Jasper Cash Back Mastercard® review

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Holly D. Johnson Twitter logo @ClubThrifty  in  Credit History How we rate our cards  | 

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Recommended Credit Score

No Credit History

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

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Best card for new professionals

Annual Fee:
$0
Purchase Intro APR:
N/A
Regular APR:
15.49% - 24.99% (Variable)
Terms and Restrictions Apply | Rates and Fees

Bankrate Rating

 

Best for new U.S. residents trying to build credit

  • Rewards Rate: Get up to 6% cash back by referring friends! Limited time only: Start with 1%, get to 3% cash back by successfully referring just two friends! Promotional cash back rate lasts for a full year.
  • Welcome Offer: $100 signup bonus! Apply by May 31, 2021 using promo code RVPROMO to receive a $100 statement credit upon first eligible purchase, if approved. Terms apply.
  • Annual Fee: $0*
  • Purchase Intro APR: N/A
  • Balance Transfer Intro APR: N/A
  • Regular APR: 15.49 percent – 24.99 percent variable APR

Jasper Cash Back Mastercard® (Issued by WebBank, Member FDIC) is available to consumers who don’t have any credit history** or a Social Security number**. If you are in the United States on a work visa, you may even be able to get approved for this card without a hard inquiry on your credit report. This combination of factors makes this card uniquely tailored to working professionals who have recently located to the United States.

Once you apply, you can qualify for a credit limit of up to $5,000 without having to pay an annual fee. Further, Jasper Mastercard reports your credit payments and movements to Equifax and TransUnion, giving you the opportunity to build a credit history and your credit score from the ground up.

Jasper Cash Back Mastercard® : Earning rewards

If you apply by May 31, 2021 using the promo code RVPROMO you will receive a $100 signup bonus as a credit to your Jasper account upon activation, if approved (Terms Apply). With the Jasper Mastercard, you can earn up to 6% cash back by referring friends. You are guaranteed a minimum of 1% cash back on almost all everyday purchases as long as your account is in good standing. And, you can boost your cash back rate with the Limited time offer, Start with 1%, get to 3% cash back by successfully referring just two friends! Promotional cash back rate lasts for a full year. Cash back is applied automatically to your account every month as a statement credit after three on-time payments, and your cash back maximum will vary based on your credit limit. Review the Jasper Rewards program terms here.

Receive your cash back automatically every month as a credit to your account, as long as your account is active and in good standing.

Jasper Cash Back Mastercard®: Benefits

Jasper Mastercard was designed to aid working professionals who have recently relocated to the United States. This card offers the opportunity to be approved without any credit history and without even having a Social Security number, yet your credit movements will still be reported to two of the credit bureaus, Equifax and TransUnion.

The Jasper Card also comes with a surprising number of major benefits you can look forward to when you apply:

Mobile app included

The Jasper Mastercard comes with a mobile app that can help you track your spending, manage your account and build credit using your favorite device. If your credit card is ever lost or stolen, the Jasper app lets you report it with a single click.

Extended warranties on eligible items

Eligible purchases that come with a manufacturer’s warranty of 12 months or less are eligible for a doubled extended warranty for a total of up to 24 months. The maximum benefit for repair or replacement can be for the amount charged to your card or up to $10,000, whichever is less.

Price protection

Qualify for price protection when you find a lower price on an eligible product within 60 days of the date of purchase with your Jasper Mastercard. This protection can help you receive reimbursement for the price difference. Coverage is good for up to $250 per claim and you can use this benefit up to four times within every 12 months period.

Cell phone protection

Qualify for cell phone protection insurance when you pay your cell phone bill with your Jasper Mastercard. This coverage is good for up to $600 per year.

Auto rental coverage

Qualify for protection against physical damage or theft of your rental car when you use your Jasper Mastercard to pay for the entire rental car agreement. This coverage is good even if you deny the rental car insurance offered by the rental car provider.

Lost or damaged luggage insurance

Receive reimbursement when your checked or carry-on luggage is lost or damaged. The entire trip must have been paid for with your Jasper Mastercard in order to be eligible.

Travel accident insurance with baggage delay

Receive travel accident insurance good for accidental death or dismemberment. Also, qualify for baggage delay insurance that will reimburse you for incidental expenses when your baggage is delayed by four or more hours on a covered trip.

Trip cancellation and interruption insurance

As a cardholder, you can receive reimbursement for non-refundable and unused fares on common carriers (airline, cruise ship, bus, etc.) when you cannot travel for a covered reason.

Rates and Fees

The Jasper Mastercard doesn’t charge an annual fee*, nor does it charge foreign transaction fees when you use your credit card to make purchases overseas. You will pay a 5 percent (minimum $10) cash advance fee when you take out a cash advance against your line of credit. You can also face a fee of up to $27 for late payments or returned payments.

How the Jasper Cash Back Mastercard® compares to other credit cards for building credit

The Jasper Mastercard isn’t the only credit card on the market that can help you build credit from scratch. To provide more details and options in this Jasper review, we compared a few comparable cards to see how they stack up.

Discover it® Secured Credit Card Petal® 2 “Cash Back, No Fees” Visa® Credit Card Jasper Cash Back Mastercard®
Annual fee $0 $0 $0*
Rewards Earn 2 percent back on up to $1,000 in combined spend on restaurant and gas station purchases each quarter (then 1 percent) as well as 1 percent back on other purchases Earn 1 percent to 1.5 percent back on all purchases Get up to 6% cash back by referring friends! Limited time only: Start with 1%, get to 3% cash back by successfully referring just two friends! Promotional cash back rate lasts for a full year.
Security deposit required? Yes No No
Credit history required? No No No
Social Security number required? Yes Yes No‡

‡Applicants who have been living in the US for one year or more are required to provide SSN at the time of application and will undergo a credit check.

As you can see, the Discover it® Secured Credit Card and the Petal® 2 “Cash Back, No Fees” Visa® Credit Card are also options if you don’t have a credit history. Neither one of them charge an annual fee, and you can even earn rewards for each dollar you spend.

However, the Discover it® Secured Credit Card is a secured credit card, meaning you have to put down a cash deposit to get started. You’ll typically only start out with a line of credit in the same amount of your deposit as well, which could be as low as $200.

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card  is a good option for consumers who want to build credit. This card is unsecured, meaning you do not have to put down a cash deposit to get started, however, you will have to provide a Social Security number to apply (which can make this card a non-starter if you’re new to the United States and you don’t have one).

The Jasper Mastercard stands out due to the fact you can apply with no credit history** and no Social Security number**. This means that the Jasper Mastercard credit score requirement is nonexistent. Get up to 6% cash back by referring friends, Limited time only: Start with 1%, get to 3% cash back by successfully referring just two friends! Promotional cash back rate lasts for a full year. Receive cash back automatically every month as a statement credit after three on time payments. Earn cash back as long as your account is in good standing. If your account is past due, cash back will be locked and your cash back maximum varies based on your credit limit. See Jasper’s terms and fees.

Bankrate’s Take – Is the Jasper Cash Back Mastercard® worth it?

The Jasper Mastercard is a no-brainer for busy professionals or college graduates  who don’t have any credit history** or a Social Security number**. Applying for this card provides you with the chance to build credit when you have none, and you can even qualify for a credit limit of up to $5,000 without an annual fee*.

At the end of the day, this card is an excellent starting point for anyone who wants to establish themselves financially within the United States. With responsible credit use that is reported to two of the three credit bureaus, cardholders get the chance to build credit that can last a lifetime. Once you build your credit score until it’s considered good or excellent, you could even apply for the best credit cards available on the market today.

Pros:

  • No credit history** or Social Security number** required to apply
  • No annual fee*, foreign transaction fees
  • Qualify for a line of credit worth up to $5,000
  • Gain access to valuable consumer protections and benefits

Cons:

  • No option for balance transfers

 

* Review the Jasper fee schedule

**If you have just arrived in the U.S. on a work visa, Jasper will not run a hard inquiry with the credit bureaus to process your application. If you are a U.S. citizen, a U.S. permanent resident, or if you have been living in the U.S. for more than one year at the time of application, Jasper will run an inquiry with the credit bureaus. However, application review is always based on multiple criteria, not just your credit score. No SSN is required to apply for applicants who are new to the U.S. and are in the country on a work visa. SSN is required within 60 days of card activation. Card can only be activated from within the US.