Mission Lane Visa® Credit Card review: Short-term credit building at a low cost

The Mission Lane Visa® Credit Card doesn’t come with many perks and benefits, but it could make sense as a credit-building card. If you have a bad credit score or limited credit history and need a chance to boost your score, you can use the Mission Lane Visa to build credit without tying up hundreds of dollars in a security deposit. The card doesn’t charge any of the hidden fees common among subprime cards, and its annual fee — if you’re assigned one — is reasonable for an unsecured card in this credit range.

However, the card’s unimpressive starting credit limit and potential annual fee mean a traditional secured credit card may be a better way forward. Not only could a secured card be less expensive, but it could also help you build credit more effectively. Since you can put down a large deposit and get a matching credit limit with some secured cards, it could be easier to keep your credit utilization low. And if you have fair or average credit, you can definitely find a lower-cost, more lucrative unsecured alternative among the best credit cards for fair credit.

The Mission Lane Visa is a decent card for people rebuilding a bad or fair credit score. It’s a fairly low-cost option for an unsecured credit-building card and it checks the boxes on what you need to continue to see progress.

Rates and fees: No security deposit and potential for no annual fee 

The Mission Lane Visa is ideal for people who have bad to fair credit, but want to avoid a secured credit card. While you may still have to pay an annual fee, the highest amount is still less than what most secured credit card issuers require. You might also get to skip annual fee altogether if you already have some history of good credit use when you apply.

Credit-building features: Checks all the boxes

Though you may start with a credit limit as low as $300 on the Mission Lane Visa (a common starting limit for unsecured credit-building cards), the issuer gives you a chance to earn a credit limit increase by demonstrating responsible card use. If you make your card payments on time, stay within the credit limit and keep your account in good standing, Mission Lane will review your account during your first 12 months and may approve you for a higher limit. The issuer also reports all activity to the credit bureaus, which is important when you want to access your credit reports and understand how your efforts could increase your score.

Outside of its credit-building features and accessibility to people with bad or fair credit, the Mission Lane Visa doesn’t come with many bells and whistles. If you want extra incentives like rewards or more cardholder perks, you might want to pick another card. 

Rewards: No rewards structure or welcome offer

If you’re rebuilding a bad credit score, your primary focus should be on developing good credit habits — not earning rewards. The Mission Lane Visa holds true to this principle, since it doesn’t have a reward structure or a welcome offer for new cardholders. If you want the chance to earn rewards while also building credit, you may opt for a secured card that also earns rewards, like the Discover it® Secured Credit Card.

Cardholder perks: Not much beyond basic Visa benefits

Since this Mission Lane card uses Visa as its network, you’ll get access to basic Visa benefits like $0 fraud liability and 24-hour customer service. However, virtually all Visa credit cards (and credit cards in general) come with perks like these, so this card doesn’t add anything extra. Its lack of benefits and perks limit this card’s long-term value. 

Though the Mission Lane Visa card’s annual fee may be worth it for people with bad credit who want to avoid a security deposit, it’s probably not your best option. A few other unsecured credit-building cards are available with no annual fee and some secured cards require a minimum deposit that’s lower than the Mission Lane card’s annual fee.

The Mission Lane Visa may not be the best credit card for bad credit, but it can prove helpful to some, especially if you have bad to fair credit and need a card to get you to the next level. If you see yourself among any of the groups below, the Mission Lane Visa could be worth a look.

Given its relatively low annual fee, the Mission Lane Visa could make sense as a short-term unsecured credit-building card, but it’s probably not your best option overall. While it charges fewer fees than many cards in this category, a secured card with rewards, no annual fee or a lower APR will likely save you more. And if you have at least fair credit, you can avoid both an annual fee and a security deposit. That said, the card will certainly get the job done if your goal is to build credit without putting down a deposit.

Dig deeper: Is the Mission Lane Visa worth it?