What the Mission Lane Credit Card Is
Mission Lane is a secured credit card issued by Customers Bank, designed for people rebuilding credit from a low score. You deposit money into a savings account, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can move your score over time.
Unlike a prepaid card, this is an actual credit product. You receive a bill each month, make a payment from your regular bank account (not the deposit), and the card issuer reports whether you paid on time. The deposit sits untouched unless you miss payments or close the account.
The card carries an annual fee and interest charges if you carry a balance. It is not information programs or a shortcut — it is a tool for demonstrating you can borrow and repay reliably.
Key Takeaways
- Your deposit becomes your credit limit, so Mission Lane requires you to have cash available upfront before you open the account.
- The card charges an annual fee and a variable interest rate, so carrying a balance costs money each month.
- Payment history is reported to all three credit bureaus, meaning on-time payments build your score and late payments damage it.
- After 12 to 18 months of on-time payments, you may be able to graduate to an unsecured card or have your deposit returned.
Deposit Requirements and Credit Limits
Mission Lane requires a minimum deposit of $300 and a maximum of $2,500. Your deposit and your credit limit are the same amount — if you deposit $500, you can charge up to $500 on the card. The deposit earns no interest and remains in a savings account held by Customers Bank.
You do not spend the deposit. When you use the card, you charge purchases to the credit line, then pay the bill from your regular checking or savings account. The deposit only moves if you close the account (in which case it is returned to you) or if you default on payments (in which case the bank may use it to cover what you owe).
The deposit amount is a real constraint: you need cash on hand to open the account. If you have $200 saved, you cannot open a Mission Lane card. If you have $1,000, you can deposit anywhere from $300 to $1,000 and use the rest for living expenses.
Fees and Interest Charges
Mission Lane charges an annual fee that varies depending on your credit limit tier. As of the most recent information available, the annual fee ranges from around $25 to $35, though this can change. You pay this fee once per year, usually on your account anniversary.
The card also carries a variable interest rate, meaning the rate can move up or down based on market conditions and your creditworthiness. The rate is typically higher than what someone with good credit would pay — often in the 18% to 24% range, though this varies. If you carry a balance from month to month, interest charges add up quickly.
To avoid interest charges, pay your full statement balance by the due date each month. If you only pay the minimum, the remaining balance accrues interest daily. Over time, interest can make the card more expensive than the annual fee alone.
How Payments and Credit Reporting Work
Each month, Mission Lane sends you a statement showing what you charged, your minimum payment, and your due date. You pay from your regular bank account — not from the deposit. The payment must arrive by the due date to count as on-time.
Mission Lane reports your account activity to Equifax, Experian, and TransUnion every month. What gets reported includes your payment history (whether you paid on time), your credit utilization (how much of your limit you are using), and your account age. All three of these factors influence your credit score.
On-time payments are the single largest factor in your score. If you pay the full balance or at least the minimum by the due date every month, your score should improve over time — typically by 50 to 100 points within 6 to 12 months, though this varies based on your starting score and other accounts on your report. A single late payment can set that progress back significantly.
Graduation to an Unsecured Card
After 12 to 18 months of on-time payments, Mission Lane may offer to convert your account to an unsecured card or return your deposit. This is not automatic — the company reviews your account based on your payment history and credit behavior. If you have made every payment on time and kept your balance low, you are more likely to be offered this option.
When you graduate, your deposit is returned to you as a bank transfer. Your credit limit may stay the same, increase, or decrease depending on your credit score at that time. The annual fee and interest rate may also change.
Graduation is not may provide. If you have missed payments or carried high balances, Mission Lane may not offer to convert your account. In that case, you can close the account yourself and get your deposit back, but you will have lost the opportunity to move to an unsecured product.
When Mission Lane Makes Sense
Mission Lane works best if you have cash available, can afford the annual fee, and are committed to paying on time every month. It is useful if your credit score is very low (below 580) and you have been denied for other credit cards, or if you have a recent negative event (bankruptcy, collections, or late payments) and need to rebuild.
The card is less useful if you cannot afford to keep a deposit locked up, if you expect to carry a balance regularly, or if you already have access to unsecured credit cards with lower rates. It is also less useful if you have no intention of paying on time — the annual fee and interest charges will cost you money without improving your score.
Compare Mission Lane to other secured cards before opening an account. Some competitors charge lower annual fees or offer higher limits relative to the deposit. Others have better terms for graduation. The right card depends on your specific situation and what you can afford.
Alternatives to Mission Lane
Other secured credit cards include the Capital One Secured Mastercard, the Discover it Secured Credit Card, and the OpenSky Secured Visa Card. Each has different deposit requirements, annual fees, interest rates, and graduation policies. Some require a higher minimum deposit; others charge lower annual fees but higher interest rates.
If you do not have cash for a deposit, you might explore credit-builder loans through credit unions or online lenders. These work differently — you borrow money that is held in a savings account, make monthly payments, and the lender reports to credit bureaus. You pay interest, but you build credit without needing a deposit upfront.
If your score is higher than you think (above 620), you may be able to get an unsecured card with no deposit required, though the interest rate and annual fee may still be high. Check your credit report and score before deciding that a secured card is your only option.
Frequently Asked Questions
Can I use my deposit to pay my bill?
No. Your deposit is held separately and does not count as a payment. You must pay your monthly bill from your regular checking or savings account. The deposit only comes back to you when you close the account or graduate to an unsecured card.
What happens if I miss a payment?
A missed payment is reported to all three credit bureaus and damages your credit score. If you miss a payment by 30 days or more, the bank may use your deposit to cover what you owe. Late fees also explore. Contact Mission Lane when ready if you cannot pay on time.
How long does it take to build credit with this card?
Most people see a noticeable improvement in their score within 6 to 12 months of on-time payments, though the exact timeline depends on your starting score and other accounts on your report. Consistent, on-time payments over 18 to 24 months typically produce the largest gains.
Can I increase my credit limit?
You can request a credit limit increase by depositing more money into your savings account. For example, if you started with a $500 deposit and $500 limit, you could deposit an additional $300 to raise your limit to $800. There is no may provide the bank will accept the request.
What if I want to close the account?
You can close your Mission Lane account at any time. Your deposit will be returned to you, usually within 5 to 10 business days. Closing the account does not hurt your credit score, but it does stop the positive impact of on-time payments going forward.