In-Depth Review of the Mission Lane Credit Card: Features, Fees & More

An In-Depth Review of the Mission Lane Credit Card

In today's world, having a credit card that fits your lifestyle and goals is more important than ever. With so many options on the market, it can be overwhelming trying to decide which one is right for you. One card that has been gaining popularity lately is the Mission Lane credit card.

Mission Lane markets itself as a socially conscious credit card company that wants to help its customers build credit while giving back. In this in-depth review, I'll take a close look at the Mission Lane credit card and see how it stacks up in terms of features, fees, rewards, and more.

Overview of the Mission Lane Credit Card

The Mission Lane credit card is a Visa card issued by Sutton Bank that aims to help its cardholders improve their financial health. Unlike traditional banks, Mission Lane says it will donate a portion of its earnings to community organizations and financial literacy programs.

Some of the key features and highlights of the Mission Lane credit card include:

• No annual fee
• 1% cash back rewards on all purchases
• Credit limits starting at $500
• A mobile app to manage your account
• Free access to your credit score and report
• No late fees or over limit fees
• U.S.-based customer service

Mission Lane markets itself mainly to those looking to build or establish credit, such as students, immigrants, and young professionals. However, the card is open to anyone regardless of credit level.

Fees and APR for the Mission Lane Card

The Mission Lane credit card has no annual fee, which is ideal for those new to credit cards. The card reports regularly to all three major credit bureaus - Experian, Equifax, and TransUnion.

As for interest rates, the Mission Lane card has a variable APR ranging from 15.24% to 24.24% based on your creditworthiness. This is fairly standard for cards geared toward average or fair credit.

The card has no foreign transaction fees, so it can be used internationally without extra costs. It also has no cash advance, balance transfer, or over limit fees. However, late and returned payment fees up to $35 may apply.

How to Qualify for the Mission Lane Credit Card

Since it is targeted as a starter card, the Mission Lane credit card's approval requirements are a little more relaxed than traditional credit cards. Here are the basic requirements to qualify:

• Be 18 years or older
• Have a government-issued ID
• Have a Social Security number
• Have a US bank account

In terms of credit, you may still qualify if you have limited or no credit history. Income requirements are also low. While specific minimums are not disclosed, you generally need some steady source of income.

Students who have no credit or income can even qualify by having an eligible cosigner with good credit add them as an authorized user. Overall, Mission Lane aims to be accessible for those starting their financial journeys.

How the Mission Lane Card Can Help Build Credit

One of the top advantages of the Mission Lane card is that it can help build your credit if used responsibly. The card issuer reports your usage and payment history to all three major credit bureaus each month. On-time payments will show up positively and help raise your credit score over time. You can also keep credit utilization low by limiting your spending to 30% or less of the total limit.

Free access to your credit score and report is another perk. You can log in to your Mission Lane account online or via the mobile app to view your latest credit data from TransUnion. Monitoring your credit this way helps you understand what impacts your profile.

If you do happen to make any late payments, Mission Lane says they won't penalize you with late fees. Of course, the missed payment would still show up on your credit report. But the fee forgiveness makes it a little less stressful for new cardholders getting the hang of monthly payments.

Rewards Program

The Mission Lane credit card offers a flat 1% cash back rewards rate on all purchases. While the percentage is lower than some other cards, it can still add up nicely given there are no bonus category restrictions.

Your cash rewards are automatically credited to your statement each month. Once you accumulate at least $10 in rewards, you can redeem them as a statement credit. If you let your rewards balance grow, you can redeem bigger amounts less frequently.

One unique perk is that Mission Lane will match your rewards balance and donate it to a community cause or charity after 12 months. So in a sense, you get to double the impact of your rewards with this socially conscious matching program.

Other Benefits and Features

The Mission Lane credit card offers a few other handy benefits and tools for account management:

• Mobile app - View balances, statements, credit score and more all in the Mission Lane app available for iOS and Android.
• Account alerts - Set up customized alerts for transactions, balance warnings, payment reminders and other account activity.
• Online account access - Manage your account online 24/7.
• Contactless payment - Tap to pay with Apple Pay, Google Pay and Samsung Pay.
• Security features - Zero fraud liability protection and 24/7 fraud monitoring.

The Mission Lane card does not come with rental car insurance, extended warranties or other premium perks offered by some credit cards. But for a starter card the features are well-rounded.

How Does It Compare to Other Starter Cards?

So how does the Mission Lane credit stack up against beginner-friendly competitor cards like the Petal 1 Visa Credit Card, Discover it® Secured and Capital One Platinum Secured Credit Card?

Here is a brief comparison of some key features:

As you can see, the Mission Lane card holds it own against the competition. The 1% flat rate cash back and lack of annual fee make it a simple, decent option for building credit.

Who Should Get the Mission Lane Credit Card?

Based on its features and fees, the Mission Lane card seems best suited for:

• New credit builders - Those with limited credit or just starting out can take advantage of Mission Lane's lower barriers to approval and responsible credit limits.
• Fair credit users - If your score is in the fair range, Mission Lane can help boost it with responsible card usage.
• Students - Both high school and college students can establish credit early with Mission Lane.
• Authorized users - Becoming an authorized user lets you piggyback on a primary user's credit history.
• Those with no credit history - The Mission Lane card is accessible even if you have no prior credit accounts.

The card likely isn't the best fit for credit experts maximizing rewards and benefits. But for the target demo of beginners, it packs a solid punch.

Alternatives to the Mission Lane Credit Card

The Mission Lane card makes a good starter card, but it's not the only option. Some other first credit cards to consider include:

• Deserve EDU Mastercard - Designed for students with no credit history. 1% cash back on purchases.
• Bank of America Cash Rewards Secured - Earn up to 3% cash back and build credit with this secured option from a major U.S. bank.
• Capital One Platinum Secured - No cash back but also no annual fee. Easy access for building credit.
• Petal 1 "No Annual Fee" Credit Card - Also comes with 1% back on purchases and managed entirely through the mobile app.

Do your research to see which starter card best matches your spending habits, financial situation, and credit goals.

Pros of the Mission Lane Credit Card

After taking a close look at its features and fine print, here are some of the top advantages we found with the Mission Lane credit card:

• No annual fee - Avoid annual costs to maximize savings.
• 1% cash back - Unlimited 1% back is decent for a starter card.
• Credit building tools - Track credit scores, get reporting to bureaus, and monitor impactful factors.
• Relaxed approval - Better odds of approval with limited or fair credit.
• Cosigner option - Having a cosigner can help students and others qualify.
• Cash back matching - Rewards balances are matched and donated after 12 months.
• Mobile app - Manage your account and payments via app.

For those new to credit, the Mission Lane card does a lot of things right. The approval process is smooth, rewards are simple but solid, and you get tools to monitor your credit progress.

Cons of the Mission Lane Credit Card

The Mission Lane credit card is not perfect, however. Here are some potential downsides to consider:

• High APR - Interest rates up to 24.24% are typical but still on the costly side.
• Low credit limits - Starting at just $500, limits may be too low for some spenders.
• Reports to credit bureaus - While positive long-term, this can negatively impact your score if you mess up at first.
• Few extras - No rental, travel or purchase protections that premium cards offer.
• Foreign fees - None, but currency conversion rates can still add hidden costs.

Newbie cardholders should be mindful to pay balances off each month and not overspend. Doing so avoids high interest charges from the variable APR. And having low limits makes it crucial to use the card responsibly.

Who Should Choose a Different Card?

While a great starter card, there are a few cases where other options could be better:

• Bad credit - Those with poor credit scores may need to build up with a secured card first.
• Maximum rewards - For bonuses on spending categories, a cash back or travel card would pay more.
• Business use - Mission Lane is a consumer card, so businesses need a small business credit card.
• Dedicated app users - Other cards integrate apps and alerts better if that's important to you.

Think about your individual situation to decide if the Mission Lane card is the optimal choice or if a different direction makes more sense.

Is the Mission Lane Credit Card Right for You?

At the end of the day, whether the Mission Lane credit card is right for you depends on your financial profile and goals. For a lot of people starting out, the card's easy approval, lack of fees, rewards program and credit tools make it a great beginner card.

But it always helps to shop around and compare a few leading options. Look at your spending and payment behaviors as well to select a card that aligns. Building credit takes diligence, so picking a card you'll be motivated to use responsibly is key.

Hopefully this detailed review gave you the insights needed to determine if the socially conscious Mission Lane card should earn a spot in your wallet. Used wisely, it can launch your credit history and financial journey on the right foot.

FAQs

What credit score do you need for the Mission Lane card?

Mission Lane is more lenient than traditional lenders when it comes to approval requirements. You can qualify with fair credit in the low 600s in many cases. They also approve those with limited credit histories. Having no credit score yet won't necessarily disqualify you either.

Does Mission Lane do a hard pull on your credit?

Yes, Mission Lane will do a hard credit check when you apply for their credit card. This shows up on your report and may cause a small temporary drop in your credit score.

How do you redeem cash back with the Mission Lane card?

Cash rewards are automatically credited to your statement balance each billing cycle. Once you accumulate at least $10 in rewards, you can redeem them as a statement credit to offset purchases. Rewards never expire with the Mission Lane card.

Is there a fee to add an authorized user to my Mission Lane account?

No, there is no extra fee to add authorized users to your Mission Lane credit card account. Adding a cosigner or authorized user can help improve your chances of approval if you have little credit history.

How do I check my FICO score with Mission Lane?

As a Mission Lane cardholder, you get free access to your latest FICO credit score from TransUnion. Log in online or in the mobile app to view your score and get insights into what's impacting it over time.