Mission Lane Visa Credit Card Review
Mission Lane Visa Credit Card is a company that serves mostly the bad credit market people who are trying to rebuild their credit from a choppy past they get up a little bit into the sort of fair credit market
but most of their customers are going to be people that have had some uh real trouble in the past and are trying to rebuild so these are unsecured credit cards that sort of fit into the mold of most unsecured credit cards that serve this market and that means they are going to have annual fees
they're going to have high interest rates they're not going to have any rewards and they're going to have small credit lines so mission lane fits right in with all of those things now mission lane just to give you a little background it may not matter to you one way or the other they are the credit card
that actually spun out of lend up which is a company that does personal loans and other installment loans they did have their own credit card for whatever reason they spun it out into a standalone company in mission lane is that company so mission lane does not offer its visa credit card directly from its website meaning
you can't just go there come in cold and decide that you are going to apply for you have to have been introduced to mission lane in some other way meaning they either sent
you an invitation via regular mail to apply for the card after doing some sort of pre-approval process on you or perhaps you used a card search like on credit karma or creditcards.com where
you give some information and they spit out the cards that fit your credit profile so those are the ways that you would potentially find mission lane you can't just go directly to their site and part of the reason for that might be the fact that
they have different rate and fee structures depending on what that credit history is so when you go on to the mission lane site and you look at the terms and conditions the cardholder agreements that
they show there they show that you have annual fees that could be zero but they could be all the way up to 75 dollars you have an interest rate range that starts at 19.49 as i make this video and goes up to 29.99
so depending on who you are you're going to get something you know that fits in one of those ranges but there's not a concrete number for everyone now what i did see is on credit karma and on creditcards.com probably other places
as well when the mission lane card is shown there they show a 59 annual fee and they show the 29.99 interest rate so that's a little more concrete and maybe that's something that you could use in your mind to think
what you're probably going to pay now one of the frustrating things for people that have a bad credit history and are trying to rebuild oftentimes is that when they try to get an unsecured card such as the mission lane visa they find that they get very small credit lines and this card is no exception
now you could potentially get a little higher credit line but when you look in their terms and conditions they do show that their minimum credit line is 300 and if you have a bad credit history probably a good chance that
you're going to start at only that 300 now you have that annual fee for most people that is going to kick in as well and that's going to be charged to you immediately so let's say you got the card you had a 75 annual fee and a 300 dollar credit line that 75 is already going to be charged to the card
you're going to before you've ever even used the card be down to a 225 dollar credit line so it's something but it's not very much now to mission lanes credit they do say that
if you make your payments on time for the first six months after you get the card they will increase your credit line but they don't say how much so we don't know whether that means they're going to double your credit line or they're just you know going to give you some very small incremental increase
but six months in they're at least saying that they are going to try to move you up mission lane also says that you will get an instant decision on your credit card application which is a nice thing because if you have bad credit
if you're trying to rebuild oftentimes you may know that when you apply for a card they're gonna ask for you know verification or they're just gonna decide to take seven to ten days to decide on that application
so you're going to be left wondering for a little bit whether you are approved or not mission lane says that they are going to give you that decision right up front and then the final factoid about the mission lane visa
it is issued in partnership with tab bank which actually stands for transportation alliance bank a bank that's been around for about 20 years really not too heavy into credit cards
it's had a background in the uh trucking industry hence the transportation name but anyway a established bank even though not one that is particularly known in the credit card industry so overall the mission lane visa is okay for what it is i mean
it is a car that is targeting bad credit customers people that maybe even have had a bankruptcy in their recent past so you're going to have annual fees you're going to have high interest you're not going to get any rewards all of those sorts of things credit lines very small in most cases
now it's certainly not the worst out there it's not like first premier that seems to just make up fees out of thin air that don't really have anything to do with anything
so they're kind of in there with a lot of other cards so that give you that really small credit line have the annual fee take it out of you know or put it on your balance right as soon as you get the card so you have hardly
any credit line to begin with it's just what it is so if you are determined to get an unsecured card i would say this one isn't any worse than you know many others that are out there that offer something similar
but there's nothing about it that i would say makes it particularly good either people that have had the card have generally given it okay reviews said that it helped them to build their credit reported to the credit reporting agencies and so they were happy enough with it
but it's a credit builder card it is a way to get yourself hopefully a next step up toward some better cards out there now this is the place then where i will usually in videos about cards like this make my pitch for secured credit cards
so some people really hate the idea of getting a secured card they don't want to have to put down a security deposit just to be able to use a credit card but when
you are in the space where you're considering something like mission lane and you're only going to get a credit line for many people of only three hundred dollars maybe five hundred dollars in some cases
but most people aren't going to start out more than that a secured credit card can make a whole lot of sense because if you're going to get a card like this it's going to be a very small credit line and you're going to have to pay an annual fee of 50 or 75 bucks well
then maybe you should just save up to get 300 or 500 bucks in your hands and put it down as a deposit on a better secured card from a bigger bank that is going to allow you to not only build credit but build credit with a bank that
maybe you will be able to get a better credit card from in the future so in particular two of the secured cards that i often recommend are the discover secured card the bank of america secured card because both of those you put down a deposit but you get a credit card that you can then use
don't have to pay an annual fee you even got some rewards with the discover secured card and as long as you do the right things they report to the credit bureaus and both of those companies say that
they are going to continually look at your history with that card and your history with other cards during that period as well but they will consider you for an unsecured card meaning they may return that deposit to
you and you continue can continue to use the card so to me if i'm in this space where i'm thinking about mission lane maybe i'd be better off going to discover or bank of america putting down a security deposit that's going to give me a 300 to 500 credit line anyway because that's what
i put down for my deposits and then hopefully six months eight months 10 months down the road whatever it might be i would get moved up to an unsecured card and get my security deposit back now there's no guarantee that that is going to happen part of that would be on your shoulders as to
whether you actually make your payments on time but that is the better avenue as far as i'm concerned that's it mission lane visa okay for what it is but not necessarily my choice for you.
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