Jasper Credit Card Review

The Jasper card offers a baseline cash back rate of 1%, which, for its intended low-credit or no-credit history applicants, is a refreshing break from the no-reward cards that often remain the only available options. While this 1% reward makes the card worth a second look, consumers should beware the reality of the offer of “up to 6%” cash-back rewards.

With no annual fee and a maximum $15,000 credit limit, the Jasper card may be a worthy alternative to secured cards for many who have little or no credit history. Advertising clear and simple educational resources and an easy-to-use account management mobile app, the card is an answer to the problems with secured cards or cards with loan-shark rates that prey on those without the privilege of great credit.

The card’s multi-level cash back reward system adds an additional 1% cash back reward to the card’s base 1% cash back reward for each friend brought on board, up to 6% total cash back. The catch? The cash back boost only lasts a year—so maxing out that six percent requires making 5 friends into cardholders every year. Only the most affluent social influencers will be able to pull this off. Does this sound eerily similar to a rose-hued beauty product sales pitch you may have heard at a party once? It certainly does to us.

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• No annual fee
• 1% base cash back
• Up to $5,000 credit limit
• Easier to receive approval for those with low or no credit history

Earning Rewards

The Jasper card automatically earns 1% cash back on all purchases, plus a year-long 1% cash back boost for each referral approved for an account, up to 5 friends—a total of up to 6% cash back.

Redeeming Rewards

Cash back rewards with the Jasper card are only redeemable after three on-time payments of at least the minimum due amount are made. Not making a minimum payment cancels all cash back earned for that month and any subsequent months until the minimum payments are caught up. All cash back redemptions are made automatically once the terms of those redemptions are met as statement credits.

Rewards Potential

To determine the rewards potential of the Jasper Credit Card we have to consider what an American household might spend on a credit card each year. Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households bring in $100,172 annually and we base spending on that number.

Forbes Advisor estimates that the household has $26,410 in expenses that can be reasonably charged to a credit card. At 1% cash back, the Jasper Credit Card would earn $264.10 in cash back per year. For the person who is able to refer five friends per year for the card and achieve the maximum 6% cash back rate, a total of $1,584.60 in yearly cash back is theoretically possible but extremely unlikely.

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• Advice-Giving App: The card’s management app also provides targeted advice to help cardholders learn about healthy financial habits
• $5,000 Credit Limit: The card provides credit limits up to $5,000

Interest Rates

• Regular APR: 15.74% – 25.24% variable
• Purchase Intro APR: N/A
• Balance Transfer Intro APR: N/A

Fees

• Annual Fee: $0
• Balance Transfer Fee: N/A
• Cash Advance: See terms
• Foreign Purchase Transaction Fee: See terms

Jasper Cash Back Mastercard® vs. Discover it® Secured Credit Card

As secured cards go, the Discover it® Secured Credit Card offers a gold standard: no annual fee, cash back rewards of 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. The Jasper’s 1% cash back base makes a valiant effort, but the required social effort to constantly recruit new cardholders for the issuer makes the Jasper card’s bonus cash back much more difficult to earn.

The Discover it® Secured Credit Card also offers Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year. Discover also offers the perks a bigger issuer usually can offer: $0 fraud liability, credit monitoring and alerts, the ability to freeze the card and more. But, as with all secured cards, the Discover it® Secured Credit Card requires a deposit while the Jasper Card does not.

Jasper Cash Back Mastercard® vs. Petal® 1 “No Annual Fee” Visa® Credit Card*

With an advertised cash back rate of 2% to 10% at select merchants, the Petal 1, issued by WebBank, advertises a great deal that, upon closer inspection, may not be all that great. The cash back the card touts only applies at certain vendors, so whether or not the card makes sense for any given individual requires additional research, and these merchant lists are not readily available to non-cardholders.

Otherwise, with no annual fee the Petal 1 makes a viable alternative to the Jasper Card. Perhaps its potentially lower overall cash back makes it a lesser option, but for those for whom the cash back partnerships make a lot of sense, the card could provide an opportunity to build credit.

Jasper Cash Back Mastercard® vs. Navy FCU nRewards® Secured Credit Card*

For those who’re willing and eligible to join the Navy Federal Credit Union, the Navy Federal nRewards offers decent rewards without an annual fee. With one point per dollar earned on all purchases, the reward is similar to a cash back rate of 1%.

The card comes without foreign transaction fees or balance transfer fees, though without a 0% introductory APR on balance transfers, we can’t recommend using the card for balance transfers at all. The nRewards also comes without cash advance fees and its 18.00% variable makes it likely to be the preferable card for those who might ever have to carry a balance—though we also don’t ever recommend carrying a balance on a credit card.

For those who’ve been turned away from other rewards-earning credit cards, don’t want to use a secured card but still want to see at least some reward, the Jasper card is worth taking a closer look. Buyer beware, however, that the “up to 6%” cash back rate advertised is a part of what appears to be marketing reminiscent of a pink-hued makeup company.