Mission Lane Visa® Credit Card Review

The Mission Lane Visa^® Credit Card offers applicants the opportunity to be prequalified in under a minute for an unsecured line of credit. But, depending on your credit score, you may end up with a high APR and an annual fee with this card. You can find more affordable cards that accept applicants with limited or poor credit.

However, if you’ve exhausted all options and are in need of a card, the Mission Lane Visa^® Credit Card may be worth applying for. Not all cardholders are required to pay an annual fee. If you use it responsibly, it can help build your credit, and you may even qualify for a credit limit increase.

• Get a decision in under a minute

  The Mission Lane Visa^® Credit Card offers a prequalification decision in under 60 seconds without any negative effect to your credit score. If you’re pre-qualified and submit your application, the issuer will run a hard credit pull before giving you a final decision.

• Be considered for credit limit increase in as few as seven months

  Within the first year, and in as few as seven months, your account will be evaluated for a potential credit limit increase. The issuer may consider several factors, including your credit score, information on your credit history and your income, as well as timely payments with your card.

  After the first evaluation, evaluations are done regularly as long as your account is in good standing.

• No security deposit is required

  Since it’s an unsecured credit card, you don’t need to submit a security deposit for the Mission Lane Visa^® Credit Card. This will save you a little cash upfront.

  Do remember, though, that, depending on your creditworthiness, you may have to pay an annual fee for the card. Unlike a security deposit, you’ll have to pay this annual fee as long as the account is open, and it’s non-refundable.

• Reports activity to all three credit bureaus

  When you use the Mission Lane Visa^® Credit Card, all your payments are reported to the three major credit bureaus: Equifax, Experian and TransUnion. This is ideal for building credit. When you apply for a credit card, auto loan or a mortgage in the future, the lender will see your payment history on the card, no matter which bureau they use.

• Annual fee

  The annual fee for the Mission Lane Visa^® Credit Card ranges from $0-$59, and is determined by your creditworthiness. You won’t know which fee you’ll pay until you are approved for the card. If you want to avoid an annual fee, consider a secured credit card — many don’t charge annual fees.

• High APR

  Like the annual fee, your APR with the Mission Lane Visa^® Credit Card is determined during the approval process and will range between 19.99 - 29.99% Variable. While the low end of this range is reasonable, applicants with low scores could land a very high APR.

  This may not be a problem if you don’t carry a balance from month to month. However, emergencies do happen, so make sure you can cover the interest and any applicable fees if you miss a payment.

• No sign-up bonuses or rewards

  A sign-up bonus or a rewards program can put a little money back in your pocket, and may even help make up for an annual fee. Unfortunately, this card has neither.

  When you are focused on building credit, rewards shouldn’t be the highest priority. If you keep your credit utilization low and make your payments on time, you may be able to qualify eventually for a good rewards credit card. However, if rewards are an important feature for you, you can find some solid credit cards for people with bad credit that include rewards programs.

Mission Lane Visa^® Credit Card vs. AvantCard Credit Card

As an unsecured card, the AvantCard Credit Card is very similar to the Mission Lane Visa^® Credit Card and may offer you a higher credit limit for a similar annual fee of $59. The credit limit may range from $300 to $3,000 depending on your creditworthiness. Like the Mission Lane Visa^® Credit Card, the AvantCard Credit Card allows you to prequalify and reports your activity to all three credit bureaus.

Mission Lane Visa^® Credit Card vs. Discover it^® Secured Credit Card

A more fiscally-savvy option is the Discover it^® Secured Credit Card. Though it requires a deposit of at least $200, it has a $0 annual fee and also offers a sign-up bonus and cash back rewards.

Your payment history is reported to the credit bureaus and Discover may even graduate you to an unsecured card in less than a year. Account reviews begin automatically after seven months. If you qualify for an unsecured card, you can get your deposit back.

Mission Lane Visa^® Credit Card vs. Capital One Quicksilver Secured Cash Rewards Credit Card

Another secured credit card option is the Capital One Quicksilver Secured Cash Rewards Credit Card, which has a $0 annual fee and requires a $200 deposit for a $200 line of credit. You’ll also earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). This is one of the highest cash back rates you can find on a card targeted to people with low credit scores.

After six months, you will automatically be considered for a credit line increase without needing to put down an additional deposit. Over a year or two, as you build credit, this card will keep more money in your bank account than the Mission Lane Visa^® Credit Card.

On the downside, the card’s APR is 29.99% (Variable), so make sure you’re prepared to pay off your balance each month before you apply.

If you’re simply looking for a card that’s quick and easy to qualify for, the Mission Lane Visa^® Credit Card may be right for you. However, you should be prepared for an annual fee and potentially high APR.

If you are able to put down a deposit for a secured credit card, you should. Some secured credit cards like the Discover it^® Secured Credit Card and Capital One Quicksilver Secured Cash Rewards Credit Card offer $0 annual fees for all cardholders. These cards also offer rewards that you can apply to your credit card balance.