Milestone credit card vs Indigo| Reviews and credit score and limit explained
If you’re stuck deciding between Milestone and Indigo credit cards and want to know which credit card is best for you. We have got you covered. This article will discuss the features of both of these articles and which one of these credit cards suits you the best according to your needs.
We will discuss by discussing each feature by the following, and it will help you in deciding which credit card is best for you:
Building a high credit score is important as it provides you access to the most lucrative and better credit cards on the market, such as those with the lowest interest rates and the finest rewards. Rewards like cashback offers, travel points, and other perks. You’re also more likely to qualify for promotional 0% APR purchase and debt transfer deals, which may add up to big savings over time. So it is important to get a credit card that helps build your credit score, which can help in long-term plans and helps in many ways.
Unfortunately, the Milestone credit card is for individuals who do not care about good or bad credit scores, as the optimum credit score range is 300 to 700 points. Unlike with other credit-building cards, you will not be able to access your credit score other creditworthiness tools through the credit card issuer.
The issuer bank will transmit monthly credit reports to Equifax, Experian, and TransUnion, the three credit agencies. Making on-time monthly payments may assist in enhancing your credit score. It may be tough to rebuild your credit score using it. This is because the card’s yearly fees account for a significant chunk of its $300 credit limit. The low credit limit on this card may make it difficult for cardholders to maintain a common credit use ratio, which is essential for maintaining excellent credit. Card issuers frequently offer credit limit increases to people who have demonstrated to be responsible cardholders.
High credit scores will provide you access to the most lucrative credit cards on the market, such as those with the lowest interest rates and the finest rewards, such as cashback offers, travel points, and other perks. You’re also more likely to qualify for promotional 0% APR purchase and debt transfer deals, which may add up to big savings over time.
Payment history is an important aspect of those ratings. As long as you keep up with your payments, you may be able to qualify for better credit cards in the future.
It might be tough to qualify for an Indigo credit card if you have a bad credit score or no credit history at all, especially if you aren’t willing or able to put down a deposit to secure the card. The Indigo Platinum Mastercard does not need a security deposit, allowing customers with bad credit to get a card without putting money down.
A good credit limit is a yes, for everyone and helps improve credit score if used correctly. Both credit cards have their pros and cons. Let’s see which one is best for you. In terms of credit limits, these credit cards have the same credit limit but have a major difference in annual renewal fees.
This card has an extremely high approval rate, yet you may use it right away after it has been accepted. You start with a $300 credit limit, but keep in mind that the issuer subtracts the set-up charge and yearly fee. As a result, your initial credit should be roughly $225.
The following are some of the benefits of the Milestone Gold Mastercard:
- $300 credit line
- A fixed APR of 24.9%
- A $35-99 annual fee. You can be pre-eligible for it, and there is no application cost
- No security deposit
The milestone credit card also comes with a web app that enables easy account access and management. You may use the site at any time to make a payment, dispute a charge, check your balance, and monitor the progress of your account. Best of all, there are no charges for using this app to make payments or check your balances.
If you are approved for an Indigo Platinum Mastercard, you will be given a $300 credit line. Several other unsecured cards intended at those with bad credit have introductory limitations of $300 to $1,000, so this is a rather low and solid amount. Those other cards also state how the limit can be increased over time if you act appropriately. Indigo makes no mention of extending its limit.
The credit available for purchases isn’t as much as $300 for people who must pay a charge for the card, at least not at first. Your annual fee is applied to the card at the start of the year, which decreases your available credit by $75, depending on the amount you pay for your first year on the card. If your credit limit is $300 and you pay a $75 yearly charge, your accessible credit is $225.
Benefits and Rewards
Milestone Credit Card does not come with any benefits. Travel insurance is not included in the Milestone Credit Card’s advantages, including 0% fraud liability and ID theft protection. Because the Milestone Credit Card is designed for people trying to rehabilitate their credit, Milestone is not the very best credit card for them.
The Indigo Platinum Mastercard does not provide any spending benefits or a one-time bonus to new cardholders. While those exclusions are common for a credit card aimed toward people with bad credit, they’re rare for a card that levies annual fees, at least to some of its users.
The Indigo Platinum Mastercard offers no travel advantages and imposes a cost, although a small one percent fee on foreign currency purchases. Compared to many other cards intended for folks with weak credit histories or credit issues, this makes it a bad pick to bring along on vacation.