Mission Lane Visa Credit Card Review - Rebuilding Credit / Bad Credit Credit Card

Hi, I'm Adam Jessica from Pridemoney.com and in this video we're going to

review

the Mission Lane Visa Credit Card, a

credit

card

for people who are

rebuilding

their

credit

from bad credit, but before we do, I'm going to I ask you to subscribe to this YouTube channel if you haven't already and if you have already, I appreciate you doing so. Mission Lane is a company that primarily serves people in the bad credit market who are trying to rebuild their credit from a crisis. In the past, they've dabbled a little bit in the kind of fair credit market, but most of their customers are going to be people who have had real problems in the past and are trying to rebuild themselves, so these are unsecured credit

card

s that fit in the mold of most unsecured credit cards that serve this market and that means they will have annual fees, they will have high interest rates, they will have no rewards and they will have small lines of credit, so Mission Lane fits the bill perfectly. with all those things now Mission Lane just to give you a little bit of history, you may not care one way or another, they are the credit card that actually came from lend up, which is a company that does personal business. loans and other installment loans had their own credit card for whatever reason they made it an independent company in Mission Lane is that company, so Mission Lane does not offer their Visa credit card directly from their website, which means that can't just go.

You come in cold and decide you're going to apply, you must have been introduced to Mission Lane some other way, meaning they sent you an invitation in the mail to apply for the card after going through some sort of pre-approval process. about yourself or maybe you used a card search like on credit karma or creditcards.com where you give some information and they spit out the cards that fit your credit profile, so those are the ways you could potentially find Mission Lane , you can't just go directly to their site and part of the reason could be the fact that they have different fee structures and fees depending on what your credit history is, so when you go to the Mission Lane site and look at the terms and The cardholder agreements they show there show that you have annual fees that could be zero but could go up to $75.

You have a range of interest rates that starts at 19.49 as I make this video and goes up to 29.99, depending. Depending on who you are, you'll get something that you know fits into one of those ranges, but there's no hard and fast number for everyone. What I did see was on Credit Karma and Creditcards.com, probably other places during the

mission

as well. The

lane

card is shown there, they show an annual fee of 59 and they show the interest rate of 29.99, so it's a little more concrete and maybe something you could use in your mind to think about what you're probably going to do. to pay now.

One thing for people who have bad credit and are often trying to rebuild is that when they try to get an unsecured card, like the Mission Lane

visa

, they find that they get very small lines of credit and this card is no exception. . Now you could potentially get a slightly higher line of credit, but when you look at their terms and conditions, they show that their minimum credit line is 300 and if you have bad credit, there's probably a good chance you'll start with just those 300 now. you have that annual fee for most people that will also apply and be charged to you immediately, so let's say you got the card, it had a 75 annual fee and a 300 dollar line of credit, that 75 will already be The card charge you're going to make before you've even used the card comes down to a $225 line of credit, so it's something, but it's not a lot.

Now, to Mission Lanes' credit, they say if you make your payments on time. For the first six months after you get the card, they will increase your credit line, but they don't say how much, so we don't know if that means they will double your credit line or just know. to give you a very small incremental raise, but after six months at least they say they will try to get you on

mission

lane

and they also say you will get an instant decision on your credit card application which is a good thing because If If you have bad credit, if you are trying to rebuild, many times you may know that when you apply for a card they will ask for verification or they will simply decide to take seven to ten days to decide on that application. so you will be left wondering for a moment if it is approved or not.

Mission Lane says they will give you that decision up front and then the final word on the Mission Lane

visa

which is issued in partnership with tab bank, which actually means transportation alliance bank, a bank that has been around for about 20 years , it's not really into credit cards too much, it has experience in the trucking industry, hence the name trucking, but it's an established bank anyway, although it's not particularly well known in the card industry credit, so overall the Mission Lane visa is fine for what it is, I mean it's a car aimed at customers with bad credit, people who maybe even had a bankruptcy in their recent past, so which will have an annual account. fees, you'll have high interest, you won't get any rewards, all that sort of stuff, very small lines of credit in most cases, now it's certainly not the worst thing out there, it's not like the first prime minister who seems to just compensate. charges that come out of nowhere that really have nothing to do with anything, so they're there with a lot of other cards, so they give you that really small line of credit, they have the annual fee, take it off, you know or put it on your balance as soon as you get the card, so you'll barely have a line of credit to begin with, that's exactly what it is, so if you're set on getting an unsecured card, I'd say this one is no worse than You know there are many others offer something similar, but there's nothing that I would say makes it particularly good.

People who have had the card have generally given it good

review

s and said it helped them build their credit. credit reporting agencies and they were pretty happy with it, but it's a credit builder card, it's a way to get hopefully the next step towards some better cards out there now, this is where I usually watch videos about cards like This makes my pitch in favor of secured credit cards, so some people really hate the idea of ​​getting a secured card, they don't want to have to make a security deposit just to be able to use a credit card, but when you're in the space where you're considering something like Mission Lane and for a lot of people you're only going to get a line of credit of just three hundred dollars, maybe five hundred dollars in some cases, but most people aren't going to start more than that with a guaranteed credit.

The card can make a lot of sense because if you're going to get a card like this, it's going to be a very small line of credit and you're going to have to pay a $50 or $75 annual fee, so maybe you should just save up until you have $300 or $500 in your hands and put them as a deposit on a better secured card from a larger bank that will allow you to not only build credit but also build credit with a bank that may do so. you'll be able to get a better credit card in the future, so in particular, two of the secured cards that I often recommend are the Discover secured card and the Bank of America secured card because on both you make a deposit but you get a credit card. which you can then use, you don't have to pay an annual fee, you even got some rewards with the Discover Secured card and as long as you do the right thing, they will report it to the credit bureaus and both companies say they will. continually look at your history with that card and your history with other cards as well during that period but they will consider it as an unsecured card which means they can give you that deposit back and you can continue using the card so for me if I am in this space where I'm thinking about Mission Lane, maybe it would be better to go to Discover or Bank of America to make a security deposit that will give me a 300-500 line of credit anyway because that's what I did. for my deposits and then hopefully six months, eight months, 10 months in the future, whatever it is, they would move me to an unsecured card and get my security deposit back.

Now there is no guarantee that will happen. Part of that would be on Your shoulders as to whether you actually make your payments on time, but that's the best route as far as I'm concerned, that's all. Visa Mission Lane, it's fine for what it is, but it's not necessarily my choice for you if you're someone who is trying to rebuild your credit if you have any questions, comments, suggestions, experience with this card, please put them in the comments section below. below, otherwise, I thank you for your attention and as always, visit proudmoney.com, where we do credit card reviews, we talk personal finance, we talk deals. and all kinds of fun stuff too thanks for watching bye