Aspire® Cash Back Rewards Card: The Most Detailed Look at Fees, Features, and Terms
The Aspire® Cash Back Rewards Mastercard is an unsecured credit card primarily marketed to consumers with bad or fair credit. While it uniquely offers cash back rewards in a market segment where they are uncommon, it also comes with a significant and highly detailed fee and interest rate structure. This article provides the most comprehensive and transparent breakdown of the card's terms and features, going far beyond the standard overview to help you make a fully informed decision.
At a glance: The Aspire Cash Back rewards program
The Aspire® Cash Back Rewards Mastercard features a tiered rewards program that allows you to earn cash back on your purchases, but understanding the mechanics is key.- 3% cash back rewards on eligible gas and grocery purchases and utility bill payments.
- 1% cash back rewards on all other eligible purchases of goods, services, and bill payments.
- All cash back is automatically redeemed as an annual statement credit in the anniversary month of your account opening.
- The credit is applied against your purchase balance and cannot be used for your minimum payment or be provided in cash.
Other Key Features
Beyond its reward structure, the Aspire® Cash Back Rewards Mastercard includes several features that can be beneficial for cardholders.Credit Limit and Approval
The Costs: An Expensive Fee Structure
The Aspire® Cash Back Rewards Mastercard fees are substantial and require careful attention.- Year 1: Ranges from $49 to $175, depending on your creditworthiness. This fee is charged upfront and reduces your initial credit limit.
- After Year 1: Drops to a lower amount, ranging from $0 to $49 annually.
- After Year 1: After the first year, a monthly maintenance fee ranging from $5 to $15 is charged. This is an added monthly cost on top of the annual fee.
- First-year cost: The initial annual fee ($49-$175).
- Subsequent years cost: The annual fee ($0-$49) PLUS the monthly maintenance fee ($60-$180 annually).
- Balance Transfer: 3% of the amount of each transfer.
- Cash Advance: $10 or 5% of the amount of each cash advance, whichever is greater.
- Foreign Transaction: 3% of each transaction amount in U.S. dollars.
- Late Payment: Up to $41.
- Returned Payment: Up to $41.
Interest Rates and Calculations
- Purchases: 29.99% or 36%, based on your creditworthiness.
- Balance Transfers: 32.99% or 36%, based on your creditworthiness.
- Cash Advances: 32.99% or 36%, based on your creditworthiness.
The Redemption Cycle: A Crucial Detail
The redemption process is critical to understanding the true value of the rewards. Since rewards are only redeemed annually, they are essentially "held" by the issuer for a full year. If you close your account before the anniversary month, or it is not in good standing, you could lose out on a year's worth of accumulated rewards.Final Verdict: Weighing the Costs and Benefits
The Aspire® Cash Back Rewards Mastercard offers rewards, but its cost and complexity require a thorough evaluation.Pros:
Cons:
Recommendation: For those strictly seeking an unsecured card with rewards, the Aspire® Cash Back Rewards Mastercard is an option. However, if your goal is to build credit with the lowest possible fees, a secured card or an unsecured alternative with a more transparent fee structure may offer better value. For most consumers with bad credit, the high fees and APR are a significant deterrent to using this card responsibly for the long term.
Aspire® Cash Back Rewards Mastercard
- Earn Cash Back Rewards* – 3% on Eligible Gas, Groceries, and Utilities, and 1% on All Other Eligible Purchases
- Up to $1,000 credit limit subject to credit approval
- Prequalify** without affecting your credit score
- No security deposit
- Free Access to your Credit Score†
*See Program Terms for important information about the cash back rewards program.
** Prequalify means that you authorize us to make a soft inquiry into your credit history (that will not affect your credit) to create an offer. If you accept an offer a hard inquiry will be made. Final approval is not guaranteed if you do not meet all applicable criteria (including adequate proof of ability to repay). Income verification through access to your bank account information may be required.
† Your credit score will be available in your online account starting 60 days after your account is opened. (Registration required.) The free VantageScore 4.0 credit score provided by TransUnion® is for educational purposes only. This score may not be used by The Bank of Missouri (the issuer of this card) or other creditors to make credit decisions. - CLICK HERE TO APPLY ONLINE
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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO® Credit Scores
A FICO® Score is a specific, proprietary type of credit score created by the Fair Isaac Corporation (FICO). It is the most widely used credit scoring model, with approximately 90% of top U.S. lenders using a FICO® Score to make lending decisions.
FICO® Score Ranges:
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
Key Characteristics of FICO® Scores
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
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