The Aspire Credit Card has been a popular choice for many individuals looking to build or rebuild their credit. With a range of features and benefits, this credit card stands out among its competitors. As always, before you decide to apply for any financial product, it’s imperative to weigh the pros and cons and understand if it’s the right fit for you. This article aims to provide you with an unbiased and comprehensive review of the Aspire Credit Card to help guide your decision-making process.
One of the appealing aspects of the Aspire Credit Card is its prequalification process on their website, making it easier for individuals to evaluate if this card is suitable for their needs. Moreover, cardholders can earn rewards, with 3% cashback on gas, groceries, and utility bill payments and 1% cashback on all other eligible purchases.
However, it is crucial to be aware of the costs associated with the card. For example, the annual fee ranges from $49-$175 for the first year, dropping to $0-$49 after that, and a monthly fee of $0 for the first year and $5-$12.50 afterward. The APR on purchases can be either 29.99% or 36%, which are relatively high rates in the credit card industry.
Aspire Credit Card Overview
Issuer and Background
Aspire is a credit card product issued by The Bank of Missouri. It aims at providing individuals with the opportunity to rebuild their credit with responsible credit card usage. The Bank of Missouri, established in 1891, is a well-respected financial institution that offers various financial products and services, including credit cards like Aspire.
Card Types and Variants
There are different types and variants of the Aspire credit card, catering to different credit profiles of cardholders. One of the popular kinds is the Aspire Platinum Rewards card, which targets individuals with good to excellent credit scores (690-850). This card comes with a $0 annual fee, a 1.00% rewards rate, and offers 5,000 bonus rewards points after spending $2,000 in the first 3 months.
Another variant of the Aspire credit card targets individuals with lower credit scores (bad credit). This card comes with an annual fee ranging from $49-$175 for the first year, which reduces to $0-$49 from the second year onwards. A monthly fee of $5-$12.50 applies after the first year. The APR on purchases varies between 29.99% or 36%, depending on the cardholder’s credit profile.
Some features of the Aspire credit cards include cash back rewards* on gas, groceries, and utility bill payments, as well as a prequalification process that allows potential cardholders to apply using an acceptance code provided through a mail offer.
Do note that Aspire credit cards are available as Mastercard products, ensuring widespread acceptance at millions of merchants worldwide.
*Cash back rewards may not apply to all Aspire credit card variants.
Card Features and Benefits
Rewards and Perks
The Aspire credit card offers a variety of rewards and perks for cardholders. It provides a credit limit of up to $1,000 and rewards cardholders with 3% cash back on gas, groceries, and household utilities. In addition, cardholders earn 1% cash back on all other purchases. There is also a bonus offer, where cardholders can earn 5,000 Bonus Rewards Points after spending $2,000 in the first 3 months.
Travel and Dining
The Aspire credit card does not specifically focus on travel and dining rewards, as some other cards do. However, its cash back rewards system applies to expenditures on gas, groceries, and household utilities, which can include dining expenses.
Hilton Honors Aspire Card Benefits
The Hilton Honors American Express Aspire Card is a different card altogether, tailored for frequent travelers and Hilton loyalists. This card offers significant benefits, including:
- A welcome offer of 150,000 Hilton Honors points after spending $4,000 within the first three months of account opening.
- 14 points per dollar spent on eligible purchases at participating Hilton hotels and resorts.
- 7 points per dollar spent on flights booked directly with airlines or through American Express, car rentals, and dining at US restaurants.
- 3 points per dollar spent on all other purchases.
- Complimentary Hilton Honors Diamond status for as long as you hold the card.
- Annual resort credit of up to $250 for eligible stays at participating Hilton resorts.
- Annual airline fee credit of up to $250 for incidental charges.
- Annual $100 on-property credit at participating Waldorf Astoria and Conrad hotels.
- Unlimited access to Priority Pass airport lounges and enrollment in Amex Global Lounge Collection.
- No foreign transaction fees.
Although the Hilton Honors Aspire Card comes with an annual fee, the extensive rewards and benefits, especially for those who frequently travel and stay at Hilton properties, make this card a valuable addition to their wallet.
Fees and Rates
Annual and Maintenance Fees
The Aspire Credit Card comes with an annual fee ranging from $49-$175 for the first year, and $0-$49 after that. In addition, there is a monthly maintenance fee of $0 for the first year, and $5-$12.50 after the first year.
Interest Rates and Charges
Aspire Credit Card charges an APR on Purchases: 29.99% or 36%. Apart from the annual and maintenance fees, there are other fees associated with this card:
- Late Fee: If a payment is made past its due date, Aspire Credit Card may charge a late fee.
- Foreign Transaction Fee: Using the card for transactions in other currencies or outside of the United States may result in a foreign transaction fee.
- Cancel: Canceling the card does not eliminate any outstanding balance or fees already incurred.
When considering the Aspire Credit Card, it’s essential to weigh these fees and rates against its potential benefits and rewards. Be aware and plan accordingly to avoid additional charges, such as late fees.
Application and Eligibility
Credit Score and Approval Requirements
The Aspire Credit Card accepts applicants with various credit scores, making it accessible for those with bad credit. However, it is important to note that the interest rates and fees may vary depending on your credit score. Here are some key points to consider:
- Accepts all credit types: Aspire is more lenient when it comes to credit score requirements, making it an option for those rebuilding their credit history.
- Interest rates: The APR on purchases can range between 29.99% and 36%, depending on your credit score and other factors.
Application Process
Applying for the Aspire Credit Card involves a prequalification process, which helps increase the chance of approval. Here are the main steps:
- Receive a mail offer: Potential applicants may receive a mail offer with an acceptance code for the Aspire Credit Card.
- Use the acceptance code to apply: Visit the card’s website and enter the provided acceptance code to start the application process.
- Complete the application: Fill in all the required personal and financial information, then submit the application for review.
It’s essential to keep in mind that the prequalification process does not guarantee approval, and other factors can influence the final decision.
Managing Your Account
Customer Service and Support
The Aspire credit card offers several channels to help customers manage their account effectively. Cardholders can access their accounts through the Aspire® Account Center, available 24/7 on any desktop or mobile device. This platform allows users to keep track of transactions, view their statement, and manage their payments.
Furthermore, Aspire provides excellent customer service through various channels such as phone, email, and chat support for any inquiries or concerns. The credit card is issued by The Bank of Missouri, a member of the FDIC, which means that customers can trust the financial stability and resources of the bank.
Security and Fraud Protection
Aspire understands the importance of security and protecting cardholders from fraudulent activities. They have implemented several features to ensure a safe and secure experience, such as:
- Fraud Protection: Aspire credit cards offer real-time fraud monitoring to detect any suspicious activities. In case of any unusual transactions, the cardholder will receive notifications and the card will be temporarily blocked until the issue is resolved.
- Credit Protection: In addition to fraud monitoring, the Aspire credit card has a series of credit protection measures in place. For instance, the card comes with a chip technology that makes it difficult for thieves to duplicate and provides an additional layer of security.
- Security Deposit: While the Aspire card does not require a security deposit, it is designed to help customers build or rebuild their credit and offers reasonable fees compared to other credit cards targeting customers with bad credit scores.
Overall, the Aspire credit card provides adequate security measures and reliable customer support to its cardholders, ensuring that they can confidently manage their account and enjoy peace of mind.
Cancellations and Balance Transfers
The Aspire Credit Card does not offer the option to perform balance transfers. As a result, users cannot transfer high-interest debt from another account to the Aspire card to take advantage of a lower interest rate. This limitation makes the card less appealing to those seeking to consolidate their debt.
Although the Aspire Credit Card does not provide trip cancellation and interruption insurance, it does offer specific rewards and benefits. Cardholders can earn 3% cash back rewards on gas, groceries, and utility bill payments. Moreover, the card has varying fees, including a first-year annual fee that ranges from $49-$175, followed by $0-$49 after the first year. The monthly fee is $0 for the first year and increases to $5-$12.50 thereafter. The interest rate for purchases lies between 29.99% and 36%.
It is essential to consider account opening terms and potential usage when evaluating the Aspire Credit Card. Some reviewers have complained that, without using autopay, late fees can be incurred if payments are not made by 5:00 PM EST on the due date. This stipulation can be challenging and inconvenient for users in different time zones.
In conclusion, the Aspire Credit Card lacks some features, such as balance transfers and trip cancellation and interruption insurance. However, the card has its merits by offering rewards for specific spending categories. Customers should carefully examine their own financial needs and consider factors such as fees and payment terms before deciding on whether this card suits their requirements.
Aspire Credit Card Alternatives
If you’re considering the Aspire Credit Card, it’s essential to explore other options that might be better suited for your financial needs and goals. This brief section will highlight a few alternatives that might interest you.
Credit One Bank®: Credit One offers a variety of credit cards tailored to individuals with different credit histories. They provide options for those with bad credit, fair credit, and good credit. For instance, the Credit One Bank® Platinum Visa® for Rebuilding Credit is specifically designed for people who want to improve their credit score.
Good credit options: If you have a good credit score, you may be better off opting for cards with more competitive offerings like lower APRs, better rewards, and more significant signup bonuses. Examples include the Chase Freedom Unlimited® or the Capital One Quicksilver Cash Rewards Credit Card, both of which offer cashback rewards on purchases.
Travel credit cards: If you’re a frequent traveler, you might benefit from a travel-focused credit card. Examples include the Chase Sapphire Preferred® Card or the American Express® Gold Card. These cards offer generous travel rewards, airport lounge access, and other valuable perks, making them ideal choices for travelers.
Simple card alternatives: If you’re looking for a no-frills, easy-to-understand credit card, consider the Citi® Double Cash Card or the Apple Card. Both cards offer simple rewards structures and straightforward payment options, making them appealing for those who prefer a more minimalist approach to credit card management.
By considering these alternative options, you can ensure that you choose the best credit card for your unique financial situation and preferences.
Conclusion
The Aspire Credit Card offers a set of benefits that may be suitable for individuals looking to build their credit or pay down existing debt. One of its key features is the prequalification process, which allows applicants to check their eligibility without impacting their credit score.
Additionally, the Aspire Cash Back Reward Card offers 3% cash back on gas, groceries, and utility bill payments. This card caters to a wide range of credit scores, ensuring that people with different financial backgrounds can find a suitable option.
However, the card comes with certain drawbacks, such as high initial fees and interest rates ranging from 29.99% to 36%. These fees can be a significant factor to consider when deciding whether to apply for the Aspire Credit Card.
In terms of security, Aspire offers layers of protection to safeguard cardholder information, which is an important aspect for many consumers. Despite some unfavorable features, the Aspire Credit Card can be a suitable choice for specific financial circumstances, especially when the cardholder can benefit from its rewards and is aware of the associated costs.
Frequently Asked Questions
What is the credit limit range?
Aspire Credit Card offers a credit limit range that varies based on the applicant’s creditworthiness. The exact credit limit range is not disclosed, as it is determined on an individual basis during the application process.
How often are credit increases offered?
Credit limit increases for the Aspire Credit Card may be offered periodically, depending on the cardholder’s credit performance and payment history. It is not specified how often these increases are offered, so it’s essential for cardholders to maintain good credit habits and monitor their account regularly.
How is their customer service?
Customer service for the Aspire Credit Card is available through various channels. You can contact them by phone, email, or through their website. However, the quality of their customer service may vary depending on individual experiences and the issues at hand. It is always best to read reviews and ask current cardholders for their own experiences before making a decision.
Are there any legal issues?
There is no specific information available on legal issues related to the Aspire Credit Card. However, it is essential to stay informed about any changes, updates, or legal incidents regarding the card. Make sure to check for recent news or reviews online to stay informed and make educated decisions.
What’s the acceptance code use?
The acceptance code is used when you receive a mail offer for the Aspire Credit Card. You can use the acceptance code to apply for the card on their website. This code is part of Aspire’s prequalification process to check your eligibility for the card without impacting your credit score.
Which bank backs the card?
Aspire Credit Card is backed by Columbus Bank and Trust Company, a division of Synovus Bank. This financial institution is responsible for providing the card services, ensuring that customer transactions and account management meet required regulations and standards.
