Mission Lane Visa Credit Card review A bare-bones credit-building option Review Bankrate Main Menu Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Banking Compare Accounts Use calculators Get advice Bank reviews Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Loans Personal Loans Student Loans Auto Loans Loan calculators Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Home equity Get the best rates Lender reviews Use calculators Knowledge base Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Real estate Selling a home Buying a home Finding the right agent Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Insurance Car insurance Homeowners insurance Other insurance Company reviews Looking for the perfect credit card? Narrow your search with CardMatch Main Menu Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Looking for the perfect credit card? Narrow your search with CardMatch Advertiser Disclosure

Mission Lane Visa Credit Card review A bare-bones credit-building option

If you’re looking to boost your credit, this card is worth a look; however, you’ll forgo all the bells and whistles typically found in similar cards. Written by Writer and Editor Chanelle Gibson is a former contributor at Bankrate. She has wide variety of experience ranging from pop culture to software engineering and possess expertise in finance, Nov. 8, 2022 Edited by Credit Cards Editor Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards Reviewed by Former Senior Director of Content Antonio Ruiz-Camacho is senior director of content for CreditCards.com and Bankrate Credit Cards. He has more than 20 years of international experience leading content teams, Nov. 8, 2022

Share

Bankrate Logo

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate Logo

Why you can trust Bankrate

At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you\'re well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate Logo

Editorial Integrity

Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate Logo

How We Make Money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

ON THIS PAGE

PREV NEXT

Snapshot

3.4 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line Though it carries a relatively low cost for an unsecured card available to people with a damaged or limited credit history, the Mission Lane Visa card will fall short of the typical no annual fee secured card for most credit-builders. on Mission Lane's secure site

Best for entry-level fair credit

Mission Lane Visa® Credit Card

Rewards rate Annual fee Intro offer Intro offer is not available to this Mission Lane credit card Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Mission Lane Visa® Credit Card Overview

Though the Mission Lane Visa® Credit Card lacks bells and whistles, it could make sense as a short-term solution for someone with a or limited credit history who's looking for a chance to without tying up hundreds of dollars in a security deposit. The card's annual fee is reasonable and it's notably free from the many hidden fees common among subprime cards. However, the card's unimpressive starting credit limit and inclusion of an annual fee mean a will likely be a better way forward, offering more flexibility at a lower cost, even if you have bad credit. And if you have , you can definitely find a lower-cost, more lucrative unsecured alternative among .

What are the pros and cons

Pros

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, it will be less costly than the Mission Lane card Minimum starting credit limit of $300 isn’t particularly impressive

Cons

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)

Current welcome offer

This card does not include a welcome offer, which is fairly common among . There's also no intro APR offer, another feature that should not be expected with these types of cards.

Rewards Rate

Unsecured credit-building cards that offer rewards can be hard to come by without paying a hefty annual fee. The Mission Lane Visa is no exception. While its annual fee is lower than that of many unsecured credit-building competitors, it features no ongoing rewards or welcome bonus.

Other Cardholder perks

As you might expect given the Mission Lane Visa card's lack of welcome offer and rewards, the card is also lacking when it comes to extra benefits. Aside from the $0 deposit requirement and potential credit-building benefit, the card offers only a handful of decent perks.

No security deposit needed

When searching for a card for fair credit, you'll likely come across as an option. These secured cards require a around $100 to $200 upfront to get started using the card. This can be a barrier when obtaining a card to build your credit if you can't afford to pay. The Mission Lane Visa, on the other hand, doesn't require a security deposit of any kind - one of its best features. The Mission Lane does charge an up to $59 annual fee, which is a bit more expensive when you consider you do get the security deposit back at some point with secured credit cards. Still, the relatively low-cost fee could make the Mission Lane Visa a solid short-term stop on the way to a higher-tiered, more rewarding credit card.

Chance at a credit limit increase

Though you may start out with a credit limit as low as $300 on the Mission Lane Visa (a common starting limit for unsecured credit-building cards), the issuer gives you a chance to by demonstrating responsible card use. If you make your card payments on time for at least six months, you'll be eligible for a higher limit at no additional cost. While this is a common timeframe for getting a credit limit increase, many issuers offer no explicit guidelines about when or whether you can get a higher limit. This is worth keeping in mind as a higher limit should make it easier to keep your credit utilization ratio - the amount of money you've borrowed compared to your total available credit - in check, which can help fast-track your credit-building efforts. That said, a secured card will likely give you more control over your credit limit, since the amount you put down as a deposit typically doubles as your credit limit. If you have the money to spare and opt for a secured card that lets you put down a large deposit, you can get a matching credit limit and enjoy even more breathing room.

Mobile app and financial tools

Along with 24/7 support and account access via the Mission Lane website and mobile app, you can take advantage of some of the issuer's financial planning and education tools to track spending and monitor your credit score and credit utilization. And, as every credit-building card should, Mission Lane reports to all three major credit bureaus.

Basic Visa benefits

As a standard Visa card, the Mission Lane Visa automatically comes with a handful of benefits for cardholders, including zero liability for fraud, a 24/7 pay-per-use roadside dispatch and 24-hour support for lost or stolen cards.

Rates and fees

The Mission Lane Visa card's annual fee may put you off, but it's relatively low for an unsecured card available to people with bad credit. Plenty of unsecured cards in this category charge closer to $100 in annual fees, with some tacking on additional account activation fees and even higher annual or monthly fees in your second year. While the Mission Lane card is far from your cheapest credit-building option, its cost is not outrageous. The Mission Lane Visa comes with a $59 annual fee. If you have at least fair credit, however, the Mission Lane card's annual fee will be hard to justify, as you should be able to find an unsecured card that charges a lower annual fee or no annual fee. Some, like the even offer cash back programs that give you a chance to not only cover the cost of the card, but actually earn money on top of that. Keep in mind the card could prove costly if you wind up needing to carry a balance. Cardholders face the variable APR of 26.99 – 29.99 percent, much higher than the . Though a high rate is to be expected at this credit level, you should consider opting for a card that offers a range of APRs or a lower standard APR if you worry about your ability to pay in full each month. The card also carries a 3 percent fee on purchases made abroad, so it won't be the best choice if you need a card to use overseas. Other Mission Lane Visa card fees to be aware of include a cash advance APR of 29.99 percent variable, a cash advance fee of 3 percent (minimum $10) and a late fee of up to $35.

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

Though the Mission Lane Visa card's annual fee may be worth it for people with bad credit who want to avoid putting down a deposit to build credit, it's unlikely to be your best option. A few other unsecured credit-building cards are available with no annual fee and some secured cards require a minimum deposit that's lower than the Mission Lane card's annual fee.

Mission Lane Visa® Credit Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on Mission Lane's secure site Annual fee Intro offer Intro offer is not available to this Mission Lane credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Petal® 1 No Annual Fee Visa® Credit Card

on Petal's secure site Annual fee Intro offer Intro offer is not available to this Petal credit card Rewards rate Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card

on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Mission Lane Visa vs Petal 1 No Annual Fee Visa Credit Card

is one of the rare unsecured cards available with poor credit or no credit history that also charges no annual fee. The card also offers a much higher range of potential credit limits than the Mission Lane Visa and most other credit-building cards: Depending on your credit history, you could get a limit of $300 to $5,000. Even the low end of this range beats out the limit offered by the Mission Lane card and could do wonders for your credit utilization ratio. Plus, in evaluating card applications, the Petal 1 card's issuer can take into account not just your credit score, but also alternative credit data like income and bill payment history, making it a good choice if you've had some credit missteps but otherwise are in good financial shape.

Mission Lane Visa vs Capital One Platinum Secured Credit Card

, as its name implies, requires a security deposit to get started. It also offers a unique level of flexibility: You can put down a deposit as low as $49 and still get a $200 starting credit limit. Best of all, that $49 is refundable when you close your account or upgrade to an unsecured Capital One card. Since this minimum deposit is both refundable and lower than the Mission Lane card's (non-refundable) annual fee, the card is definitely worth considering.

Best cards to pair with the Mission Lane Visa card

If your goal is simply to build credit, the Mission Lane card should stand on its own, especially when you consider its annual fee. After all, there's not a ton of benefit in having the Mission Lane card in addition to a no annual fee credit-building card-you'd be better off sticking with just the no annual fee card. But if you want to get more available credit by opening multiple card accounts, you'd do well to add a no annual fee credit-building card with rewards to the mix. A good match would be the . It earns 2 percent back on gas station and restaurant purchases up to $1,000 in combined spending per quarter, then 1 percent back on all other purchases. Discover will also match all the cash back earned at the end of the first year. And though the card carries a minimum deposit requirement of $200, Discover will review your account to see if you may qualify for an unsecured card after seven months of responsible 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 short-term unsecured credit-building card, but it's probably not your best option overall. While it charges fewer fees than many cards in this category, a secured card with rewards, no annual fee or a lower APR will likely save you more. And if you have at least fair credit, you can avoid both an annual fee and a security deposit. That said, the card will certainly get the job done if your goal is to build credit without putting down a deposit.

Frequently Asked Questions

Does the Mission Lane Visa require a hard credit pull

Yes, you’ll face a hard pull of your credit when you apply for the Mission Lane Visa card. This action may cause a temporary dip in your credit score that will resolve over time with responsible card use. There is a “” form that can show your approval odds to see if the pull will be worth it.

Does the Mission Lane Visa offer cash back

No, the Mission Lane Visa card does not offer cash back or any other rewards. Its counterpart, the Mission Lane Cash Back Visa card offers 1 to 1.5 percent cash back depending on your program terms.

How long does it take to get approved for a Mission Lane Visa

You’ll most often get an instant decision when you submit your application for the Mission Lane Visa card.

What credit score do you need for the Mission Lane Visa card

You can be approved for the Mission Lane Visa card with a bad to fair credit score (a FICO score 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 back or other rewards.

Does the Mission Lane Visa require a security deposit

No, the Mission Lane Visa does not require you to put down a security deposit. There is, however, an annual fee you must pay to hold the card that can be up to $59 a year.

ON THIS PAGE

Written by Chanelle Gibson Writer and Editor Chanelle Gibson is a former contributor at Bankrate. She has wide variety of experience ranging from pop culture to software engineering and possess expertise in finance, technology and business. Edited by Credit Cards Editor Reviewed by Former Senior Director of Content

Advertiser Disclosure

Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.