Mission Lane Visa vs Avant Mastercard

Intro: 2 Similar Credit Cards

The Mission Lane Visa and Avant Mastercard are two credit cards that are very similar in terms of their fees and features. Both target rebuilders, folks with fair credit and Avant will also approve those with no or little credit history. They both charge reasonable annual fees and unlike most other unsecured rebuilder credit cards actuall have decent credit limits or a track record of increasing them. In this comparison, we will see how Mission Lane stacks up against Avant.

The Basics

Mission Lane Visa Basics

The Mission Lane Visa is an unsecured credit card targeted at rebuilders and those with fair credit. It will also approve those who have just been discharged from bankruptcy. The annual fee ranges from $0 to $59 and the starting credit limit ranges from $300 to $1,000. If you pay the first seven months of your bill on time, Mission Lane will increase your credit limit. Some have reported even a doubling or tripling of their initial limits. They have also been known to regularly increase their credit limits over time if you use the card and pay on time.

Mission Lane has a mobile app, has relative few complaints from cardholders about things like payment holds and also offer a free monthly FICO score.

Avant Mastercard Basics

The Avant credit card is also an unsecured credit card targeted at rebuilders, those with fair credit and those who have no or little credit history. The annual fee ranges from $0 to $59 and the starting credit limit ranges from $300 to $3,000. Avant does not charge any foreign transaction fee and has a slick mobile app.

Similarities

• Same annual fee range - Both Mission Lane and Avant have annual fee ranging from $0 to $59. It means that with both cards, you have a shot at getting no annual fee versions.


• Pre-approval process - Both cards allow you and in fact require that you go through a pre-approval process with only a soft pull and no hard inquiry. This process will not affect your credit score. If you are approved, you will be shown an offer (where you will find out what annual fee, APR and starting credit limit you will get) and you can then decide whether to take up the offer and formally apply. Actual application does involve a hard pull.


• Overlapping target audience - Mission Lane Visa is suitable for rebuilders, those with fair credit and also those who have just emerged and discharged from bankruptcy. Avant is also for rebuilders, those with fair credit and also those with no credit.


• Mobile app - Both cards have modern mobile app.

Differences

• Starting Credit Limits - Mission Lane has a starting credit limit between $300 and $1,000 while Avant's range is between $300 to $3,000.


• Credit Limit Increases - Mission Lane will increase your credit limit after you pay your first seven months bill on time. Aside from this, Mission Lane also has a track record of increasing your credit limit regularly. Folks have reported credit limit increase up to 3 times a year. Some have reported starting off with $300 but end up with $3,000 limit after 2 years. Avant will also increase your credit limit but Mission Lane is more known for this.


• Foreign Transaction Fee - Avant credit card does not charge any foreign transaction fee while Mission Lane charges the standard 3%.


• Free FICO score - Mission Lane provides a free monthly FICO score while Avant does not.

Which is better? Very Close Call

Both the Mission Lane Visa and Avant credit card are nearly identical. Both have identical annual fee ranges and both target more or less the same consumers.

Where I think the Mission Lane Visa shines is their reputation for regular credit limit increases. Firstly, they will definitely increase your credit limit if you pay the first seven months of bills on time. Some get a couple of hundred dollars increase in limits and some consumers have reported a doubling or even tripling of credit limits. But Mission Lane will also keep increasing your credit limit if you use your card regularly and pay your bills on time. People have reported credit limits as high as $5,000.

The Avant Mastercard has a high ceiling when it comes to starting credit limit. They do increase your credit limit but they are not as known for that as Mission Lane. They do not charge any foreign transaction fee so it is the better card to use if you travel abroad outside the US.

To sum up, I would give both Mission Lane and Avant a tie in this comparison. They are very identical in many aspects with only very slight differences. If consistent credit limit increases are what you are looking for, I would go for the Mission Lane Visa. Or if you have just been discharged from bankruptcy and are looking for an unsecured credit card to rebuild, I would also go for Mission Lane.

If you have no credit history or would like to use the card abroad, then the Avant credit card would be the better choice.
Since both cards allow you to go through a soft pull pre-approval process, I would go for both and see which gives you the better offer.