One option would like to get access for a credit card and start getting better scores. There are a few solutions that you might want to explore, including Mission Lane Visa Credit Card.
Mission Lane Credit Card
0% foreign fee Build credit scoreThis credit card option was created for anyone that wishes to get a better score or history. Because of that, it has an easier approval process that doesn’t take only score into consideration. After all, everyone deserves a chance to acquire better numbers so that their financial plans can come to fruition.
Keep reading to understand how this credit card works, credit limits, benefits, fees and interest rates.
How does Mission Lane Visa Credit Card work?
Mission Lane Visa Credit Card is another choice for people wishing to increase their scores. As such, it doesn’t require any type of security deposit for approval, which could be a great choice if you wouldn’t like to make such an early financial compromise early on.
While the lack of security deposit might seem like a plus, you will have to pay an annual fee that will impact on your credit limit. As such, anyone with a fairer score might want to check out some other unsecured options that could be more beneficial.
If that isn’t the case and you in fact need something to help with your credit score, this is a good first foot forward.
Mission Lane Visa Credit Card main benefits
Most of Mission Lane Visa’s benefits are mostly concerning a person’s credit score. It reports to all three major American bureaus, helping you create a new credit history and gain score quickly. It also allows users to qualify for higher limits within the first few months.
Check out some of the most important benefits for this credit card:
- Approval for people with bad or poor credit scores;
- No need to make a security deposit;
- Accessible annual fee;
- Quick consideration for a higher credit limit;
- 0% foreign transaction fee;
- No return payment fee.
The simplicity in the credit card billing should be a great plus for many people. However, be aware that the APR is still higher than on your usual unsecured credit card, so be careful about holding a balance.
Can you get a higher limit with a Mission Lane Visa Credit Card?
Yes, in as little as six months you can be considered for a credit limit increase. This makes up for the low initial limit of $300 that most users get because of their current scores. For that, all you have to do is use your card responsibly and keep your payments up to date.
After making payments in time for these first six months you should be approved or even get this limit increase automatically. For users that would like to get a better score, this will help you keep your credit utilization ratio, especially if you don’t exaggerate on your spending.
Remember that credit utilization ratio is one of the many components of your credit score. So keeping it low by spending little or using balance transfers to other cards is important for your end result.
After the first increase you’ll be evaluated for new credit limits every 12 months. The following factors should allow you to get constantly higher limits:
- Payment history (keep paying on time);
- Credit limit utilization (avoid going overboard);
- Restricted charging privileges;
- Account closing or filing for bankruptcy;
- Ability to pay for a higher limit.
APR, fees and rewards
So far, Mission Lane Visa Credit Card seems like quite the good option for someone with poor credit scores. Here is what you should pay attention to, the variable APR that this card uses. If you choose to hold a balance on this card you’ll be charged 26,99% to 29,99% variable rates.
Which means that you would end up with quite the expensive charge.
There is also a $59 annual fee, unless you hold a special offer that might be available at the time of hiring this credit card. For some, this is less than ideal since it cuts down your official credit limit and there are no benefits, such as cashback, to make up for it.
However, there aren’t any other fees to be mindful of, which could make this a simpler credit card to keep track of.
Who can be approved for this credit card?
According to FICO, if you have something worse than a 580 credit score then you’re considered to have a bad number. This card is for anyone who falls into this category because it uses more details about your financial life as well as your score to determine approval.
You can use the company’s site to get a soft check on your credit history and pre-approval. While this won’t give you 100% certainty that the card will be available to you, it helps you to avoid an unnecessary hard check on your score for cards that you might not be approved for.
After submitting your full application you’ll get an immediate response.
Cons for Mission Lane Visa Credit Card
Mission Lane Visa Credit Card is far from the perfect credit card. As is the case with any credit card, you should weigh every pro and con before setting your sights on a single one. We describe some of the main dangers in this credit card option below.
1. Costly balance because of interest rate
A 26,9% to 29,9% interest rate is quite high even according to industry’s standards for poor credit scores. While most people wouldn’t worry so much, if you end up holding a balance this will translate into paying way more than you originally planned for.
Another fee that should worry users is a $35 late fee. So anyone that wans to keep a balanced financial life and chooses this credit card should be wary of late payments and try to pay balances in full every month.
2. No rewards
We know that rewards are rare in credit building unsecured cards. But that doesn’t mean there aren’t options that offer those. So if you’re looking for cashback, special conditions for travelers and other perks this isn’t the card for you.
APR, fees and reward and how to apply
The main drawback for this credit card are the high variable APRS that go from 26,9% to 29,9%. This means that anyone who decides to hold a balance will be charged astronomical prices by the time they’re able to pay.
Fees for this card include:
- $59 annual fee;
- $10 cash advance fee;
- Up to $35 late payment fee.
You can start with a pre-application on Mission Lane’s website. You’ll find out immediately if you’re pre-approved and be able to submit your personal information for evaluation.
Only after this later step you will be able to create an account and receive your new credit card.
Didn’t receive an offer? See if you are pre-qualified
The Mission Lane Visa Credit Card can be a valuable tool for rebuilding or establishing credit, thanks to its accessible approval process and credit-building features. However, the high APR and lack of rewards mean it’s essential to use the card responsibly, avoiding carrying a balance to minimize costs. For those in need of a credit-building option without a security deposit, this card is worth considering, but always weigh its pros and cons based on your financial needs and habits.
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