Mission Lane Visa vs Credit One Credit Card

Intro:

In this comparison series, we are going to compare the Mission Lane Visa with Credit One Bank credit cards. Credit One bank has many credit cards and two of them have quite similar features and target the same consumers as Mission Lane and so we will be comparing these two credit cards with Mission Lane. The two Credit One credit cards are the Credit One Platinum Visa for Rebuilders and the regular Platinum Visa. Both Mission Land and Credit One Bank cards have mobile apps and providng card members with free FICO scores. So let's get going with this comparison.

The Basics

Credit One Platinum Visa for Rebuilding Credit Basics

The Credit One Platinum Visa for Rebuilding Credit is targeted at rebuilders with bad credit. They have the following annual fee structure. For the first year, the annual fee is $75. From the second year onwards, the annual fee is $99 that is paid monthly at $8.25 a month. The initial starting credit limit is $300 and Credit One has a track record of credit limit increases for some card holders. This card also allows you to earn 1% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services.

Credit One Platinum Visa Basics

The regular Credit One Platinum Visa has an annual fee of $39 and is targeted at those with fair credit. For rewards, you also earn 1% cash back rewards on eligible purchases of gas, grocery, and internet, cable, satellite TV and mobile phone services. You also automatically get up to 10% More Cash Back Rewards from participating merchants. The starting credit limit is also $300.

Mission Lane Visa Basics

The Mission Lane Visa is a card for rebuilders, those with fair credit and those who have just emerged from bankruptcy. The annual fee ranges from $0 to $59. The starting credit limit ranges from $300 to $1,000. Your credit limit will be increased if you pay your first 7 monthly bills on time. Mission Lane also has a great track record of subsequently increasing your credit limit after this. Like Credit One, Mission Lane has a slick mobile app and also provides free credit score.

Similarities

• Soft Pull Pre-approval - Both Credit One and Mission Lane require you to go through a pre-approval process with a soft pull with no impact on your credit score. If you are pre-approved, you will be offered a card with terms specific to you and you can decide if you want to continue with the actual application (which requires a hard inquiry).


• Mobile App - Both card issuers have mobile apps.


• Free Credit Scores - Both issuers also provide free credit scores for their card members.

Differences

• Annual Fee - All three card have difference annual fees though the Credit One Platinum Visa for Rebuilding Credit has the highest annual fee among the three. Mission Lane is the only card among these that gives you a chance of having no annual fee.


• Cash Back Rewards - Credit One cards allow you to earn cash back whereas Mission Lane does not have any reward program.


• Initial Credit Limits - Both these Credit One cards start you off at a fixed credit limit of $300. In contrast, the minimum initial credit limit of Mission Lane is $300 and you can get a starting limit as high as $1,000.


• Credit Limit Increases - Though both cards have a track record of giving credit limit increase although Mission Lane has a much better record in this aspect. With Mission Lane, you definitely get a credit limit increase after the first 6 months if you pay your first 7 monthly bill on time. Thereafter, it is not uncommon for them to increase your limit every few months if you continue to use the card and pay on time.

Which is better?

Both Credit One and Mission are big players in the rebuilder space. And they have many things in common. However, each is better in some aspects than other.

For example, the Credit One credit cards have cash back feature which Mission Lane does not have.

Mission Lane however, has a higher starting credit limit range and will definitely increase your credit limit after 7 months if you pay on time. Furthermore, they have a much better reputation and track record of credit limit increases. In fact, Mission Lane cardholders have reported to have their credit lines increased up to $3,000 to $4,000 after 24 months.

There is another aspect that Mission Lane is probably better than Credit One. And that is in the area of payment holds. Credit One charges you a fee for Express payments (which does not result in any payment holds). But if you do not use Express Pay, there is a chance you might experience payments for up to 14 days. If you read enough forums about Credit One, this is one of the biggest complaints. In contrast, there is hardly any complaints about payment holds from Mission Lane cardholders. If there is, it is at most a couple of days.

So though Credit One has a cash back program, I think Mission Lane is the better card because of it's track record of credit limit increases and the lack of any issues when it comes to payment and payment holds. It also has a much better reputation that Credit One among rebuilders. If you are a rebuilder looking for an unsecured credit card, I would first try to get pre-approved for Mission Lane first before I check out Credit One.