Jasper Cash Back Mastercard Review

For those with less than stellar credit, Jasper Cash Back Mastercard offers a way to get an unsecured credit card that offers rewards and tools to help manage money effectively. It uses an underwriting process that relies on more than just your credit score, making this a card worth considering if you have a limited credit history.

WHAT IS THE JASPER MASTERCARD?

Offered by WebBank, Jasper Cash Back Mastercard is part of a new generation of credit cards that combines purchasing power with money management tools.

The card pegs itself as ideal for those with a limited credit history. While it will run a credit inquiry on applicants, the company also considers other factors, such as a person's cashflow in their bank account.

Once approved, cardholders may be eligible for a credit limit of up to $15,000. The Jasper Mastercard doesn't charge an annual fee and comes with the opportunity to earn up to 6% cash back. Plus, the card can be managed with an app that makes it easy to track spending, stay on top of bills and make automatic payments based on your financial goals.

As a Mastercard, Jasper also comes with these benefits, among others:

• Cell phone protection
• Trip cancellation coverage
• Collision damage waiver for rental vehicles
• Mastercard ID Theft Protection

FEATURED CARD

 

Deserve® EDU Mastercard for Students

• 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®.

Apply Now

Credit Needed:

Excellent, Good, Limited History, No Credit History

JASPER CREDIT CARD APPLICATION

The Jasper Cash Back Mastercard application process can be more involved than simply filling out a form and clicking submit.

You'll need to provide the following information when applying:

• Name, birthdate and address
• Email address
• Social Security Number
• Annual income and monthly housing payment

Then, you may be asked to link your bank account for verification. This is done through the secure Plaid system. If you would prefer not to link an account, financial documents can be uploaded to Jasper instead.

By reviewing financial data, Jasper is able to make unsecured credit available to more people. However, it may mean waiting a couple days to receive a decision.

DOES THE JASPER CREDIT CARD HAVE A REWARDS PROGRAM?

Yes, the Jasper Cash Back Mastercard offers up to 6% cash back on all purchases.

New cardholders automatically receive 1% cash back on everyday purchases. Then, they earn an additional 1% cash back for each person they refer who becomes a Jasper cardholder. Cash back from referrals is good for a year, and the maximum cash back available on the Jasper Mastercard is 6%.

After three on-time payments, you will receive your cash back rewards automatically every month as a statement credit, as long as your account is active and in good standing. The maximum cash back that can be earned depends on your credit limit, but it tops out at $900 a month– $10,800 per year– for those who have a $15,000 credit limit.

POTENTIAL DOWNSIDES OF THE JASPER MASTERCARD

The application process for the Jasper Cash Back Mastercard could deter some people from applying, especially if they don't want to link their bank account.

Beyond that, the most significant downside of the card is the structure of its cash back program. Not everyone has the social network needed to maximize the cash back rate, and since cash back for referrals only lasts one year, that means continually referring new people in order to keep earning at a higher level.

Plus, if you miss a payment, your cash back can be locked and won't accumulate until you bring your account back into good standing.

JASPER MASTERCARD CARDHOLDER SCORES

HOW THE JASPER MASTERCARD COMPARES TO OTHER CREDIT CARDS

Jasper Cash Back Mastercard vs. Deserve EDU® Mastercard for Students

Although both are intended for those with limited credit, Deserve® EDU Mastercard for Students markets itself to students while Jasper sees its card as a good choice for anyone, including those who are self-employed.

Both cards come with Mastercard perks such s cell phone protection, and neither charges an annual fee or foreign transaction fees. As for rewards, each card offers 1% cash back to all cardholders. While you can boost that cash back amount by making referrals with the Jasper Mastercard, that isn't an option with the Deserve EDU. However, Deserve EDU does include a free year of Amazon Student Prime.

For the most part, these two cards are evenly matched in terms of their offerings and costs, so if you're a student, the right card for you might boil down to which rewards you prefer. If you think you can refer friends to Jasper, you can earn more cash back there. However, if you don't see referrals in your future, you may want to use the Deserve EDU Mastercard for the free year of Amazon Student Prime.

Jasper Cash Back Mastercard vs. Petal® 2

Petal® 2 "Cash Back, No Fees" Visa® Credit Card is another credit card for those just starting out or who need to build credit. Like Jasper, it comes with an app that is designed to help cardholders manage their money wisely, and it uses an application process that goes beyond simply looking at an applicant's credit score.

As for rewards, Petal 2 offers 1% cash back to all cardholders, but that amount is increased to 1.5% when someone pays their bill on time. That is significantly lower than maximum cash back of 6% offered by Jasper, but for those who would rather not have to make referrals, Petal 2 may be the better option. Petal 2 also offers the opportunity to earn 2-10% cash back when shopping at select merchants.

If you're carrying a balance, you may be able to get a lower interest rate with Petal 2 (RegAPR for Petal 2, and 15.49% - 24.99% Variable for Jasper), but Jasper is the clear winner when it comes to credit limits. While Petal 2 credit limits max out at $10,000, you could receive a $15,000 limit on the Jasper Mastercard, depending on your finances.

Jasper Cash Back Mastercard vs. Upgrade Visa® Card with Cash Rewards

The Upgrade Visa® Card with Cash Rewards works a little differently than other credit cards. Instead of a credit limit, cardholders are given a personal line of credit. Then, as the card is used, it essentially creates a series of loans with fixed monthly payments. The benefit for consumers is predictable monthly bills that can minimize the amount of time needed to pay off debt.

There are four versions of Upgrade Card, but this one that offers some rewards, offers a possible credit lines with as high as $25,000, depending on someone's credit.

As for which is better, it depends on what you are looking for in a credit card. The Upgrade Card may be better for minimizing and paying off debt, but if your goal is to earn top rewards, the Jasper Mastercard may meet your needs.

WHO SHOULD APPLY FOR THE JASPER MASTERCARD?

The Jasper Cash Back Mastercard may be ideal for anyone who has fair credit and who wants a rewards credit card with low fees. The application process may be more involved, but the pay-off can be a credit card with a generous credit limit, cash back rewards for everyday purchases and no security deposit required.

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.