Mission Lane Visa Review: Build Credit With No Deposit
Review
Updated
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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.
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
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.
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, 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 |
Discover will match all the cash back you’ve earned at the end of your first year. | 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. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 27.24% 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 |
$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.24%, 24.24%, or 29.24% Variable APR |
|
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases | 1.5-3 points per dollar Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.24% - 28.24% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
This credit card is a good fit for: People who want to build credit with an unsecured credit card.
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.
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.
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..
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:
Cardholders who meet the qualifications may automatically receive a credit limit increase. Credit limits as high as $2,000 have been reported.
This is a bare-bones card with a lot of missing features.
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.
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
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.
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® 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.
At Motley Fool Money, 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 Motley Fool Money rates credit cards.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
The Motley Fool owns shares of and recommends Visa.
