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Mission Lane Visa review: A bare-bones option for credit-builders
Certain credit cards are designed to help you build credit with responsible use, but many of these cards are secured. Secured credit cards typically require a security deposit, which can be a few hundred dollars. This deposit often doubles as your credit limit.
If you’ve contemplated a secured credit card but aren’t keen on making a security deposit, the Mission Lane Visa Card could be a smart alternative. This unsecured credit card may help you build credit if used wisely, but it doesn’t offer many perks and an annual fee could apply.
- Annual fee$0–$75
- Welcome offerNone
- Card type(s)Credit-builder
- Purchase APR19.99% - 29.99% variable
- Rewards rateNone
- Benefits
- Pre-qualify to determine if you might be approved
- Build your credit score over time through responsible use
- Mission Lane will evaluate your account to determine if you’re eligible at least once within the first 12 months
Additional benefits
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Can pre-qualify to determine if you might be approved
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Automatic credit limit increases are possible; Mission Lane will evaluate your account to determine if you’re eligible at least once within the first 12 months
Who is the Mission Lane Visa Card best for?
The Mission Lane Visa Card could work for you if you have limited or poor credit and you’re seeking an unsecured credit card to help build your credit score. This card offers few perks, though, and it may have an annual fee. Those with fair, good, or excellent credit will want to look elsewhere.
Learn more: How to check your credit score
Mission Lane Visa Card pros
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Might help you build credit
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Pre-qualification option
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Automatic credit limit increases are possible
Mission Lane Visa Card cons
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Credit limit could be low
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Annual fee may apply
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No 0% introductory APR
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No rewards program
Where can you use the Mission Lane Visa Card?
You can use your Mission Lane Card anywhere Visa cards are accepted. Note that you'll pay a 3% foreign transaction fee on any purchases made outside the United States.
How to make a Mission Lane Visa Card payment
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Online: Cardmembers can pay their monthly credit card bill or set up automatic payments online by logging into their Mission Lane account.
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Phone: Payments are accepted over the phone. Call the number on the back of your card if you prefer to pay by phone.
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Mail: Cardholders can send a check by mail (with your full name and card account number) to the following address:
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Mission Lane LLC PO Box 71084 Charlotte, NC 28272-1084
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Mission Lane Visa Card customer service info
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Phone: Cardmembers can call the customer service number on the back of their card. Representatives are available Monday through Friday from 9 am to 8 pm ET.
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Secure message: You can also submit a support ticket and a Mission Lane team member will reply within a few days.
Alternative cards to consider
If the Mission Lane Visa Card doesn’t sound like your next card, here are some alternatives to consider for your wallet.
- Annual fee$0
- Welcome offerNone
- Card type(s)Secured
- Purchase APR29.99% variable
- Recommended credit scoreNo credit history required
- Rewards rateNone
- Benefits
- No annual or hidden fees; see if you're approved in seconds
- Earn back your security deposit as a statement credit when you follow best practices, such as making payments on time
- Be automatically considered for a higher credit in six months with no additional deposit
Why we like it: The Capital One Platinum Secured Credit Card may also help you build your credit, though it requires a security deposit. The security deposit amount varies based on your credit history and could be $49, $99, or $200, with an initial credit limit of $200.
Unlike certain Mission Lane Visa cards, the Capital One Platinum Secured Card doesn’t have an annual fee. And with responsible use, Capital One may increase your credit limit automatically every six months or upgrade you to an unsecured card.
Read our full review of the Capital One Platinum Secured Credit Card
- Annual fee$35
- Card type(s)Secured, Credit-builder
- Ongoing Purchases APR25.14% (variable)
- Recommended credit scoreNo credit check
- Rewards rateEarn up to 10% cash back through the OpenSky Rewards program
- Benefits
- 88% average approval rate
- $200 minimum security deposit
- Graduate to an OpenSky Unsecured Gold Card in as little as 6 months
Why we like it: Credit card companies, including Mission Lane, typically require a hard credit check as part of the application process. This type of inquiry can harm your credit score slightly. But the OpenSky Secured Visa Credit Card doesn’t require a hard credit pull, so it won’t ding your credit score when you apply.
This secured credit card comes with a $35 annual fee and a $200 minimum security deposit, which acts as your credit limit. Like the Capital One Platinum Secured, cardmembers can qualify for automatic credit limit increases every six months.
Read our full review of the OpenSky Secured Visa Credit Card
- Annual fee$39
- Welcome offerNone
- Card type(s)Cash-back
- Purchase APR29.99% variable
- Rewards rate
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 1.5% cash back on all other purchases
- Benefits
- Be automatically considered for a higher credit line in as little as 6 months
- Get unlimited access to your credit score and access tools to help you monitor your credit profile with CreditWise
Why we like it: If you have fair credit, the Capital One QuicksilverOne Cash Rewards Card could be a contender as well. (Note that fair credit doesn’t guarantee approval, though.) This unsecured card lets you earn 1.5% unlimited cash-back rewards on your purchases, and you’ll pay a relatively small annual fee of $39.
You’ll also get other perks with the Capital One QuickSilverOne that the Mission Lane Visa doesn’t provide, including a complimentary Uber One membership for up to six months (through 11/14/24) and credit monitoring tools.
This article was edited by Kendall Little
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
