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 a comprehensive breakdown of the card's terms and features, helping you make a fully informed decision.
At a glance: The Aspire Cash Back rewards program
The rewards program allows you to earn cash back on your purchases, but understanding the mechanics is key.
- How you earn:
- 3% cash back on eligible gas, grocery purchases, and utility bill payments.
- 1% cash back on all other eligible purchases of goods, services, and bill payments.
- Important exclusions: Rewards are not earned for fees, interest charges, balance transfers, cash advances, or pending transactions. Returned items reduce your rewards.
- Redemption details:
- Cash back is redeemed automatically as an annual statement credit in your account anniversary month.
- Credit is applied against your purchase balance and cannot be used for the minimum payment or withdrawn as cash.
- Account in good standing: Your account must not be suspended, restricted, delinquent, or in default to receive your statement credit.
- Program changes: The issuer may change or terminate the program at any time after your first anniversary date.
Other Key Features
- Free Credit Score: Cardholders receive access to their VantageScore 4.0 from TransUnion® after account activation.
- Access on the go: Manage your account anytime via the online portal or mobile app (iOS and Android).
- Mobile Wallet Integration: Compatible with Apple Pay and Google Pay for secure payments.
- Zero Fraud Liability: Mastercard protection against unauthorized transactions.
Credit Limit and Approval
- Credit Limit Potential: Eligible cardholders may receive a limit up to $1,000. The first-year annual fee is deducted from this limit.
- Prequalification Tool: Check your eligibility without a hard inquiry.
- No Credit Limit Increase Program: The issuer does not offer a limit increase program; your limit remains fixed.
The Costs: An Expensive Fee Structure
- Annual Fee:
- Year 1: $49-$175 depending on creditworthiness.
- After Year 1: $0-$49 annually.
- Account Maintenance Fee:
- After Year 1: $5-$15 monthly, added on top of the annual fee.
- Setup and Maintenance Summary:
- First-year cost: $49-$175 annual fee.
- Subsequent years: Annual fee ($0-$49) + monthly fee ($60-$180 annually).
- Transaction Fees:
- Balance Transfer: 3% of amount transferred.
- Cash Advance: $10 or 5%, whichever is greater.
- Foreign Transaction: 3% of transaction in USD.
- Penalty Fees:
- Late Payment: up to $41.
- Returned Payment: up to $41.
- Paper Statement Fee: $2 per month, avoidable with electronic statements.
Interest Rates and Calculations
- APR:
- Purchases: 29.99% or 36% depending on credit.
- Balance Transfers: 32.99% or 36% depending on credit.
- Cash Advances: 32.99% or 36% depending on credit.
- Variable vs. Fixed Rate: Rates may be fixed or variable (tied to the Prime Rate).
- Grace Period: At least 25 days to pay purchases without interest; cash advances and transfers accrue interest immediately.
- Balance Calculation Method: Average daily balance (including new transactions).
The Redemption Cycle
Cash back is redeemed only annually. Closing your account before the anniversary month or having an account not in good standing could result in losing all accumulated rewards.
Final Verdict: Weighing the Costs and Benefits
Pros:
- Earn cash back (uncommon for bad credit cards).
- Credit limit potential up to $1,000.
- Mastercard benefits including Zero Fraud Liability.
- Pre-qualification with a soft credit check.
- Builds credit via reporting to all three bureaus.
- Online and mobile account access.
- Mobile wallet integration.
- Access to free VantageScore 4.0 from TransUnion after account opening.
Cons:
- High and complex fees (annual + monthly).
- Very high APR for carried balances.
- No credit limit increase program.
- Delayed reward redemption (annual, forfeitable if account not in good standing).
Recommendation: For those strictly seeking a rewards card, the Aspire® Cash Back Rewards Mastercard is an option. However, for building credit with minimal fees, a secured card or another unsecured alternative may offer better long-term value.
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.
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FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
Security Notice: All participating issuers use secure application systems protected by Transport Layer Security (TLS) encryption to help protect your information.
*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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