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Key takeaways
- The Mission Lane Visa® Credit Card* and Petal 1 Visa® Credit Card* are both designed to help you build or rebuild your credit.
- The Mission Lane Visa card is a no-frills card with an annual fee that can cost you $0 or all the way up to $59, depending on your creditworthiness, while the Petal 1 comes with no annual fee, no matter what.
- The Petal 1 further ekes out a win with a shopping program offering up to 10% cash back at select merchants — and with preapproval that could score you a stronger unsecured Petal card.
The Mission Lane Visa® Credit Card and Petal 1 Visa® Credit Card serve consumers who need to build or rebuild their credit. However, there are notable differences between the two.
Unlike the Mission Lane Visa, the Petal 1 offers a limited cash back program and no annual fee. Still, neither card offers a welcome bonus and both lack many benefits typically associated with unsecured credit cards.
Main details
| Mission Lane Visa® Credit Card | Petal 1 Visa® Credit Card | |
|---|---|---|
| Welcome bonus | N/A | N/A |
| Rewards rate | N/A | N/A — with 2% to 10% cash back through select merchant offers |
| Annual fee | $0 to $59 | $0 |
Mission Lane Visa vs. Petal 1 highlights
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Neither card offers a welcome bonus, and so the Mission Lane Visa and Petal 1 tie in this category.
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Although the Petal 1 doesn’t offer a traditional rewards program, its Petal Perks cash back program is automatically loaded to your Petal 1 account.
Through this program, eligible purchases made at participating merchants using Petal Perks earn cash back that ranges from 2 percent to 10 percent.
The Mission Lane Visa doesn’t offer any rewards, which makes the Petal 1 our winner for this category.
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Depending on your creditworthiness, your annual fee for the Mission Lane Visa could be $0 up to $59, while no Petal 1 cardholders pay no annual fee.
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While the Mission Lane Visa charges a 3 percent foreign transaction fee, the Petal 1 charges no fee for transactions processed in foreign currency.
That means the Petal 1 could be a good card to use abroad (but always pay in the local currency to avoid a dynamic currency conversion fee).
Which card earns the most?
Because the Mission Lane Visa doesn’t offer a traditional cash back program, the answer to this question is simple: Petal 1.
The Petal 1’s Petal Perks program lets you earn 2 percent to 10 percent cash back by shopping with select merchants. Enrollment is automatic, and you only need to use your Petal 1 card at a participating merchant and meet the offer details to earn cash back.
While Petal 1’s cash back program is a nice feature to have, it may not be enough for the card to be worth it — it all depends on your shopping habits. Also, the offers you’ll receive will vary and could be based on your location.
Why should you get the Mission Lane Visa?
If you want to fully concentrate on rebuilding your credit — and you don’t care about rewards or other traditional credit card benefits — then the Mission Lane Visa might be worth it.
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- Prequalification. You can complete a short online form from the Mission Lane homepage to check your eligibility for the card. This lets you avoid the hard credit inquiry or pull on your credit associated with applying for a card, which can temporarily lower your credit score.
- Shot at a credit line increase. Mission Lane monitors your payment history and may automatically boost your credit limit after seven months of responsible card use.
- Free access to your credit score. You can see your credit score at any time, as well as access credit-building education.
- You may get no annual fee. Depending on your creditworthiness, Mission Lane may offer you a Mission Lane Visa with no annual fee.
- Reporting to major bureaus. Mission Lane reports to all three major credit bureaus: Equifax, Experian and TransUnion. That means responsibly using the card could have a positive impact on your credit score.
- Zero fraud liability. You’re not responsible for any fraudulent charges when your card is lost or stolen.
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The Mission Lane Visa doesn’t offer a rewards program, meaning there are no redemption options.
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The Mission Lane Visa is a good choice for bad credit and fair credit applicants with a score of 580 to 740.
Why should you get the Petal 1?
The Petal 1 Visa is designed for people with poor or limited credit, evaluating your banking history instead of just your credit score. This gives people with thin or no credit files a chance at approval. And depending on your credit profile, you may even prequalify for the Petal® 2 Visa® Credit Card, which includes a traditional cash back program and a lower APR compared to the Petal 1.
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- Limited cash back program. Petal 1’s Petal Perks program allows you to get 2 percent to 10 percent cash back when shopping with select merchants.
- Petal’s Leap program. Petal 1 will increase your credit limit if you make timely payments for six months and stay within a specific credit score range.
- Free access to your credit score. Petal pulls your credit score from Experian once a month.
- Visa Local Offers with Visa and Uber. You’ll automatically earn Uber credits when you use your card at one of the featured merchants — including restaurants, retailers and coffee shops. All you need to do is add your Petal 1 card to your Uber account.
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Cash back earned through merchant offers can be redeemed in your Cash Back Wallet. You can redeem cash back in the form of a statement credit in any amount or in the form of a check or an ACH transfer to your bank account once you’ve earned $20 or more.
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The Petal 1 card doesn’t require any credit history to apply.
The bottom line
If you have bad credit, unsecured card options are limited — but cards like the Mission Lane Visa Credit Card and Petal 1 Visa Credit Card can help you rebuild credit. Both offer quick online preapproval, making it easier to check eligibility before applying.
While the Mission Lane card is useful, the no-annual-fee Petal 1 offers more traditional benefits and even cash back opportunities. If you’re still unsure, compare other options on our list of top unsecured cards for poor credit to find one that suits your goals.
*Information about the Mission Lane Visa® Credit Card and Petal 1 Visa® Credit Card has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.
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