When you buy something using links found on our site, we may earn a small affiliate commission. This content is reviewed & supervised by The Los Angeles Times.
Aspire® Mastercard® Cash Back Reward Credit Card review
KEY TAKEAWAYS
The Aspire® Cash Back Reward Card provides unsecured credit up to $1,000 upon approval for those with bad to fair credit
What we think: The Aspire Cash Back Reward Card is a great option if you’re looking to rebuild your credit whilst getting cash-back rewards. We particularly love the 3% cash back on gas, groceries and bill payments. However, the annual fee and interest rates may outweigh these rewards if you don’t spend much in these categories.
Lets you prequalify for credit before applying so you only incur a soft pull against your credit when seeing if you have a preapproval
Offers interest rates that range between 22.74% and 36%, depending on your credit score
Charges an annual fee between $49 and $175 for the first year, then between $0 and $49 after the first year
Offers cash back rewards on eligible purchases ranging from 1% to 3% when you sign up for the Aspire Cash Back Reward Card.
SUMMARY
If you’re trying to rebuild your credit, the Aspire Cash Back Reward Card may be just what you need to boost your credit score and help you achieve your financial goals.
Use this guide to learn the good and bad qualities of accepting an offer from Aspire if you receive a mailer that you prequalify or wish to apply because you think it’s the best credit card for you.
Earn 1% back on all purchases and 3% back on gas, groceries, and bill payments. $49-$175 annual fee the first year, then $0-$49.
Is Aspire a good credit card?
Two things in particular make the Aspire® Cash Back Reward Card an attractive option when you have less than perfect credit: a potentially high initial credit limit and an easy prequalification based on your FICO or VantageScore.
The high interest rates and fees, however, mean you should take a second look before you answer an offer that tells you that you prequalify for this Mastercard credit card issued by the Bank of Missouri.
Let’s explore the bank’s cash-back program, including how to earn and redeem rewards with the Aspire Cash Back Reward Card. Fortunately, the terms for this program are easy to understand and let you know up-front when to expect to get your earnings on eligible purchases.
Note that in addition to the cash-back rewards card, the Bank of Missouri also offers an Aspire credit card that doesn’t come with cash back or other rewards. It’s important to be mindful when you decide which one works best for you.
Earn rewards
Aspire Cash Back Reward cardholders receive 1% cash back on every eligible purchase and 3% cash back on gas, groceries and bill payments. You get cash back credited toward your account when transactions post to your account — no rewards are given on pending purchases.
Keep in mind that you don’t earn rewards on bank fees, interest charges, balance transfers or cash advances.
Redeem rewards
Cash-back rewards from Aspire are given to cardholders as an annual statement credit against the balance of purchases. In the month of your account opening anniversary, the bank posts this credit against your purchase balances, so long as you have an account in good standing, but it can’t be used toward the monthly payments you make, including your minimum payment. Note that the only way to redeem your rewards is as a statement credit, as the bank doesn’t provide cash rewards.
Aspire credit card benefits
Access to all your account information from any internet-connected device is one of the main benefits of this card. Though many banks offer this sort of service, it’s worth noting that the Aspire Account Center lets you set transaction alerts so you can better track spending, especially when you have another cardholder attached to your account.
The Bank of Missouri offers several other key benefits to Aspire cardholders, including the following.
1
No security deposit
The Aspire Cash Back Reward Card offers unsecured credit, so you don’t have to put money into a savings account to get approved for the card.
See MoreSee Less
2
Up to $1,000 credit limit
This credit card provides you with access to up to a $1,000 initial limit, and it often raises credit limits for those who don’t qualify for the high-end credit limit after six months of on-time payments.
See MoreSee Less
3
Prequalify without a credit check
You can get preapproval for the Aspire credit card with only a soft pull on your credit so you don’t incur a ding to see what the company has to offer. Keep in mind that once you accept the offer, the Bank of Missouri performs a hard inquiry on your credit, and it may show up as such on your credit report.
See MoreSee Less
4
Zero fraud liability
If you lose your card or it gets stolen, Aspire provides zero-fraud liability so you’re not stuck paying someone else’s charges.
See MoreSee Less
Aspire credit card fees, rates & limit
Though people often focus on the credit limit they get, they sometimes forget about the fees and interest rates charged for that access. Let’s take a look at how much being an Aspire cardholder can cost you both upfront and over time.
Aspire credit card fees
Aspire charges the following fees:
Annual Fee: This fee runs from $49 to $175 for the first year, then from $0 to $49 annually after that. The Bank of Missouri charges this fee against your initial credit, billing the fee on your first statement. Keep in mind that although you may have no annual fee, you will still be charged a monthly maintenance fee, as discussed below.
Account Maintenance Fee: Cardholders incur fees of $60 to $159 billed annually for the first year, then monthly fees between $5 and $12.50 after the first year.
Balance Transfer Fee: Transferring your balance to this card means you pay 3% on each transaction after the first year in addition to interest charges.
Foreign Transaction Fee: If you travel internationally and use the Aspire card, the bank charges you a 3% fee on each transaction in U.S. dollars.
Late or Returned Payment Fees: If your payment is late or your bank returns it, you incur a $41 fee per incident.
Additional Card Fees: If you add an authorized user to your account, you incur a one-time fee of $19.
Aspire credit card interest rates
The Aspire card charges the following annual percentage rates:
Regular APR for Purchases: Aspire charges between 22.74% and 36% for regular purchases, depending on your credit score.
APR for Cash Advances: This card charges between 25.74% and 36% for cash advances, depending on creditworthiness.
APR for Balance Transfers: You incur rates between 25.74% and 36% based on your credit when you transfer balances to the Aspire credit card.
Aspire credit card credit limit
Initial credit limits for the Aspire Cash Back Reward Card are up to $1,000, though you may prequalify for a lower amount. The lowest amount you may get preapproval for is $350, but on the flip side, the Bank of Missouri sometimes raises credit limits after a six-month history of on-time payments.
Is the Aspire credit card right for me?
The Aspire Cash Back Reward Card may be the right choice for you if you’re trying to build or rebuild credit.
This credit card is designed for those with fair to less-than-perfect credit, and it typically requires a FICO or VantageScore of 630 for you to get a prequalification. Unlike most other cards intended to help you build credit, this rewards credit card also allows you to earn cash back in the form of a statement credit.
Note, though, that high fees and interest rates may make this credit card costlier than other choices available to those with similar credit scores, so be sure to shop around before accepting a preapproval. Aspire charges an annual fee upfront, so you incur that charge immediately upon acceptance of the bank’s offer.
Of course, your choice of credit card will largely depend on your financial situation and preferences.
If you’re unsure about the Aspire credit card, check out these reviews to see if another card may be a better fit for helping you build or establish credit:
Aspire sends out offers for its credit cards to those who meet basic eligibility requirements, with a preapproval option requiring acceptance of the invitation.
You can also learn more about the Aspire Cash Back Reward Card and apply online if you want the credit card but haven’t received a letter that you prequalify.
In addition to a 630 FICO or VantageScore, requirements for eligibility for this credit card include:
A physical address in the United States (no P.O. boxes)
You must be 18 years old or older
Proof of ample income to meet minimum payment requirements
The Bank of Missouri issues both the Aspire Credit Card and the Aspire Cashback Reward Card. Branded through Mastercard for reliable access to almost any financial network, this credit card sends out offerings that target different people for prequalification at different rates and terms, depending on the advertising venue and personal eligibility.
Is Aspire an unsecured credit card?
Yes, Aspire’s credit cards are unsecured, and you can qualify with poor to fair credit. Because this credit card is unsecured, you don’t have to open a savings account to qualify.
Does Aspire give credit increases?
Though Aspire offers credit limits of up to $1,000, many who accept the preapproval get lower amounts. The lowest limit the credit card offers is $350 initially, topping out at $1,000. The bank does, however, sometimes lift limits after a 6-month history of payments that are on time and without issue.
Does Aspire approve bad credit?
Aspire approves those with less-than-perfect credit for its credit cards. In many circumstances, those with bad credit can prequalify for and receive this credit card.
What is the credit limit for an Aspire credit card?
Aspire provides cardholders with initial credit limits of up to $1,000. You may not, however, qualify for that much credit, even if you have a pre-approval letter. The lowest credit limit the credit card offers is $350 before the removal of the annual fee upon acceptance.
What credit score is needed for an Aspire card?
Aspire typically targets their offers to those with at least a 630 FICO or VantageScore. This credit card also helps customers take control of their credit by providing free access to scores on a month-to-month basis for easier tracking and monitoring.
Imogen Sharma is a freelance writer with an extensive portfolio, covering topics such as finance, business management, investing, and startups. Before becoming a full-time writer, Imogen managed high-volume fine dining restaurants in London with a knack for pricing and P&L management that contributed to sustained growth.
Imogen has contributed bylined and ghostwritten content for thought-leading publications in business, finance and technology. Topics covered include business loans, personal loans, startup funding and real estate investments.
* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.
All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.
LA Times Compare is committed to helping you compare products and services in a safe and helpful manner. Our goal is to help you make sound financial decisions and confidently choose your next credit card.
We work to ensure that the information and advice we offer on our website is objective, unbiased, verifiable, easy to understand for all audiences, and free of charge to our users. We don’t feature all products and services available on the market but provide a wide range of options from top providers offered through Bankrate. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We can offer our services thanks to partners that compensate us. This may affect which products we write about and where and how product offers appear on our website – such as the order in which they appear. This does not affect our ability to offer unbiased reviews and information about these products; all partner offers are clearly marked. Given our collaboration with top providers, it’s important to note that our partners are not involved in deciding the order in which brands and products appear. We leave this to our editorial team who review and rate each product independently.
Why Trust Us?
At LA Times Compare, our mission is to help our readers reach their financial goals by making smarter choices. As such, we follow stringent editorial guidelines to ensure we offer accurate, fact-checked and unbiased information that aligns with the needs of the Los Angeles Times audience.
Learn how we are compensated by our partners.
