The Milestone Mastercard credit card is definitely one of the best credit card options for beginners out there. The card itself is focused on people who have a bad credit score, thus targeting new credit card users and people who have got their credit score reduced due to improper credit card bill payments and management.
So, what is the exact credit score required to get approved for a Milestone Mastercard credit card?
MyMilestoneCard Credit Score Requirements
To answer the question we asked above, there is no fixed credit score requirement for achieving the Milestone credit card.
Even people who have a credit score below 640, which itself is considered a poor score, are sufficient enough to get approved for this card.
A score below 640, even though not recommended to maintain, can occur due to a variety of reasons. For starters, if you have never had a loan or a credit card before, then you will basically start with a very poor credit score that will be below 640.
Also, if you have had trouble paying credit card bills on time for your existing credit cards, even then the credit score can gradually reduce and reach below 640.
In either case, your next focus must be on building upon the credit score. Especially for that purpose, the Milestone credit card is a great option. The approval criteria are very relaxed and the chances of getting credit card approval are very high.
Another great advantage of this credit card is that there is no security deposit required. Usually, when lenders issue credit cards to people with weak credit scores, they take up a security deposit which will be about the same as the credit limit itself.
On the other hand, the MyMilestoneCard credit card does not take any security deposit while issuing the credit card.
Moreover, there is a pre-qualify process, which will give you an initial idea on whether you are having the basic eligibilities covered to get approved for the Milestone credit card. Also, the pre-qualify process will not affect your existing credit score.
Talking about the credit limit that is allowed by the issuers of the Milestone card to the borrowers, a maximum amount of $300 can be expected as the limit. However, the actual limit that is allowed to the borrowers depends on a variety of factors including the proofs submitted, and the existing borrowing history.
When it comes to the annual fee, it can range between $35 and $99 depending on the approval process.
One important point to note is that the credit limit, once approved, cannot be increased. The Milestone credit card does not provide an option currently for borrowers to increase their credit limit at all. The APR on purchases is set at 24.9 percent and is fixed.
Also, the card has additional benefits such as fraud protection. Thus, if your card gets stolen and you report it to the customer care team, any transactions that were done after your card gets stolen won’t be put as your responsibility anymore.