Aspire® Mastercard® Cash Back Rewards Credit Card Review: Your Guide to Making an Informed Decision
The Aspire® Mastercard® Cash Back Rewards Credit Card is designed for those seeking a versatile and rewarding credit card. With up to 3% cash back on select purchases and no requirement for an initial deposit, this card aims to provide flexibility and purchasing power to its users. However, like any financial product, it comes with its own set of pros and cons. In this comprehensive review, we’ll delve into the features, benefits, and potential drawbacks of this card to help you make an informed decision.
What Makes the Aspire® Mastercard® Stand Out?
1. Prequalification Process
A Stress-Free Way to Check Your Eligibility
One of the standout features of the Aspire® Mastercard® is its prequalification process. This means you can check your eligibility for the card without affecting your credit score. This soft inquiry gives you a sense of your approval odds before you decide to apply formally. If you receive a mail offer with an acceptance code, you can use it to apply on the card’s website and go through this process with ease.
2. Cash Back Rewards
Earn Up to 3% on Everyday Purchases
The Aspire® Mastercard® offers an attractive cash back rewards program. You can earn:
- 3% cash back on gas, groceries, and utility bill payments.
- 1% cash back on all other eligible purchases.
These rewards are earned when the transaction posts to your account and remain as long as the purchases and bill payments are not returned or credited.
3. No Initial Deposit Required
Accessible for Those with Less-Than-Perfect Credit
Unlike many other credit cards that require a security deposit, the Aspire® Mastercard® does not. This makes it a viable option for individuals with less-than-perfect credit who may find it challenging to come up with a deposit.
4. Great Cardholder Benefits
Additional Perks to Enhance Your Experience
Aspire® Mastercard® cardholders enjoy several benefits, including:
- Online/mobile account access: Manage your account on the go.
- Free credit score: Access your VantageScore 4.0 credit score from TransUnion® for educational purposes.
- Zero fraud liability: You won’t be held responsible for unauthorized charges.
- Transaction alerts: Stay on top of your spending with real-time alerts.
What to Watch Out For
1. High Fees
Understanding the Cost of Ownership
While the Aspire® Mastercard® offers appealing features, it also comes with various fees that can add up over time. These include:
- Annual fee: Ranges from $49 to $175, depending on your creditworthiness, with a reduced fee in subsequent years.
- Account maintenance fee: Between $60 to $159, paid annually in the first year, then monthly thereafter.
- Late fees: Applicable for missed payments.
- Authorized user fee: $19 to add another user to your account.
2. High Interest Rates
Potential for Debt Accumulation
The Aspire® Mastercard® has a high interest rate, ranging from 22.74% to 36%, depending on your creditworthiness. This can make carrying a balance expensive and potentially lead to debt if you’re not careful.
3. Balance Transfer and Cash Advance Fees
Think Twice Before Using These Features
The card offers a balance transfer option, but it comes with a 3% fee and high interest rates (25.74% to 36%). Cash advances are similarly pricey, with a 5% fee and the same high APR.
Comparing the Aspire® Mastercard® to Other Options
Capital One Platinum Secured Credit Card
An Alternative for Building Credit
The Capital One Platinum Secured Credit Card requires a security deposit but offers a lower fee structure. With no annual fee and the possibility of a refundable deposit, it can be a more economical choice for those looking to build their credit.
Chime Secured Credit Builder Visa® Credit Card
Flexible Security Deposit Amounts
The Chime Secured Credit Builder Visa® Credit Card allows you to choose your security deposit amount and offers features like SpotMe, which allows for fee-free overdrafts up to $200. This card requires a Chime® checking account.
Discover it® Secured Credit Card
Rewards and a Sign-Up Bonus
The Discover it® Secured Credit Card offers 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter) and 1% on all other purchases. It also has a sign-up bonus where Discover matches all cash back earned in the first year.
Summary Table
| Feature | Aspire® Mastercard® | Capital One Platinum Secured | Chime Secured Credit Builder Visa® | Discover it® Secured Credit Card |
|---|---|---|---|---|
| Annual Fee | $49 – $175 (first year) | $0 | $0 | $0 |
| Security Deposit | None | $49, $99, or $200 | Varies | $200 |
| Cash Back | 3% on gas, groceries, and utilities, 1% on other purchases | None | None | 2% at gas stations and restaurants, 1% on other purchases |
| APR | 22.74% – 36% | 26.99% | N/A | 10.99% intro, 28.24% ongoing |
| Additional Benefits | Free credit score, zero fraud liability, transaction alerts | Credit building with refundable deposit | SpotMe overdraft up to $200 | Cashback match in first year |
FAQ
How do I prequalify for the Aspire® Mastercard®?
Prequalifying is simple. Visit the Aspire® Mastercard® website and follow the prompts to enter your information. This soft inquiry will not affect your credit score.
What are the annual fees for the Aspire® Mastercard®?
The annual fee ranges from $49 to $175 in the first year, depending on your creditworthiness. Subsequent annual fees are lower, ranging from $0 to $49.
How does the cash back rewards program work?
You earn 3% cash back on gas, groceries, and utility bill payments and 1% cash back on all other eligible purchases. Rewards are posted to your account once the transaction clears and are subject to remaining if purchases are not returned or credited.
What is the interest rate for the Aspire® Mastercard®?
The interest rate ranges from 22.74% to 36%, depending on your creditworthiness. This is relatively high compared to other credit cards.
Are there fees for balance transfers and cash advances?
Yes, balance transfers come with a 3% fee and high interest rates (25.74% to 36%). Cash advances have a 5% fee and the same high APR, making them expensive options.
Can I add an authorized user to my account?
Yes, but there is a $19 fee to add another user to your account.
Conclusion
The Aspire® Mastercard® Cash Back Rewards Credit Card offers a mix of benefits and drawbacks. Its prequalification process and lack of an initial deposit requirement make it accessible, especially for those with less-than-perfect credit. However, the high fees and interest rates can make it a costly option in the long run. Carefully consider your financial situation and compare it with other credit card options before making your decision.
By carefully weighing the pros and cons, you can determine if the Aspire® Mastercard® Cash Back Rewards Credit Card aligns with your financial goals and needs. Remember, understanding the full scope of fees and benefits is crucial in making an informed decision.
