How to Use the Mission Lane Visa Card
If you have bad credit and are looking for ways to improve it, the Mission Lane Visa® credit card might be just what you need to get started. This simple credit-building card won’t help you earn rewards or access many meaningful cardholder benefits, but it does help users build credit over time through responsible use.
Of course, the key to maximizing the Mission Lane Visa Card is how you use it over the long term. The fact is, this card can be a boon to your finances if you use it disciplined and strategically, but it can worsen your credit if you use it without a plan.
If your goal is to improve your credit with the Mission Lane Visa card so you can qualify for a better credit card later, read on to learn more about this card’s features and how to maximize them.
Mission Lane Visa Card Features
Since the Mission Lane visa is for people with credit scores as low as 500, it does not offer many advantages or benefits to cardholders. However, this map still has a few major goodies to be aware of, which are detailed below.
Higher lines of credit over time
Although the minimum credit limit on this card starts at $300, you can qualify for higher credit limits over time. While it’s hard to say exactly how high your credit limit might go, here’s what Mission Lane says about it on their website:
“We see all your hard work, and when you qualify, we’ll increase your credit limit.”
Not only can a higher credit limit give you more buying power, but higher credit limits make it easier for you to keep your credit utilization ratio at the lower end. This can help improve your credit score even more over time.
Convenience of having a Visa credit card
The Mission Lane Visa is a genuine Visa credit card, so you can use it at millions of places where Visa is accepted worldwide. Having a credit card can make in-person transactions more convenient, but you can also use your card for any online purchases you make.
Mission Lane charges an annual fee between $0 and $59 depending on your creditworthiness. However, the card issuer is upfront about these charges upfront and does not list any other charges in the fine print.
That said, the Mission Lane Visa charges a 3% foreign transaction fee, so it’s not ideal for purchases made overseas.
Instant credit decision
The Mission Lane Visa offers the option of an instant credit decision, so you won’t have to wait days or weeks to find out if you’re approved. Perhaps most importantly, this card allows you to be prequalified online without a thorough investigation of your credit report. This helps you gauge your chances of approval before you apply, as well as the interest rate and annual fees you’ll likely be awarded.
Maximize Mission Lane Visa Card
If you decide to apply for the Mission Lane Visa, there are several steps you can take to maximize its benefits. The first is to pay your bill in full and on time each month, primarily due to the card’s incredibly high APR. If you carry over a balance from month to month, you should note that you will pay a variable APR between 26.99 and 29.99%.
In addition to avoiding debt, Mission Lane Visa credit cardholders must also pay their credit card bill early or on time each month. After all, payment history is the most important determinant of FICO credit scores, so on-time payments can help build credit more than anything else.
It is also important to keep in mind the use of credit with this card due to its low starting limit of $300. Most experts suggest keeping your credit utilization rate below 10-30% for best results, which would mean maintaining a balance of $90 or less with a credit limit of $300. If your credit limit ends up being $500, on the other hand, you should try to never keep a balance above $150 longer than necessary.
Finally, be sure to keep an eye on your credit score and progress while using the Mission Lane visa. With months of responsible credit usage behind you, including on-time payments with no exceptions, you may be able to upgrade from this card to a better option once enough time has passed.
The bottom line
Reading our Mission Lane Visa® credit card review can help you learn more about this card and the benefits it could bring you. However, you should also take the time to compare other credit cards for bad credit, including secured credit cards that require a cash deposit as security.
By comparing different credit cards and seeing how they stack up, you can decide if the Mission Lane Visa credit card is the best option to get you where you want to be.