Jasper Mastercard Review: A Lackluster Option for Fair Credit
The $0*-annual-fee card earns modest rewards and offers a potentially generous credit limit, but better offers exist.
Our Take
3.6
The bottom line: If you have fair credit (a Vantage Score of 640 or higher), this card is worth exploring as a low-fee option. But if you have good credit, you’re likely to qualify for better offers.
Full Review
on Jasper's website
on Jasper's website
Annual Fee
$0*
Regular APR
15.49% - 24.99% Variable
Intro APR
N/A
Recommended Credit Score
Quick FactsView rates and fees
Pros & Cons
Pros
No annual fee*
Qualify with limited/bad credit
Reports to the three major credit bureaus
Earns rewards
No foreign transaction fees
Cons
Longer approval process
Mobile-only account access
Alternate Pick: Earn up to 2% cash back
Discover it® Secured Credit Card
Earn rewards while building credit
This card requires a minimum $200 security deposit upfront, but it offers rewards and a path to upgrade to an unsecured card. The annual fee is $0. A Social Security number is required. If you can’t meet that requirement, some American Express credit cards may facilitate access to credit without one.
Compare to Other Cards
Annual Fee$0* | Annual Fee$0 | Annual Fee$0 |
Regular APR13.99% - 23.99% Variable APR | ||
Intro APRN/A | Intro APR0% intro APR on Balance Transfers for 18 months | Intro APR0% intro APR for 14 months on purchases and balance transfers |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
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Full Review
The Jasper Mastercard®, issued by WebBank, falls short on value when compared with other credit cards in its class.
Launched in 2018, under the name CreditStacks, it originally targeted working professionals who were new to the U.S. and lacked a credit history. The startup company behind the card broadened its focus in mid-2020 to professionals with no credit history, but the card has since shifted its underwriting. As of summer 2021, the card requires a Social Security number and a traditional hard credit inquiry. It was once a valuable alternative credit card, but as a traditional credit card, it doesn’t hold up to the competition.
Those eligible with fair credit (a Vantage Score higher than 640) may potentially qualify for the card and appreciate its ongoing rewards rate of 1% on all purchases. But it's possible to find a higher rewards rate on other credit cards even with a less-than-perfect credit score.
Jasper Mastercard®: Basics
Card type: Starter.
Annual fee: $0*.
Rewards: At least 1% cash back on every eligible purchase. (It's possible to boost this rate up to 6% back, but you have to refer the card to friends. More on that below.)
APR: The ongoing APR is 15.49% - 24.99% Variable.
Penalty APR: None.
Credit limit: Up to $15,000.
Foreign transaction fee: None.
Other perks:
Payments reported to all three major credit bureaus.
Travel benefits, including a collision damage waiver for rental cars, insurance for lost or damaged luggage, travel accident insurance and trip cancellation/interruption reimbursement.
Safety benefits and other perks, including MasterCard ID Theft Protection and cell phone protection.
Why you're better off passing on the Jasper Mastercard®
Mediocre incentives
With the Jasper Mastercard®, you'll earn at least 1% back on all eligible purchases. You can increase that rate up to 6% back, but it isn't easy. On top of the base rate of 1%, you'll get an additional 1% back (up to 6% for the year) for each successful referral to the card. Essentially, you'd only attain 6% back if you had five friends who wanted and were approved for the card in the same year. Any successful referrals will also earn an extra 1%, for a total of 2% back, for a 12-month period. Terms apply. Rewards redeem for statement credit.
It's a decent offer if you have fair credit, but you may qualify for bigger baseline rewards — that don't hinge on referrals — on other credit cards. These cards also won't make you wait until you have three months of on-time payments to redeem rewards. The $0-annual-fee Petal® 2 "Cash Back, No Fees" Visa® Credit Card, for instance, employs an alternative underwriting model to evaluate applicants. It considers factors like income, debt, expenses and savings. This card offers up to 1.5% cash back on eligible purchases. Terms apply.
Other credit cards offer features or propositions that can help you with your goals. For example, the $39-annual-fee Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cash back on all purchases, and the issuer automatically considers you for a higher credit line in as little as six months, so long as you make on-time payments. The $0-annual-fee Upgrade Card also earns 1.5% cash back, and it gives you the option to use it as a regular credit card or you can tap into your credit limit to have funds sent directly to your bank account. You repay what you borrow in equal monthly installments at a fixed interest rate over a set period.
A potentially long approval process
The approval timeline for the majority of Jasper Mastercard® applications is currently two to three business days. Contrast that with an application for a credit card from a major issuer, which will typically approve or deny an application within minutes. For a more streamlined process, you can apply for a credit card with an established issuer.
Mobile-only account access
With the Jasper Mastercard®, you can only manage your account via the Jasper app. If you need to access your account via a computer, you'll need to look for a different credit card that can offer that user experience.
Is the Jasper Mastercard® right for you?
The Jasper Mastercard® is a decent option for people who have fair credit. But if you prefer a slightly higher rewards rate, you may find it on other credit cards even with a less-than-perfect credit score.
on Jasper's website
