The Aspire credit card is an unsecured credit card for people with less than perfect credit. It features a cash back rewards program with up to 3%. You can prequalify with no impact to your credit score.
Most cards that approve bad credit, do not offer cash back rewards. This alone sets Aspire apart and above other cards in the market. Using your card for everyday purchases will not only help increase your score but also give you access to potential limit increases.
What Score Is Needed?
The minimum score required for approved application on average is a 630. You must have a valid US social security number and government issued ID. Your score may fluctuate on different bureaus so make sure to check before applying.
Aspire uses Experian to check credit history. It may also take into consideration your score from Equifax and Transunion. Most companies uses your FICO, what can be an average score.
Cashback Rewards Program
You have an opportunity to earn up to 3% cashback on certain purchases. These purchases include paying gas, groceries or utilities. Utility purchases are payments for gas, electric or water bills. Other eligible purchases receive 1% cashback.
Rewards are only earned when transactions are posted to the account. If an action is returned to lack of funds, no rewards will be available. A customer does not receive points for cash advances.
How Long Before Receiving Card?
Your card can take up to 14 business days before arriving. On average less than 7 business days. Please keep in mind that Holidays can slow down the mailing systems. However, you can login to your account an get a virtual card. This will give you the number to use until physical card arrives in the mail.
What Bank Is Aspire Card?
The Aspire Credit Card is issued by the Bank of Missouri. It is one of the largest financial issuers of credit card processing. Many other companies uses the Bank of Missouri for all their transactions.
Some other cards issued by this bank are the Visa Platinum Card, American Express Premier Rewards and Cash Rewards American Express. The company is reliable and secure.
Credit Limits Available
A customer applying for this card can receive a credit limit up to $1,000. The lowest amount is $350. If this is your first credit card, make sure to make payments on time to increases your score and limit in the future.
Your initial approval amount will be based of your credit history. If you do not have a credit score, you will get a lower amount. There are ways to boost your credit before applying.
Hard Inquiry After Pre-Approval
The Aspire Card allows you to prequalify. This process helps you raise the odds of getting approved, which is considered a soft pull. Once you read and accept the terms, your information is hard pulled for complete details.
A hard inquiry can lower your credit score by 2 points. Sometimes a soft inquiry does not render all the information needed to make a decision. Try not to hit the apply button more than once.
Adding An Authorized User
An authorized user is a person who is added to the credit account. They can receive the benefits of an increased credit score without actually making payments. However, if payments are late their score can decrease also.
To add to your account login or contact customer service. You do not have to give an authorized user access to the credit card. There may be a fee for a duplicate card.
Credit Score Increase
You will see your score increase once good payment history is reported to the bureaus. The amount depends on what is on your report. Over a 6 month period, it can be 30 - 100 points. Each person may experience different results.
Can I Request A Limit Increase?
Yes, you can ask for your credit line to be raised. Make sure your account is in good standing before doing so. You want a minimum of 6 timely payments, so 6 months of history. This will show your responsible and increase your chances.
The initial amount of $350 can be increased to $1,000 over a period of time. Make sure to keep your utilization below 30% and if you can pay your balance in full each month. These are the 2 best practices to achieve your goal.
Card Fees and APR Rate
There is an annual fee ranging from $85 - $175. APR is 29.99%. Late fee is $40 and cash advance APR is 32.99% along with $5 or 5% amount greater transaction fee.
All credit cards have fees and APR rates. If you have bad credit, these items will be higher. However, as you build credit these items will lower with different cards.
Aspire Customer Service
You may call 855-802-5572 or visit aspire.com to login and view your account details. Payment address is P.O. Box 105374, Atlanta, GA 30348. There is an option to make payments online in the portal manually or automatic drafts.
Automatic drafts will help you avoid late fees and penalties if you forget to login. If your going to be late, contact customer service and discuss your situation.
Can I Cancel or Close My Account?
Before doing so, make sure your balance is paid in full with account in good standing. If not, this can result in a charge off of remaining balance. This action can decrease your credit score.
If you have fallen behind significantly, you can ask about a settlement. If accepted, you can close your account for a lesser amount than owed. Please contact Aspire if this is your current situation.
Is The Apsire Credit Card Worth It?
If you are trying to rebuild your credit, then this is a good option for you. It offers multiple approval amounts and access to cash back rewards. Keep your utilization low and maintain a positive payment history.