a Mastercard without the need for a security deposit.” This card doesn’t offer the opportunity to earn any rewards like points or cash-back, however, it does come with some benefits since it is a Mastercard. These additional benefits include:
- Mastercard ID Theft Protection
- Zero Liability Protection (a.k.a. fraud protection)
Hot Tip:
The Milestone card is an unsecured credit card, which means that you have access to a credit limit without needing to put down a security deposit. Unfortunately, the credit limit offered on this card is $700, with no opportunity for credit limit increases.
In addition, your account history is reported to all 3 major credit bureaus, so this can help you establish a consistent payment record while enjoying the convenience of a credit card.
You can also use this card to take out cash at an ATM (up to your credit limit), but you will incur cash advance fees of the higher of $5 or 5% each time you withdraw money. This is free in your first year, though!
Balance transfers are not allowed with this card.
Milestone Card Application
To apply now for the Milestone card, head over to the website.
Once you apply, you will typically receive an answer right away. However, if the decision is pending, you can check your Milestone card application status by calling 866-502-6439 and using the automated system. This system is available 24/7. If you prefer, you can also speak to a customer service representative from 6 a.m. to 6 p.m. PST every day.
Minimum Credit Score and Other Requirements
There is no minimum credit score required to be approved for the Milestone card and it is meant to be a great credit-establishing tool. This means that it has extremely flexible credit requirements in general, including accepting applicants with a history of bankruptcies.
However, there is no guarantee you will be approved for this card even if you have a higher credit score as other factors (like income and debt) are taken into consideration.
To qualify for the Milestone card, you will need to meet certain minimum requirements:
- Be at least 18 years old (19 in Alabama)
- Apply from a U.S. IP address
- Not have had a Milestone card account that was charged off due to delinquency
- Provide:
- Your name
- Email address
- Physical address
- Date of birth
- Social Security number
- Monthly income and expenses
Bottom Line:
Using this information, Milestone will review your income, your debt, and conduct identity verification to determine eligibility.
How To Increase Your Credit Limit
Unfortunately, the Milestone card doesn’t offer any credit increases, even with a history of timely payments.
Hot Tip:
You should consider a secured card if you are looking for a card with a higher credit limit. If you are able to make a larger security deposit upfront, the credit limit will generally match your deposit amount.
Milestone Card Online Login
Use Milestone’s website to activate your new Milestone card online and create your online account. You can even log in to monitor your Milestone card account activity, pay your bill, view transactions, and check your balance through this link.
Paying Your Milestone Card Bill
There are multiple options you can use to make payments on your Milestone card.
Online
To access your account, log in to your account and click My Account or via the Bill Pay tab. Once you are logged in to your account, you can enroll to receive paperless statements, check your monthly bills, and make payments via direct deposit or bank transfer.
Hot Tip: You cannot use a debit card to make payments to your Milestone card account.
Be sure to submit your payments by 5 p.m. PST to ensure that it’s credited on the same day.
Unfortunately, there is no Milestone mobile app at this time.
By Phone
You can make payments by phone by calling Milestone’s customer service line at 866-453-2636. A customer service agent is available between 6 a.m. and 6 p.m. PST Monday through Friday.
By Mail
You can send a check or money order to pay your Milestone bill by mail. Payments should be mailed to:
Genesis FS Card Services
P.O. Box 84059
Columbus, GA 31908-4059
Hot Tip:
Milestone notes that you should allow 7 days for a check to be received and processed. This means you need to plan well in advance of your payment due date to avoid late fees and interest charges.
By MoneyGram
First, you will need to locate your nearest MoneyGram location. Then you will need the following information:
Company Name: Genesis FS Card Services
Receive Code: 4911
Benefits of the Milestone Card
This card is made for those with no credit history or less-than-perfect credit, so the main benefits revolve around credit-establishing. It is also backed by Mastercard, making it convenient to use as it is widely accepted.
Easy Application
The Milestone card advertises itself as a good option for those establishing their payment history, so having financial blemishes on your record shouldn’t prevent you from being approved for this card.
This is great news for those people hoping to improve their credit score. While the credit limit is small, making consistent payments and paying off your balance each month will lead to credit score increases in no time.
Credit Establishing
The Milestone card reports to all 3 major credit bureaus each month when your billing statement is generated. The 3 major consumer credit bureaus (TransUnion, Equifax, and Experian) will note your history of responsible payments and reflect this in your credit score.
While no credit limits are offered with this card, you can qualify for better credit cards with higher credit limits in the future.
Drawbacks of the Milestone Card
If you’re trying to decide if the Milestone card is the best choice for you, you should be aware that there are some big downsides to this card.
Very Low Credit Limit and No Increases
The credit limit is only $700 (with no opportunities to increase it) and is initially lower due to fees. If you have a low credit limit, each purchase brings you higher to your credit limit. This makes it easy to rack up high credit utilization which can hurt your credit score.
Hot Tip:
If you have the money upfront, you might be better served with a secured credit card. The credit limit is generally as high as the amount you can set up as a security deposit.
Annual Fee
There are no opportunities to avoid an annual fee with this card. You’ll want to review the terms associated with the card to learn more about the annual fee.
Bottom Line: In short, the higher the annual fee, the less appealing this card becomes due to the low credit limit.
High APR and Fees
You’ll want to see the terms for the regular purchase APR and penalty APR on this card, so if you carry a balance, interest charges could add up quickly.
To contact customer service, call 866-453-2636.
If you would like to use your card to access cash at ATMs, you can also call this number to request a PIN be sent to you via mail.
If you prefer to contact by mail:
Genesis FS Card Services
P.O. Box 4477
Beaverton, OR 97076-4477
Alternative Credit Cards (Our Recommendations)
If you’re interested in other credit-establishing card options, we have a few alternative recommendations.
The Capital One Platinum Secured Credit Card doesn’t charge an annual fee and also provides access to a higher credit limit after the first 5 months of on-time payments, with no additional deposits needed. This card does require putting down a security deposit upfront.
For an option that doesn’t require a credit check, look into the First Progress Platinum secured cards. These cards extend credit against a security deposit rather than your credit status.
Store cards might also be a good option if you do a lot of shopping at 1 retailer or are planning on making a big purchase. Cards for places such as Sam’s Club, Walmart, TJ Maxx, Amazon, and more are issued by Synchrony Bank.
Store cards typically have no annual fee, come with long 0% financing periods, and usually offer some sort of store rewards, such as free shipping or extra savings on your birthday.
Final Thoughts
The Milestone card will mostly benefit those who want to improve their credit score — whether you have prior credit blemishes, or are simply starting off from scratch. This card will report your payments to the 3 major credit bureaus, so by making your monthly payments on time, you can help establish your payment history.
Keep in mind that there are other cards available and you may be able to find 1 with fewer fees or a higher credit limit. If you can put a security deposit down or qualify for a store card, they might be better options.
The information regarding the Capital One Platinum Secured Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
0 comments
Any thoughts or questions? Comment below!
Email needed if you'd like comment updates. It will NOT be published.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.