My Aspire® Cash Back Rewards Mastercard Review: It’ll Help Build Credit, But Mind the Fees

Most of us aspire to improve our financial lives. Since you’re reading this article, one of your money-related goals might be to obtain a credit card to build (or rebuild) your credit.

The Aspire® Cash Back Rewards Mastercard may be able to transform your credit score from zero (OK, it can’t be that low!) to hero. But it won’t be like a three-minute training montage in a superhero movie; it’ll take longer, and you’ll have to put in some real work.

This card reports your account activity to all three credit bureaus, so your responsible use can be recognized and rewarded. Plus, you’ll earn cash back on select purchases, a feature not all credit cards in this class offer.

But you’ll also have to deal with some common aspects of credit cards that cater to bad credit applicants. These include fees and a very high annual percentage rate (APR). And the cash back program, while certainly a benefit, has some rules that make it a little more restrictive than what you might imagine (more on that later).

So, stick with me for the next few minutes as I cover how the card works, who it’s best suited for, and what other options you have. That way, you can decide whether this card deserves a spot in your wallet.

The Aspire® Cash Back Rewards Mastercard is issued by The Bank of Missouri. If you’ve never heard of them before, it’s OK. I hadn’t, either. Since it bears a Mastercard logo, you can use it wherever Mastercard is accepted, which is pretty much everywhere.

Aspire® Cash Back Rewards Mastercard

Go to application »

APPLY HERE »

• Earn Cash Back Rewards* – 3% on Eligible Gas, Groceries, and Utilities, and 1% on All Other Eligible Purchases
• Up to $1,000 credit limit subject to credit approval
• Prequalify** without affecting your credit score
• No security deposit
• Free Access to your Credit Score†
  *See Program Terms for important information about the cash back rewards program.
  ** Prequalify means that you authorize us to make a soft inquiry into your credit history (that will not affect your credit) to create an offer. If you accept an offer a hard inquiry will be made. Final approval is not guaranteed if you do not meet all applicable criteria (including adequate proof of ability to repay). Income verification through access to your bank account information may be required.
  † Your credit score will be available in your online account starting 60 days after your account is opened. (Registration required.) The free VantageScore 4.0 credit score provided by TransUnion® is for educational purposes only. This score may not be used by The Bank of Missouri (the issuer of this card) or other creditors to make credit decisions.

Show MoreShow Less See application, terms, and details. »

Our Rating

★★★★★

4.7

This card is designed for folks with subpar credit, so if you have blemishes in your credit history, you’re likely in the card issuer’s target market.

Unlike many cards made for people with poor credit, this one is unsecured. That means you won’t have to fork over a security deposit to open and use the account.

3% Cash Back Rewards Program

When you watch a credit card commercial, one of the first things you’ll often see is the amount of cash back the card offers. It’s a very popular benefit, and if you have a good credit score or higher, you’ll probably have access to a bunch of credit cards with cash back options.

But, if you have bad credit, the unsecured cards you may qualify for may include no rewards at all or a minimal rewards percentage, most commonly 1%.

This is where the Aspire® Cash Back Rewards Mastercard stands out from the pack. With it, you’ll earn a generous 3% cash back on eligible gas, grocery, and utility bill payments you make with the card.

You’ll also earn 1% cash back on all other eligible purchases.

That can be a windfall if you use the card primarily for purchases in the 3% categories. But it does come with a catch: Your cash back is automatically redeemed as a statement credit and applied to your card balance once a year, during the anniversary month of your account opening. 

Other cards may have more flexible options for your cash back. But if you’re comfortable with a statement credit once a year, the cash back can really add up.

Annual Fee and Other Costs

Most credit cards that cater to people with subprime credit come with a price for entry, and the Aspire® Cash Back Rewards Mastercard is no different.

You’ll need to think about how long you want to use it to build credit, and whether these fees are worth it for the time it will take you.

Here are the fees, some of which you will pay (annual and monthly fees) and others you can avoid (late fees, cash advance fees) by using your card responsibly:

• Annual fee: $85 to $175 (depending on your credit limit) the first year; $49 in subsequent years
• Account maintenance fee: $180 per year (billed at $15 per month) starting in the second year
• Balance transfer fee: 3%
• Cash advance fee: Greater of $10 or 5%
• Foreign transaction fee: 3%
• Late fee: Up to $41
• Returned payment fee: Up to $41
• Additional card fee: $19
• Paper statement fee: $2

Assuming you pay your balance in full each month for the first year so you don’t get hit with any interest, you could only pay the annual fee. That will cost you between $85 and $175 during your first year.

Starting in year two, you’ll pay $229 just to keep your account open ($49 annual fee plus $180 in account maintenance fees). Depending on how you use the card and your credit limit, that could really restrict your options.

Now, let’s say you want to offset the annual fee by earning rewards. If your annual fee is $175, and you use your card exclusively for expenses that earn 3% cash back, you’ll need to spend more than $5,800 a year to break even.

And this math doesn’t include account maintenance fees, interest if you carry a balance, or other costs.

Credit Limits

The credit limits for this card are pretty straightforward. If you qualify for an account, your initial credit line will be between $350 and $1,000 (based on your credit profile).

The card issuer explicitly states that they don’t accept requests for credit limit increases. However, you may be offered more favorable account terms if you use your card responsibly.

So, while it is possible to get this card and gradually have your credit limit boosted over time, don’t count on that being the case

You can manage your account 24/7 via the Aspire® Account Center, which is accessible via desktop or mobile device. Once logged in, you can:

• Make payments.
• Set up account alerts.
• Lock a stolen or lost card.
• Check your balance.
• Review recent transactions.
• Check your credit score for free (VantageScore 4.0 from TransUnion®).

The mobile app is available on the Google Play Store and the Apple App Store.

If you need to speak to a human, you can call the customer service department at (855) 802-5572 from 8 AM to 12 AM. ET seven days a week. I called in around 5 p.m. on a weekday to gauge the quality of the support.

I had to provide the last four digits of my Social Security number and the last four digits of my account number. (Yes, I have an account. More on that in a minute!) Then, I had to listen to several menu options. (Choose #8 if you want to speak with an agent.)

The system gave me a choice of getting support via text message or holding for an agent, which I thought was neat. I opted to hold, and an agent picked up within two minutes.

I asked the agent how Aspire® decides to offer credit limit increases. I was told that it was unclear when I’d be eligible for an increase, but that my account would be reviewed regularly and that I would receive an offer if and when I qualified.

The agent was polite, and the entire call from start to finish lasted less than five minutes. If you’d rather not talk on the phone, you can send the company a message using the contact form.

Aspire® doesn’t publicly disclose what credit score you need to get approved for the card. However, Intuit CreditKarma says that the average user credit score for this and similar accounts is around 560. 

So, you may qualify for this card even if you have poor credit.

The issuer will likely consider other criteria, such as your income and current debt load, when making an application decision. Plus, to be eligible for an account, the company clearly states that you must:

• Be age 18+.
• Be a U.S. resident (or a resident of Puerto Rico or the U.S. Virgin Islands).
• Agree to the cardholder agreement.

Note: Your application may be declined if you applied for an account within the past 30 days.

The application process for this card is one of the fastest and simplest I’ve come across as both a personal finance writer and a consumer. If you have an acceptance code, enter it here and follow the on-screen prompts.

I didn’t have a code, so I started what Aspire® calls the pre-qualification process here. To begin, click on “See If You Prequalify,” and then follow these steps:

Step 1: Prequalification and Income Verification

I enter my personal information, including my:

• Full name
• Mailing address
• Email address
• Mobile phone number
• Date of birth
• Social Security Number
• Gross annual income

I can also add a second phone number if I want.

Step 2: Credit Protection Assessment

I read about how credit protection works, and accept or decline coverage. 

Here are the basics: I’ll pay $1.39 per $100 I owe each month. If I’m involuntarily terminated from my job, become disabled, or die, the credit card issuer will make minimum monthly payments on the credit card account on my behalf for up to six months or cancel part of my debt.

Step 3: Overlimit Coverage Selection

Here, I read about overlimit coverage and accept or decline it. If I accept it, I can exceed my credit limit by $100, but I’ll be charged a fee of up to $32 if that happens. 

Plus, I could incur additional fees if I don’t get the account under the limit quickly.

Step 4: Terms and Conditions Review

Next, I read the terms and conditions carefully. They contain the account’s APR, fees, and other important details. 

I can accept or decline the T&C’s, and download them for future reference (if I ever plan to look at them again).

Step 5: Read Legal Disclosures and Submit

Finally, I review the state law notices that apply to me and the Consent to Electronic Disclosures. I also need to click the link to open this in a new tab. 

I review the information I entered at the top of the page, and when I’m ready, I can click “Submit Application.”

Next, I received a verification email with a code. When I entered that code on the Aspire® website, I actually received an application decision: I was approved for the card.

I was surprised because I didn’t intend to actually apply for the card. I thought I was only prequalifying for the account.

So, just a warning, don’t “prequalify” for this card unless you’re sure you want it. Doing so could result in a hard inquiry on your credit report, which may ding your score by a few points.

If you’re approved for the card, you’ll have to: 

• Accept or decline access to a free credit score.
• Accept or decline paperless statements.
• Add an authorized user (if desired) by entering their first and last name and date of birth.

Then, click “Submit.”

Aspire® stated that the card and cardholder agreement would arrive by mail within two weeks. I received mine in just a few days, but I closed the account because I don’t plan to use it and don’t want to pay the annual fee.

Financial situations are similar to snowflakes, as no two are exactly the same. But there are some common factors that may determine if you are (or aren’t) a good fit for the Aspire® Cash Back Rewards Mastercard. 

You may be a good candidate for this card if you:

• Intend to pay off the full balance every month.
• Plan to use it to pay for gas, groceries, or utility bills (you’ll rack up rewards faster).
• Have a clear strategy for building your credit (i.e., you’ll use this card responsibly for a year and then try to get one with better terms). 
• Can’t qualify for an account with fewer fees or a lower APR.

On the other hand, you should probably steer clear of this card if you:

• Think you’ll carry a balance from month to month (the interest charged will negate the value of the cash back earned).
• Don’t know how you’ll use the card, potentially limiting the cash back you earn.
• Haven’t thought about how this card fits into your broader financial plans (or don’t have any financial plans!).
• Can qualify for an account with better terms today.

So, which profile do you align most with right now?

The Aspire® Cash Back Rewards Mastercard can help you build credit and earn rewards simultaneously. However, the cost of credit is high even if you manage to avoid interest. Here are the highest highs and lowest lows of this card:

So, do the perks outweigh the pitfalls? You’ll have to decide based on your current situation and goals.

As you go down the credit card rabbit hole, you may be surprised at how many options exist. Here are two solid alternatives to the Aspire® Cash Back Rewards Mastercard that I found:

Milestone® Mastercard®

APPLY HERE »

• Guaranteed $700 credit limit if approved.
• Apply with Confidence! There is no impact to your credit score if you’re not approved. See terms.
• Don’t Have Perfect Credit? No Problem!
• Join over a million consumers who are working on building their access to credit.
• Zero Fraud Liability – Peace of mind that comes with having a Mastercard.
• Get the credit you deserve, even with less-than-perfect history.
• No security deposit, and a path to better credit.

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Our Rating

Milestone® Mastercard®

4.4/5.0

About this rating

BadCredit.org’s credit card ratings are calculated by our financial experts based on key criteria including APRs, fees, and approval odds. We also consider factors such as customer service and cardholder benefits. Our ratings are unbiased and regularly updated.

Ashley Fricker Senior Editor

Close

★★★★★

4.4

Application Length	Interest Rate	Reports Monthly	Reputation Score
8 minutes	See terms	Yes	9.0/10

The Milestone® Mastercard® is another unsecured card designed with bad credit in mind. It offers an initial credit limit of $700 if you’re approved. It also reports to all three major credit bureaus to help you raise your score over time.

The kicker? It doesn’t have a rewards program, so you won’t earn cash back on any of your purchases. And while its annual fee could start at just $35, it could also go up to $175 based on your credit profile. 

So there are a lot of variables to consider when comparing it to the Aspire® Cash Back Rewards Mastercard.

The Capital One Platinum Secured Credit Card

The Capital One Platinum Secured card has no annual or foreign transaction fees and a potentially lower APR.

But it’s a secured card, so you will need to put down a refundable security deposit of $49 to $200 (depending on your credit standing) as collateral. 

That may beat paying fees that you’ll never get back. Plus, with responsible use, you could qualify for a credit limit increase or upgrade to an unsecured account.

So, what’s the problem? You won’t earn a single cent in rewards. The card’s sole focus is to help you establish (or reestablish) a solid credit profile.

If you want an unsecured credit card and can’t qualify for an account with better terms, the Aspire® Cash Back Rewards Mastercard could give you a way to build up to a better card.

You’ll need to make peace with the annual fee and the monthly maintenance fees, but that is sometimes just the cost of an unsecured credit line when you have damaged credit. 

Earning cash back is a bright spot, especially if you can maximize those 3% categories. But if you want to offset the fees, you may have to do a lot of swiping.

So, if you decide to get this card, map out a strategy. Don’t just let it sit in your wallet year after year, eating up your hard-earned cash in account fees. With a little planning and consistent responsible use, you could boost your score and qualify for a much better credit card after just a year or two.