Mission Lane Visa® Credit Card review: A bare-bones credit-building option Review | Bankrate

If you ’ re looking to boost your credit, this menu is worth a expect ; however, you ’ ll forfeit all the bells and whistles typically found in similar cards. This message is powered by HomeInsurance.com, a license indemnity producer ( NPN : 8781838 ) and a bodied affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable policy policy, and all refer decisions ( such as approval for coverage, premiums, commissions and fees ) and policy obligations are the lone duty of the underwrite insurance company. The information on this web site does not modify any insurance policy terms in any direction. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in rally for placement of patronize products and, services, or by you clicking on certain links posted on our locate. consequently, this recompense may impact how, where and in what holy order products appear within listing categories. other factors, such as our own proprietary web site rules and whether a product is offered in your area or at your self-selected credit rating score range can besides impact how and where products appear on this site. While we strive to provide a across-the-board range offers, Bankrate does not include information about every fiscal or accredit intersection or service. We ’ ra guileless about how we are able to bring quality message, competitive rates, and utilitarian tools to you by explaining how we make money.

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Bottom line
Though it carries a relatively low cost for an unguaranteed card available to people with a damaged or limited credit history, the Mission Lane Visa batting order will fall short of the distinctive no annual fee secured card for most credit-builders .
Mission Lane Image

Apply now

on Mission Lane ‘s secure web site

Best for entry-level fair credit

Mission Lane Visa® Credit Card

Rewards rate


annual fee
$ 0 – $ 59
Intro offer

Intro offer is not available to this Mission Lane credit card N/A regular APR
26.99 % – 29.99 % ( Variable )
Recommended Credit Score

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the citation type you are eligible for. however, credit score alone does not guarantee or imply approval for any fiscal intersection. Bad to Fair ( 300 – 670 )

Card Overview

The Mission Lane Visa® Credit Card lacks about all the bells and whistles you ’ five hundred expect to find on the best credit cards, but it could make sense as a makeshift solution for person with a bad citation score or limited credit history who ’ south looking for a casual to boost their score without tying up hundreds of dollars in a security deposit. The poster ’ s annual tip is fair and it ’ s notably free from the numerous hide fees common among subprime cards. however, the menu ’ s unimpressive starting citation limit and annual fee—however low—mean a top-rated secured credit calling card will likely be a better way ahead, offering more flexibility at a lower cost, flush if you have bad recognition. And if you have fair or average credit, you can decidedly find a lower-cost, more lucrative unguaranteed alternative among the best credit cards for bonny credit .

What are the advantages and disadvantages?


  • Available with a less-than-ideal credit history, making it a decent entry-level card if you need to build or rebuild your score
  • Since it’s an unsecured card, you won’t have to tie up any money in a security deposit just to get started
  • The annual fee is relatively low compared to many other unsecured cards available for people with a damaged credit score
  • You can be considered for a higher credit limit after six months of responsible card use and on-time payments


  • Carries a sky-high APR, even for a credit-building card, making it a risky choice if you’re inexperienced with credit or struggle to pay off your balance each month
  • Plenty of secured cards charge no annual fee, and since your security deposit is refundable, will be less costly than the Mission Lane card
  • Minimum starting credit limit of $300 isn’t particularly impressive

A deeper look into the current card offer

Quick highlights

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $0 – $59
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 26.99 – 29.99 percent (variable)

Other Cardholder perks

As you might expect given the Mission Lane Visa card ’ s nonexistent rewards, the card is besides lacking when it comes to extra benefits. digression from the $ 0 lodge requirement and potential credit-building benefit, the poster offers only a handful of shrug-worthy perks .

No security deposit required

When searching for a card for honest credit, you ’ ll likely come across secured credit cards as an option. These fasten cards require a security down payment. A security situate is normally a $ 100 to $ 200 upfront tip to get started using the wag. A security deposit can be a barrier when obtaining a card to build your credit if you can ’ metric ton afford to pay. The Mission Lane Visa, on the other hand, doesn ’ triiodothyronine require a security down payment of any kind—one of its best features. The Mission Lane does charge an up to $ 59 annual fee ( which is a act more expensive, considering you do get the security deposit back at some point with secured accredit cards ). hush, the relatively low-cost fee could make the Mission Lane Visa a solid short-run stop on the room to a higher-tiered, more honor credit card .

Chance at a credit limit increase

Though you may start out with a credit limit vitamin a low as $ 300 on the Mission Lane Visa ( a park starting restrict for unbarred credit-building cards ), the issuer gives you a casual to increase your credit rating limit by demonstrating responsible card function. If you make your circuit board payments on time for at least six months, you ’ ll be eligible for a higher specify at no extra price. While this is a common timeframe for getting a credit terminus ad quem increase, many subprime issuers offer no explicit guidelines about when or whether you can get a higher limit. This is worth keeping in judgment as a higher limit should make it easier to keep your recognition use ratio—the sum of money you ’ ve borrowed relative to your full available credit—in check, which can help fast-track your credit-building efforts. That said, a secured calling card will likely give you more control over your credit limit, since the come you put down as a lodge typically doubles as your credit limit. If you have the money to spare and opt for a batten card that lets you put down a boastfully depository, you can get a match credit limit and enjoy even more credit use breathing room .

Mobile app and financial tools

Along with 24/7 support and account access via the Mission Lane web site and mobile app, you can take advantage of some of the issuer ’ s fiscal planning and education tools to track spend and monitor your credit rating score and credit rating utilization. And, as every credit-building menu should, Mission Lane reports to all three major credit agency .

Basic Visa benefits

As a standard Visa card, the Mission Lane Visa mechanically comes with a handful of benefits for cardholders, including zero liability for imposter, a 24/7 pay-per-use wayside dispatch and 24-hour documentation for lost or stolen cards. These are some of the bare minimum benefits you should expect with a credit card, however, so the Mission Lane Visa doesn ’ metric ton earn any special praise with their inclusion body .

Rewards Rate

Unsecured credit-building cards that offer rewards can be hard to come by without paying a goodly annual tip. Credit-building cards that come with rewards are frequently either secured—meaning they require a security deposit as collateral—or charge high annual fees ( frequently $ 70 per year or more ). The Mission Lane Visa is no exception. While its annual fee is lower than that of many unguaranteed credit-building competitors, it features no ongoing rewards or welcome bonus. If earning cash back rewards is a precedence for you, another Mission Lane card, the Mission Lane Cash Back Visa® Credit Card, may be a beneficial fit. The Mission Lane Cash Back Visa offers at least 1 to 1.5 percentage back on all purchases while besides skipping the annual tip. however, it ’ s significant to note that the cash back pace you receive with the Mission Lane Cash Back batting order will only be determined once your calling card application is submitted and approved. besides, the recommended credit sexual conquest for approval with the Mission Lane Cash Back Visa is a bit higher than the Mission Lane Visa, falling in the bonny to good range on the FICO scale ( 580 to 740 ). Either way, the Mission Lane Visa card falls a sting short in the market due to its miss of rewards .

Rates and fees

The Mission Lane Visa calling card ’ s annual fee may put you off, but it ’ s relatively low for an unguaranteed card available to people with badly credit. Plenty of unguaranteed cards in this class charge close to $ 100 in annual fees, with some tacking on extra report activation fees and even higher annual or monthly fees in your second gear year. While the Mission Lane poster is far from your cheapest credit-building option, its cost is not hideous. If you have at least clean credit, however, the Mission Lane card ’ s annual fee will be hard to justify, as you should be able to find an unguaranteed poster that charges a lower annual tip or no annual fee. Some, like the Capital One QuicksilverOne Cash Rewards Credit Card even offer cash back programs that give you a luck to not only cover the cost of the wag, but actually earn money on lead of that. While the Mission Lane Visa tease ’ s annual fee may be adequate if you have badly citation and are set on an unbarred poster, keep in thinker the poster could prove costly if you wind up needing to carry a balance wheel. Cardholders face the variable star APR of 26.99 – 29.99 percentage, about double the average credit card concern rate. Though a high rate is to be expected at this recognition level, you should consider opting for a tease that offers a range of APRs or a lower standard APR if you worry about your ability to pay in wide each calendar month. The card besides carries a 3 percentage tip on purchases made afield, so it won ’ thymine be the best choice if you need a tease to use abroad. If you ’ rhenium looking for a calling card with no extraneous transaction fees that ’ south available with a less-than-ideal credit score, consider the Petal® 1 “ No Annual Fee ” Visa® Credit Card, which charges no annual fee or extraneous transaction fee, and is available for people with poor or circumscribed citation. early Mission Lane Visa menu fees to be aware of include a cash advance APR of 29.99 percentage variable, a cash improvement fee of 3 percentage ( minimum $ 10 ) and a late tip of up to $ 35 .

How the Mission Lane Visa card compares to other credit-building cards

Though the Mission Lane Visa menu ’ s annual fee may be worth it for people with bad credit who want to avoid putting down a depository in ordain to build credit, it ’ s improbable to be your best option. A few early unguaranteed credit-building cards are available with no annual fee and some procure cards require a minimum deposit that ’ s lower than the Mission Lane calling card ’ s annual tip .

Mission Lane Visa vs. Petal 1 “No Annual Fee” Visa Credit Card

The Petal 1 “ No Annual Fee ” Visa Credit Card is one of the rare unguaranteed cards available with poor credit or no credit history that besides charges no annual fee. The card besides offers a much higher range of electric potential credit limits than the Mission Lane Visa and most other credit-building cards : Depending on your credit rating history, you could get a limit of $ 300 to $ 5,000. even the low end of this image beats out the restrict offered by the Mission Lane card and could do wonders for your credit utilization ratio. Plus, in evaluating card applications, the Petal 1 tease ’ s issuer can take into report not equitable your credit rating score, but besides option credit data like income and bill requital history, making it a adept option if you ’ ve had some credit missteps but differently are in good fiscal form .

Mission Lane Visa vs. Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card, as its name implies, requires a security deposit to get started. It besides offers a unique level of tractability : You can put down a situate a low as $ 49 and even get a $ 200 starting recognition terminus ad quem. Best of all, that $ 49 is refundable when you close your history or upgrade to an unbarred capital One wag. Since this minimal sediment is both refundable and lower than the Mission Lane wag ’ s ( non-refundable ) annual tip, the choice should be obvious .

Best cards to pair with the Mission Lane Visa card

If your goal is merely to build accredit, the Mission Lane card should stand on its own, specially when you consider its annual fee. After all, there ’ s not a short ton of benefit in having the Mission Lane card in addition to a no annual fee credit-building card—you ’ vitamin d be better off sticking with good the no annual tip poster. But if you want to get more available credit rating by opening multiple poster accounts, you ’ vitamin d do well to add a no annual fee credit-building card with rewards to the mix. A well match would be the Discover it® Secured Credit Card. It earns 2 percentage second on accelerator post and restaurant purchases on up to $ 1,000 in blend spending per quarter, then 1 percentage back on all other purchases. Discover will besides match all the cash back earned at the end of the first year. And though the wag carries a minimum deposit necessity of $ 200, Discover will review your account to see if you may qualify for an unbarred card after seven months of creditworthy use .

Bankrate’s Take: Is the Mission Lane Visa card worth it?

Given its relatively low annual fee, the Mission Lane Visa could make sense as a makeshift unbarred credit-building tease, but it ’ mho credibly not your best option overall. While it charges fewer fees than many cards in this category, a secured poster with rewards, no annual fee or a lower APR will probably save you more. And if you have at least average recognition, you can avoid both an annual fee and a security deposit. That said, the poster will surely get the problem done if your finish is to build recognition without putting down a down payment .

Frequently Asked Questions

  • Yes, you ’ ll confront a hard pull of your credit rating when you apply for the Mission Lane Visa calling card. This carry through may cause a irregular dip in your citation score that will resolve over time with responsible batting order function .
  • No, the Mission Lane Visa card does not offer cash back or any early rewards. Its counterpart, the Mission Lane Cash Back Visa poster offers 1 to 1.5 percentage cash spinal column depending on your platform terms.

  • You ’ ll most frequently get an clamant decision when you submit your application for the Mission Lane Visa wag .
  • You can be approved for the Mission Lane Visa card with a bad to fair credit score ( a FICO sexual conquest of 300 to 670 ). however, if your score is in the fair range or higher, you may find other cards on the market that offer more perks than the Mission Lane Visa does, like cash rear or other rewards .
  • No, the Mission Lane Visa does not require you to put down a security lodge. There is, however, an annual tip you must pay to hold the tease that can be up to $ 59 a year .
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