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3. Mission Lane Cash Back Visa® Credit Card

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229

reviews

4.6

Rating: 4.6 out of 5.

Great for a low annual fee with cash back

Annual Fee: $19 (you may see different terms on Credit Karma)

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Mission Lane Cash Back Visa® Credit Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $1,705, with $300 being the most common.

Here’s the average credit score of members who matched their Mission Lane Cash Back Visa® Credit Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 602, with 572 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

57%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$78,861

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Offers the chance to build credit

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Doesn’t require a security deposit

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Higher credit line potentially available if you meet certain qualifications

Image: Con

High variable purchase APR

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

No security deposit

Some credit-building cards require you to put down a security deposit to open an account, but you don’t have to worry about that upfront cost with the Mission Lane Cash Back Visa® Credit Card. Instead, your application decision and credit limit — if approved — will be determined based on your credit profile and history.

Features for building credit

Mission Lane reports your card activity to all three major consumer credit bureaus, which can make it easier to build your credit history — so long as you use the card regularly and carefully, and make all of your payments on time and in full. This is a standard feature offered by cards meant for building credit, but that doesn’t make it any less important.

You might be able to raise your credit limit, too. As soon as seven months after opening the account, Mission Lane will assess your account track record to determine whether you’re eligible for a credit-line increase.

A higher credit limit could help improve your credit. The amount of available credit you use, also known as your credit utilization ratio, is one of the most important factors in determining your credit scores, and a lower number is better. So if you’re approved for a higher credit limit and you’re able to keep your credit utilization ratio low — say, below the typically recommended 30% — you could see a positive impact on your credit scores.

Interest could be high

While you won’t have to put down a security deposit for the chance to build credit, the Mission Lane Cash Back Visa® Credit Card’s variable purchase APR of 33.99% (you might see different offers on Credit Karma) is relatively high and could cost you in interest if you carry a balance.

What else to know about the Mission Lane Cash Back Visa® Credit Card

In addition to the card’s highlights, here are some other features to know before you apply.

• The card has an annual fee of $19 (you might see different offers on Credit Karma).
• This card has a 3% foreign transaction fee and a late fee of up to $35.

Who this card is good for

It’s worth considering the Mission Lane Cash Back Visa® Credit Card if you want to build your credit history without having to pay a security deposit. Many credit-building cards require a security deposit, so this could be a good option for people looking to avoid that.

But this card probably isn’t ideal if you’re looking for more and think you can qualify for a card with more features. The high variable purchase APR means you could pay a lot in interest if you carry a balance.

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

If you’re not sold on the Mission Lane Cash Back Visa® Credit Card, compare it with these cards.

• Capital One Platinum Credit Card:
This card offers similar features, but with a more-straightforward application process.
• Capital One QuicksilverOne Cash Rewards Credit Card:
If you want to build credit and earn rewards, this card might be a solid choice.
• Petal® 2 Visa® Credit Card:
This card could be right for those looking for a quality starter credit card with strong perks.