Mission Lane Visa® Credit Card
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- Intro Offer
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No current offer
(Video) Mission Lane Credit Card Review | No Fees | Build Credit Fast | Bad Credit Credit Card - Annual fee
- $0 – $59
- APR
- 26.99% – 29.99% (Variable)
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- 300 – 669
Poor – Fair
- Rewards rate
-
N/A This card doesn’t offer cash back, miles, or points
Rewards Rate
N/A
Our take
If you have a limited credit history or poor credit but you want the chance to improve your credit score, the Mission Lane Visa® Credit Card should be on your radar. This unsecured credit card doesn’t have a lot of perks, but it does give people with less-than-perfect credit the chance to improve their credit score over time with responsible use.
There are some caveats to keep in mind, though. The card has an annual fee of $0 to $59, and you won’t know which level of annual fee you’re assigned unless you get prequalified online. You’ll likely qualify for a relatively low credit limit, but again, that depends on your current credit score and other personal details.
On the upside, the Mission Lane Visa® Credit Card doesn’t have any hidden fees like some other credit cards for bad credit. And since it’s an unsecured credit card, you won’t have to come up with a few hundred bucks to put down as collateral like you would for a secured credit card.
Ultimately, we feel the Mission Lane Visa® Credit Card is a good option for consumers who want a no-frills unsecured credit card to build credit over time. Those with a good credit score and people who want to earn rewards should look elsewhere.
Pros
Easier to get approved for than some other unsecured credit cards
Does not require a cash deposit like secured credit cards do
No hidden fees apart from an annual fee of $0 to $59
Cons
No rewards or major cardholder benefits
It has a high APR
There are foreign transaction fees
Who this card is best for
- People with limited credit or lower credit scores: The Mission Lane Visa® Credit Card is for people who want to build credit through responsible credit card use but may have trouble qualifying for other cards due to their credit history. To get the best results with this card, pay your bill on time and keep your balance low.
- Consumers with imperfect credit who don’t want a secured credit card: The Mission Lane Visa® Credit Card is an unsecured card, meaning it does not require a cash deposit as collateral. This means cardholders can begin building credit without having to put down a hefty deposit to get a secured card.
- Anyone who wants to check their approval odds for a credit card before they apply: One major benefit of the Mission Lane Visa® Credit Card is the fact you can get prequalified online without a hard inquiry on your credit reports. This lets you check your approval odds -- and what your annual fee will be -- before you apply.
Who this card isn’t best for
- Those with good credit who can qualify for better cards: If you have a good credit score, you can qualify for a card with rewards and a selection of cardholder perks. Some credit cards for good credit even offer 0% introductory APR on purchases, balance transfers or both for a limited time.
- People who don’t want to pay an annual fee for a credit card: The Mission Lane Visa® Credit Card can charge an annual fee of up to $59. If you’re fee-averse, look for credit cards that don’t charge an annual fee at all.
- Anyone who wants to carry a balance from one month to the next: If you can’t avoid carrying a balance, the Mission Lane Visa® Credit Card isn’t for you. The ongoing variable APR can be as high as 29.99%.
A closer look at the Mission Lane Visa® Credit Card
Rates and fees
The Mission Lane Visa® Credit Card comes with a variable APR of 26.99% to 29.99%, so you won’t want to carry a balance. You can also be charged an annual fee of $0 to $59, which isn’t unusual for a subprime credit card but is still an added cost some consumers might like to avoid.
Other fees to watch out for include a cash advance fee of 3% (minimum $10), a foreign transaction fee of 3% and a late payment fee of up to $35.
No security deposit needed
Where secured credit cards require a cash deposit as collateral (usually starting at $200), the Mission Lane Visa® Credit Card doesn’t require any such deposit.But given that most secured credit cards’ security deposits are refundable after a period of responsible behavior, while the Mission Lane Visa’s annual fee isn’t, you might be better off, in the long run, getting one of our best secured credit cards instead if you have some money to spare up front.
Potential credit limit increase
According to Mission Lane, the company evaluates your account in as few as seven months to see if you’re eligible for a higher credit line than you started with. Factors that can help you secure a credit limit increase include a history of on-time payments, whether you’ve maxed out your card, either currently or in the past, and whether you have sufficient income to pay for a higher credit limit.
Prequalification
Mission Lane makes it possible to get prequalified for its cards online without a hard inquiry on your credit reports. This can help you see what your card offer and annual fee will be, which could aid in your decision to move forward with a full application.
Just keep in mind getting prequalified for a card doesn’t guarantee you’ll get it. It’s a good way to check your chances of approval, but you’ll still need to submit a full application, which will result in a hard credit check. Hard checks typically will lower your credit score by a few points temporarily.
Alternative cards
Petal® 1 “No Annual Fee” Visa® Credit Card
The Petal® 1 “No Annual Fee” Visa® Credit Card, issued by WebBank, is an unsecured credit card geared toward people with imperfect credit, and it comes with many of the same features as the Mission Lane Visa® Credit Card but -- as the name suggests -- it has no annual fee.
The Petal 1 “No Annual Fee” Credit Card comes with a low starting credit limit of $300 (maximum $5,000), but it reports to the three major credit bureaus -- Equifax, Experian and TransUnion -- to help you build credit with responsible use. You may even be able to get a credit limit increase by linking your bank account. This card also earns 2% to 10% cash back at select merchants. However, it comes with a high variable APR of 24.74% to 34.24%.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card* is another no-frills unsecured credit card worth checking out. This card is available for people with fair credit, which typically includes FICO scores from 580 to 669.
While this card doesn’t offer any rewards, it does help build credit with no annual fee. Cardholders can also qualify for a credit line review (and potentially a higher credit line) in as little as six months with responsible use. This card does have a high variable APR of 29.99%, however, so you won’t want to use it to carry long-term debt.
The bottom line
The Mission Lane Visa® Credit Card can be great for people who want to build credit without putting down a cash deposit for a secured credit card. This card doesn’t offer many benefits, but that’s common for credit-building cards. The point of having the Mission Lane Visa® Credit Card is using it to improve your credit over time, at which point you can apply for a different credit card that offers the perks and features you really want.
That said, you can also look at other credit cards for bad credit if you’re intimidated by this card’s potential annual fee (up to $59) or you want the chance to earn rewards.
FAQs
The Mission Lane Visa® Credit Card is an unsecured credit card, so it does not require a security deposit or any other type of collateral.
The Mission Lane Visa® Credit Card may charge an annual fee of up to $59 for some cardholders. You can find out if you’ll have to pay this fee by entering the basic information required to see if you’re prequalified. At that point, Mission Lane will show you the card offer you may be eligible for, and you can decide whether you want to get the card.
The Mission Lane Visa® Credit Card doesn’t list a minimum credit score requirement. However, this card is geared toward people with a limited credit history and poor or fair credit. Under the FICO scoring model, a “poor” credit score ranges from 300 to 579 and a “fair” credit score ranges from 580 to 669.
*All information about the Capital One Platinum Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
FAQs
What is the highest credit limit you can get with Mission Lane credit card? ›
Credit limits for the Prosper® Card range from $500 to $3,000. Without knowing the maximum credit limit, it's difficult to estimate the potential for earning cash back with the Mission Lane Cash Back Visa® Credit Card.
Is there an annual fee for Mission Lane credit card? ›The Mission Lane Visa® Credit Card comes with a $59 annual fee. (You might see different offers on Credit Karma.) This card doesn't offer a rewards program, so you won't have the opportunity to offset this fee by earning rewards whenever you use it to make purchases.
Is it easy to get approved for a Mission Lane credit card? ›You can be approved for the Mission Lane Visa card with a bad to fair credit score or higher (a FICO score of at least 300 to 669). 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.
How often does Mission Lane give credit limit increases? ›Credit limits are generally calculated based on your income and credit history, and Mission Lane will re-evaluate your account at least every 12 months to see if you're eligible for a credit limit increase.
How much should I spend if my credit limit is $1000? ›A good guideline is the 30% rule: Use no more than 30% of your credit limit to keep your debt-to-credit ratio strong. Staying under 10% is even better. In a real-life budget, the 30% rule works like this: If you have a card with a $1,000 credit limit, it's best not to have more than a $300 balance at any time.
How much does Mission Lane approve for? ›The Mission Lane Card offers a starting credit limit of $300+ and does not require a security deposit, but it does have a high APR and an annual fee of $0 - $59.
Is Mission Lane an actual credit card? ›The Mission Lane Visa® Credit Card is one of two possible Mission Lane offers, and it's designed for those who won't qualify for the company's $0-annual-fee Mission Lane Cash Back Visa® Credit Card, which does earn rewards and is aimed at those with fair credit (FICO scores of 630 or higher).
Does Mission Lane verify income? ›In some cases, we may request documents to verify your income. Acceptable documents include W2s, 1099s, pay stubs, and benefits documents, all of which you can upload on our website. Can I apply for a Mission Lane Visa if I don't have a mobile phone?
Does Mission Lane waive annual fee? ›We will charge an annual fee of $0 - $75 each year, whether or not you use the Account, and whether or not you have active charging privileges. Unless waived your first year, your annual fee will be charged upon the first transaction on the Account and then annually thereafter.
Can I take money off my Mission Lane credit card? ›You can withdraw up to 25% of your credit limit, as long as the withdrawal amount doesn't exceed your available credit. Depending on which amount is higher, we either charge a 3% or $10 fee of the Cash Advance amount. We begin charging interest on Cash Advances on the date the Cash Advance transaction occurred.
How does Mission Lane visa work? ›
Introduction. The Mission Lane Visa earns 1%, 1.5%, and 2% cash-back rewards for customers who pre-qualify for them. However, this card does charge an annual fee ranging between $0 - $59.
What bank does Mission Lane visa use? ›The Mission Lane Visa® Credit Card Issued by Transportation Alliance Bank, Inc. dba TAB Bank.
What is a good credit score? ›Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Can I add money to my Mission Lane credit card? ›Yes, can deposit funds in a retail store, such as Walgreens or Wal-Mart. Go to your mobile app and tap "Deposit Cash" under the "Deposits" tab. You'll follow the directions there to make your deposit. What is Mission Money?
Should I have 3 credit cards? ›It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
What is a normal credit limit? ›What is considered a “normal” credit limit among most Americans? The average American had access to $30,233 in credit across all of their credit cards in 2021, according to Experian. But the average credit card balance was $5,221 — well below the average credit limit.
How much should I spend on my credit card if my limit is 3000? ›| Credit Limit | Fair Utilization (40%) | Good Utilization (30%) |
|---|---|---|
| $500 | $200 | $150 |
| $2,000 | $800 | $600 |
| $3,000 | $1,200 | $900 |
| $5,000 | $2,000 | $1,500 |
NerdWallet suggests using no more than 30% of your limits, and less is better. Charging too much on your cards, especially if you max them out, is associated with being a higher credit risk.
How do you pay for Mission Lane? ›The easiest way you can pay your Mission Lane Card is either online or via the Mission Lane app for iOS and Android. You can also make a payment by calling (855) 570-3732. Ultimately, you can send your payment via mail.
Do you need a bank account for Mission Lane credit card? ›No, you do not need a bank account to get approved for the Mission Lane Card. While the application process might ask about whether you have a checking or savings account, it is not required to have either of those in order to be approved.
Can I use my Mission Lane credit card at any store? ›
Absolutely! You can use your Mission Lane Visa® card anywhere you see the Visa® logo.
Can you use a Mission Lane credit card at Walmart? ›You can use your Mission Lane Credit Card anywhere Visa is accepted, which is basically almost every place that takes credit cards. Visa is one of the biggest credit card networks, with a global presence in over 200 countries and territories.
Can I pay my Mission Lane credit card with a debit card? ›You can also make a payment over the phone by giving us a call at the number listed on the back of your card. Please have your checking account and routing numbers ready when calling. Keep in mind that we currently can't accept a debit card payment.
Why is my credit card declined when I have money? ›Your card may be declined for a number of reasons: the card has expired; you're over your credit limit; the card issuer sees suspicious activity that could be a sign of fraud; or a hotel, rental car company, or other business placed a block (or hold) on your card for its estimated total of your bill.
How do I withdraw money from Mission Lane? ›You can get a Mission Lane Credit Card cash advance by using your card and PIN at any ATM that displays the Visa logo. You could also request one in any bank lobby with your card and a photo ID, or you could use your convenience checks.
How long does it take to get a Mission Lane credit card in the mail? ›What should I do if I haven't received my card? Your Mission Money Visa® Debit Card should arrive via USPS within 7–10 business days of processing and approving your application. You can check the status of your new card by selecting Visa® in your app's navigation menu.
How long does Mission Lane payment take? ›In most cases, you'll see your payment reflected on your account within 2 business days. However, sometimes the available credit on your account may not reflect your payment for up to 7 calendar days to make sure your payment is successful.
Is Mission Lane a unsecured credit card? ›No security deposit required
One of the Mission Lane card's best features is that it's an unsecured credit card for people with fair credit.
The Mission Lane Visa is a real Visa credit card, so you can use it at millions of places where Visa is accepted worldwide. Having a credit card can make in-person transactions more convenient, but you can also use your card for online purchases you make.
How does Mission Lane calculate minimum payment? ›- 3% of the statement balance.
- 1% of the statement balance plus interest and fees.
- 1% of the statement balance plus interest.
- $25 or $35, depending on your cardholder agreement.
How soon can you use Mission Lane Visa credit card? ›
You can use your card as soon as you receive and activate it. For your security, we recommend destroying the old card once you activate your new one.
Is Mission Lane visa a prepaid card? ›The Mission Money™ Visa® Debit Card is a hassle-free prepaid and debit card account from Mission Lane. Mission Lane bills the Mission Money™ as “a better kind of debit account,” and it is easy to see why. Mission Money accounts are FDIC insured for up to $250,000.
How many customers does Mission Lane have? ›Join our 2 million + members who count on a Mission Lane Visa® Credit Card. See if you'll be approved before you apply with no impact to your credit score.
Is A 650 A good credit score? ›A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
How to get 900 credit score? ›- Maintain a consistent payment history. ...
- Monitor your credit score regularly. ...
- Keep old accounts open and use them sporadically. ...
- Report your on-time rent and utility payments. ...
- Increase your credit limit when possible. ...
- Avoid maxing out your credit cards. ...
- Balance your credit utilization.
What is the lowest credit score possible? Most of the credit scores that lenders use in the United States, including most versions of the FICO Score, range from 300 to 850. Therefore, most financial professionals generally accept that 300 is the lowest credit score a consumer can have.
Is it good to have a credit card and not use it? ›The bottom line. Credit card inactivity will eventually result in your account being closed, so it's a good idea to maintain at least a small amount of activity on each of your cards. A closed account can have a negative impact on your credit score so consider keeping your cards open and active whenever possible.
Is 20 credit cards too many? ›There's no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.
Is 11 credit cards too many? ›There is no universal number of credit cards that is “too many.” Your credit score won't tank once you hit a certain number. In reality, the point of “too many” credit cards is when you're losing money on annual fees or having trouble keeping up with bills — and that varies from person to person.
What is maximum available credit limit? ›Credit limit is the total amount of credit available to a borrower, including any amount already borrowed. Available credit is the difference between the credit limit and the account balance, or how much you have left to spend before you reach your credit limit.
How much cash can I get from Mission Lane credit card? ›
You can withdraw up to 25% of your credit limit, as long as the withdrawal amount doesn't exceed your available credit. Depending on which amount is higher, we either charge a 3% or $10 fee of the Cash Advance amount.
Which credit card usually gives the highest credit limit? ›Highest “Overall” Credit Limit: $500,000
The winners of the nosebleed award for the highest credit limit among cards for mere mortals are these twins: Chase Sapphire Preferred® Card and Chase Sapphire Reserve®, with annual fees in the mid-triple digits and high-double digits, respectively.
This card's maximum credit limit is $1,500. If you intend to use Credit One Bank Unsecured Visa as your family's everyday spending card, that may be too low, unless your cash flow is sufficient to pay off purchases as you make them. Some competing secured cards have spending limits as high as $5,000 or $10,000.
How much should I spend on a 3000 credit limit? ›| Credit Limit | Fair Utilization (40%) | Good Utilization (30%) |
|---|---|---|
| $500 | $200 | $150 |
| $2,000 | $800 | $600 |
| $3,000 | $1,200 | $900 |
| $5,000 | $2,000 | $1,500 |
A $1,500 credit limit is good if you have fair to good credit, as it is well above the lowest limits on the market but still far below the highest. The average credit card limit overall is around $13,000. You typically need good or excellent credit, a high income and little to no existing debt to get a limit that high.
Can I get cash advance from Mission Lane? ›Cash Advance Fee. For each Cash Advance, we will charge a fee of either $10 or 3% of the amount of the Cash Advance, whichever is greater. The Cash Advance Fee is treated as a transaction and added to your balance.
Can I pay bills with Mission Lane credit card? ›Yes, you can pay bills with your Mission Lane Card, including cell phone bills, insurance premiums, magazine subscriptions, streaming services, cable and internet, medical bills, and tax bills.
Can I buy a car with a credit card? ›In general, car dealerships accept credit cards. You might even be able to use a card to buy a vehicle. However, it's more likely that the dealership will take a credit card for a down payment or a part of the down payment up to a certain amount. For you, using a credit card is a convenience or maybe a necessity.
Is $5000 a good credit card limit? ›A $5,000 credit limit is good if you have fair to good credit, as it is well above the lowest limits on the market but still far below the highest. The average credit card limit overall is around $13,000. You typically need good or excellent credit, a high income and little to no existing debt to get a limit that high.
Can I get a credit card with a 650 credit score? ›A 650 credit score is considered “fair” credit, which means you should be able to get a credit card or loan, but a little bit of credit improvement will give you many more options and help you save a lot more money.
How much should I use at the $2000 credit limit? ›
According to the Consumer Financial Protection Bureau, experts recommend keeping your credit utilization below 30% of your available credit. So if your only line of credit is a credit card with a $2,000 limit, that would mean keeping your balance below $600.
How much of $200 credit limit to use? ›Tips for Spending with a $200 Credit Card Limit
You should aim for credit utilization of 30% or less. In other words, your statement balance should amount to no more than 30% of your card's credit limit. If you can manage it, 1%-10% utilization may provide even better results.
Average credit: If you have fair credit, expect a credit limit of around $300 to $500. Poor credit: Credit limits between $100 and $300 are common for people with poor credit scores. This is because people with bad credit are considered at high risk for defaulting, or not paying back their balance.