Aspire Credit Card: Rewards, Fees, Pros and Cons, How to Apply

Credits: ChatGPT

The Aspire Credit Card is a credit card offered by The Bank of Missouri that is designed for people with fair to average credit. Some key highlights and features of the Aspire Credit Card include:

• Credit limits up to $1,000
• Ability to prequalify without a hard credit inquiry
• Cash back rewards – Earn 1% on all purchases and 3% on gas, groceries, and bill payments
• No security deposit required
• Online account access to manage your account
• Fraud protection with zero liability

The Aspire Credit Card is an unsecured card, meaning no security deposit is required. It can help build or rebuild your credit by providing access to a credit line. Managing the account responsibly by making on-time payments can help improve your credit score over time.

How the Aspire Credit Card Works

The Aspire Credit Card works similar to other credit cards. Here’s an overview of how it works:

• Prequalify to see if you may be approved without a hard credit check. This is a soft credit inquiry.
• If prequalified, accept the offer to complete full application which includes a hard credit check.
• If approved, you will receive your card and can begin using it for purchases.
• The credit limit is typically $200 to $1,000 based on your qualifications.
• Make at least the minimum payment by the due date each month.
• Earn 1% cash back on all purchases. Earn 3% cash back on gas, groceries, and bill payments.
• Cash back rewards are issued annually as a statement credit.
• Carrying a balance means paying interest charges based on your APR.
• Making late payments results in late fees.
• Setup online account access to manage your account, check balances, make payments, set alerts, etc.

Responsible use of the card and making on-time payments is important to avoid fees and interest charges while improving your credit.

Rewards, Cashbacks, and Sign-Up Bonus

The Aspire Credit Card offers an attractive rewards program:

• 1% cash back on all eligible purchases
• 3% cash back on gas, groceries, and bill payments
• Cash back is issued annually as a statement credit

There is no sign-up bonus offered for new cardholders. But the ongoing cash back rewards can add up nicely, especially the boosted 3% category for common expenses.

To redeem cashback rewards, they are automatically applied as a statement credit to your balance each year on your account anniversary date. You must have an open and in good standing account to qualify for the annual rewards.

The cash back rewards apply to the balance, not your monthly payment. It helps reduce what you owe but does not count toward making your minimum payment. The statement credit cannot be redeemed for cash.

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Interest Rates & Fees of Aspire Credit Card

When considering the Aspire Credit Card, it is important to understand the interest rates and fees that come with the card:

Interest Rates

• Purchases: 22.74% to 36% variable APR
• Balance Transfers: 25.74% to 36% variable APR
• Cash Advances: 25.74% to 36% variable APR

The specific rate offered will depend on your creditworthiness when applying. The rates are variable, meaning they can fluctuate over time based on market conditions.

Fees

• Annual Fee: $49 to $175 the first year, $0 to $49 after the first year
• Monthly Maintenance Fee: $60 to $159 the first year, $5 to $12.50 monthly after the first year
• Balance Transfer Fee: 3% after the first year (none for first year)
• Foreign Transaction Fee: 3% of each transaction in US dollars
• Late Payment Fee: Up to $41 per occurrence
• Returned Payment Fee: Up to $41 per occurrence

As you can see, the fees, especially the first year annual fee and monthly maintenance fee, can definitely add up. Make sure to factor these costs in when determining if the card is right for your budget. Late and returned payment fees also apply if you miss or have a rejected payment.

How to Apply for a Aspire Credit Card

You can apply for the Aspire Credit Card in three ways:

1. Pre-qualify online without impacting your credit score using the Aspire pre-qualification tool. If pre-approved, you can choose to accept the offer.
   
2. Apply directly online through Aspire’s website. This will require a hard credit inquiry.
   
3. Call the Aspire Credit Card customer service line at 1800 425 7600 (Toll Free) or 022 – 4042 6013 (Call Charges Applicable) to speak with a representative who can take your application over the phone. This will also require a hard credit check.

The basic eligibility criteria for the Aspire Credit Card include:

• Minimum credit score of 630 (fair to average)
• Annual income of at least $12,000
• Social Security Number
• US-based billing address (no PO boxes)
• Minimum age of 18 years old

If approved, your initial credit limit will likely be on the lower end, between $350 to $500. Maintaining responsible card use can lead to credit limit increases over time.

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Managing Your Aspire Credit Card

Once approved and you have your new Aspire Credit Card, here are some tips for managing your account responsibly:

• Activate your card – Call the number on the sticker as soon as received, then destroy sticker.
  
• Spend responsibly – Use your card for purchases you can afford and make payments in full by the due date when possible to avoid interest charges.
  
• Pay on time – At a minimum, be sure to pay at least the minimum payment by the due date to avoid late fees. Setup autopay if that helps you.
  
• Check statements – Review transactions regularly and watch for unauthorized charges. Report issues immediately.
  
• Setup Account Access – Use the online account center to manage your account, make payments, set notifications, review transactions and statements.
  
• Ask for credit line increases – If you make on-time payments consistently for 6 months, you can call and request a higher credit limit. This requires another hard credit inquiry.
  
• Monitor your credit – Keep an eye on your credit reports and FICO or VantageScore to ensure on-time payments are reflected in your rising credit scores.

Properly managing your account and making timely payments demonstrates responsible credit management and can result in a higher credit score over time.

Where Aspire Credit Card Can be Used?

The Aspire Credit Card can be used anywhere that accepts Visa cards. This includes:

• Stores – Retail, grocery, gas stations, etc. Just look for Visa logo at checkout.
• Restaurants
• Entertainment – Movies, concerts, theme parks, etc.
• Travel – Hotels, car rentals, trains, taxis, etc.
• Online – Websites and apps that accept Visa. Be sure site is secure.
• Bills – Utility bills, cell phone, cable, insurance, etc. if they allow credit card payments.
• ATMs – Can use to obtain a cash advance. Fees and high interest rates apply.

The card can be used internationally as well, though foreign transaction fees will apply. Contact your card issuer before traveling to ensure your account is set up for international use.

Having a widely accepted Visa card like the Aspire Credit Card gives you convenience and flexibility making purchases and paying bills. Just be mindful of only spending what your budget allows and making timely payments.

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Pros and Cons of Aspire Credit Card

Here is a quick overview of some of the key pros and cons to consider about the Aspire Credit Card:

Pros

• Prequalify without hard credit check
• Cash back rewards program
• Credit limits up to $1,000
• No security deposit required
• Online account access
• Helps build credit history

Cons

• High APR interest rates
• Annual and monthly fees
• Foreign transaction fees
• Cash back rewards come as statement credit only

As with any credit card, the Aspire Credit Card has advantages and disadvantages to weigh based on your financial situation and needs. It’s important to read all of the fine print terms and evaluate if the card aligns with your budget and spending habits before applying.

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Aspire Credit Card vs Other Credit Cards

How does the Aspire Credit Card compare to some other popular credit cards for average or rebuilding credit? Here is a brief overview:

Aspire Credit Card

• Earn 1% cash back rewards on purchasing goods
• Credit limits up to $1,000
• No security deposit
• Annual fees of $49 to $175 for the first year, then from $0 to $49 annually after that

Capital One Platinum Secured Credit Card

• No cash back rewards
• does not require security deposit
• No annual fee
• Credit limits up to a maximum limit of $1000

Discover it® Secured Card

• 2% cash back at gas stations and restaurants
• You will have to pay security deposit of $200 to $2,500
• No annual fee
• Cash back matches after first year

OpenSky® Secured Visa® Credit Card

• 2% cash back at Gas Stations and Restaurants on up to $1,000
• minimum security deposit required is $200 and the maximum is $3,000
• No credit check required
• No annual fee

As you can see, the Aspire Credit Card offers some advantages like cash back and no security deposit requirement. But other secured cards have advantages like no annual fee while helping build credit. Check your specific needs against card features.

Conclusion

The Aspire Credit Card can be a great option for those with average credit or looking to build their credit history. Key benefits include cash back rewards, no security deposit, and potential credit limits up to $1,000. Downsides include high interest rates and first year annual and monthly fees.

Ultimately, the Aspire Credit Card offers an unsecured line of credit and opportunity to demonstrate responsible usage. With wise account management, on-time payments, and keeping credit utilization low, you can leverage the card to improve your credit score over time.

Compare the pros and cons and your financial situation carefully. Make sure you understand the fees and interest charges. If the Aspire Credit Card aligns with your needs and budget, follow the application steps to get started.

Frequently Asked Questions