Mission Lane Visa vs. Petal 1

The Mission Lane Visa® Credit Card and the Petal® 1 “No Annual Fee” Visa® Credit Card serve consumers who need to build or rebuild their credit. Other than that, they have some differences. Unlike the Mission Lane Visa, the Petal 1 offers a limited cash back program and no annual fee. However, neither card offers a welcome bonus, and both of them skimp on many benefits typically associated with unsecured credit cards.

We compare the two cards in depth to help you decide which card might be a better fit for you.

Main details

Mission Lane Visa vs. Petal 1 highlights

Welcome bonus winner: Tie

Neither card offers a welcome bonus, and so the Mission Lane Visa and Petal 1 tie in this category.

Rewards rate winner: Petal 1

Although the Petal 1 doesn’t offer a traditional rewards program, its Petal Perks cash back program is automatically loaded to your Petal 1 account. Through this program, eligible purchases at participating merchants through Petal Perks earn cash back that varies from 2 percent to 10 percent.

The Mission Lane Visa doesn’t offer any rewards, which makes the Petal 1 our winner for this category.

Annual fee winner: Petal 1

You could be assigned an annual fee for the Mission Lane Visa that ranges from $0 to $59, while all cardholders of the Petal 1 pay no annual fee.

Foreign transaction fee winner: Petal 1

While the Mission Lane Visa charges a 3 percent foreign transaction fee, the Petal 1 charges no fee for transactions processed outside the US. It means the Petal 1 could be a good card to use abroad (but always pay in the local currency to avoid a dynamic currency conversion fee).

Which card earns the most?

Since the Mission Lane Visa doesn’t offer a traditional cash back program of any kind, the answer to this question is simple: Petal 1.

The Petal 1’s Petal Perks program lets you earn 2 percent to 10 percent cash back by shopping with select merchants. Enrollment is automatic, and you need only to use your Petal 1 card at a participating merchant and meet the offer details to earn cash back.

While Petal 1’s cash back program is a nice feature to have, it may not be enough for the card to be worth it — it all depends on your shopping habits. Also, the offers you’ll receive will vary, and could also vary based on your location.

Why should you get the Mission Lane Visa?

If you want to fully concentrate on rebuilding your credit — and you don’t care about rewards or other traditional credit card benefits — then the Mission Lane Visa might be worth it. Just make sure to always pay your credit card bills in full to avoid paying a variable APR of 26.99 percent to 29.99 percent on your balance.

Additional benefits

• Prequalification. You can complete a short online form from the Mission Lane homepage to check your eligibility for the card. This lets you avoid the hard credit inquiry or pull on your credit associated with applying for a card, which can temporarily lower your credit score.
• Shot at a credit line increase. Mission Lane monitors your payment history and may automatically boost your credit limit after seven months of responsible card use.
• Free access to your credit score. You can see your credit score at any time, as well as access credit-building education.
• You may get no annual fee. Depending on your creditworthiness, Mission Lane may offer you a Mission Lane Visa with no annual fee.
• Reporting to major bureaus. Mission Lane reports to all three major credit bureaus: Equifax, Experian and TransUnion. That may increase your chances of getting approved for loans and other credit cards in the future.
• Zero fraud liability. You’re not responsible for any fraudulent charges when your card is lost or stolen.

Redemption options

The Mission Lane Visa doesn’t offer a rewards program, which means there are no redemption options.

Recommended credit score

The Mission Lane Visa is a good choice for bad credit and fair credit applicants with a score of 300 to 669.

Why should you get the Petal 1?

The Petal 1 Visa operates on the premise that credit scores “don’t tell the whole story.” So even if your FICO score is poor, Petal 1 may look at your banking history to assess your actual creditworthiness. As a result, even consumers with a thin credit file or no file at all have a chance of approval for this unsecured credit card.

Still, depending on Petal’s assessment of your credit history, there’s a chance you could prequalify for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card, which offers a traditional cash back program and a lower variable APR when compared with the Petal 1.

Additional benefits

• Limited cash back program. Petal 1’s Petal Perks program allows you to get 2 percent to 10 percent cash back when shopping with select merchants.
• Petal’s Leap program. Petal 1 will increase your credit limit if you make timely payments for six months and stay within a specific credit score range.
• Free access to your credit score. Petal pulls your credit score from Experian once a month.
• Auto rental collision insurance and theft coverage. This is a valuable Visa credit card benefit that covers your rental vehicle if it’s stolen or damaged in an accident.
• Visa Local Offers with Visa and Uber. You’ll automatically earn Uber credits when you use your card at one of more than 1,000 featured merchants — including restaurants, retailers and coffee shops. All you need to do is add your Petal 1 card to your Uber account.

Redemption options

Cash back earned through merchant offers can be redeemed in your Cash Back Wallet. You can redeem cash back in the form of a statement credit in any amount or in the form of a check or an ACH transfer to your bank account once you’ve earned $20 or more.

Recommended credit score

The Petal 1 card doesn’t require any credit history to apply.

​The bottom line

Aside from getting a secured credit card, consumers with bad credit have limited unsecured card options. The Mission Lane Visa Credit Card and Petal 1 “No Annual Fee” Visa Credit Card are both unsecured cards that can help you to build or rebuild your credit.

Both cards offer quick online preapproval options to see whether or not you’re eligible, which helps you to make an informed decision before you apply. That said, the no-annual-fee Petal 1 card offers some traditional credit card benefits and cash back earning opportunities that the Mission Lane Visa doesn’t offer.

If you’re still unsure, see our top unsecured cards for poor credit to compare other cards that might fit your financial goals.