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A Deep Dive into the Mission Lane Credit Card
Top-tier rewards credit cards offer splendid purchase perks and additional advantages. Still, to access these, you often need a credit score that’s impressively high, typically in the late 600s or higher.
If your credit score is still under 670, you might be in the market for a credit-building card. In this context, the Mission Lane Visa™ Credit Card presents itself as a viable choice to help bolster your credit over time.
In this comprehensive review, we’ll delve into the Mission Lane Credit Card’s specifics, covering its main attributes, fee structure, strengths, weaknesses, and even suggest a few alternative options.
The Lowdown on the Mission Lane Credit Card
The Mission Lane Visa™ Credit Card is a non-secured card, meaning there’s no need for a security deposit upfront. It’s designed with the objective of assisting users in enhancing their credit scores. The card is issued by the Transportation Alliance Bank, Inc. (FDIC Cert# 34781).
It’s just one of many financial tools offered by Mission Lane to assist users in their financial journey. They also provide credit-building loans and an app dedicated to finding side gigs. Additionally, there’s the Mission Money Visa® Debit Card that comes without fees and offers digital banking features.
However, it’s pivotal to understand that availing of these additional offerings doesn’t necessarily increase your chances of being approved for their credit card. But they might put you in a better financial position overall.
Who is the Ideal Candidate for the Mission Lane Credit Card?
This card is specifically tailored for those with fair to poor credit or even no credit history. This generally means scores ranging between 300 and 670. If your score is below 620, this card may be particularly beneficial, as 620 is often the baseline for standard home loans and non-secured credit cards.
However, if no annual fee is a deal-breaker for you or if your credit score is north of 670, this card might not be the best fit.
Eligibility for the Mission Lane Credit Card
To be eligible, one must:
- Be 18 years or older.
- Possess a valid Social Security Number (SSN) or ITIN.
- Have a source of income.
- Maintain an active email and phone number.
- Have the specific offer code (if received).
Interestingly, Mission Lane encourages potential cardholders to prequalify through a “Respond to Mail Offer” button on its website. Those who meet their criteria might receive a special offer by mail, accompanied by a unique code, making the application process more seamless.
Understanding the Fee Structure
Many might be subject to an annual fee for using this card. Although Mission Lane touts transparent pricing, one has to prequalify to get a clear view of the potential annual fee and the applicable APR. Some key fees include:
- Annual Fee: Ranges between $0 and $59
- Foreign Transaction Fee: Set at 3%
- Regular APR: Varies between 26.99% and 29.99%
These rates underscore the importance of not maintaining a balance on this card, given its relatively high interest.
Distinguishing Features
Some noteworthy features include:
- No Security Deposit: No need to lock away funds as a security deposit.
- Credit Building: Payments are reported to major credit agencies.
- Automatic Credit Limit Enhancements: Initial limit starts at $300 but can increase based on payment history.
- Soft Credit Check for Prequalification: No impact on your credit score for initial prequalification.
- Credit Monitoring: Access to free credit score updates and educational resources.
- Cashback Opportunities: For qualified members, cash back ranges from 1% to 1.5%.
Pros and Cons
Benefits include credit reporting to major bureaus, no initial security deposit, and the potential for credit limit increases. On the flip side, there’s a noticeable lack of fee transparency, a modest initial credit limit, and a high APR, even by credit card standards.
Considering Alternatives
Before committing, it might be worthwhile to explore other options such as the Chime Credit Builder Card, Self Credit Builder, Petal 2 Visa Card, and the Tomo Credit Card.
Common Queries
- Is Mission Lane a genuine credit card? Absolutely, it’s a non-secured card that reports your activities to three major credit bureaus.
- What’s the starting credit limit for Mission Lane? Every user starts with a $300 limit, but it can increase based on consistent positive behaviors.
- Does Mission Lane negatively impact your credit score? Prequalification, which uses a soft check, won’t, but a full application, which requires a hard check, might temporarily.
Final Thoughts
The Mission Lane Visa™ Credit Card could be a stepping stone towards better credit if managed responsibly. It’s most suitable for those with scores under 600. As your score climbs, consider transitioning to a different card with fewer fees and more benefits.
Overall Rating for Mission Lane: 8.0/10
Strong Points
- Reporting to all major credit bureaus
- No initial security deposit
- Potential for increased credit limits
- Soft check for prequalification
- Access to credit monitoring and educational resources
Drawbacks
- Unclear fee structure
- Initial $300 credit limit could be limiting for some
- 3% foreign transaction fee
- Absence of a signup bonus
- Comparatively high APR for a credit card.
