5 Things to Know About Mission Lane Credit Cards

Mission Lane is a financial technology company (aka “fintech”) that offers three credit cards for different credit profiles. Regardless of where you are in your credit journey, there may be an option for you, especially since the company may choose to consider factors beyond just the traditional. Credit score.

• Secured visa to establish credit.

• Green Line Visa, for “fair to good” credit.

• Silverline Visa for “better” credit.

These cards have different terms, offers and issuers. Some cards are issued by the Transportation Alliance Bank (TAB), and one is issued by Web Bank. At the highest level, the Silverline Visa offers rewards, and at the lowest level, a security deposit is required.

Here’s what to know about these cards.

Mission Lane and its issuers consider a variety of factors beyond credit score, so these products may be worth considering if you’ve been denied other credit cards because of your credit history. Applications are evaluated using proprietary underwriting models that take into account factors such as your credit profile, bank account history and income.

Mission Lane Silver Line Visas and Protected Visas do not charge an annual fee, but Mission Lane Green Line Visas may. The annual fee ranges from $0 to $59, depending on your credit profile. It is relatively low compared to others Unsecured credit cards for people with poor credit.

Still, you can find credit cards that don’t charge any annual fees, which is preferable when building credit is your goal. That’s because it’s easier (and cheaper) to keep open long-term, which helps with retention The length of your credit historyan important factor that affects your credit score.

Mission Lane credit covers a spectrum of travel, so the offers and terms you’ll find on each card vary widely:

The Silverline Visa for “better credit” is an unsecured card, meaning it doesn’t require a security deposit. And it’s the only Mission Lane option that offers rewards — specifically, 1.5% cash back on your purchases.

That’s not bad, but if you already have good credit (typically, a credit score of at least the mid-600s), you’re likely to qualify. Rewards Credit Cards Which offers a better rate.

For example, Wells Fargo Active Cash Card 2% cash back on all eligible purchases. And unlike the Mission Lane card, this one offers a welcome bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

A Green Line Visa, for fair to good credit, also does not require a security deposit, but it may come with an annual cost. It does not award prizes or offer any incentives.

Fair credit—which typically equates to a credit score of at least the mid-500s—is high in an unsettled market. But still, there are potentially cheaper or more beneficial cards out there. Capital One Quixeloron Cash Rewards Credit Cardfor example, is a $39 annual fee, and it earns 1.5 percent cash back on all purchases. 5% cashback is also offered on hotels, vacation rentals and rental cars booked through Card Capital One Travel. Terms apply.

Secure Visa doesn’t offer incentives, although the minimum deposit requirement is more affordable than you’ll find with others. Secured Credit Cards. There is also no annual fee.

Importantly, Mission Lane also offers the possibility of upgrading to one of its unsecured cards once you establish a positive credit history with secured products, a company representative confirmed. (At that point, your deposit will also be refunded.)

These are ideal features for a secured credit card, although you can find some that offer rewards as well. Capital One Quick Silver Secured Cash Rewards Credit Cardfor example, earns 1.5% cash back on every purchase and offers the ability to upgrade to a different Capital One card in the future. But it requires at least $200 as security deposit.

The credit limit you get with Mission Lane will depend on the card you qualify for. Credit limits Usually based on various factors such as income and debt.

The card offers the following credit limits:

• Silver Line Visa: Between $300 and ,000 up to 3,000.

• Green Line Visa: Between $300 and up to $2,000.

• Secured Visa: Between $200 and up to $1,000.

According to the company’s website, accounts are periodically reviewed for an opportunity to increase your credit limit.

Mission Lane has a pre-qualification process that allows you to understand your approval odds without affecting your credit score early on. You can start the process for a specific card or all cards in general to understand your options.

If you are eligible for a card, you will be extended an offer with approved and specified conditions. For example, if there is an annual fee, you will be made aware of it before accepting the offer. It’s not until you officially accept the offer that your credit scores may take a temporary hit, as is common in the application process for most credit cards.