Jasper Cash Back Mastercard Review
Jasper Cash Back Mastercard
CardRatings Editor's Analysis: Pros & Cons
- Earn a $100 statement credit upon activation if you apply by May 31, 2021 and are approved using promo code CARDRATINGS.
- There’s no credit check or Social Security number needed to qualify for this card, so applying should be quick and painless.
- Jasper Cash Back Mastercard has no annual fee.
- Qualify for a credit line of up to $5,000.
- This card does not offer an introductory APR rate.
TABLE OF CONTENTS
- Jasper Cash Back Mastercard Benefits
- Jasper Cash Back Mastercard Application
- Jasper Cash Back Mastercard Rewards
- Jasper Cash Back Mastercard Credit Score
- Jasper Cash Back Mastercard Potential Downsides
- Jasper Cash Back Mastercard Cardholder Scores
- How Jasper Cash Back Mastercard Compares to Other Cards
Jasper Cash Back Mastercard (formerly Creditstacks Mastercard) is something of a unicorn in the industry - a card in the marketplace offering some rare, if not unique, features.
That said, it is clearly not for everyone. The target market for the card is a select niche. It's well-suited for high-income professionals with no prior credit history in the United States. This can include recent college graduates but, more often, it describes recent immigrants, in the country on work visas.
What makes Jasper Cash Back Mastercard so attractive to new immigrants is that even with no credit history, applicants with a strong income can get a credit limit of up to $5,000. New cardholders can earn a $100 statement credit if you apply by May 31, 2021 and are approved using promo code CARDRATINGS.
Looking for a card with a low interest rate? This card checks that box. Once approved, your interest rate will be 15.49% - 24.99% Variable.
Another valuable benefit is its Cellular Wireless Telephone Protection. If you pay your monthly cell phone bill using your card, you are covered in case your phone is stolen, lost or damaged. This benefit not only can save you several hundred dollars in replacement costs, but it can also provide peace of mind.
It also includes an extended warranty of up to one year on all purchases made with your card. The extended warranty will double the manufacturer or store warranty if it is 12 months or less, meaning your warranty could reach up to 24 months.
When it comes to the subject of fees, Jasper Cash Back Mastercard knocks it out of the park. There is no annual fee and no fee for foreign transactions. The latter is especially important for those in the United States on work visas, who may be traveling frequently for business or returning to their native country for regular visits.
Beyond card usage and on-time statement payments, this card uses its website as a tool to help cardholders build a strong credit score. The site's "Knowledge Center" has sections on financial terms, fiscal wellness, avoiding debt and building credit. This information can help new cardholders avoid common mistakes.
Of course, cardholders also have access to a plethora of Mastercard perks, including price protection, discounts on airport concierge service, discounts and upgrades with select hotels and airlines and access to exclusive events in 82 countries.
- Receive one year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles with your EDU card (Lifetime Value of $59).
- Earn 1% Cash Back on all purchases with your Deserve EDU Mastercard. Once approved, you'll automatically start earning cash back on all purchases.
- Feel secure with cell phone protection up to $600.
- No deposit required. No annual fees.
- No international transaction fees on purchases abroad so you can travel with confidence.
- No Social Security Number required for international students to apply.
- Refer A Friend Program: Refer anyone to Deserve using your personal referral code. Upon approval, card activation and use, you'll receive $30 and so will your referral. Referral bonuses are unlimited!
- Manage and track your spending, set automatic payments and securely freeze your card all through one easy to use app.
- See if you prequalify with no impact to your credit score in minutes.
- Deserve Mastercards are issued by Celtic Bank, Member FDIC.
- Enjoy Mastercard Platinum Benefits intended to make your life easier like Mastercard ID Theft Prevention™ and Master Rental®.
The Jasper Cash Back Mastercard application process is simple and pain-free. If you are new to the United States or simply have no credit history, credit scores, Social Security number and Individual Taxpayer Identification Numbers are not required. It should be noted, however, that a Social Security number will be required within 60 days of your new card being activated.
If you have resided in the United States for at least one year, or have any type of credit history, a Social Security number will be required and a credit check will be done.
What you will need to provide is information about your employment. As another convenience, for those starting a new position, you may apply up to 60 days before your first day on the job
Jasper Cash Back Mastercard offers up to 6% cash back by referring friends. Earn 1% cash back on every eligible purchase. You can earn an additional .05% for a full year, for each friend you refer. Although this isn't the best rewards rate for a cash back card, it is rare for a card that does not require a credit check to offer a rewards program at all.
This is one of the areas in which Jasper Cash Back Mastercard clearly distinguishes itself from others in the market. It does not require you to have any established credit at all to be approved. Rather, it bills itself as a company which views a cardholder's potential, with significant weight given to the applicant's job and income.
One major drawback of the Jasper Cash Back Mastercard is the low cash back rate of 1%. You can earn more if you refer friends to become cardmembers.
While the standard APR offered is lower than other rates, there is no introductory rate and no special rate for balance transfers.
|2020 Scores||2019 Scores|
|Overall Score||78.5||Did not survey|
|Likelihood of Continuing to Use||8.3||n/a|
|Recommend to a Friend/Colleague||7.6||n/a|
Jasper Cash Back Mastercard vs. OpenSky® Secured Visa®
OpenSky® Secured Visa® Credit Card, like Jasper Cash Back Mastercard, requires no credit check when you apply. However, unlike Jasper Cash Back Mastercard, OpenSky® Visa® is a secured card, requiring a deposit of at least $200 to open the account. As a secured card, your credit limit is restricted to the amount of your deposit. Jasper Cash Back Mastercard gives a credit limit of up to $5000 with no deposit required.
Although the Jasper Cash Back Mastercard charges no annual fee, OpenSky® Secured Visa® charges an annual fee of $35.
Jasper Cash Back Mastercard also offers a more attractive interest rate (15.49% - 24.99% Variable compared to 17.39% (Variable).
Both cards offer the chance to establish positive credit for new cardholders. The OpenSky card does not offer a rewards program, while the Jasper card awards eligible purchases with 1% cash back. Neither offers an introductory rate.
Jasper Cash Back Mastercard vs. Deserve EDU
There are many similarities between Jasper Cash Back Mastercard and Deserve® EDU Mastercard for Students. But the fundamental difference is the target market. Jasper Cash Back Mastercard markets to young professionals with no credit history and immigrant professionals in the USA on work visas. Deserve EDU markets to immigrants in the USA on student visas and other students with little or no credit history.
Neither card requires a Social Security number or a hard credit check as part of your application. Both use non-traditional methods for determining credit worthiness. Jasper Cash Back Mastercard uses information relating to your job and employer. Deserve Edu looks at such things as your checking account information or college major.
Neither card charges an annual fee or foreign transaction fees and neither requires a deposit or hard credit check. Both offer the perks that come with Mastercard membership.
Jasper Cash Back Mastercard has a significantly lower interest rate (15.49% - 24.99% Variable compared to 18.74% Variable). Both cards offer the chance to earn a modest 1% cashback on all purchases.
Both cards offer credit limits of up to $5000. Deserve EDU also offers cardholders a complimentary Amazon Student Prime membership.
Jasper Cash Back Mastercard vs. Upgrade Card
While Jasper Cash Back Mastercard and the Upgrade Visa® Card with Cash Rewards are very different cards, they share a common objective - helping cardholders build a positive credit report and avoid the pitfalls of mounting debt.
Jasper Cash Back Mastercard addresses this goal with its "Knowledge Center", a page on its website that offers a treasure trove of information on good fiscal habits, methods of building credit and ways to avoid amassing uncontrolled debt.
The Upgrade Card offers a unique statement every month that shows a cardholder how much it will cost them to pay off their balance over a period of time from 12 to 60 months. This allows you to set up a budget friendly payment plan and show you how interest can accumulate over time, This encourages cardholders to be more responsible with their credit habits and pay off their balances in a more timely fashion.
Neither card charges an annual fee or foreign transaction fees. The Upgrade card, however, awards 1.5% cash back on purchases when you make your payments.
As for application acceptance, Jasper Cash Back Mastercard does not require a Social Security number to be provided and requires no credit history. The Upgrade Card requires a credit rating of Fair to Good.
The two cards could not be more different when it comes to interest rates. Jasper Cash Back Mastercard charges all cardholders a flat rate of 15.49% - 24.99% Variable. The Upgrade Card APR is 8.99%-29.99% Fixed, depending on credit worthiness. It cannot be stressed strongly enough that if you are approved for an Upgrade Card, you will want to be very sure of the interest rate you have been assigned before you start making purchases.
Survey Methodology: CardRatings commissioned Op4G in September and October 2020 to conduct surveys among 1,746 cardholders nationwide. CardRatings website analytics from Jan. 1, 2020-Aug. 31, 2020 were used to determine a selection of the most popular cards and additional cards were added to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents' scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted.