Navigating credit card fees may be difficult at times. In this post, we will break down the Milestone Mastercard costs so you know precisely what to anticipate when you use it.
| Fee Type | Amount |
|---|---|
| Annual Fee | $35 |
| APR for Purchases | 24.9% |
| APR for Cash Advances | 29.9% |
| Cash Advance Fee | $5 or 5% (whichever is greater) |
| Foreign Transaction Fee | 1% |
| Late Payment Fee | Up to $40 |
| Overlimit Fee | Up to $40 |
| Returned Payment Fee | Up to $40 |
Annual Percentage Rate (APR)
The Milestone Mastercard offers an APR of 24.9% for purchases and a higher APR of 29.9% for cash advances. These rates are important to keep in mind, particularly if you have a balance on your card, since they determine the amount of interest you pay.
Transaction Fees
Cash Advance Fees:
- You’ll pay either $5 or 5% of the transaction amount, whichever is bigger, with a $100 maximum per cash advance. This cost may soon build up, so it’s best to examine alternative choices before utilizing this function.
Foreign Transaction Fees:
- Transactions in currencies other than US dollars will incur a 1% charge. This is rather common across many credit cards.
Annual and Monthly Fees
Annual fee:
- The usage of your card will incur an annual fee of $35. This cost applies regardless of how much or little you use the card.
Monthly fee:
- Interestingly, the Milestone Mastercard does not impose a monthly maintenance fee, which is beneficial for individuals trying to reduce recurring expenses.
Penalty Fees
- Late Payment Fee: If you pay late, you may be fined up to $40, depending on your payment history.
- Overlimit Fee: If you over your credit limit, you may be charged up to $40.
- Returned Payment Fee: Similarly, returned payments may cost you up to $40.
Interest Charges and Grace Periods
Purchases do not incur interest if the whole amount is paid on the due date each month. However, interest on cash loans begins collecting immediately, which is an important consideration to consider if you need cash in an emergency.
How Payments are Applied
Your payments are processed in a certain sequence. Payments up to your minimum payment are applied first to accounts with lower interest rates, with any excess transferred to liabilities with higher interest rates. This strategy is important to bear in mind if you have many kinds of balances since it affects how fast you can pay off higher interest rate debt.
Conclusion
The Milestone Mastercard has a simple price structure, however it is essential to use your card responsibly to prevent hefty fees and interest charges. Understanding these fees can allow you to make more educated choices about how to utilize your credit card to manage your money.
FAQs
Q1. What is the APR for Milestone Mastercard purchases?
Ans: The APR for purchases is 24.9%.
Q2. Is there an annual cost with the Milestone Mastercard?
Ans: Yes, the Milestone Mastercard has an annual fee of $35.
Q3. Can I use the Milestone Mastercard for overseas transactions, and will there be a fee?
Ans: Yes, you may use it overseas, although there is a 1% charge for transactions performed in foreign currencies.
Q4. What are the penalties for late payments on the Milestone Mastercard?
Ans: Depending on your payment history, the late payment cost might be as high as $40.
Q5. How does the Milestone Mastercard manage payments beyond the credit limit?
Ans: If you exceed your credit limit, you may be charged an overlimit fee of up to $40.