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Mission Lane Visa® Credit Card Review

Mission Lane Visa® Credit Card Review
Written by Publishing Team

The most important advantages

These perks are too basic to mention on most reward cards. But the advantages of the Mission Lane Visa® credit card are comparable to many other unsecured credit building cards.

Get an unlocked card without a security deposit

The main reason to get a Mission Lane Visa® credit card to build credit is that you won’t need a cash deposit to open an account. The Mission Lane Visa® credit card is an unsecured Visa card that you can use to make purchases anywhere Visa is accepted.

Many of the best credit cards for bad credit or no credit are secured credit cards. This means that they need a cash deposit to open your account. The secured credit card deposit is refundable as long as you close the account in good standing. However, minimum deposit amounts can be $200 or more.

Even with its annual fee, the Mission Lane Visa® credit card requires less money up front than most secured cards. However, if you plan to hold a Mission Lane Visa® credit card for more than a year, you may want to consider getting a secure card.

Check prequalification online

Most credit card issuers will conduct a difficult credit check when applying for a new card. A serious credit inquiry is an in-depth look at your credit reports and the result of checking your credit history. Each difficult credit check adds a negative mark to your credit report which can lower your score a bit.

Credit card pre-qualification is a way to see if you are likely to be approved for a particular credit card. Pre-qualification includes an easy credit check, not a hard credit check. Flexible credit inquiry will not harm your credit score at all.

You can check to see if you pre-qualify for a Mission Lane Visa® credit card before you fill out a complete application. If you are pre-qualified, you have a good chance of getting approved for the annual fee and APR you receive during pre-qualification..

May receive a higher credit limit over time

The credit limit you receive if you are approved for a Mission Lane Visa® credit card will depend on your qualifications. The minimum credit you will receive is $300.

While the $300 credit limit is pretty low, you may not be stuck with it indefinitely. Your account will be evaluated at least once during the first 12 months. Mission Lane will consider:

  • Record payments on time
  • What if you have exceeded your limit
  • If your account has been banned from purchasing
  • If you closed your account or recently filed for bankruptcy
  • Whether you can pay off a higher balance

Cardholders who meet the qualifications may automatically receive an increase in the credit limit. High credit limits of up to $2,000 have been reported.

What can be improved

This is a bare card with a lot of missing features.

No purchase bonus or welcome offer

The primary purpose of the Mission Lane Visa® credit card is to build credit, not create rewards. Which is a good thing, because it isn’t earn No rewards. You will not get cashback or points of any kind.

In addition, new cardholders will not receive any kind of welcome bonus. Therefore, you will not get a registration bonus or additional bonuses.

In addition, you will not get any introductory offer of 0% APR. The only way you can avoid paying interest on your Mission Lane Visa® credit card is to pay your balance in full before the due date each month.

Annual fees vary and can be high

Whether you need to pay an annual fee to your Mission Lane Visa® credit card depends on your qualifications. You may receive an offer for an annual fee of $0. However, you can receive a card offer with an annual fee of up to $75 per year.

If you are required to pay an annual fee, the first annual fee will be charged once your account is opened. Cardholders who change their mind can close the account without any fees as long as they have not used the account yet.

Foreign Transaction Fee

Foreign transaction fees, sometimes called foreign exchange fees, are charged any time you make a purchase in a foreign currency. (Foreign currency is any currency other than the US dollar.)

You may also be charged a foreign transaction fee when the card transaction goes through a foreign bank. This may happen if you are in a foreign country or if you are shopping online with a foreign retailer.

The Mission Lane Visa® credit card charges a 3% foreign transaction fee on these types of purchases. For example, if you purchase $100 in a foreign currency, you will be charged an additional $3 for foreign transaction fees.

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