Mission Lane Classic Visa® Credit Card review: A chance to build credit with an annual fee

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In a Nutshell

The Mission Lane Classic Visa® Credit Card could be an option for you if you want to build or rebuild credit without putting down a security deposit. But the card comes with an annual fee and high variable purchase APR.

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Pros Cons
Reports to all three major credit bureaus, which could help you build credit High variable purchase APR could cost you in interest
Could qualify for a higher credit line after making first six payments on time Charges an annual fee without many benefits to offset the cost
Unlike some starter cards, no security deposit required Applications accepted on a limited basis and by invitation

 

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What you need to know about the Mission Lane Classic Visa® Credit Card

It’s not available to everyone

Unfortunately, not everyone is currently able to apply for the Mission Lane Classic Visa® Credit Card. According to Mission Lane, you can apply for the card with an invitation or on a limited basis, though you can also put your name on a waitlist on Mission Lane’s website.

But there’s no guarantee you’ll eventually get an invitation. If you need a card now or want a clearer timetable, you’re probably better off looking for one with a more open application process.

Could help you build credit

If you’re able to apply, the Mission Lane Classic Visa® Credit Card could help you build credit without needing to put down a security deposit.

Mission Lane reports your credit activity to the three major consumer credit bureaus. While that’s a common feature for a credit-building card, that doesn’t make it any less important.

Ability to reach a higher credit limit over time

The Mission Lane Classic Visa® Credit Card issuer also reviews your account periodically to determine whether you’re eligible to get a higher credit limit. A higher limit could help you keep your credit utilization rate low — if your spending habits don’t change. And credit utilization rate is one of many key factors in credit-scoring models, so it could help your scores if it’s managed in the right way.

Mission Lane states that you could be eligible to get a higher credit limit if your account remains in good standing after making your first six payments on time. It will also evaluate your account at least once within the first 12 months of opening your account to determine whether you’re eligible for a credit limit increase. It considers several factors for this process.

  • On-time payment history
  • Whether the account has ever gone over the credit limit
  • Whether charging privileges have been restricted
  • Whether you’ve closed the account or filed for bankruptcy
  • Whether you have the ability to pay the higher credit limit 

High interest rate could cost you

The Mission Lane Classic Visa® Credit Card has a high variable purchase APR of 29.99%. While high APRs are common on credit cards geared toward people trying to build credit or who have no credit history at all, lower purchase APRs can be found with other options.

The annual fee might turn you off

The Mission Lane Classic Visa® Credit Card comes with a $59 annual fee. This card doesn’t offer a rewards program, so you won’t have the opportunity to offset this fee by earning rewards whenever you use it to make purchases. The only value of the card — if you’re able to apply and are approved for it — comes from gaining access to credit and potentially building your credit profile for the future.

Other features to consider with the Mission Lane Classic Visa® Credit Card

Here are a few more things you should consider before applying for this credit card.

  • Be sure not to confuse the Mission Lane Classic Visa® Credit Card with the Mission Lane No Annual Fee Visa® Credit Card, which offers no annual fee and a lower variable purchase APR. If you qualify, we recommend opting for the Mission Lane No Annual Fee Visa® Credit Card.
  • Mission Lane offers free online credit education resources to its cardholders, including videos covering savings, credit and more.
  • The Mission Lane Classic Visa® Credit Card comes with primary auto rental collision damage waiver insurance coverage for damage due to collision or theft, but you must decline the rental company’s insurance for this to kick in.
  • The card offers Visa’s zero-liability fraud coverage, but it doesn’t apply to PIN-based or ATM transactions not processed by Visa.

Who this card is good for

The Mission Lane Classic Visa® Credit Card offers the chance to build or rebuild credit without paying a security deposit. Unfortunately, the $59 annual fee and high variable purchase APR make this credit card rather risky for the few benefits it offers. Frankly, it’s difficult to recommend this card to anyone who could qualify for a similar option without an annual fee.

But if you’re not sure if you can qualify for a no-fee card, you could still make valuable strides in your credit journey with this card. You’ll just have to focus on paying your bill as agreed to avoid interest and keep your account in good standing in the hopes of increasing your credit line.

Not sure this is the card for you? Consider these alternatives.

If the Mission Lane Classic Visa® Credit Card doesn’t seem like a good fit for you, check out these alternative credit card options.