Mission Lane is a financial technology company (aka “fintech”) that offers three credit cards for varying credit profiles. Regardless of where you are in your credit journey, there might be an option for you, especially since the company can opt to consider factors beyond just traditional credit scores.
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The Secured Visa, for establishing credit.
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The Green Line Visa, for “fair-to-good” credit.
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The Silver Line Visa, for “better” credit.
These cards have varying terms, offerings and issuers. Some cards are issued by Transportation Alliance Bank (TAB), and one is issued by WebBank. At the highest tier, the Silver Line Visa offers rewards, and at the lowest tier, a security deposit is required.
Here’s what to know about these cards.
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Mission Lane previously offered the Mission Lane Visa Credit Card and the Mission Lane Cash Back Card. It has since rebranded those two cards as the Mission Lane Silver Line Visa and Mission Lane Green Line Visa. It also expanded its portfolio to add the Secured Visa.
1. Your eligibility may not hinge on credit scores alone
Mission Lane and its issuers consider a variety of factors beyond credit scores, so these products could be worth considering if you’ve been denied for other credit cards because of your credit history. Applications are evaluated using proprietary underwriting models that take into account factors like your credit profile, bank account history and income.
2. An annual fee may apply
The Mission Lane Silver Line Visa and Secured Visa don’t charge an annual fee, but the Mission Lane Green Line Visa might. Its annual fee ranges between $0 to $59, depending on your credit profile. That’s relatively low compared with some other unsecured credit cards for those with less-than-ideal credit.
Still, you can find credit cards that don’t tack on any kind of annual charge, which is preferable when credit-building is your goal. That’s because it’s easier (and cheaper) to keep open long term, which helps maintain the length of your credit history, a key factor that impacts your credit scores.
3. The cards are designed for different credit profiles
Mission Lane caters to a spectrum of credit journeys, so the offerings and terms you’ll receive on each card vary widely:
The Silver Line Visa
The Silver Line Visa, for “better credit,” is an unsecured card, meaning it doesn’t require a security deposit. And it’s the only option from Mission Lane that offers rewards — specifically, 1.5% cash back on your purchases.
That’s not bad, but if you already have good credit (typically, credit scores from at least the mid-600s), then you’re likely to qualify for rewards credit cards that offer a better rate.
For example, the Wells Fargo Active Cash® Card earns 2% cash back on all eligible purchases. And unlike the Mission Lane cards, it offers a welcome bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
The Green Line Visa
The Green Line Visa, for fair to good credit, also doesn’t require a security deposit, but it could come with an annual cost. It doesn’t earn rewards or offer any incentives.
Fair credit — which generally equates to credit scores from at least the mid-500s — is more of an underserved market. But even still, potentially cheaper or more rewarding cards exist. The Capital One QuicksilverOne Cash Rewards Credit Card, for instance, has a $39 annual fee, and it earns 1.5% cash back on all purchases. The card also offers 5% back on hotels, vacation rentals and rental cars booked through Capital One Travel. Terms apply.
Secured Visa
The Secured Visa does not offer incentives, though the $50 minimum deposit requirement is more affordable than you’ll find with other secured credit cards. There’s also no annual fee.
Importantly, Mission Lane also offers the possibility of an upgrade to one of its unsecured cards once you’ve established a positive credit history with the secured product, a company representative confirmed. (At that point, your deposit would also be returned.)
Those are ideal features for a secured credit card, although you can find some that also offer rewards. The Capital One Quicksilver Secured Cash Rewards Credit Card, for instance, earns 1.5% cash on every purchase and offers the potential for a future upgrade to a different Capital One card. But it requires a minimum of $200 as a security deposit.
4. Credit limits also vary by card
The credit limit you’ll get with Mission Lane will depend on the card you’re eligible for. Credit limits are usually based on different factors like income and debts.
The cards offer the following credit limits:
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Silver Line Visa: Between $300 and up to $3,000.
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Green Line Visa: Between $300 and up to $2,000.
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Secured Visa: Between $200 and up to $1,000.
Accounts are periodically reviewed for the opportunity to increase your credit limit, according to the company’s website.
5. Pre-qualifying doesn’t impact your credit score
Mission Lane has a pre-qualification process that allows you to understand your odds of approval without initially impacting your credit score. You can initiate the process for a specific card or all cards in general to understand your options.
If you’re eligible for a card, you’ll be approved and extended an offer with specific terms. For instance, if there’s an annual fee, you’ll be made aware of it before accepting the offer. It’s not until you officially accept the offer that your credit scores may be temporarily affected, as is common with the application process for most credit cards.
