Mission Lane Visa: What Is It and How Do You Use It?

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Consumers with bad credit or no credit often have trouble getting approved for a credit card. When an applicant has a low credit score or no credit history, they may come across as more of a risk when lenders decide who qualifies for financing. This causes customers to miss out on all of the benefits that come with having a credit card, including cash-back benefits, reward points and protection against fraud. 

The Mission Lane Visa is an option for anyone who needs to build their credit. Unlike many credit card companies, Mission Lane may approve applicants with a less-than-perfect credit history, helping them to improve their credit scores over time.

What Is a Mission Lane Visa?

The Mission Lane Visa is a credit card that applicants can use to build their credit history. While most credit cards have limitations that require applicants to have a certain score to qualify, the Mission Lane Visa was developed to help those with poor credit build their history over time. 

Repayment history is one of the most important factors institutions use when calculating someone’s credit score. In fact, an applicant’s payment history makes up about 35% of the overall credit score calculation, making it the factor with the largest bearing on the final credit score. The Mission Lane Visa helps applicants improve their financial standing by extending credit to those with lower scores, providing them with the opportunity to make on-time payments. This will help improve the applicant’s credit score over time so long as payments are always made before the due date.

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The Mission Lane Visa is an unsecured credit card. This means that customers do not need to put down a deposit to open a credit card account, a common requirement of low-credit borrowers and people recovering from a financial mistake — like bankruptcy or foreclosure. However, the card does have an annual fee for most users, which may cost up to $60 per year.

How To Use the Mission Lane Visa

Users who have lower credit might assume that they can only use a Mission Lane Visa at certain locations because of the card’s lower credit requirements. However, the truth is that customers can use the Mission Lane Visa at any location that accepts standard Visa cards. There is no difference in the composition of the Mission Lane Visa and any other type of Visa card.

This means that customers can use the Mission Lane Visa both in-store and online. The specific retailers that accept Visa cards will vary depending on the customer’s location and the type of businesses located near them. While the decision as to whether or not a business will accept Visa varies on a case-by-case basis, most restaurants and retail outlets now allow customers to pay using Visa cards directly and indirectly with digital wallet tools like Apple Pay. 

To get started with the Mission Lane Visa, customers can complete an online application, which is available on the company’s website. Once Mission Lane reviews and accepts the application, the customer will receive their card in the mail.

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Final Thoughts

The Mission Lane Visa might be the right choice for customers looking for an accessible way to build their credit. However, it’s important to remember that the Mission Lane Visa will only help a customer improve their credit if they use their card responsibly. Customers who open a Mission Lane Visa but fail to make their payments on time will see their score go down instead of up. 

Shoppers looking to quickly build their credit may want to consider putting a single, manageable purchase on their card each month — like a streaming subscription — and quickly pay the card off. This will improve credit in a manageable way, as customers won’t need to produce a large amount of cash to pay off what they owe. Keeping utilization low by using only a small amount of credit each month can also help boost customers’ scores, as it shows that they are less likely to rely on credit cards to cover major day-to-day expenses. 

Information is accurate as of Nov. 30, 2022. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Sarah Horvath is a skilled copywriter with more than seven years of experience in B2B and B2C copy. She specializes in financial and investment writing, though she also has experience with fashion and home maintenance.
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