In the world of credit cards, Milestone Mastercard stands out with its innovative offerings. Launched by Milestone Bank, this new-age credit card aims to redefine the role of credit cards in daily payments and finances. But what exactly is the Milestone Mastercard, and how is it different from regular cards? This article will provide a quick yet comprehensive overview of the Milestone Mastercard, its features and benefits. Read on to gain clarity on what sets Milestone Mastercard apart.
What is Milestone Mastercard?
The Milestone Mastercard is a premium multipurpose credit card launched by Milestone Bank. As the name suggests, the card is powered by Mastercard, hence carries acceptance at over a million merchant outlets and ATMs globally.
Key characteristics of the Milestone Mastercard are:
- Functions as a credit card for retail transactions and cash withdrawals
- Provides easy EMI conversion facility on big ticket purchases
- Offers strong reward points program on daily spends
- Brings smart expense tracking and management features via app
- Equipped with NFC for contactless ‘tap & pay’ facility
- Provides domestic and international usage
The Milestone Mastercard aims to offer users both payment convenience and financial prudence through its unique offerings. With this card, Milestone Bank intends to appeal to urban professionals and millennial consumers who seek flexibility and rewards from their primary credit card.
How is Milestone Mastercard Different?
While Milestone Mastercard checks all the boxes of a standard credit card, it brings much more to the table. Here are some ways in which the Milestone Mastercard differentiates itself:
Milestone Rewards Program
The Milestone rewards program is the biggest highlight of this card targeted at frequent spenders. Cardholders earn reward points on every purchase which can be redeemed for online vouchers, cashback, airline miles, luxury gifts and more. Higher the monthly usage, higher the rewards.
Meta Savings Account
The card is bundled with a zero balance meta savings account which acts as an FD earning upto 6% interest. A portion of card spends get auto-swept into this account, allowing disciplined saving and wealth creation.
Contactless Tap & Pay
Enabled with Mastercard Contactless technology, the Milestone Mastercard allows cardholders to make payments by just tapping the card. No need to swipe or enter PIN for small ticket payments.
Milestone Money App
The Milestone Money app makes expense tracking, budgeting, payments and card management easy via mobile. One can even temporarily block or unblock the card instantly through the app.
Zero Forex Markup
Milestone Mastercard does not levy any foreign currency markup fee on international purchases. Cardholders just pay the base forex rates without any loading.
Domestic & International Lounge Access
Cardholders get complimentary access to airport lounges in India and globally under the milestone rewards program depending on their monthly card usage.
Thus from payments to perks to financial planning, the Milestone Mastercard aims to deliver an all-encompassing solution. It combines the strengths of a credit card, savings account and expense manager in one place.
What are the Key Benefits of Milestone Mastercard?
Milestone Mastercard not only simplifies payments but also offers a range of benefits that enhance the card holding experience:
Reward Points – Cardholders earn reward points on every purchase that can be redeemed for multiple perks. Higher spends lead to higher rewards.
Insurance Coverage – The card provides air accident cover, fraud protection and other insurance benefits to safeguard users from losses.
Zero Liability – Users don’t bear any liability in case of fraudulent or unauthorized transactions on the card. Issuer will refund any loss incurring due to misuse.
Global Acceptance – Being a Mastercard, the Milestone Mastercard is accepted at over 35 million outlets across the world making it suitable for international travel and purchases.
Easy Tracking – The Milestone Money app allows real-time tracking of transactions, spends, rewards, payments and other details to monitor finances better.
Bill Reminders – Cardholders get reminders on upcoming card bill generation, payment due dates, standing instructions to avoid missing out on payments and penal charges.
EMI Facility – Cardholders can convert their high value purchases into EMIs at nominal interest to make payments affordable. Minimum transaction amount criteria applicable.
Lost Card Assistance – Quick blocking of lost or stolen card and speedy issuance of replacement card makes Milestone Mastercard reliable.
Thus Milestone Mastercard users enjoy end-to-end assistance for a satisfying payment experience along with rewards to boost their finances.
What are the Milestone Mastercard Fees and Charges?
Milestone Mastercard has nominal fees and charges applicable on card usage as follows:
- Annual Fees – Rs.500 per year for primary cardholder
- Add-on Card Fees – Rs.250 per year for add-on users
- Cash Withdrawal Charges – 2.5% of withdrawal amount or Rs.500 whichever is higher
- Late Payment Charges – Up to Rs.800 on overdue credit card bills
- Forex Markup – Nil markup on international transactions
- Overlimit Charges – Rs.500 per instance exceeding credit limit
- Reward Redemption Fee – Nil for most options except miles transfers
- Card Replacement Fee – Rs.250 for physical card replacement
- EMI Processing Fee – Minimal fee for converting transactions to EMIs
- Service Taxes – Applicable GST on fees and charges
Apart from the above, there are no hidden charges. Interest-free period of upto 50 days available on purchases for bill repayment. There are also waivers on some fees for high-spenders.
How does the Milestone Rewards Program Work?
The Milestone rewards program is the key attraction of the Milestone Mastercard. Here is a quick understanding of how it works:
- Cardholders earn 2 reward points per Rs.100 spent on domestic transactions and 4 points per Rs.100 spent on international transactions
- Points earned accumulate and appear as reward balance in monthly card statements
- No expiry of reward points as long as primary card account is active
- Higher the monthly card usage, higher the reward redemption options
- Redeem points for online vouchers, flights, hotels, merchandise, cashback and more
- Redemptions can be done via Milestone Money app, credit card statements or bank’s rewards portal
- Additional bonus points on achieving certain milestone targets and spending thresholds
Milestone rewards make everyday card usage more rewarding. The higher the monthly transactions, the faster you accumulate points for redemptions. It incentivizes increased usage of the card.
What are the Eligibility Criteria for Milestone Mastercard?
Milestone Mastercard has the following key eligibility parameters:
- Age 21 to 65 years
- Salaried or self-employed with steady income
- Minimum annual income of Rs.5 lakhs
- Good credit score – above 750 recommended
- No defaults or bankruptcy history
- Provide KYC documents like ID proof, address proof, photos
- Have Milestone Bank account – savings or current account
Applicants who meet the above eligibility criteria can apply online or offline for the Milestone Mastercard conveniently. Existing bank customers may get fast-tracked approval.
How to Apply for Milestone Mastercard?
Eligible applicants can apply for Milestone Mastercard through the following channels:
Online: Visit Milestone Bank website and apply via the quick online application form. Upload soft copies of required documents. Payment of annual fees to be done online.
Mobile App: Download Milestone Banking app and click on credit cards section. Fill the application form by providing necessary details. Upload e-documents. Annual fees can be paid within app.
Offline: Walk into nearest Milestone Bank branch office and collect application form. Duly filled form along with photocopies of documents and passport-sized photos to be submitted at branch along with applicable payment.
Video KYC: Initiate application process and complete video KYC formalities via Milestone Banking app or website for faster processing.
Once approved, the Milestone Mastercard gets delivered within 7 working days. Digital card gets activated immediately for online transactions.
FAQs
What is the Milestone Mastercard, and how does it differ from other credit cards?
The Milestone Mastercard is a credit card issued by Milestone, designed to help individuals build or rebuild their credit. Unlike traditional credit cards, the Milestone Mastercard may be available to individuals with less-than-perfect credit history.
What are the key features of the Milestone Mastercard?
The Milestone Mastercard offers features such as flexible credit limits, customizable payment due dates, and access to online account management tools. It also provides the opportunity to increase credit limits with responsible use over time.
How can I apply for a Milestone Mastercard, and what are the eligibility requirements?
You can typically apply for a Milestone Mastercard online through the Milestone website or by mail. Eligibility requirements may vary, but generally include factors such as income, employment status, and credit history.
What benefits does the Milestone Mastercard offer to cardholders?
Benefits of the Milestone Mastercard may include fraud protection, online account management, and the opportunity to build or rebuild credit with responsible use. Some cards may also offer rewards programs or other perks.
Is the Milestone Mastercard accepted everywhere Mastercard is accepted?
Yes, the Milestone Mastercard is accepted at millions of locations worldwide wherever Mastercard is accepted. Cardholders can use their Milestone Mastercard for purchases, online transactions, and more, just like any other Mastercard.
Conclusion
With exciting offerings like milestone rewards, zero forex fees, meta savings account and more, the Milestone Mastercard aims to appeal to urban millennials who expect more than just payments from their primary credit card. It simplifies not just transactions but overall financial life. This quick overview sums up everything you need to know to decide if the Milestone Mastercard is the right fit for your lifestyle and payment needs. Apply for one today to embark on a rewarding payments journey.