These days, credit cards have become an important part of our life. They are the quick solution for all our urgent money needs. To get a credit card, your credit score matters a lot. If you have a good credit score, then there are a lot of options for you. But if you have a bad credit score or no credit history at all, then you get a limited number of credit cards to choose from. In case you are someone with a bad credit score or no credit history at all, you can consider the Mission Lane Credit Card.
In this article, we are going to give you an honest review of the Mission Lane Visa Credit Card. We will discuss its fees, interest rate, credit limit, the application process, benefits, and basically, everything that you need to know. So for more information about this credit card, stay tuned!
What is a Mission Lane Credit Card?
Mission Lane Visa is an unsecured credit card. This means that you will not have to pay any security fees to get this credit card. Moreover, it is especially for people with bad credit or no credit history, so if you are one of these and do not want to pay the security deposit to get the credit card, you can definitely go for this card.
To get this credit card with an affordable interest rate, you will need a credit score of 300 or more. The annual fee ranges from $0.00 to %59.00, depending on your credit score. Though Mission Lane says that this card is especially for people with a low credit score, this card might actually be very expensive for bad credit holders as its maximum APR is 29.99%.
- Annual Fee: $0.00 to $59.00 (Depending on your credit score and credit limit)
- Preferred Credit Score: 300 to 669
- Purchase APR: 19.99% to 29.99% (Variable)
- You do not need to make any security deposits.
- You can apply for a credit limit after the completion of one year.
- They allow cash advances.
- Great for building credit scores.
- They allow foreign transactions.
- Easy application and approval process.
- People with low credit scores might have to pay the annual fee.
- High APR for low-credit people.
- It does not allow balance transfer.
- You get no rewards at all.
If you are planning to get this card, you can expect the following things:
1. It Helps in Building Your Credit
Overall, it is a good card for building your credit. It reports all your credit activity to all three major credit bureaus. If you think that some entry is missing from your credit report then you can call on their customer care number and they will conduct a proper inquiry and will mention all the credit details.
2. Expect a Credit Pull while Applying
When you apply for the Mission Lane Credit Card, they conduct a hard inquiry of your credit score. Because of this hard inquiry, your credit score can fall by 10 to 15 points.
3. Credit Limit
With this credit card, you get an initial credit limit of $300. If you pay your credit card bills on time and maintain a good credit score, you can apply for a credit limit increase after 12 initial months of getting the card.
4. It Can be a Bit Expensive
The Purchase APR of this card ranges from 19.99% to 29.99%. So if you have a bad credit score or no credit history, you will have to make sure that you pay all your credit card bills on time otherwise the interest rates can be extremely high for you.
There are mixed Mission Lane Credit Card reviews online, so it would not be a wise decision to rely just on those reviews. In this section, we are going to tell you about the specific features of this card one by one so that you can decide whether it is a good credit card for you or not.
Our Rating: 2.4/5
The APR of Mission Lane Visa Card ranges from 19.99% to 29.99%. So if you have a good credit score, even if you do not pay the bill on time, the interest rate would not be too high for you. But in case your credit score is not good, this card will be expensive for you.
- Regular APR: 19.99% to 29.99% (Variable)
- Cash Advance APR: 19.99% to 29.99% (Variable)
- Minimum Interest Charge: $0.50
Our Rating: 3.7/5
Considering the fee, this credit card falls somewhere in the middle, it is neither too expensive nor too cheap. With a good credit score, you would not have to pay any annual fee with this card, but if your credit score is even slightly bad, you might have to pay an annual fee of up to $59.00. There are some other fees as well like, cash advance fees, foreign transaction fees, and late payment fees.
- Annual Fee: $0.00 to $59.00
- Over Limit Fee: $0.00
- Late Payment Fee: Up to $35
- Returned Payment Fee: Up to $35
- Foreign Transaction Fee: 3% of the total amount
- Cash Advance Fee: 3% of the total amount or $10, whichever is higher
Our Rating: 2.5/5
The initial credit limit of the Mission Lane Credit Card is $300. But as you improve your credit score with time, you can apply for a credit limit just within one year of owning the card. To qualify for the credit limit increase, make sure that you pay all the credit cards bill on time.
Our Rating: 1.0/5
We are giving such a low rating to Mission Credit Card in this section because there are literally no rewards at all. Does not matter if you make all your purchases from this card or pay the bills on time, there are no rewards. So if you want to get a credit card for rewards, cashback, and discounts, this is not the right choice for you.
Our Rating: 5.0/5
We are giving 5 on 5 to Mission Lane Card in credit reporting because they truly deserve it. They report all your credit activities to all three major credit bureaus including TransUnion, Equifax, and Experian. It helps you a lot in improving your credit score.
Here are some of the benefits that you get with this card.
1. Additional Credit Scores for Free
Mission Card not only helps you improve your credit score by credit reporting but also provides you with free credit scores monthly. Isn’t that great?
2. Zero Fraud Liability
This card comes with zero liability in case of fraud or identity theft. So if you become a victim of any monetary fraud or identity theft, the credit card company will pay for your losses and you will have no liability.
3. Easy Replacement
In case you have lost your Mission Lane Visa Credit Card, you can simply just call on their customer care number and ask them to block your current credit card. They will send you a new credit card within a week or so.
4. Roadside Dispatch
The best thing about this card is, there is no transaction limit. So you can use this card to make even small purchases. You can also use this card to buy fuel or pay the towing charges.
How to Get the Mission Lane Card?
In order to get this credit card, you will have to follow the given procedure.
Required Credit Score
As Mission Lane has mentioned on their official website, this unsecured credit card is for people with a bad credit score or zero credit history. So there is no minimum required credit score. But you should have a credit score of 300 to 669, in order to easily qualify for this credit card.
There are basically 2 ways to apply for this credit card.
- Directly through the Website
For this, you will have to go to their official website and apply for a credit card. You will have to fill out an easy form with your basic details like name, address, annual income, source of income, credit score, etc. Then they will conduct a hard inquiry of your credit and if you qualify, they will send you their credit card.
- By Replying to their Credit Card Invitation
If you have a good credit score, you might receive a credit card invitation from Mission Lane. In order to get this credit card, you just simply need to reply to that invitation mail and they will guide you through the further process. But be aware of the fraudsters. There are many fraud people who send credit card invitations under the name of Mission Lane. Do not fall into their trap.
Whether Mission Lane Visa Credit Card is Good for Me?
If you fall under any of the following categories, then you can consider the Mission Lane Credit Card.
1. People with Bad Credit Scores or No Credit History
If you are someone with a bad credit score or no credit history at all, but still want to go for an unsecured credit card instead of a secured one, then you should definitely go for this credit card. But because of your low credit score, you will have to face high annual fees and high-interest rates.
2. People Who Want the Credit Card Fast
As we told you, the application and approval process for the Mission Lane Visa card is really fast. So in case you need a credit card immediately to improve your credit score, you can get this card.
Other Alternative Options
If you think that Mission Lane is not a good option for you, you can consider any of the following cards given below.
1. Avant Credit Card
Our Rating: 4.0/5
Avant Credit Card is a really good credit card to improve your credit score. It is an unsecured credit card, so you will not have to make any security deposits in order to get this credit card. It does not allow any balance transfer and you can withdraw only 25% of the total credit limit as a cash advance.
- Annual Fee: $0.00 to $59.00, depending on your creditworthiness.
- Preferred Credit Score: 300 to 669
- Purchase APR: 27.24% to 29.99% (Variable)
- You do not need to make any security deposit.
- The low annual fee for people with a good credit score.
- No fee on foreign transactions.
- Good for credit building.
- Report all your credit activities to all three credit bureaus.
- Easy application process.
- They do not offer any welcome offer.
- You do not get any rewards.
- The APR is extremely high.
- The high annual fee for people with bad credit.
2. Credit One Bank Platinum Visa Credit Card
Our Rating: 3.6/5
If you are looking for a credit card with good rewards then you can consider Credit One Bank Platinum Visa Credit Card. This card provides rewards on groceries, fuel, dining, and all other eligible purchases. It comes with an initial credit limit of $300, but as you pay the credit card bills on time and improve your credit score, you call to apply for a credit limit increase.
- Annual Fee: $75.00 to $99.00, depending on your creditworthiness.
- Preferred Credit Score: 300 to 669
- Purchase APR: 26.99% (Variable)
- Good rewards.
- People with bad credit scores can also get this credit card.
- You do not need to pay any security deposit.
- The annual fee is very high.
- The cash advance fee is high.
- Regular APR is also extremely high.
3. Surge MasterCard Unsecured Credit Card
Our Rating: 3.3/5
In case an unsecured credit card is your only choice, you can also go with Surge MasterCard Unsecured Credit Card. If you need a credit card to improve your credit score, you can go with this card. But if you are looking for a card to save money, this card is not a good option for you. Because there are no rewards, cash back, or even welcome bonuses.
- Annual Fee: $75.00 to $99.00 for the first year and then $99.00 for the second year
- Preferred Credit Score: 300 to 669
- Purchase APR: 24.99% to 29.99% (Variable)
- There is no need for a security deposit.
- You can check for pre-qualification on their official website.
- They also provide you with a free credit score.
- You can apply for a credit limit increase after 6 months of owning the card.
- You can assign someone as an authorized user on your card.
- Report your credit activity to all the credit bureaus monthly.
- High APR.
- High annual fee.
- They might also apply a monthly maintenance fee.
- Zero cashback or rewards.
FAQs: Frequently Asked Questions
Q1. What credit limit does Mission Lane start with?
Mission Lane card comes with an initial credit limit of $300. But within a year, if you maintain your credit score well and pay all the credit card bills on time, you can apply for a credit limit increase. Though there is no information regarding the maximum credit limit of this credit card.
Q2. What bank issues the Mission Lane credit card?
Mission Lane Credit Card is issued by Transportation Alliance Bank, Inc.
Q3. How often does Mission Lane give credit increases?
Mission Lane gives credit limit increases within the first 12 months of owning the card, but only if you pay your credit card bill on time and improve your credit score. You can apply for the credit limit increase through the official website or by calling on the customer care number. If you qualify, they will increase your credit limit within 10 to 12 days.
Q4. Does the Mission Lane credit card do a hard pull?
Yes. When you apply for the Mission Lane Credit Card, they conduct a hard inquiry of your credit score. Because of this hard inquiry, your credit score can fall by 10 to 15 points.
Q5. Can I use the Mission Lane credit card anywhere?
Yes. You can use this credit card anywhere. There are no limits on the transactions or merchants. But you will not get any rewards or cash back.
Q6. How to activate the Mission lane credit card?
To activate the Mission Lane Credit Card, you need to call on their customer care number from your registered mobile number. You can also follow the process that you will receive with the credit card.
We would like to give Mission Lane Credit Card an overall rating of 3.2/5.
It is an easy-to-get credit card for people with a bad credit score or no credit history. The application and approval process is very easy. This card will also help you improve your credit score. But if you are looking for a credit card with good rewards and cash back, then this is not a good card for you.
- William Smith is a highly respected and well-known figure in the consumer credit industry. With over two decades of experience and expertise, he is one of the most sought-after authors on credit card offers, services, and more. He has written extensively on traditional & alternative forms of credit and is a frequent contributor to Forbes Magazine, where he shares his wealth of knowledge with readers on topics such as personal finance. William can be seen regularly on major media outlets where he offers insight into the world of credit cards. He also strives to keep readers updated on the latest trends while offering sound advice on how to manage their accounts responsibly.
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