The Milestone Gold Mastercard and Milestone Platinum Mastercard are popular credit cards issued by Credit One Bank. But if you’re not familiar with Milestone cards, you may be wondering – how exactly does a Milestone credit card work?
In this comprehensive guide, we’ll explain key details on how Milestone cards function and the benefits they offer, including:
- An overview of Milestone card features
- How Milestone credit cards work for purchases
- The cash back rewards program details
- Interest rates, fees, and financing options
- Application process, account management and payments
- Important security, protection and assistance benefits
- Customer service, account support and cardholder tools
- Comparisons to other Credit One credit cards
- Pros and cons of the Milestone card program
Let’s dive in to understand exactly how Milestone cards work and how you can maximize their value.
Overview of Milestone Card Features
Milestone cards are Mastercard credit cards issued by Credit One Bank that offer:
- Cash back rewards on purchases
- No annual fee
- 0% intro APR on balance transfers
- Credit limits from $300 up to $7,500
- Online account access and mobile app
- Range of cardholder tools, assistance benefits and security features
There are two main Milestone cards – the Milestone Gold and Milestone Platinum, with the key differences being the rewards rates and some benefits. Let’s look closer at how purchases work.
How Milestone Credit Cards Work for Purchases?
Milestone cards function like any other credit cards for purchases. You can:
- Use in-store, online, phone/mail order, or mobile wallet
- Make purchases anywhere Mastercard is accepted
- Earn 1-1.5% cash back on eligible purchases
- Get extra bonuses in categories like dining or gas
- Pay over time, but try to pay statement balance in full to avoid interest
- Receive statement showing your transaction details, balance, minimum due, and due date
You have a grace period after each statement to pay the balance. Cash advances and balance transfers don’t get a grace period.
How the Milestone Cash Back Rewards Program Works?
A key feature of Milestone cards is the cash back rewards program:
- Earn 1-1.5% cash back per $1 spent on purchases
- Cash back accrues as redeemable rewards
- New cardholder bonuses like $100 back after first purchase
- Intro category bonuses sometimes offered
- No limit on total potential cash back earnings
- Redeem anytime for cash, statement credit or gift cards
Cash back is earned automatically on eligible purchases. Redemptions starting at $25 can be processed online.
Interest Rates, Fees and Financing Details
Here are some key details on rates, fees and financing options:
- Purchase APR typically around 25% variable
- Balance transfer fee of 3% (no fee on intro 0% transfer offers)
- Cash advance fee of $5 or 8%
- Foreign transaction fee of 3%
- Penalty APR up to 30% may apply if late twice in 12 months
- No annual fee
- Late payment fee up to $39
Read the full terms for other rates and fees. Compare your options to choose the best card offer for your usage and needs.
The Application and Account Management Process
Here is what to expect when getting and managing a Milestone card:
- Apply online in minutes and get a decision
- Provide contact, identity, income details in application
- Receive your card in the mail within 7-10 days
- Activate via mobile app or first purchase
- Set up online or mobile app account access
- Make payments via app, online, mail, or over the phone
- Contact support for any account-related inquiries
Managing your account is simple with the convenient mobile app and online tools.
Security, Assistance Benefits and Protections
Milestone cards come with useful security and protection features including:
- Zero fraud liability to safeguard you from unauthorized charges
- 24/7 U.S.-based fraud monitoring and alerts
- Credit monitoring through TransUnion
- Roadside dispatch for auto assistance
- Cash advance security – request checks be sent to you instead of pre-approved cash access
Review your specific card’s benefits guide for details on protections provided.
Customer Service and Ongoing Account Support
As a Milestone cardholder, you have access to robust account management support:
- 24/7 U.S.-based customer service by phone
- Online member account area on website
- Milestone mobile app to manage your account
- Online chat, SMS text alerts and email support
- Ability to set account preferences and controls
- Spending and balance alerts to manage usage
- Direct deposit and autopay options for payments
- Digital monthly statements and transaction records
Credit One provides many ways to get account support when you need it.
How Milestone Compares to Other Credit One Cards?
Milestone cards offer a competitive mix of features compared to other Credit One credit cards:
- More rewards value than the Credit One Platinum Visa
- Lower APR than the Aventura Mastercard on purchases
- Similar rates and fees to the Aspire Platinum Mastercard
- Better rewards and more benefits than Credit One secured cards
Milestone occupies a middle ground with modest cash back compared to premium travel cards or secured cards.
Pros of Milestone Credit Cards
Top advantages of Milestone cards include:
- Cash back rewards on purchases with no annual fee
- Generally competitive interest rates and fees
- 0% intro APR balance transfer offer available
- Strong set of included benefits and protections
- No foreign transaction fee on Milestone Platinum
- Simple rewards program with unlimited earning potential
- Solid cardholder tools like online access and mobile app
Cons of Milestone Credit Cards
Some potential drawbacks include:
- Cash back earn rate isn’t exceptional compared to leading rewards cards
- High 25%+ variable APR if you carry a balance
- Low opening limits for those new to credit building
- Mixed reviews of customer service from some cardholders
- Few bonus category options to maximize rewards
The ideal user is someone who pays balances off monthly and wants simple cash back without complexity or annual fees. Overall, Milestone cards offer a solid set of cardholder benefits.
FAQs
How does a Milestone Card function?
Users typically write down the milestone they’ve reached or want to achieve on the card, along with the date. They may also include a brief description or significance of the milestone. The card serves as a tangible reminder and a way to commemorate the accomplishment.
What are the benefits of using Milestone Cards?
Milestone Cards provide a visual representation of progress and can serve as motivators to continue striving towards goals. They also offer a sense of satisfaction and pride upon completion of milestones.
Can Milestone Cards be customized?
Yes, Milestone Cards can be customized according to individual preferences. Users can design their own cards or choose from a variety of pre-made templates available online or in stores.
How can Milestone Cards be incorporated into daily life?
Milestone Cards can be used in various ways, such as in personal journals, vision boards, or displayed in prominent areas as a constant reminder of goals and achievements.
What types of milestones can be tracked with Milestone Cards?
Milestone Cards can be used to track a wide range of achievements, including personal goals (e.g., weight loss, learning a new skill), professional accomplishments (e.g., promotions, completing projects), and developmental milestones (e.g., a baby’s first steps, a child’s first day of school).
The Bottom Line on How Milestone Credit Cards Work
Milestone cards provide competitive features, cash back rewards, and useful benefits as a no-annual-fee Mastercard. They offer a simple way to earn rewards on purchases with effective account management options. Just use mindfully and pay balances off each month to minimize interest costs. With smart usage habits, Milestone cards can be an effective credit-building stepping stone.