The
Mission Lane Cash Back Visa® Credit Card is a good credit card to apply for if you have fair credit (a credit score of 640-699). It’s worth getting because there’s no annual fee and you earn
1.5% cash back on all purchases. A lot of other credit cards that will accept people with fair credit charge annual fees or have inferior rewards.
However, Mission Lane’s Cash Back Visa is right with the crowd when it comes to interest rates, so make sure to pay your bill in full by the due date each month if you want to avoid expensive finance charges.
What I Like About the Mission Lane Cash Back Visa
No annual fee
Credit cards for people with limited to fair credit often charge annual fees, and the average annual fee among credit card offers market-wide is currently
$28.25, per our in-depth
Credit Card Landscape Report.
1.5% cash back
This is better than average for a rewards card, according to our research. That’s pretty good when your credit score is a bit below average, especially since it comes with a $0 annual fee. It may not be the best you can do, however, so make sure to shop around and see what you can pre-qualify for.
Available to people with fair credit
Cards with comparable rewards and fees often require a higher credit score, or you need to be a student to qualify. You can
check your credit score for free here on WalletHub to estimate your chances. A score of 640+ might give you good odds.
You will also need to check to see if you’re pre-qualified before applying for real. Neither checking your own score nor pre-qualifying will affect your credit score.
Possible credit limit increase
The Mission Lane Cash Back Visa’s credit limit is $300 to $3,000 to start. After seven months, if you’ve paid the bills on time and avoided maxing out your card, you might automatically get a higher limit.
What I Don’t Like About the Mission Lane Cash Back Visa
High APR
Your APR will be somewhere from
26.99% to 29.99% (V), depending on your creditworthiness when you apply. So, one thing is clear: Your interest rate won’t be low.
In case you’re wondering, the average among credit cards for people with fair credit is
26.65%. And in this case, average is pretty bad.
With that in mind, you should plan to pay your balance in full by the due date each month if you decide to apply for the Mission Lane Cash Back Visa. That will prevent interest charges from even getting started.
No initial bonus
It’s not super common among credit cards for people with fair credit, but a lot of cards these days are offering hundreds of dollars in extra rewards to new cardholders who open an account and meet an initial spending requirement. It’s worth checking what’s out there, especially if your credit is trending closer to good territory than fair. You can compare our
editors’ picks for the best bonuses to get started.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
