Milestone Gold Mastercard Review

No security deposit required, but is it worth the fees?

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The Milestone Gold Mastercard from The Bank of Missouri is an unsecured credit card designed to help you build or rebuild your credit history. Depending on your credit situation and how you use the card, however, it could get expensive.

Milestone® Gold Mastercard®

overall rating
2.5
Milestone® Gold Mastercard®
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 24.9% fixed
Annual Fee $35-$99
Ratings Breakdown
for Interest
1.7
for Fees
2.4
for Rewards
2.3
for Credit
4.3

Who Is This Credit Card Best For?

  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver
  • Avatar for Debt Warrior Persona
    Attacks existing balances while avoiding new debt See more cards
    Debt Warrior
  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly See more cards
    Credit Builder

Building or rebuilding credit can take time, and parting with a few hundred dollars for a deposit on a secured credit card without knowing when you’re going to get it back can be stressful. The Milestone credit card doesn’t require a security deposit to get approved, and you can get approved with bad, limited, or no credit. 

That said, your annual fee could be as high as $99 after the first year, based on your credit profile.

Pros
  • No security deposit required

  • May get approved with bad, limited, or no credit

  • Fixed APR

Cons
  • Potential for a high annual fee

  • No rewards program

  • Low credit limit

Pros Explained

  • No security deposit required: You don’t have to worry about putting up any money to get approved for the card. If you’re living paycheck to paycheck, don’t have any savings you can part with, and need to build credit, the Milestone credit card can be extremely appealing. 
  • May get approved with bad, limited, or no credit: Getting a credit card can be difficult when you’re new to credit or working to recover from past credit missteps. With the Milestone credit card, anyone can check to see if they’re pre-qualified without it affecting their credit score.
  • Fixed APR: The card’s interest rate stays the same regardless of what the prime rate is. (Variable interest rates are based on the prime rate.) That doesn’t necessarily mean that the rate will never change, but your credit card issuer will have to tell you if it does.

Cons Explained

  • Potential for a high annual fee: This card has a variety of fee structures. Depending on your credit profile, you may end up with an ongoing annual fee of $35 or $59, or a first-year annual fee of $75 then $99 after that. There’s also a possibility Milestone will approve you and require a $25 account-opening fee, a $50 first-year annual fee, and a $99 annual fee afterward.
  • No rewards program: When your main goal is to improve your credit, rewards may not be a top priority. But if you want the option to have both, some other cards can provide it. 
  • Low credit limit: The credit limit for the Milestone Gold Mastercard is $300, and the set-up fee and annual fee come out of that. So when you open your card, you might only have $225 of available credit. That’s really low, especially when you’re trying to improve your credit score. If you have the money for a security deposit, you could get a higher credit limit with most secured credit cards.

Other than making your credit card payments on time, the best thing you can do for your credit score is to keep your credit utilization rate low. That means using as little of your available credit as possible, which is tough when you have a very low credit limit.

Milestone Gold Mastercard’s Other Features

  • Identity theft resolution services

Customer Experience

The Bank of Missouri doesn’t offer a mobile app for the Milestone credit card, and it doesn’t offer 24/7 customer service—most competitors have both. You can reach customer service at 866-453-2636 every day from 6:00 a.m. to 6:00 p.m. Pacific Time, via regular mail, or via a contact form on the bank’s website.

While the card can help you build your credit history, it doesn’t provide access to your credit score to help you keep track of your progress.

Security Features

The Milestone credit card’s security features are standard for the industry.

Milestone Gold Mastercard’s Fees That Stand Out

For the most part, the fees associated with the Milestone credit card aren’t entirely out of line with the industry standards. There are, however, some exceptions.

The annual fee, for instance, can be much higher than what you can find with some of the better credit cards for bad credit on the market. On the flip side, the card’s 1% foreign transaction fee is lower than the typical 3% fee you see with other cards that charge one. 

The card also waives its cash advance fee for the first year, which isn’t common among other cards. (The fee is 5% with a minimum of $5 after the first year.) Even with no fee the first year, avoid taking out a cash advance; they’re very expensive. The Milestone Gold Mastercard also charges an overlimit fee of up to $40. Many cards don’t have such a charge, which occurs when your balance rises above your credit limit.

Next Steps
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CURRENT CARD
Milestone® Gold Mastercard®
overall rating
2.5
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 24.9% fixed
Annual Fee $35-$99
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Milestone Gold Mastercard. "Interest Rates and Interest Charges." Accessed May 11, 2019.

  2. Milestone. "Pre-Qualify Form." Accessed May 11, 2019.

  3. Milestone. "Mastercard Guide to Benefits." Accessed May 11, 2019.