Mission Lane Visa against Petal 1
The Visa® Mission Lane credit card and the Visa® Petal® 1 “no annual fee” credit card are intended for consumers who need to establish or rebuild their credit. Other than that, they have some differences. Unlike the Mission Lane Visa, the Petal 1 has a limited cash back program and no annual fee. However, neither card offers a welcome bonus, and both skimp on many of the perks people typically associate with unsecured credit cards.
Below, we’ll compare the two cards in depth to help you decide which card might be a better fit for you.
|welcome bonus||N / A||N / A|
|Reward rate||N / A||N/A – but 2% to 10% cashback via select merchant offers|
|Introduction AVR||N / A||N / A|
|Regular APR||26.99% to 29.99% (varies)||21.49% to 30.99% (varies)|
|Annual subscription||$0 to $59 (offer via Bankrate)||$0|
Highlights of Mission Lane Visa vs. Petal 1
Welcome Bonus Winner: Tie
Neither card offers a welcome bonus, so Mission Lane Visa and Petal 1 are tied in this category.
Reward Rate Winner: Petal 1
Although the Petal 1 does not offer a traditional rewards program, it does offer a cash back program called Merchant Offers. These offers will be automatically loaded into your Petal 1 account. Every time you make a qualifying purchase, you’ll get cash back. The cash back you can earn by shopping at certain merchants will vary from 2% to 10%.
The Mission Lane Visa does not offer any rewards, so the Petal 1 wins in this category.
Annual Membership Winner: Petal 1
The Mission Lane visa has an annual fee of $0 to $59 (offered through Bankrate; up to $75 annual fee through other methods), while the Petal 1 has no annual fee.
Foreign Transaction Fee Winner: Petal 1
While the Mission Lane Visa has a 3% overseas transaction fee, the Petal 1 does not charge fees on overseas transactions. This means the Petal 1 is a great card to use overseas. However, remember to always pay in local currency to avoid dynamic currency conversion fees.
Which card pays the most?
Since Mission Lane Visa does not offer any traditional cash back program, the answer to this question is simple: Petal 1. Petal 1’s Merchant Offers program allows you to earn 2-10% cash back by shopping at certain merchants. . Registration is automatic and all you have to do is use your Petal 1 card at a participating merchant and respect the offer details to earn money.
While Petal 1’s Merchant Offers program is a great feature, there’s no way to predict whether it’ll be useful to you or not – it all depends on your shopping habits. Also, the offers you receive will vary, and they may vary depending on your location.
Why should you get the Mission Lane visa?
If you want to focus fully on rebuilding your credit – and if you don’t care about rewards and most traditional credit card perks – then the Mission Lane Visa might just be for you. Just make sure you always pay your credit card bills in full, because you definitely don’t want to pay a variable APR of 26.99% to 29.99%.
- Pre-qualification. From Path of missions home page, you can fill out a short online form to check your eligibility. Checking to see if you qualify for a card is a soft credit application (or soft pull). This lets you avoid the tough credit inquiry (or tough call) associated with applying for a card, which can temporarily lower your credit score.
- Drawn on an increase in the line of credit. Mission Lane will monitor your payment history and may automatically increase your credit limit after six months of responsible card use.
- Free access to your credit score. You will have access to your credit score at any time, as well as training on credit creation.
- You may not receive any annual dues. Depending on your creditworthiness, Mission Lane may offer you a Mission Lane visa at no annual fee.
- Reporting to the three main offices. Mission Lane reports to the three major credit bureaus: Equifax, Experian and TransUnion. This can increase your chances of getting approved for loans and other credit cards in the future.
- Zero fraud liability. You are not responsible for fraudulent charges if your card is lost or stolen.
The Mission Lane Visa does not offer a rewards program, so there are no redemption options.
Recommended credit score
The recommended credit score for the Mission Lane Visa is poor to medium (300 to 669).
Why buy the Petal 1?
The Petal 1 assumes that credit scores “don’t tell the whole story.” So even if your FICO score is low, Petal 1 can consult your bank history to assess your real creditworthiness. As a result, even consumers with a thin credit history or no credit history at all have a chance of being approved for this unsecured credit card.
Still, there’s a chance you could pre-qualify for the Visa® Petal® 2 “Cash Back, No Fees” credit card. Depending on your creditworthiness, you may be able to get Petal 2 instead of Petal 1, which offers a traditional cashback program.
- Limited cash back program. Petal 1’s Merchant Offers program allows you to earn 2-10% cash back when shopping at select merchants.
- The Petal’s Leap program. Petal 1 will increase your credit limit after six months if you make timely payments for six months and stay within a specific credit score range.
- Free access to your credit score. Petal will pull your credit score from Experian once a month.
- Collision and theft coverage for rental vehicles. It’s a valuable Visa credit card benefit that covers your rental vehicle in the event of theft or damage in an accident.
- Local Visa offers with Visa and Uber. When you use your card at any of over 1,000 featured merchants, including restaurants, retailers and cafes, you automatically earn Uber Credits. All you have to do is add your Petal 1 card to your Uber account.
Cash Back earned from Merchant Offers can be redeemed in your Cash Back Wallet. You can redeem cash back as a statement credit of any amount or as a check or ACH transfer to your bank account once you have $20 or more .
Recommended credit score
The Petal 1 card does not require any credit history to apply.
The bottom line
In addition to getting a secured credit card, consumers with bad credit usually have limited unsecured card options. Both the Mission Lane Visa Credit Card and the “No Annual Fee” Visa Petal 1 Credit Card are unsecured cards that will help you build or rebuild your credit. Both cards offer quick online pre-approval options to see if you are eligible or not, which will help you make an informed decision before applying. That said, the Petal 1 card with no annual fee offers some traditional credit card benefits and cash back opportunities that the Mission Lane Visa does not.