The Bank of Missouri’s Aspire Credit Card is a popular choice for those with fair or poor credit who wish to establish or repair their credit without having to put down a security deposit.
One significant advantage is its pre-approval tool, which allows prospective applicants to evaluate their eligibility with a soft inquiry that does not affect their credit score. Here, we’ll go over how the Aspire pre approval process works, the card’s essential features, and points to consider before applying.
Features of the Aspire Credit Card
| Feature | Description |
|---|---|
| Credit Limit | Up to $1,000, with potential increases over time |
| Cash Back Rewards | 3% on gas, groceries, and utilities; 1% on other purchases |
| Interest Rate (APR) | Variable, ranging from 22.74% to 36% |
| Annual and Monthly Fees | First-year fees from $85, maintenance fees start in the second year |
| Credit Reporting | Reports to at least one, often three, major credit bureaus |
Prerequisites for Aspire Card Pre-Approval
- Minimum Credit Score: A respectable credit score of 580 or above enhances eligibility.
- Basic Personal Information: The application requires your full name, social security number, and address.
- Pre-Approval Check: Aspire may do a soft credit check to determine eligibility without affecting your credit score.
- Income Verification: Aspire may request income verification to evaluate your payment management capacity.
- Acceptance Code (for Mail Offers): If you were pre-approved by mail, use the unique code supplied to access the application page.
Aspire Card Online Pre-Approval Process
- Submit personal information: Provide basic information, such as your name, address, and social security number.
- Aspire runs a soft credit check to determine eligibility without influencing your credit score.
- Receive Pre-Qualification: If you are qualified, you will receive a pre-qualification offer that indicates a high likelihood of acceptance.
- Hard Inquiry Upon Full Application: Filing a formal application triggers a hard inquiry, which may significantly reduce your credit score.
Fees and Rewards
| Feature | Details |
|---|---|
| Fees | First-year fees start at $85; monthly fees begin in the second year |
| Rewards | 3% cashback on gas, groceries, and utilities; 1% on other purchases |
Applying for the Aspire Credit Card
To apply, you must provide either an invitation letter with a pre approval number or complete the pre-qualification procedure online. Following approval, new users may activate their cards using the Aspire website or mobile app. Aspire also provides account notifications, fraud liability protection, and 24/7 internet access for convenient account administration.
Is the Aspire Credit Card Right for You?
The Aspire Credit Card provides an easy method to establish credit while receiving small cashback incentives. However, because to its high fees and interest rates, it is best suited to people who can strictly monitor their expenditure. To get the most of it, try paying off your obligations in full every month and using its credit-monitoring capabilities to efficiently track your credit-building progress.
FAQs
Q1. Is Aspire’s pre-approval procedure soft or harsh credit check?
Ans: Pre-approval is based on a soft inquiry, which has no influence on your credit score.
Q2. What benefits does the Aspire Credit Card provide?
Ans: Cardholders get 3% cashback on petrol, food, and utilities, and 1% on all other purchases.
Q3. Is there an annual or monthly charge for the Aspire Credit Card?
Ans: Yes, the first-year price is $85, with monthly maintenance payments beginning in the second year.
Q4. What is the credit limit on an Aspire Credit Card?
Ans: The credit limit begins at $350 and may rise to a maximum of $1,000.
Q5. Will Aspire submit my payments to the credit bureaus?
Ans: Yes, Aspire reports payments to at least one major credit agency, which helps you improve your credit score.