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4 Small But Important Things To Observe In Mission Lane Visa | mission lane visa

Mission Lane Visa is an ideal card for those wishing to establish credit with a credit card that offers rewards. It offers rewards in the form of cash back, air miles and other prizes. The credit limit is always increased over time, hence the maximum credit limit which individuals are initially qualified for remains consistently high. This makes Mission Lane Visa a good choice for those looking to build their credit portfolio. However, note that the customer support provided by the bank is said to be slow.

The card's terms and conditions prohibit the establishment of a direct connection between credit and savings. In other words, the bank regards a credit card as a tool for savings and not a savings account. Consequently, even if the individual does qualify for a savings account, the account cannot be used as a source of funding for the purchase of the credit card. This includes the debit card. In such cases, the individual can only use the card for the purpose of making purchases, hence the “no foreign transaction fee” designation on the card.

What is surprising about the stipulation regarding transactions beyond the card's credit limit is that it affects the earning potential of the individual. It is essentially an impediment to the individual's income potential due to the higher interest rates, penalties, and other charges levied against late payments. One can only imagine the disastrous effects of incurring such a penalty when trying to make ends meet. Hence, for those in dire need of additional income should consider other alternatives. The individual should therefore avoid the use of the mission lane visa card and seek an alternative.

Another disadvantage to be noted is the apparent conflict of interest inherent in the issuer's incentive for encouraging the use of the credit card. The issuer is provided a ready pool of customers willing to use the card, all of whom are potential customers. As such, the issuer has a financial interest in encouraging use of the credit card, despite the potential drawbacks. If this is the case, the FTC can step in and mandate that the issuer provide a refund or a disclosure statement that specifically discusses the adverse impact to the issuer's business resulting from the use of the mission lane visa card.

There are several factors that the FTC has deemed relevant in determining whether the mission lane visa card conflicts with the law. For one thing, the financial penalties that can result from not repaying the debts that you have accrued using the card is not commensurate with the benefits rate associated with the card. Furthermore, the rewards rate is unrelated to the credit history of the individual. If the individual's credit history is poor, this will obviously impact the benefits rate that is charged. This is why it is important to check the credit score and history before you apply for any credit cards.

While the mission lane visa program itself is not illegal, nor is charging exorbitant fees and penalties for using the credit card, the manner in which it is administered and the rewards that you receive do raise questions about how the system works. It was found that many issuers are either unaware of the penalties that one could incur for defaulting on their debts or they charge excessive fees that exceed the benefits earned through repayment. On top of these problems, there are many persons who obtained the visa card without meeting the credit limit requirements. Unfortunately, when they default, they are subjected to the same penalty-a higher starting credit limit.

Since the manner in which the mission lane visa program is administered also plays a significant role in determining the likelihood that one will be subjected to penalties and increased fees, it is recommended that you familiarize yourself with the three major credit reporting agencies. Each of the three major agencies, Equifax, TransUnion, and Experian, will provide free online credit education seminars that are designed to provide you with the information needed to determine your creditworthiness. The free seminars provided by each of these agencies will educate you on what you need to know about your credit score, your credit reporting, and how the credit reporting process works.

As part of your credit-building card education, you will be required to visit the official website of each agency to determine what type of incentives you will receive through your visa. You will also be required to enroll in a free online credit education seminar offered by each of the agencies. Through attending these seminars, you will be able to learn more about how the credit score-building cards work, how you can use your incentives to increase your credit score, and how you can access the benefits of using these types of credit cards. Once you have gained knowledge about the credit-building cards offered by each of the agencies, you will then be able to choose which of the three major agencies you will apply to.


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