Along with its ongoing rewards, the Mission Lane card has a few good features that help make it an option credit-builders should consider. Here’s a look at the card’s top perks.
Rewards rate: A possible advantage
The Mission Lane Cash Back Visa card’s 1 percent to 1.5 percent flat cash back rate is typical of the rate on the few credit cards for fair credit that offer rewards. Since many credit-building cards carry no rewards, the Cash Back Visa card’s program is a big plus. Although these rates are among the lowest rewards rates you’ll find on any rewards card, your cash back can stack up over time and be a nice nest egg as you improve your credit.
Application: Save time with an instant credit decision and a soft pull
The Mission Lane Cash Back Visa offers an instant approval decision if you qualify. This process is ideal for anyone who wants to know right away whether they will be approved or denied. If approved, you can start building good credit habits as soon as the card arrives. If denied, you can at least quickly move on with your search for the right credit card. To qualify for an instant credit decision, you must input your information accurately when applying.
Almost all card applications require a hard pull of your credit when you submit an application — which temporarily lowers your credit score — but soft pull prequalification helps save time and lowers the chances of applying and getting denied for a credit card. Mission Lane’s soft credit check process won’t impact your credit. If you qualify for the card and your information can be verified, Mission Lane states you will be approved. However, the issuer will perform a hard credit pull if you go through with the application, which could temporarily drop your score.
Benefits: No security deposit required and other credit-building tools
One of the Mission Lane card’s best features is that it’s an unsecured credit card for people with fair credit. Card issuers take on more risk when they extend credit to borrowers with a limited or fair credit history without requiring a security deposit, so this card is a rarity. You won’t have to tie up money in a security deposit until you upgrade or close your account, as you would with most secured cards.
Mission Lane will also review your card account to see if you’re eligible for an increased credit limit after seven months. If your account is in good standing (not overdue or over its limit), the issuer will expand your credit limit beyond your starting limit. That’s a relatively short time frame for an unsecured card available with fair credit, and it could help you keep your credit utilization in check via more available credit. Since credit utilization makes up 30 percent of your FICO credit score, offering a chance at a higher credit limit is a big plus for a credit-building card like the Mission Lane Cash Back Visa.