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Last updated on August 3rd, 2021
Credit History Not Needed to Apply
- Earn 1% cash back automatically anywhere you shop
- A credit history is not required to apply
- Get up to a $5,000 credit limit
- Unique autopay settings, push notifications, and utilization alerts help manage your account
- Regular Purchase APR: 15.49% to 24.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 24.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $27
- Return Payment Penalty Fee: Up to $27
At a Glance
The Jasper Mastercard is an entry-level credit card for professionals and recent migrants that offers 1% cash back on all purchases. The card provides healthy credit limits of up to $5,000, no foreign transaction fees, and no annual fee.
Ideal for Those Who:
- Are new to credit
- Can provide income information
- Want a higher credit line than a traditional no credit card can offer
- Don’t want to pay an annual fee, security deposit, or foreign transaction fees
Jasper Mastercard Credit Card Review
Establishing credit for the first time can be challenging. For many professionals, credit builder credit cards typically require a security deposit to open or come with no rewards, low credit limits, or some combination of both. WebBank flips this scenario on its head, however, with the Jasper Mastercard.
Helping Professionals Establish Credit
The Jasper Mastercard is a unique credit card product aimed at professionals without a credit history. The card features no credit score requirements, instead relying on proof of income to determine an applicant’s suitability.
Because of the reliance on income for approval, Jasper offers significantly higher credit limits than other credit builder credit cards. The Jasper Mastercard offers credit lines of up to $5,000, meaning establishing credit does not have to mean meager limits.
The income-based approval process makes the Jasper Card ideal for US-professionals and recent arrivals to the United States looking to establish a credit score in the country for the first time. Jasper does not require a Social Security Number to apply, making the road to a strong credit history that much easier for well-positioned foreign nationals.
Plus, with regular reporting to major credit bureaus Equifax and TransUnion, building a solid credit history is easy for those with the right motivation.
Avoid Debt with Unique Tools
Fortunately, Jasper prides itself on helping its customers avoid debt. Jasper states that their business model is designed to help consumers avoid getting into debt and offers tools to support this avoidance process. These include unique autopay settings, and push notifications, and credit utilization alerts through its mobile app.
Earn Basic Cash Back Rewards with Every Purchase
Unlike many credit builder cards, the Jasper Mastercard also provides cash back reward points with every purchase. The rewards aren’t exceptional – 1% cash back on all eligible purchases – but many cards offer no rewards at all.
The 1% back on all eligible purchases is also unlimited, meaning there are no caps or spending limits to worry about. And, since those rewards apply to the account balance, they help the cardholder pay down their balances with every purchase.
One of the nicest features of the Jasper Card is the competitive interest rates it offers. The APR with the card starts as low as 15.49% – significantly lower than other “no credit” or “bad credit” card options.
The average APR for a credit rebuilder credit card is approximately 21.77%, meaning successful Jasper applicants may receive an interest rate over 5% lower than the average. Even those receiving the highest rates from Jasper will still enjoy a comeptitve APR, making it a sound choice for those looking to establish credit.
Why does Jasper offer such great rates? That’s because it isn’t a “credit repair” credit card like many of the other offers in the space. Instead, Jasper is designed to help professionals with demonstrable income begin their credit journey. That income verification allows Jasper to offer better rates – and higher credit lines.
Other Card Features
Beyond the generous credit limits and competitive APR, the Jasper Mastercard also features:
- No annual fee
- No foreign transaction fees
- Mastercard features including Zero Fraud Liability, ID Theft Protection, and Mastercard Global Service
Things to Consider
While the Jasper Mastercard has plenty to offer, some aspects of the card experience that potential applicants should consider first. The card does not offer account management via desktop. Instead, Jasper focuses on a mobile-only account access model. While this makes the card a breeze to use while on the go, it might put off those who prefer not to conduct their financial affairs on the phone.
The card also does not report to all the major credit bureaus. Jasper only reports to Equifax and TransUnion – and not Experian. While this likely won’t be a major issue for those building credit, it might make their credit file thin when approaching other lenders in the future.
Should You Apply for the Jasper Mastercard?
Because the Jasper Mastercard is tailored towards a particular subset, it likely won’t appeal to most readers. Despite this, however, the card offers plenty of perks and tools to those serious about establishing credit for the first time.
Thanks to its income-based requirements and healthy credit limits, professionals and new arrivals to the US will get the most out of the Jasper Card. The additions of 1% back on purchases, no annual fees, and no foreign transaction fees are also nice features that add significant value.
Ultimately, the Jasper Card is an excellent addition to a crowded “credit builder” market. That said, it is a solid addition and one worth carefully considering.