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Mission Lane Credit Card Reviews

Dena Standley | April 23, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Mission Lane promises its customers a fair chance at recovering from poor credit scores. But do their offers produce positive results? Some consumers say it did not improve their credit situation, while others saw a significant improvement.

Mission Lane credit cards are marketed to people who want to improve their bad to fair credit scores. Mission Lane does not clearly state the minimum requirement to get its card, but you will likely qualify with a relatively low credit score.

Consumers also prefer Mission Lane because it offers unsecured credit cards that do not require a large security deposit upfront equal to your credit limit. However, the company checks your income and credit history to calculate the limit on each credit card.

These and other reasons make Mission Lane credit cards popular with many consumers. However, not all consumers have had a good experience with them. Today, we will explain more about Mission Lane credit cards, who they are, and how they work. We will also examine some customer reviews from various platforms and explain how to settle your outstanding credit card debt with them.

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What is a Mission Lane credit card?

Mission Lane Credit Card is an unsecured card issued by Transportation Alliance Bank, Inc. It aims to help consumers rebuild their credit score without paying an upfront security deposit. The company started in 2018 and was incorporated the same year. It was accredited by the Better Business Bureau on 6/30/2022. Mission Lane, LLC is accredited by the BBB with an A+ score, but it has a poor customer review score of 1.32 out of 5 stars.

To contact the issuer of a Mission Lane credit card, the following information is the contact information for Mission Lane, LLC:

How does Mission Lane's credit card work?

To apply for the Mission Lane credit card, you’ll visit the Mission Lane website for prequalification. You'll be required to provide personal information, such as name, social security number, and income. The company will use this information to perform a soft credit check.

After you pre-qualify, you will complete the application process online, and they will probably perform a hard credit check—which can negatively impact your credit score. If your application is approved, you'll sign the cardholder agreement electronically. This document outlines the terms and conditions, including interest rates, fees, and credit access. Finally, you’ll activate the card after you receive it via mail within seven to ten working days.

It is important to note that Mission Lane is a financial technology (Fintech) company that connects consumers to lenders. It does not offer loans but acts as a middleman to facilitate the lending relationship.

Mission Lane credit card customer reviews

Mission Lane credit card gives consumers with poor credit scores hope that they will improve it with time. However, hundreds of consumers have had a negative experience, so their credit scores either remained the same or worsened. As a result, Mission Lane has had poor customer reviews across various platforms, as seen in this table.

Mission Lane Credit Card Reviews
Online Platform Mission Lane Reviews
BBB 1.32
TrustPilot 1.5
WalletHub 2.8

Complaints include high interest rates and charges, denial of an increased credit limit after consistently making payments, poor customer service, and not keeping promises. Let's look at an example of a real customer complaint from Mission Lane's BBB profile.

"I've had this card for about two years and always paid on time. They raised my limit, and the interest rate was very high, and my payment doubled, so I asked for help reducing the rate, and they said No. Just that simply said NO. I will no longer use the card, and I'll pay it off and never use this company again. Never in my 55 years of living have I had a card company unwilling to help a good customer, even if it is just a little."

Mission Lane credit card FAQs

Now that we've covered Mission Lan credit card reviews, let's take a look at some frequently asked questions about the card.

What is the starting credit limit for the Mission Lane Visa Credit Card?

The starting credit limit for the Mission Lane Visa credit card is $300.

What is the annual fee and APR for the Mission Lane Visa Credit Card?

The annual fee for the Mission Lan Visa credit card ranges from $0-$59. Other Mission Lane credit card fees include a $10 or 3% cash advance transaction fee (whichever is greater), 3% foreign transaction fee, and $35 late payment fee.

The APR for the Mission Lane Visa credit card is 19.99% - 33.99%, the exact number of which is based on the current Prime Rate plus an added 11.49% to 25.49%,. The Prime Rate changes quarterly and is adjusted according to the highest Prime Rate published in The Wall Street Journal every March, June, September, and December. Any increase in the Prime Rate may raise your interest and minimum payments.

Does the Mission Lane Visa Credit Card offer any rewards?

The Mission Lane Visa Credit Card does offer rewards, such as the card's Cash Back Program, which allows you to earn cash back on eligible purchases. The amount of cash back you earn each month is based on a percentage (1%, 1.5%, or 2%) of your net qualifying purchases. This cash back is then automatically applied as a credit to your account balance on your next statement. To earn these rewards, your account must be in good standing and meet certain eligibility requirements.

How can I pay my Mission Lane Credit Card?

To pay your Mission Lade credit card, go to the online payment portal and then follow these steps, as outlined on Mission Lane's site:

  1. Enter the email and password for your Mission Lane account and click "Log In"
  2. From your Account dashboard click "Make a Payment"
  3. Select the payment amount
  4. Select the payment date
  5. Select the payment source
  6. Click "Review Payment
  7. Review Payment Details
  8. Click "Submit Payment"

Settle your Mission Lane credit card debt

If you've had a negative experience with the Mission Lane credit card, you should clear your outstanding debt and close the account. Here are some tips and tricks on debt settlement from an attorney:

Use bankruptcy as leverage

Mentioning the possibility of filing for bankruptcy can be a strong negotiating point. Creditors might be more inclined to settle for some amount rather than risk getting nothing if bankruptcy is filed. However, this should only be used if bankruptcy is a genuine consideration.

Make a realistic offer

There's a limit to how long negotiations will continue. Unrealistically low offers may not be taken seriously and could end negotiations. It's important to strike a balance between not offering too much too soon, which leaves little room for negotiation, and not offering so little that the other party loses interest in negotiating.

Be ready for a counteroffer

Typically, the party initiating settlement discussions makes an initial offer that's more favorable to them than what they are actually willing to accept. For example, a plaintiff (creditor) will ask for more money than they actually expect to receive, and a defendant (debtor) will offer less than they're prepared to pay. This leads to a series of counteroffers, and the debt settlement process can involve several rounds of negotiation.

If you're considering debt settlement, SoloSettle can help you send and receive settlement offers until you reach an agreement with the creditor or debt collector. This helps ease the pressure of settling and even increases your changes of settlement in some cases.

To learn more about how to settle debt, check out our interview with attorney, Sarah Wolk:

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