Rewards Program: Can 1% Cash Back Make Up for It?

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A major selling point Aspire pushes is that it offers rewards – something not all subprime cards do. Here’s how the rewards break down:

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• 1% Cash Back on all purchases. Every dollar you spend earns $0.01 in rewards.

• 3% Cash Back on certain categories: gas, groceries, and utility bill payments (as of current offer). These higher-earnings categories are a nice perk for a card targeting those with low credit, since many competitor cards offer no rewards at all or just 1%.

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On paper, earning cash back on a “bad credit” card is rare. For example, Credit One (a similar subprime issuer) often has 1% on select categories only. Aspire giving a flat 1% plus some 3% categories does make it one of the more rewarding cards in the subprime segment.

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But here’s the rub: 1% of your spending isn’t much – and certainly not enough to offset the fees. Imagine you spend $500 per month on this card (and that’s on the high side for a $1k limit). At 1% back, that’s $5 rewards a month. Even if some spending is in 3% categories, you might get ~$10/month in rewards. Meanwhile, starting year two, you could be paying ~$15/month in maintenance fees plus the annual fee.

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The math is bleak: your cash back earned will likely be canceled out by fees unless you spend an unusually high amount (and remember, high spending could hurt if you don’t pay it all off immediately, due to interest).

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In summary, the Aspire card’s rewards are a nice gesture, but they shouldn’t be the reason you keep this card for the long term. Think of the cash back as a small bonus to lessen the sting of the fees, not as a money-maker.

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Redemption: Aspire’s cash back posts to your account as “reward dollars” that can typically be redeemed for statement credits or possibly shopping (the official site mentions Amazon checkout as an option). There’s no indication of sign-up bonuses or rotating categories – it’s straightforward cash rewards.

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Are the Rewards Worth It?

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For most cardholders rebuilding credit, probably not. To put it bluntly, don’t get “drawn in by the incentives,” as NerdWallet warn. The high fees and APR will “easily cancel out any value provided by rewards.” If you’re considering Aspire, do so for the credit access (and maybe as a stepping stone), not for the 1% back.

Approval Odds and Prequalification: Getting the Aspire Card

One slightly positive aspect: Aspire lets you prequalify with no hard credit pull. Many people first hear of Aspire via a mailed acceptance code offer. You can enter that code online to see your offer and pre-qualify.

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Alternatively, on Aspire’s website you can hit “See If You Prequalify” and check if you’re eligible without dinging your credit score. This is useful if you’re just exploring – you’ll get an idea of your starting credit limit and annual fee before committing.

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• Credit Score Needed: Aspire targets “fair/poor” credit. Many cardholders report approval with credit scores in the 550-600 range. NerdWallet notes it’s for people with “credit score under 640” (i.e., subprime). If your score is significantly higher, you likely have better options (and may not even get an offer for this card).

• Initial Credit Limit: Typically $300 up to $1,000, depending on your creditworthiness. The Bank of Missouri might start cautious; don’t expect a high line. On the bright side, no security deposit is required, unlike most cards for bad credit. You’re getting an unsecured line of credit albeit a small one.

• Upgrade Potential: This is unclear. Some issuers will increase your limit or upgrade you to a better product after some on-time payments. Aspire’s terms do mention the possibility of credit line increases. There’s no known “graduation” to a prime card; Aspire is pretty much a standalone product. If your credit improves, you would have to apply for a different card elsewhere; Aspire won’t magically turn into a lower-fee card.

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Application tip: If you decide to apply, use the prequalification first. Once you formally accept and submit, Aspire will do a hard inquiry on your credit. That hard pull can temporarily shave a few points off your score, so you want to be reasonably confident you’ll be approved before going forward. Prequalifying helps gauge that.

Should You Get the Aspire Card? (Pros & Cons)

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Choosing a credit card when you have less-than-perfect credit is a balancing act. Here are the pros and cons of the Aspire® Cash Back Rewards Mastercard, to help you decide if it fits your needs:

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Pros

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• No Security Deposit: Unlike a secured card, you don’t have to put down $200+ of your own money as collateral. This is a big draw if you’re short on savings.

• Possible Decent Credit Limit: Initial limits range up to $1,000. Many competitors start at $300. A higher limit (if you get it) gives you a bit more flexibility and can help your credit utilization ratio.

• Cash Back on Purchases: Earning 1%–3% cash back is virtually unheard of in the bad-credit card category. Aspire at least rewards your spending, whereas some subprime cards simply don’t. It’s nice to get a small rebate on gas and groceries.

• Reports to Major Credit Bureaus: Aspire will report your payment history to Equifax, Experian, and TransUnion regularly. This means on-time payments can gradually build your credit.

• Prequalification Available: You can check if you’re eligible without a hard credit pull, so it’s low-risk to peek at the offer. This helps you compare options before committing.

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Cons

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• Very High Fees: Between the upfront annual fee and the ongoing monthly fees, Aspire is one of the most expensive credit cards to hold. Over a couple of years, fees could cost you hundreds – money that could be used for a secured card deposit (which you’d get back) or paying down other debt.

• Sky-High APR (36%): This interest rate is far above the market average. If you carry a balance even occasionally, finance charges will stack up rapidly. This card absolutely must be paid in full each month to avoid its punishing interest.

• Minimal Benefits: Aside from cash back, Aspire doesn’t offer much else. No intro APR, no significant travel or purchase protections, and no free credit score except the VantageScore they show in your account. It’s a pretty bare-bones product.

• No Upgrade Path: This isn’t a card you grow with. There are no known upgrades to, say, a Platinum card with no fees. Aspire and its sibling cards (Fortiva, etc.) tend to exist in a bubble. So, once your credit improves, you’ll likely want to close this account and move on – which could temporarily ding your credit score.

• Customer Feedback: User reviews on forums and sites like ConsumerAffairs are largely negative. Common complaints include the high fees, instances of rewards being forfeited, or customer service issues. While individual experiences vary, it’s clear this card doesn’t delight customers. It’s more of a “necessary evil” for credit building.

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Bottom line: The Aspire card might be acceptable as a last-resort unsecured card if you cannot afford a security deposit. It does provide a genuine Mastercard you can use anywhere, which can be a relief if you need a credit line for emergencies. However, for most, a secured card or alternative will be cheaper and less stressful in the long run.

Comparing Aspire® Cash Back Rewards Mastercard with Other Credit Cards

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When considering the Aspire® Cash Back Rewards Mastercard it's helpful to compare it with other popular options in the credit builder card category:

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Chime Credit Builder Secured Visa® Credit Card:

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• Annual fee: $0

• Security deposit: Flexible, based on the amount transferred to Credit Builder account

• Key features: No credit check to apply, reports to all three major credit bureaus

• Standout feature: No minimum security deposit required

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Capital One Quicksilver Secured Cash Rewards Credit Card:

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• Annual fee: $0

• Security deposit: Minimum $200, which becomes your credit limit

• Key features: 1.5% cash back on most purchases, automatic credit line reviews

• Standout feature: Earn rewards while building credit

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Current Build Visa® Credit Card:

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• Annual fee: $0

• Security deposit: Flexible, based on the amount transferred to Build account

• Key features: No credit check required, reports to all three major credit bureaus

• Standout feature: Linked to Current banking app for easy fund transfers

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Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.

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Key Takeaways:

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• Aspire® Cash Back Rewards Mastercard excels in helping customers build credit

• Chime Credit Builder offers flexibility with no minimum deposit

• Capital One Quicksilver Secured provides cash back rewards

• Current Build integrates with banking app for convenient use

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Conclusion: Is Aspire Worth It and What Should You Do?

The Aspire® Cash Back Rewards Mastercard is a mixed bag. On one hand, it provides access to credit and even rewards when you might not have many options. On the other hand, it charges a premium for that opportunity – in fees and interest. For most consumers, Aspire is not a card to keep for the long term. If you take it, do so with a clear plan: use it to prove yourself credit-worthy over 6–12 months, then graduate to something better. Make sure you exploit the 1%–3% cash back while you have it, but never at the expense of carrying a balance.

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If you’re on the fence, consider a secured card alternative or see if you can qualify for a no-annual-fee card first. The goal is to build credit without throwing away money on fees. Remember that every situation is unique – if Aspire is the only approval you can get and you urgently need a credit line, it can serve as a stepping stone. Just go in eyes open about the costs.

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Next steps: Compare your offers, and don’t hesitate to upgrade your wallet as your credit improves. Tools like Kudos can help you find credit cards that better fit your profile. The journey from a card like Aspire to a prime credit card might take a bit of patience, but it’s absolutely achievable with good habits.

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Friendly advice: your credit card should work for you, not against you. Aspire can work for you only if you manage it responsibly and plan an exit strategy. Otherwise, it may just “aspire” to take a lot of your cash back.

FAQ: Snippet-Optimized Q&A

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Is the Aspire Cash Back Rewards Mastercard legit?

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Yes – the Aspire Cash Back Rewards Mastercard is a legitimate credit card issued by The Bank of Missouri and serviced by Atlanticus. It is not a scam, but it is an expensive product aimed at people with poor credit. Cardholders do get a real Mastercard that can be used anywhere Mastercard is accepted. Just be aware that the card’s high fees and 36% APR are part of the deal. These terms are disclosed in the card agreement.

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Does the Aspire card help you build credit?

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It can, if used responsibly. Aspire reports your payments to all three major credit bureaus, so making on-time payments can gradually improve your credit score. Many people use cards like Aspire as a tool to rebuild credit after past issues.

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How do I pre-qualify or respond to an Aspire Mastercard offer?

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To pre-qualify, you can visit Aspire’s official website and click “See If You Prequalify” – then fill in the form. This triggers a soft credit inquiry (no impact to your score) and will tell you if you’re eligible and what terms you might get. If you received a physical mail offer with an acceptance code, go to Aspire’s site and enter that code – it will lead you to the same prequalification result. Once you see your offer and you’re satisfied (e.g. credit line, annual fee), you can formally apply.

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What’s the difference between Aspire and Fortiva Mastercard?

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They are very similar cards. Both the Aspire® Cash Back Rewards and Fortiva® Cash Back Rewards Mastercards are issued by the same bank and target subprime credit consumers. Both offer up to 3% cash back on certain purchases and have comparable high fees and 36% APRs. In NerdWallet’s analysis, “the Aspire and Fortiva credit cards have similarly exorbitant fees.” Neither is clearly better – Fortiva, for instance, might have an annual fee of $49–$175 (depending on the offer) plus monthly fees, just like Aspire. The choice often comes down to which one you got an offer for. Regardless, the advice is the same: if you can avoid or quickly replace these cards with a lower-cost alternative, you’ll save money.

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How can I cancel or upgrade the Aspire credit card?

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If you’ve decided the card isn’t for you, you can cancel by contacting Aspire’s customer service (the number on the back of your card). There is no penalty for canceling per se, but remember that if you had the card for only a short time, closing it could slightly impact your credit score. Unfortunately, Aspire does not offer an upgrade to a no-fee product. It’s one of those cards you use as a temporary tool. So after building some credit, you’ll need to apply for a new, better card and then close Aspire if you wish.