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- Credit is applied against your purchase balance and cannot be used for the minimum payment or withdrawn as cash.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. - CLICK HERE TO APPLY ONLINE
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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO® Credit Scores
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
- 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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