The Bank of Missouri issues the Aspire Credit Card. Terms and conditions vary depending on the location it is advertised, your eligibility, and how you apply. Targeted offers may have been sent to you online or by mail regarding different versions of this card.
Even if your credit score is not perfect, the features can still be attractive. The card does not require a security deposit, and can offer a decent credit limit up to $1,000 depending on your creditworthiness. However, if you look closely at the terms of the card, you might find that it is more expensive to keep than other options.
It’s better to pay a security deposit on another card. Because you can keep a good payment record and get your deposit back on time, it’s better to pay a security deposit on a different card. While saving up for one can be difficult, there are other credit-building options that allow you to pick a security deposit amount that suits your budget.
Here’s some information about the Aspire credit card to help you make a decision about which option is best for you.
You may be eligible for either the Aspire Cashback Reward Card or the Aspire Credit Card, depending on your eligibility. Cash-back allows you to earn up to 3% cashback in certain categories and 1% for everything else. You should also be aware that the Aspire Cash Back Card has high APR and expensive fees. Don’t let these incentives fool you. These fees will quickly cancel any reward value.
1. Prequalification is required
You will be sent a mail offering for the Aspire credit cards. Once you have accepted the code, you will be taken through a prequalification process to determine your chances of approval. The offers are not likely to have any impact on your credit score.
After you accept an offer, a hard inquiry is made. This can temporarily lower credit scores. This is not unusual after you submit a credit card application to most issuers.
2. It is expensive to pay the fees
This card is expensive to keep for the long-term due to its high fees. Pricing may vary depending upon eligibility.
Take a look at the possible costs:
An annual fee: The fee is $49-$175 depending on your creditworthiness. After that, it’s $0-$49 annually.
A maintenance fee for your account: The fee can range from $60 to $159. It is due in full for the first year and then on a monthly basis thereafter.
Late fees: A missed payment may result in a $41 late fee.
Authorized user: To add another user to your account, you’ll need to pay $19. Many cards don’t charge any fees to add an authorized person.
The ongoing annual fee is low in comparison to other credit cards. Don’t forget the ongoing maintenance fee. You might be charged $109 total for both fees if your offer falls on the lower end. The higher end could cost you up to $334 per year. This is money that you can potentially get back if it’s used to make a security deposit on another credit card.
The $0 annual-fee Chime Credit Builder Visa (r) Credit Card offers more flexibility. You can choose the amount of your security deposit. Although the card requires a Chime checking or savings account, it may be worth it considering SpotMe. If you ever find yourself in a pinch, you can overdraw up to $200 without any fees. These terms and conditions apply. The Chime Credit Builder Visa(r), Credit Card cannot be used to carry a balance, so there are no interest fees or charges. Out-of-network ATM withdrawal fees do not apply to MoneyPass ATMs at 7-Eleven locations or any Allpoint ATM or Visa Plus Alliance ATMs.
3. It is costly to keep a balance.
Credit cards can have high interest rates if you have poor credit. This card is no exception. The interest rate ranges from 22.74% up to 36% (as at March 2023), depending upon your creditworthiness.
If you don’t have the funds to pay the annual and monthly maintenance fees for the card, the interest rate that may be charged for any balances can lead you to debt.
Consider other credit cards, such as the $0-annual-fee Discover It(r) Secured Card Card. These cards can offer valuable perks and are worth it, even though it requires a minimum $200 security deposit. While the security deposit is required, the rewards could help to offset the cost. You can get 2% cashback at gas stations or restaurants for purchases up to $1,000 each quarter. All other purchases earn 1%
Sign up bonus: INTRO OFFER – Unlimited Cashback Match available only at Discover Discover will match any cash back that you have earned in the first year. There is no minimum spend or maximum reward. There is no minimum spending or maximum rewards.
If you have a strong payment history, you may eventually be able to get the money back. After seven months, Discover reviews your account to determine if it is eligible for a standard Discover credit card.
4. Cash advance and balance transfer options can be expensive.
Although the Aspire Credit Card allows you to transfer your balance, it is not worth trying to reduce debt. The high interest rate (25.74 to 36% depending on creditworthiness as of this writing) along with the 3% fee are not a great combination. The best balance transfer option offers a 0% interest rate to reduce debt. However, these offers are usually reserved for people with 690 credit scores or better. You still have options to get out of debt even if you have less than ideal credit.
Credit cards that offer cash advances are known for being expensive, such as this one. Cash advances have an APR of 25.74% to 36% depending upon your creditworthiness. There’s also a 5% fee. If you plan to use this card, avoid these transactions in order to avoid debt.
5. Consider deferred interest offers occasionally.
The Aspire Credit Card may occasionally offer deferred interest promotions. However, it is important to fully understand the terms before you accept one. A deferred interest deal allows you to finance a purchase with no interest charges and for a specified time. However, you must pay the balance before the deadline. This can be useful if you have a large purchase to make, but you could end up with a lot of debt if it isn’t paid off before the deadline. Failure to pay the full balance by the due date will result in you being liable for any interest charges that accrued during the promotional period.
This card has a high interest rate so it is important to cancel it if you are unable to pay it back in due time. You won’t be able to pay the full amount if you only pay the minimum amount during a promotion of deferred interest.
It can be difficult to balance a continuing interest rate on purchases with a deferred offer of interest. If you accept a deferred rate offer for purchases and set up automatic payments, then you will need to make additional payments via mail or telephone to avoid interest.
This Chime Credit Builder Visa(r), Card was issued by Stride Bank N.A. Member FDIC pursuant to a Visa U.S.A. Inc. license. It can be used wherever Visa credit cards are accepted