Mission Lane Credit Card Review 2023: Build Credit With Rewards

Last Updated on December 20, 2022 by Harrison Brown
8.2/10 (Expert Score)
Product is rated as #3 in category Credit Cards
8.2Expert Score
A solid choice for building credit

Are you looking for a credit card that is accessible to those who may have a damaged or limited credit history? The Mission Lane Visa Card can offer both a solution—and an affordable one. However, compared to most no-annual fee-secured cards, it may not reach the level of value for credit-building purposes. But for being reasonably low-cost or possibly even free, this unsecured option could be just the card you're looking to build credit!

Features
8.7
Fees
9
Customer Support
7
Pros
  • No deposit required
  • Automatic credit line increase
  • No annual fees*
Cons
  • High APRs
  • Low starting limit
  • Foreign transaction fees

Pros & Cons

Mission Lane Pros & Cons

Pros
  • No Deposit Required: Mission Lane's Visa card does not require a security deposit, allowing you to get started on rebuilding your credit without any additional upfront fees.
  • No Annual Fee: Depending on your creditworthiness, you may qualify to have no annual fees on your card.*
  • Automatic Credit Line Increases: Mission Lane will periodically review your creditworthiness and may increase your credit line when you make consistent on-time payments.
  • Earn Cashback: The Mission Lane Cash Back Visa® Credit Card offers a rewards program that allows you to earn up to 1.5% cash back on all purchases.
Cons
  • High APRs: Both Mission Lane Visa Cards have a variable APR ranging from 19.99% to 29.99%, which is higher than many other credit cards.
  • Possible Annual Fees: While Mission Lane may waive annual fees depending on your creditworthiness, there's still a chance that you may be charged a yearly fee (up to $59).
  • Low Starting Limit: Mission Lane's Visa card has a low starting credit limit of $300, which may be better for those who need more purchasing power.
  • Foreign Transaction Fees: Mission Lane charges a 3% foreign transaction fee on all purchases.

Features

Mission Lane Top Features

Build Credit

Mission Lane's Visa card is designed to help those with limited or damaged credit build, improve, or rebuild their credit score. Mission Lane reports your payment activity to all three major credit bureaus: Experian, Equifax, and TransUnion. By consistently making on-time payments for the Mission Lane Visa Card, you could see an increase in your credit score over time.

Prequalify With No Impact On Credit

If you're interested in Mission Lane's Visa card, you can quickly prequalify online without impacting your credit score. Mission Lane will review your basic information and let you know if you're prequalified for their card.

Fill out a simple, 5-minute form and get an instant decision. If you're prequalified, apply for the card confidently, knowing you'll be approved.

Automatic Credit Line Increases

Mission Lane will review your creditworthiness every six months and may increase your credit line if they find that you are making timely payments regularly. This automatic feature can benefit those who need more purchasing power over time.

Earn Cash Back

With the Mission Lane Cash Back Visa® Credit Card, you can earn up to 1.5% cashback on all purchases. This rate is not only a competitive flat-rate return, but most credit cards that target lower credit scores don't offer cashback.

$0 Fraud Liability

Mission Lane's Visa card offers $0 fraud liability. You will not be held responsible for fraudulent purchases if your card is lost or stolen.

24/7 Live Support

Mission Lane Visa cards offer 24/7 customer service. This includes live chat, phone, and email support so you can get help immediately if needed.

Mobile App

The Mission Lane Visa card also has a user-friendly mobile app that makes it easy to keep track of your account. The app lets you view transactions, check your balance and rewards points, and make payments from anywhere.

Rates & Fees

Mission Lane Credit Cards Rates & Fees

Mission Lane Visa® Credit Card

APR:19.99% – 29.99%
Cash Advance APR:19.99% – 29.99%
Annual Fee:$0.00 – $59.00
Minimum Interest Charge:$0.50+
Cash Advance:$10.00 or 3.00% (Whatever is greater)
Foreign Transaction Fee:3.00%
Late Payment Fee:$35
Cashback Rate:0.00%

Mission Lane Cash Back Visa® Credit Card

APR:19.99% – 29.99%
Cash Advance APR:19.99% – 29.99%
Annual Fee:$0.00 – $59.00
Minimum Interest Charge:$0.50+
Cash Advance:$10.00 or 3.00% (Whatever is greater)
Foreign Transaction Fee:3.00%
Late Payment Fee:$35
Cashback Rate:1.00% – 1.50%

Compare

Mission Lane Vs. The Competition

Pros
Cons
Indigo Card
Indigo Card
APPLY NOW
Pros
Possibility of no annual fee
Builds poor credit & reports to bureaus
Soft credit pull
Cons
High APR
No Rewards
Destiny Card
Destiny Card
APPLY NOW
Pros
Easier to be approved
Builds poor credit & reports to bureaus
Soft credit pull
Cons
Annual fee
High APR
No rewards
Milestone Card
Milestone Card
APPLY NOW
Pros
Easiest to be approved for
Builds poor credit & reports to bureaus
Soft credit pull
Cons
Highest annual fee
High APR
No rewards

Mission Lane Visa Credit Card Vs. Indigo Card

The Mission Lane Visa Card and the Indigo Credit Card are excellent options for helping consumers with limited or damaged credit rebuild their scores. Mission Lane offers a no-deposit, unsecured card with automatic credit line increases, while Indigo offers a partially secured card with no annual fee. The Mission Lane credit card offers cashback, whereas the Indigo card does not.

Mission Lane Visa Credit Card Vs. Milestone Gold Card

The Milestone Gold Card has a high annual fee of $125 that cannot be waived, whereas Mission Lane offers no yearly fee depending on your creditworthiness. Mission Lane generally has a lower APR (19.99% – 29.99%) than the Milestone Gold Card (29.9%). The Mission Lane meets most criteria people look for in a card designed to rebuild their credit, such as automatic credit line increases and cash-back rewards. We strongly recommend the Mission Lane card over the Milestone Gold Card if your credit is high enough for both.

Mission Lane Visa Credit Card Card Vs. Destiny Mastercard

The Mission Lane Visa Card and the Destiny Mastercard are great options for people with limited or damaged credit who need to build their credit score. Mission Lane offers a no-deposit, unsecured card with automatic credit line increases, while Destiny offers a secured card that requires an initial deposit of $200. Mission Lane Cash Back Visa® Credit Card also provides cashback, whereas the Destiny Mastercard does not. Finally, the Destiny card charges an annual fee, and the Mission Lane Visa card is a no-fee option depending on your creditworthiness.

Bottom Line

Is Mission Lane For You?

Mission Lane's Visa card can be an excellent option for rebuilding their credit. With no deposit required and the potential of no annual fees, Mission Lane makes it easy to get started and build credit.

The automatic credit line increases, rewards program, and 24/7 support are all great features that make Mission Lane stand out from other cards in its category. 

However, if you already have higher credit, Mission Lane's high APRs, potential annual fees, and foreign transaction fees may not be worth it – especially if you can already be approved for prime credit cards.

FAQ

Mission Lane FAQ

Does the Mission Lane Credit card offer cashback?

No, the Mission Lane Visa® Credit Card card does not offer cash back or other rewards. The other card, Mission Lane Cash Back Visa® Credit Card, offers 1% to 1.5% cash back, depending on your program terms.

Does Applying Affect my Credit Score?

Yes, if you accept the credit card offer Mission Lane gives you, your credit score may be affected.

Does Mission Lane Require a Security Deposit?

No, Mission Lane does not require a security deposit. The Mission Lane Visa Card is unsecured, so you don't need to deposit any money to get approved.

What Credit Score do I need to Apply?

Mission Lane requires a minimum credit score of 600, but Mission Lane may still approve you for the card even if your credit score is lower.

How long does it take to be approved by Mission Lane?

Mission Lane will approve or deny your application within a few minutes of applying. If Mission Lane needs more information, they will email you additional questions to answer and follow up.

Mission Lane Credit Card Review 2023: Build Credit With Rewards
Mission Lane Credit Card Review 2023: Build Credit With Rewards
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