Review
Updated
A credit card can be a great way to build your credit score. But options are limited if you have poor credit or no credit history. Secured credit cards are often recommended for building credit, but they require a deposit. The Mission Lane Visa® Credit Card is an unsecured option for those who need to build credit. Read our Mission Lane Visa® Credit Card review to see if this card is for you.
Mission Lane Visa® Credit Card
Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Fair/New to Credit Under(669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
26.99% - 29.99%, variable
Rewards
N/A
Annual Fee
Up to $75
Welcome Offer
N/A
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Although there may be an annual fee, this may be a worthwhile card to consider if you're building credit and don't want to pay a security deposit, which can be upwards of several hundred dollars for some secured credit cards.
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- No security deposit
- Check for prequalification
- Potential credit limit increase
- No rewards or welcome offer
- Variable annual fee
- Foreign transaction fees
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- Get a higher credit line if you're in good standing after making your first 6 payments on time
- Free, online credit score access for cardholders
- Instant decision on your application
- No interest on purchases when you pay in full and on time each month
- No security deposit required – get started today!
- All the coverage of Visa® -- accepted globally and zero liability fraud coverage
- Access your account anytime, anywhere with our mobile app.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
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Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Full Mission Lane Visa review
This credit card is a good fit for: People who want to build credit with an unsecured credit card.
Top perks
These perks are too basic to mention for most rewards cards. But the pros of the Mission Lane Visa® Credit Card are comparable to many other unsecured credit-builder cards.
Get an unsecured card with no security deposit
The main reason to get Mission Lane Visa® Credit Card to build credit is that you won't need a cash deposit to open an account. The Mission Lane Visa® Credit Card is an unsecured Visa card that you can use to make purchases anywhere Visa is accepted.
Many of the best credit cards for bad credit or no credit are secured credit cards. This means they require a cash deposit to open your account. The deposit for a secured credit card is refundable as long as you close the account in good standing. However, minimum deposit amounts can be $200 or more.
Even with its annual fee, the Mission Lane Visa® Credit Card requires less money up front than most secured cards. However, if you plan to keep the Mission Lane Visa® Credit Card for more than a year, you may want to consider a secured card.
Check for prequalification online
Most credit card issuers will run a hard credit check when you apply for a new card. A hard credit inquiry is an in-depth look at your credit reports and score to check your credit history. Every hard credit check adds a negative mark to your credit report that can reduce your score a little.
Credit card prequalification is a way to see if you're likely to be approved for a certain credit card. Prequalifying involves a soft credit check, not a hard credit check. A soft credit inquiry won't hurt your credit score at all.
You can check to see if you're prequalified for the Mission Lane Visa® Credit Card before you fill out a full application. If you are prequalified, you have a good chance of being approved for the annual fee and APR you receive during prequalification..
May receive a higher credit limit over time
The credit limit you receive if you are approved for a Mission Lane Visa® Credit Card will depend on your qualifications. The minimum credit limit you will receive is $300.
While a $300 credit limit is pretty low, you may not be stuck with it indefinitely. Your account will be evaluated at least once during the first 12 months. Mission Lane will look at:
- Your history of on-time payments
- Whether you've ever gone over your limit
- If your account has ever been restricted from purchasing
- If you have closed your account or recently filed for bankruptcy
- Whether you can afford to repay a higher balance
Cardholders who meet the qualifications may automatically receive a credit limit increase. Credit limits as high as $2,000 have been reported.
What could be improved
This is a bare-bones card with a lot of missing features.
No purchase rewards or welcome offer
The primary purpose of the Mission Lane Visa® Credit Card is to build credit, not build rewards. Which is a good thing, because it doesn't earn any rewards. You won't get cash back or points of any kind.
In addition, new cardholders won't get any kind of a welcome bonus. So, you won't get a sign-up bonus or extra rewards.
Plus, you won't get any kind of introductory 0% APR offer. The only way you can avoid paying interest on your Mission Lane Visa® Credit Card is to pay your balance in full before your due date every month.
The annual fee varies and can be high
Whether you need to pay an annual fee for your Mission Lane Visa® Credit Card will depend on your qualifications. You may receive an offer for a $0 annual fee. However, you could receive a card offer with an annual fee of up to $75 a year.
If you are required to pay an annual fee, your first annual fee will be charged as soon as you open your account. Cardholders who change their mind can close the account without any fees as long as they have not used the account yet.
Learn more: Best No Annual Fee Credit Cards
Foreign transaction fee
A foreign transaction fee, sometimes called an FX fee, is charged any time you make a purchase in a foreign currency. (Foreign currencies are any currency other than U.S. dollars.)
You may also be charged a foreign transaction fee when a card transaction goes through a foreign bank. This may happen if you are in a foreign country or if you shop online with a foreign retailer.
The Mission Lane Visa® Credit Card charges a 3% foreign transaction fee on these types of purchases. For example, if you make a $100 purchase in a foreign currency, you would be charged an extra $3 for the foreign transaction fee.
Suggested credit score
The Mission Lane Visa® Credit Card is designed to help people build credit. It doesn't have any set credit score or credit history requirements. You may qualify for the Mission Lane Visa® Credit Card even if you have bad credit or no credit score at all.
That said, you will still need to go through a credit check when you apply. Approval for the Mission Lane Visa® Credit Card is not guaranteed.
The Mission Lane Visa is right for you if:
The Mission Lane Visa® Credit Card is a competitive option for people with bad credit or no credit who don't want a secured credit card. Although some applicants may need to pay an annual fee, that fee is less than the minimum deposit for most secured cards. Plus, qualified applicants may receive a Mission Lane Visa® Credit Card offer with a $0 annual fee.
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
Our Credit Cards Expert
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.