Aspire Cash Back Rewards Mastercard at a Glance

The Aspire® Cash Back Rewards Mastercard is an unsecured rewards credit card issued by The Bank of Missouri. It combines prequalification, no security deposit and cash back rewards with a credit limit of up to $1,000, subject to approval.

• Card type: Unsecured Mastercard credit card
• Rewards: 3% cash back on eligible gas and grocery purchases and utility bill payments
• Other eligible purchases: 1% cash back
• Credit limit: Up to $1,000, subject to credit approval
• Security deposit: None
• Prequalification: Available without initially affecting your credit score
• Issuer: The Bank of Missouri

Finance Globe's Take

The Aspire Cash Back Rewards Mastercard offers an unusual combination for this part of the credit-card market: it is unsecured, does not require an initial security deposit and earns cash back on eligible purchases.

The rewards are a genuine benefit, particularly for cardholders who regularly use the card for eligible gas, groceries and utility bill payments. However, the card's fees and high APR are significant. Applicants should evaluate the complete annual cost instead of choosing the card based only on its rewards or potential credit limit.

This card makes the most sense for someone who values the opportunity to prequalify, wants to avoid providing a refundable security deposit and expects to pay the balance in full whenever possible. Carrying a balance can make the interest cost substantially greater than the value of the rewards earned.

How the Cash Back Rewards Work

Cardholders can earn:

• 3% cash back on eligible gas and grocery purchases and eligible utility bill payments
• 1% cash back on other eligible purchases of goods and services and eligible bill payments

Rewards are earned after an eligible transaction posts to the account. Fees, interest charges, balance transfers, cash advances and cash-equivalent transactions do not earn rewards. Rewards associated with purchases that are returned or credited may also be removed.

How Aspire Rewards Are Redeemed

Aspire does not provide these rewards as cash on request. Rewards are automatically redeemed as an annual statement credit during the anniversary month of the account opening, provided the account is in good standing.

The statement credit reduces the account's purchase balance, but it does not count toward the minimum payment or monthly payment due. This annual redemption schedule is important for applicants who expect the more flexible monthly redemption offered by some other cash back cards.

Credit Limit and Available Credit

The advertised credit limit is up to $1,000, subject to credit approval. The words “up to” are important because not every approved applicant will receive the maximum limit.

The issuer determines the credit limit after reviewing the application and other relevant information. If an annual fee is charged to the new account, that charge can also reduce the amount of credit initially available for purchases.

Aspire's cardholder agreement states that credit-limit increase requests are not accepted. The issuer may still review an account and change its credit limit based on factors such as payment history, account management and credit information.

Prequalification and Application

The Aspire application process allows consumers to check for a prequalified offer using a soft inquiry that does not initially affect their credit score.

Prequalification is not final approval. If an applicant accepts an offer, a hard inquiry will be made. The issuer may also require income verification or access to bank-account information to verify the applicant's ability to repay.

There is no single credit score that guarantees approval. The issuer can consider credit history, income, existing obligations, identity verification and other application information. Finance Globe does not have enough applicant data to support a specific minimum FICO score or predict an individual's likelihood of approval.

Fees, APR and the Long-Term Cost

The offer currently displayed by Finance Globe lists a 36% fixed purchase APR and the following account costs:

• First-year annual fee: $85 to $175, depending on the offer
• After the first year: A $49 annual fee plus a $15 monthly account maintenance fee
• Total recurring yearly cost after the first year: $229 when all 12 monthly maintenance fees apply
• Foreign transaction fee: 3% of each transaction amount in U.S. dollars
• Cash advance fee: Either $10 or 5% of the cash advance, whichever is greater
• Additional card fee: $19 when applicable
• Paper statement fee: $2 for a billing cycle in which a paper statement is provided; this may be avoided by selecting electronic statements
• Late and returned-payment fees: See the current application disclosures

Terms can vary by offer, and the terms presented during prequalification or application control. Applicants should carefully review the Schumer box and cardholder disclosures before accepting an offer.

Does the Aspire Mastercard Report to the Credit Bureaus?

The current Finance Globe offer information states that account activity is reported to all three major credit bureaus. Reporting can help establish additional credit history, but simply opening the account does not guarantee that a credit score will increase.

Payment history, balances, credit utilization, account age and activity elsewhere in a credit report can all affect a credit score. Paying by the due date and keeping the reported balance low are generally more helpful than carrying a balance and paying interest.

Free Credit Score Access

Eligible cardholders can access a free VantageScore 4.0 provided by TransUnion after the account has been open for 60 days and the cardholder registers for online access.

This score is provided for educational purposes. It may differ from the credit scores used by The Bank of Missouri or other lenders when making credit decisions.

Who the Aspire Cash Back Rewards Mastercard May Be Useful For

The card may be worth considering if you:

• Want an unsecured card without providing a security deposit
• Prefer to check for a prequalified offer before authorizing a hard inquiry
• Expect to use the card for eligible gas, groceries or utility payments
• Plan to pay the balance in full whenever possible
• Understand that rewards are issued as an annual statement credit
• Have compared the recurring fees with other cards available to you

Important Things to Consider

• The card is expensive to maintain. The first-year fee can be substantial, and the combined annual and monthly fees after the first year can total $229.
• The APR is high. Interest from carrying a balance can quickly exceed the cash back earned.
• The maximum limit is not guaranteed. Approval does not necessarily mean receiving the advertised $1,000 limit.
• Fees may reduce available credit. A fee charged to the account leaves less of the credit line available for purchases.
• Rewards are not immediately redeemable. They are generally applied once per year as a statement credit.
• The rewards credit does not replace a payment. Cardholders must still make the required minimum payment.
• Prequalification is not approval. Accepting an offer results in a hard credit inquiry, and final approval is still subject to the issuer's review.

Frequently Asked Questions

Is the Aspire Cash Back Rewards Mastercard a secured card?

No. It is an unsecured credit card and does not require a security deposit.

How much cash back does the Aspire Mastercard earn?

The current offer provides 3% cash back on eligible gas and grocery purchases and utility bill payments, plus 1% on other eligible purchases and bill payments.

Can Aspire cash back be redeemed whenever I want?

No. Cash back is generally redeemed automatically as an annual statement credit during the account anniversary month, provided the account is in good standing.

Can the rewards statement credit cover my minimum payment?

No. The statement credit lowers the purchase balance but does not satisfy the required minimum payment or monthly payment.

Will checking for prequalification hurt my credit score?

The initial prequalification check uses a soft inquiry and should not affect your credit score. A hard inquiry is made if you accept an offer and continue with the application.

Does prequalification guarantee approval?

No. The issuer can still deny an application if the applicant does not meet