The Milestone Gold Mastercard and Milestone Platinum Mastercard from Credit One Bank allow cardholders to earn lucrative cash back rewards on purchases. But how exactly does the cash back work on these Milestone Mastercard credit cards?
In this comprehensive guide, we’ll cover everything you need to know about getting cash back with your Milestone Mastercard, including:
- How the Milestone Mastercard cash back program works
- Cash back earning rates and category bonuses
- Important considerations and limitations
- Tips to maximize your cash back
- The step-by-step redemption process
- Strategic redemption best practices
- Cash back alternatives like statement credits
- Comparisons to other cash back cards
- Long-term strategies to optimize rewards value
Let’s dive into the details on how you can earn and redeem unlimited cash back with your Milestone Mastercard.
How the Milestone Mastercard Cash Back Program Works?
The Milestone Gold Mastercard and Milestone Platinum Mastercard allow cardholders to earn cash back rewards on purchases:
- Earn 1-1.5% cash back per $1 spent on eligible purchases
- Extra bonuses in rotating categories or for certain spending
- Cash back accrues as redeemable rewards
- Rewards can be redeemed for cash, statement credits, gift cards, and more
- No limit on the total cash back rewards you can earn
It’s an easy, automatic way to earn cash rewards on your regular spending.
Milestone Mastercard Cash Back Earning Rates and Bonuses
Here are the standard cash back earning rates with the Milestone Mastercards:
- Milestone Gold: 1% cash back per $1 on all purchases
- Milestone Platinum: 1.5% cash back per $1 on all purchases
Additional category bonuses may include:
- 5% cash back on quarterly rotating bonus categories
- 3% back at gas stations or restaurants
- 2% back on groceries or streaming services
New cardholders can also earn large intro bonuses like $100 back after spending $500 in the first 90 days.
Important Considerations and Limitations
Some notable cash back rules and restrictions include:
- Rewards can be redeemed only after they appear on a statement
- Cash advances and balance transfers don’t earn rewards
- There may be a cap on total cash back earned annually
- Only the primary cardholder can redeem rewards
- Accounts must remain active and in good standing
Be sure to review the full rewards terms for other conditions before applying. Now let’s look at maximizing earnings.
Tips to Maximize Cash Back with Your Milestone Mastercard
Follow these tips to optimize cash back rewards with your Milestone Mastercard:
- Activate targeted bonus category offers to earn extra rewards
- Use your card for all eligible purchases to accumulate cash back faster
- Make larger purchases and recurring payments like insurance with the card
- Pay your balance off in full monthly to avoid interest diminishing rewards
- Refer friends and family and earn bonuses when approved
- Review statements to ensure rewards track as expected
- Contact the issuer if you notice any missing or incorrect rewards
Taking advantage of all rewards opportunities helps maximize your Milestone Mastercard cash back earnings over time.
How to Redeem Cash Back Rewards?
When ready to use earned rewards, follow these steps:
- Log in to your account online or in the mobile app
- Access your rewards dashboard
- Select “Redeem Rewards”
- Choose your preferred redemption type
- Confirm the dollar amount and provide any required information
- Process the redemption request
- Allow up to 14 days for rewards to post to your account
Its easy and convenient to cash out your Milestone rewards whenever you wish.
Strategic Cash Back Redemption Tips
To maximize value on redemptions:
- Redeem larger lump sums instead of small amounts to avoid fees
- Time redemptions for when you have major purchases or expenses
- Avoid cashing out constantly; let balances accumulate for bigger redemptions
- Check for minimum redemption requirements before cashing out small amounts
- Monitor your pending rewards balance frequently
- Don’t close your account before redeeming rewards
- Review redemption terms so rewards don’t expire before using
Planning redemptions wisely helps maximize cash back value.
Cash Back Alternatives Beyond Cash Redemption
Instead of cash, Milestone rewards may be redeemable for:
- Statement credits to save on your next bill
- Pay with points for purchases and get cash back on redeemed amounts
- Gift cards to popular merchants to offset future spending
- Merchandise like electronics, appliances, jewelry, shopping gift cards
- Travel rewards like flights, hotels, rental cars, cruise packages
- Mortgage and student loan rebates
- Charitable donations to give back to causes
Evaluate all redemption possibilities to identify options matching your goals and preferences.
How Milestone Mastercard Cash Back Compares?
The Milestone Mastercards offer solid cash back compared to competitors:
- 1-1.5% flat earn rate is standard for no-fee cash back cards
- Category bonuses are higher than many other basic cash back cards
- No cap on total rewards earned is better than restricted programs
- Simple cash redemptions provide flexibility compared to branded points
- A great cash back alternative to premium travel cards with high annual fees
For a no-annual-fee cash back card, the Milestone Mastercard provides strong ongoing rewards value.
Strategies to Optimize Milestone Cash Back Long-Term
To maximize Milestone Mastercard cash back value:
- Use highest multipliers first when working toward minimum spends
- Combine category bonuses across multiple cards
- Track highest spending categories to optimize rewards
- Pool rewards across authorized user accounts
- Use cash back strategically to offset purchases in high rewards categories
- Time redemptions around statement cycles and big expenses
With smart planning and habits, you can optimize lifetime cash back earnings.
FAQs
Can I Get Cash Back on My Milestone Mastercard?
Yes, you can typically get cash back on your Milestone Mastercard through cash advance transactions. However, it’s important to note that cash advances usually come with fees and higher interest rates compared to regular purchases.
How do I Get Cash Back with My Milestone Mastercard?
You can obtain cash back by using your Milestone Mastercard at an ATM or by requesting a cash advance at a bank or financial institution that accepts Mastercard. Keep in mind that there may be limits on the amount of cash you can withdraw and additional fees associated with cash advances.
Are There Any Restrictions on Cash Back with a Milestone Mastercard?
While you can typically get cash back with your Milestone Mastercard, there may be restrictions imposed by your credit card issuer. These restrictions could include daily withdrawal limits, transaction fees, and higher interest rates on cash advances.
Is Cash Back Available on All Types of Milestone Mastercards?
Cash back may be available on certain types of Milestone Mastercards, but it’s essential to check with your card issuer to confirm eligibility and any associated terms and conditions.
The Bottom Line – Yes, You Can Earn Cash Back!
The Milestone Mastercard makes it easy to earn unlimited cash back rewards just through your normal, everyday spending. Follow the tips provided to maximize your earnings potential and redemption value. Used strategically, the cash back perks can provide you with substantial monetary rewards over time.