Ethan Riley
The Milestone and Indigo credit cards are marketed by Genesis Financial Services and are designed for applicants with bad credit. However, they are issued by different banks. The Indigo card is issued by Celtic Bank, while the Milestone card is issued by the Bank of Missouri. Both cards are serviced by Concora Credit and do not offer credit limit increases.
| Characteristics | Values |
|---|---|
| Bank Issuer | Milestone: Bank of Missouri |
| Indigo: Celtic Bank | |
| Annual Fee | Milestone: $35, $75 (first year), $49 (second year onwards), $175 (first year), $49 (after) |
| Indigo: $0, $59 | |
| Credit Limit | Milestone: $700, $300 or $700 |
| Indigo: $300, $1500, $1,000 | |
| Target Audience | Milestone: Applicants with bad credit |
| Indigo: People with poor credit (FICO scores of 629 or lower) | |
| Issuing Company | Both cards are marketed by Genesis Financial Services |
| Mobile App | Both cards do not have a mobile app |
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What You'll Learn
The Milestone card is issued by Bank of Missouri
The Milestone Card is a Mastercard issued by the Bank of Missouri in partnership with Concora Credit. The card is designed for applicants with bad credit and offers an unsecured credit limit of $700 with no deposit needed, providing an opportunity for cardholders to rebuild their credit. The card has an annual fee of $175 for the first year and $49 from the second year onwards. The Milestone Card also offers Mastercard ID Theft Protection, which covers social security numbers, email addresses, debit and credit cards, bank accounts, and usernames and passwords for web logins.
The Indigo Card, on the other hand, is issued by Celtic Bank. Both cards are marketed by Genesis Financial Services and share some similarities. For example, neither card offers credit limit increases, and both cards require a pre-approval process that involves a soft pull that does not impact the applicant's credit score. However, the Indigo Card offers a no-annual-fee version, while the Milestone Card offers a $35 annual fee version, which the Indigo Card does not have.
The Milestone Card is a legitimate credit card as it is issued by The Bank of Missouri, an FDIC member accredited by the Better Business Bureau with an "A+" rating. The card also reports information to the major credit bureaus each month, helping cardholders establish a good payment record, which can, in turn, help them qualify for better rates on mortgages, car loans, and other forms of credit.
The Bank of Missouri allows cardholders to set up automatic payments and provides customer service support through phone, fax, and mail. The Milestone Card is a good option for individuals with below-average credit scores who do not want to put down a deposit, as it offers a $0 security deposit requirement and a guaranteed credit limit.
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Indigo is issued by Celtic Bank
Milestone and Indigo are not the same bank. While both the Milestone and Indigo credit cards are marketed by Genesis Financial Services, they are issued by different banks. The Indigo credit card is issued by Celtic Bank, while the Milestone credit card is issued by the Bank of Missouri.
The Indigo Mastercard, issued by Celtic Bank, is a no-frills credit card targeted towards those with less-than-perfect credit. It offers some Mastercard benefits, but does not have a welcome offer or rewards program. The card reports to the three major credit bureaus (TransUnion, Equifax, and Experian), so using it responsibly can help improve or establish your credit.
The Indigo Mastercard has no annual fee, but there is a $300 credit limit version for the $59 annual fee option. The application process for the Indigo Mastercard requires similar information as other credit card applications, and if approved, the credit limit is set at $700, which will be reduced by your annual fee.
The Milestone Mastercard, on the other hand, is specifically designed for individuals with challenging credit histories who are working to establish a solid financial foundation. It offers a straightforward opportunity to build and access credit and is accepted wherever Mastercard is accepted in the US. Milestone offers a $1,000 credit limit with a $75 annual fee for the first year and $49 from the second year onwards. They also have a $35 annual fee version and a monthly fee version, which Indigo does not offer.
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Milestone is good for those with bad credit
Milestone and Indigo are both credit cards marketed by Genesis Financial Services. However, they are issued by different banks—Indigo by Celtic Bank and Milestone by the Bank of Missouri.
Milestone is a good option for those with bad credit because it offers a straightforward opportunity to build and access credit. The card is specifically designed for those with challenging credit histories who are working to establish a solid financial foundation. Milestone reports to all three credit bureaus, helping users build a payment history. The card can be used wherever Mastercard is accepted in the US and offers fraud protection in case of loss or theft.
The Milestone card has no minimum credit score requirement to qualify, making it a solid option for those who need to rebuild credit. It is important to note that the card has an annual fee that can be pricey, and the credit limit is limited. However, it does not charge one-time fees, which is a benefit compared to its competitors.
The card is easy to obtain and can help users build their credit as long as they pay their bills on time. To build credit effectively with the Milestone card, it is recommended to use less than 30% of the credit limit each month (ideally 1% to 10%), make at least the minimum payment by the due date, and pay off the full balance to avoid interest.
Overall, while Milestone may not offer the low rates and high rewards of a prime credit card, it is a good option for those with bad credit who are looking to rebuild and improve their credit history.
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Indigo has a high APR for purchases
The Indigo Mastercard, issued by Celtic Bank, is a no-frills credit card designed for those with less-than-perfect credit. The card has a high APR of 24.90% - 35.90%, which can be costly if cardholders carry a balance month-to-month. This high APR, combined with other fees, can make the Indigo Mastercard an expensive option for building credit.
The Indigo Mastercard has an annual fee of up to $75 for the first year and $49 thereafter. Additionally, there is a monthly fee of $12.50 after the first year. These fees can significantly reduce the initial credit limit of $700, making it challenging to maintain a low credit utilization ratio, an important factor in credit scores.
The high APR and fees associated with the Indigo Mastercard have led to recommendations for alternative credit-building options. For example, the Discover it® Secured Credit Card has no annual fee, offers cash back on purchases, and has a lower variable APR of 27.24%. Responsible cardholders may even upgrade to the unsecured version after seven months.
The Milestone Mastercard, issued by the Bank of Missouri, is another alternative to the Indigo Card. While Milestone offers a straightforward opportunity to build and access credit for those with challenging credit histories, it is important to note that it also has annual fees and does not provide a credit limit increase.
In summary, the Indigo Mastercard has a high APR for purchases, ranging from 24.90% to 35.90%. This, coupled with its other fees, makes it a costly option for credit-building. Cardholders are advised to explore alternative credit cards with more favourable terms and conditions, such as the Discover it® Secured Credit Card or the Milestone Mastercard.
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Both cards are marketed by Genesis Financial Services
The Milestone and Indigo credit cards are not issued by the same bank. The Indigo card is issued by Celtic Bank, whereas the Milestone card is issued by the Bank of Missouri. Despite this, both cards are marketed by Genesis Financial Services and share several similarities.
Firstly, neither card offers credit limit increases. Once a credit limit is set, it remains fixed for as long as you have the card. Both cards also require you to go through a pre-approval process, which involves a soft pull that does not impact your credit score. If you are pre-approved, you will be shown the terms and conditions, and you can decide whether to proceed with the application. It is important to note that the second step involves a hard inquiry on your credit report. Additionally, both cards are currently without a mobile app, which may be considered a drawback in today's digital age.
The Milestone card is targeted at applicants with bad credit and offers an unsecured credit limit with no deposit required. It provides an opportunity for individuals with challenging credit histories to rebuild their credit and establish a solid financial foundation. The card has a WalletHub editor's rating of 3/5 and charges an annual fee of $175 for the first year and $49 thereafter.
On the other hand, the Indigo card, offered by Celtic Bank, also caters to individuals with poor credit. It provides a costly pathway toward building credit, with potentially high fees. As of August 2024, the APR on the Indigo card was nearly 36% for purchases, which can be expensive if you cannot pay your balance in full each month.
While both cards are marketed by Genesis Financial Services, they are issued by different banks and have distinct features and fee structures. It is important to carefully review the terms and conditions of each card before making a decision, as certain versions may be more advantageous depending on your credit profile and financial situation.
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Frequently asked questions
No, they are not. The Milestone card is issued by the Bank of Missouri, while the Indigo card is issued by Celtic Bank.
The Milestone card has a $0 security deposit requirement, whereas the Indigo card has a $1500 credit limit but charges an annual fee. Milestone has two cards, a $300 limit with 1% cashback and a $500 or $1000 limit with no cashback. Both cards are marketed by Genesis Financial Services and require a pre-approval process.
The Milestone card is specifically designed for those with challenging credit histories. It offers a straightforward opportunity to build and access credit, reporting to all three credit bureaus. It also provides fraud protection in case of loss or theft.
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