What Bank Issues the Milestone Credit Card?
Bank of Missouri issues the Milestone credit card through its servicer Concora Credit. The card charges high fees including $49-$125 annual fee, 35.9% APR, and $10.40 monthly fee after the first year. Better credit-building alternatives exist with lower costs and better customer service ratings.
Build Credit for $5Building good credit takes work and consistency. Life’s unexpected challenges can damage your score quickly. A lost job or medical emergency can hurt your credit.
The Milestone credit card targets consumers with poor to fair credit. You should carefully review the fees and interest rates. Understanding these costs helps you decide if Milestone fits your credit-building goals.
Build Credit Without Milestone's High Fees
Skip the $200 yearly fees and 35.9% APR. Start building credit for just $5 monthly with no hard inquiry required.
Start Building CreditThe Bank Behind Milestone Credit Card
Bank of Missouri issues the Milestone credit card. Concora Credit Inc. services the account. The bank was founded in 1891 and operates from Perryville, Missouri.
Bank of Missouri is FDIC-insured. Your deposits have federal protection. The bank has served customers for over 130 years.
Bank of Missouri offers additional credit cards beyond Milestone. The First Access Visa and Total Visa cards serve different customer needs. The bank also provides checking accounts, savings accounts, auto loans, and mortgages.
Bank of Missouri Contact Information
- Address: PO Box 309, Perryville, MO 63775-0309
- Phone: (888) 547-6541
- Website: bankofmissouri.com
Bank of Missouri created Milestone to help people rebuild credit. You don’t need a security deposit. The card offers moderate credit limits with room to grow.
How Milestone Credit Card Works
Milestone is an unsecured credit-building card. The card works best for people with poor to fair credit scores. You can qualify even if other lenders have rejected you.
Milestone Credit Card Fees and Costs
Understanding the true cost matters before you apply. Here’s what you’ll pay with a Milestone credit card:
- Annual fee: $49-$125 (costly compared to secured cards)
- Starting credit limit: $375-$700 (standard for unsecured credit-builders)
- APR: 35.9% non-variable (very high but locked)
- Monthly fee: $0 first year, then $10.40 monthly
The low credit limit makes maintaining low utilization difficult. High utilization can hurt your credit score. The 35.9% APR far exceeds average credit card rates.
Applying for Milestone Credit Card
You need to register an account and complete prequalification. Milestone performs a soft credit check during prequalification. You’ll submit a formal application after prequalification.
Milestone reviews your credit report, income, and debt level. A hard credit inquiry appears on your report. You’ll learn your credit limit and exact fees after approval.
You can manage your account online or through the mobile app. Our partner Kikoff offers another option for building credit with lower fees and no hard inquiry.
Real Impact of Milestone Credit Card Costs
Maria chose Milestone to rebuild her credit. The high costs quickly became overwhelming. Her annual fee started at $75 with a $500 credit limit.
The 35.9% APR meant interest charges piled up fast. After the first year, the $10.40 monthly fee added $124.80 annually. Combined with the annual fee, Maria paid nearly $200 yearly just to hold the card.
Her low $500 limit made managing utilization difficult. Small purchases pushed her utilization above 30%. Her credit score improvement stalled despite making payments.
Customer Experience with Milestone Credit Card
Customer reviews reveal significant problems. WalletHub users rate Milestone 1.9 out of 5 stars from 4,822 reviews. Credit Karma shows a 2.4 rating from 358 reviews.
The BBB profile under Concora Credit shows 1.13 stars. Common complaints include poor customer service and system delays. Customers report payments taking days to post.
Some customers face additional charges from processing delays. Others receive calls about debts already paid. The customer service response time frustrates many cardholders.
Settling Milestone Credit Card Debt
Knowing Bank of Missouri issues your card helps you negotiate. You can contact the bank directly about payment arrangements. Extended payment plans or temporary interest reductions might be possible.
Be honest about your financial situation. Know what monthly payment you can afford. Come prepared with a realistic settlement offer.
Professional debt settlement services can negotiate on your behalf. Our partner Kikoff helps you rebuild credit while you resolve debt. These services often reduce the total amount owed.
Research any debt settlement company carefully. Quality and effectiveness vary widely across the industry. Read reviews and check BBB ratings before committing.
Steps to Settle Milestone Debt
- Calculate what you can realistically pay monthly
- Gather documentation of your financial hardship
- Contact Bank of Missouri directly first
- Request a settlement amount in writing
- Get any agreement documented before paying
Debt settlement impacts your credit temporarily. The long-term benefit of resolving debt outweighs short-term score damage. You can rebuild stronger credit after settlement.
Better Credit-Building Alternatives
Secured credit cards typically offer better terms. You make a refundable security deposit. The deposit becomes your credit limit.
Many secured cards have no annual fee. APR rates run lower than Milestone’s 35.9%. You can graduate to an unsecured card after responsible use.
Credit-builder loans help establish payment history. You make monthly payments into a savings account. You receive the money after completing all payments.
Our partner Kikoff reports to all three credit bureaus. You can build credit for just $5 monthly. No hard credit check is required to start.
Making Smart Credit Decisions
Compare multiple credit-building options before applying. Calculate the total annual cost including all fees. Factor in the APR if you might carry a balance.
Read customer reviews on multiple platforms. Look for patterns in complaints. One or two bad reviews happen, but consistent problems signal trouble.
Understand how credit utilization affects your score. Keep balances below 30% of your limit. Lower utilization helps your score more.
Pay your balance in full each month if possible. Avoid interest charges entirely. Even minimum payments help if full payment isn’t possible.
Monitor your credit reports regularly. Dispute any errors immediately. Accurate reporting helps your score improve faster.