Mission Lane is a credit card company that offers cash-back rewards cards as well as card options for people with less-than-perfect credit.
There are four Mission Lane cards, and each is designed for people with different credit profiles. But it's important to understand the details of each one and the costs they can carry before you apply. Here are 5 things to know about Mission Lane credit cards:
1. There are four Mission Lane card options
The four credit cards offered by Mission Lane differ in card type, rewards offered, qualifications, and more. Here's a closer look at how they compare:
If you're approved for a Mission Lane Gold Line Visa or a Mission Lane Silver Line Visa, you can earn cash-back rewards on your spending.
The Mission Lane Gold Line Visa earns an unlimited 3% cash back on gas, dining, and travel spending, plus 1% back on everything else. That's similar to some other top cash-back cards with no annual fee, and could help you save on spending if you frequently make purchases in these categories.
However, if you already have solid credit, you may be able to qualify for a card with similar cash rewards that also has a welcome bonus and other annual benefits.
The Mission Lane Silver Line Visa offers even simpler rewards: You'll get a flat 1.5% cash back on every purchase. That's in line with other flat cash back cards today, and makes it easy to maximize every purchase you make, even outside of popular bonus categories.
Like with the Mission Lane Gold Line Visa, you may also want to consider other cash-back cards with similar rewards but additional benefits and welcome bonuses.
The Mission Lane Green Line Visa, on the other hand, doesn't earn any rewards. However, it can be easier to qualify for if you don't have great credit. As you use it to make purchases and pay them off on time, you can build your credit score so you're eligible for a card with great rewards in the future.
The Mission Lane Secured Visa also doesn't come with any rewards. This secured card is for building credit, with a credit line based on the security deposit amount you put down when you open the card. However, if you want to earn rewards while you build your credit, there are some other secured cards available today with cash-back.
2. You can prequalify
Mission Lane gives you the chance to see whether you prequalify for a card (and the terms you qualify for) before you apply. Prequalification doesn't guarantee an approval, but it can be a good way to determine your chances of getting approved for the card you want. It can also give you an idea of the terms you're eligible for, including the interest rate and annual fee, if one applies.
Prequalification is useful when your goal is to build credit. Each time you submit a credit card application, the issuer does a hard credit check. That check can have a negative (though temporary) effect on your credit, so it's smart to avoid too many hard credit checks within a short period of time and minimize the impact.
According to Mission Lane, the entire process — from filling out the prequalification form to getting an offer and then completing the full card application — can take less than five minutes.
3. Each Mission Lane card has a limited starting credit line
There's a standard starting credit limit for each of Mission Lane's credit cards:
Mission Lane Gold Line Visa: Up to $3,000
Mission Lane Silver Line Visa: Up to $3,000
Mission Lane Green Line Visa: Up to $2,000
Mission Lane Secured Visa: Up to $1,000 (your credit limit is equal to the deposit you put down)
With these limited credit lines, it's important to keep your credit utilization in mind if you want to build your credit. Your credit utilization ratio is the amount of credit you're using compared to the overall credit you have available. To maintain good credit, you should aim to keep this ratio under 30% — but ideally closer to 10%.
That means if you have a credit limit of $3,000, you want to keep your balance under $300 for a 10% credit utilization rate.
Those low credit limits may not last forever if you use your card responsibly, though. In as few as seven months, your account may be automatically evaluated by the issuer to determine if you're eligible for a credit line increase.
4. You may pay an annual fee
Both cash-back cards for good credit (the Mission Lane Gold Line Visa and Mission Lane Silver Line Visa) have no annual fee. The Mission Lane Secured Visa also has no annual fee, though you will need to pay the refundable security deposit.
If you apply for the Mission Lane Green Line Visa, however, you could pay an annual fee. Depending on the information in your application, you could be approved for the card with an annual fee ranging from $0 to $39.
5. Mission Lane cards have high APRs
With any card, your goal should be to pay off your balance in full each month if you want to avoid high-interest credit card debt. That's especially important with a Mission Lane card.
Each of these four cards has a current variable APR between 19.99% and 33.99%. That's potentially far above the national average credit card rate. If you carry a balance on your Mission Lane card, interest charges can add up quickly and end up costing you a large sum in the long run.
However, you can avoid interest altogether when you pay your balance in full by the due date each month. Use your card like a debit card and avoid spending more than you actually have in the bank when your statement balance is due. This can help you build credit and enjoy your rewards (if they apply) at no extra cost.
Don't forget to make your payments on time, too. The late payment or returned payment fees will cost you up to $41. Payment history is also the most important factor in your credit score, so making a habit of on-time payments can help you maintain great credit.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
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