The Milestone Mastercard isn't your traditional credit card. It isn't a type of card that helps establish credit in any way. It isn't even a credit-builder. It's an entirely different concept… one that can help you take the necessary steps to rebuilding your credit while avoiding the hassles and costs associated with traditional credit cards.
The Milestone Mastercard isn't just a credit-building tool. It's also a step by step process that helps you rebuild your credit score. And like all rebuilding programs, the process does require some expense (no annual fee). However, the cost is minimal compared to what you'll save by paying off your debts over time. Also, the Milestone Mastercard isn't a loan… it's simply a program that helps you get your credit score up into a better rating. Here's how it works.
First, when you sign up for the Milestone Mastercard, you have a chance to apply for a free account. You'll need your social security number to qualify. After you register, you can complete a short application form which verifies some information about your personal history. Some information that is required includes: current employment, recent bank statements, current residence, and length of time you've been a resident of the United States. Just make sure to answer every question on the form completely and truthfully.
Once the pre-qualification has been approved, the Milestone Mastercard company will issue a secured credit profile to you. This profile includes your name, address, phone number, social security number, employer, and any other information that is considered relevant to your ability to pay off your debts. You'll also be required to make a monthly security deposit. This security deposit amount varies between different issuers, but typically is around $100.
Once your secured card account reaches the minimum balance requirement (the amount of money you're required to have in order to withdraw your bonuses) and you've made your monthly payment, you will receive a notice from the milestone Mastercard company. You can then choose to remove your security deposit at any time by contacting the card issuer, but you must wait a specified period before doing so. Otherwise, your deposit will be withdrawn and you'll lose your bonus amount.
By applying for a milestone credit card online, you'll get many more benefits than if you were to apply by mail. The first obvious benefit is being able to complete all your financial obligations online. This means that if you have any late payments or defaults on bills, you can manage them all with the click . . . . . . of a button. This also saves you time because you don't have to go through the hassle of filling out paper applications every time. Finally, if you don't have enough money in your checking or savings accounts, you won't need to worry about missing a bill payments as well.
Many people falsely believe that a low credit score will prevent them from receiving any type of credit card offers. This is simply not true. Any company that offers incentives such as a high annual fee, a high percentage APR or an obnoxious high annual percentage rate can do so, provided you have good credit. A milestone Mastercard will give you the incentive that you need in order to improve your credit score. If you pay your bill on time every month, you will soon qualify for additional promotions.
The same is true if you make timely payments on any other secured credit card that you have. If you have a good payment history with all your other creditors, your new credit card issuer will want to work with you in order to provide you with the best possible deal. You can expect that after you apply for a milestone Mastercard, you will receive a call from your existing card issuer offering you a deal on your next card. This will help you rebuild your credit score while reducing your current debt.
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