Jasper Cash Back Mastercard Review - A Card for Fair Credit That Isn't Exactly Good
There are many cash back cards on the market, some with deals that may seem too good to be true. The Jasper Cash Back Mastercard touts up to 6% cash back, but with some caveats.
The Jasper Cash Back Mastercard may be a solid option for anyone new to cash back rewards, someone for fair to average credit, or anyone finding it difficult to get approved for other cash back options. That said, there are better options out there for anyone with credit scores hovering in the high 600s and above. I’ll walk you through everything you need to know about the Jasper Cash Back card so you can decide if it’s right for you.
- What is the Jasper Cash Back Mastercard?
- How does the Jasper Cash Back Mastercard work?
- How much does the Jasper Cash Back Mastercard Cost?
- Jasper Cash Back Mastercard Features
- Who is the Jasper Cash Back Mastercard best for?
- Who shouldn’t use the Jasper Cash Back Mastercard?
- Jasper Cash Back Mastercard Pros and Cons
- Summary of Jasper Cash Back Mastercard vs. competitors
- Jasper Cash Back Mastercard vs. competitors
- The bottom line
What is the Jasper Cash Back Mastercard?
If you’ve never heard of Jasper, there’s a pretty good reason why. Jasper is a fintech company that’s relatively new to the credit card space. The privately held company was founded in New York City in 2005. The credit card itself is issued by WebBank, an established Utah-based industrial financial institution.
Jasper claims it created its cash back Mastercard to meet the needs of modern consumers better. The approval process for the cash back card is meant to be easier for self-employed or with nontraditional income, while also offering card access to those with a less-than-perfect credit history. The credit card issuer provides guidelines and best practices to help cardholders improve their credit and allows users to customize automatic payments on its mobile app.
Despite the company’s well-meaning goals, overall, this card falls short in a few key areas. However, it may still be worth considering if you’re struggling to get approved for a comparable card.
How does the Jasper Cash Back Mastercard work?
You can apply for the Jasper Cash Back Mastercard online. As of right now, there is no way to check to see if you prequalify before going through the official application process, which will do a hard pull on your credit and make an appearance on your credit report provided by the three major credit bureaus.
When applying, you’ll need to set up an account, and if you have a promo code — such as a referral from a friend — you’ll enter it on the first screen. After creating a login, be ready to provide personal information, such as your full name, current address, social security number, date of birth, email address, phone number, annual salary, and other income details. You may need to provide proof of income via direct deposit slips or bank statements.
From there, the Jasper team will determine if you’re a creditworthy candidate and make a final decision on your application.
You can also start and save your application and return to finish it whenever it's convenient for you. The process is fast and can be done in less than 10 minutes. You can even apply right from your smartphone.
On the downside, you may need to wait to hear back from Jasper via phone or the mail to find out if you’re approved.
How much does the Jasper Cash Back Mastercard Cost?
The Jasper Cash Back Mastercard has no annual fee, but does have other costs you should be aware of. The card’s standard APR runs between 15.49% and 24.99%, depending on your credit profile. You’ll also pay up to $27 in late fees if you miss your payment date.
Cash advances have an APR of 24.99% to 29.99% and a cash advance transaction fee of $10 or 5% of the cash advance — whichever is higher.
Jasper Cash Back Mastercard Features
The Jasper Cash Back Mastercard is a decent option for anyone with fair or below-average credit looking for a non-secured card or a no-annual fee cash back card. Here are some of the card’s best features.
No deposit or annual fee
Many with fair credit will find it easiest to get approved for secured cards only — that is, credit cards that require a security deposit. The Jasper Cash Back Mastercard is unsecured, and has no annual fee to worry about.
Flat cash back rewards
There are many ways to use cash-back cards to maximize the money you earn back — but this strategic planning can be overwhelming if you’re new to the world of cash back rewards. I like that Jasper offers a flat cash-back incentive, so you don’t have to worry about rotating categories or using this card only for specific purchases.
1% referral program
A flat 1% cash-back credit card is relatively easy to find, but Jasper offers a referral program where you can earn an additional 1% cash back for each friend you refer (the rewards max out at 6%). Your friend will also make an extra 1% cash back if they sign up using your referral code. These bonus rewards only last for one year each, however, so this boost is only temporary. Once they expire, you’re back to a 1% cash back card, which is relatively unimpressive.
Unique AutoPay features
One distinct feature that Jasper offers is AutoPay options designed to help boost your credit score. While most credit card apps allow you to set up AutoPay for the minimum due, the entire balance or an amount of your choosing, Jasper offers other amounts designed to help you lower your credit utilization score and improve your credit. You can activate this feature by choosing ‘Credit building’ under Payment Style.
Intuitive mobile app
Jasper offers an easy-to-use mobile app where you can manage your entire account — from making payments to reviewing purchases and cash back rewards. The app is streamlined and straightforward, and easy to navigate.
Security benefits and fraud protection
Jasper is a Mastercard that comes along with key security and fraud protection benefits like — Mastercard ID Theft Protection, an online monitoring dashboard, identity monitoring, an online risk alert newsletter, lost wallet assistance, purchase protection, and cell phone protection. Its theft protection will give you an alert if there is anything fraudulent to help protect your credit as you rebuild it.
Jasper has a flat cash back rate of 1% on most everyday purchases. You can increase this rate through its referral program, which allows you to invite friends and earn an additional 1% cash back for one year. The total cash back you can earn is up to 6%. After your referral cash back rates retire, you’ll go back down to 1% cash back.
There are a few caveats here. First, you won’t begin earning cash back rewards until you’ve demonstrated three months of responsible credit usage — meaning you’ve paid at least the minimum amount due (preferably more) on-time each month. After three months, your cash back rewards will begin showing on your account.
Next, your account must remain in good standing to keep earning rewards. Once your account becomes past due, Jasper will pause your cash back accrual.
Jasper automatically applies your cash back rewards to your statement in the form of a credit. There are no other options to redeem your rewards at this time.
Travel rewards are more often reserved for people with good credit but Jasper cardholders receive travel benefits. The Jasper card offers collision coverage on rental cards, trip cancellation and lost luggage protection, and travel accident insurance. You also won't be charged foreign transaction fees.
Jasper is a Mastercard and is accepted anywhere Mastercard is accepted.
Related: Best Rewards Cards
Who is the Jasper Cash Back Mastercard best for?
- Anyone with fair credit looking for a cash back card. If you’ve been struggling to get approved for a credit card and would love to start earning cash back, the Jasper Cash Back Mastercard could be a sound card to apply for. The approval process is fast, many with fair credit are accepted, and the cash back rate is reasonably good for someone looking to build credit.
- Self employed individuals. It can be hard to get approved for credit when you’re self-employed or receive non-traditional income. Jasper caters to individuals who freelance, run their own business, work via contracts, or receive another non traditional form of income.
- Anyone looking for a temporary high rewards card. The Jasper Cash Back Mastercard might serve you well for a year, but after that, you’ll likely be ready to move on to a card with better perks. But during that year, take advantage of its unique credit building AutoPay features (although, I recommend paying your balance in full, when you can), and referral program to maximize your cash back during your first year.
Who shouldn’t use the Jasper Cash Back Mastercard?
- Anyone with average or above-average credit. If your credit score is already in the mid-to-high 600s, you can likely find a card better suited to your lifestyle. Flat rewards cards like the Wells Fargo Active Cash card and the Citi Double Cash rewards card both offer 2% cash back — the Active Cash card even has a $200 welcome bonus. And, if you’re ready to really maximize your rewards, there are credit cards with rotating rewards that earn as much as 5% cash back for specific categories.
- Anyone new to credit. If you’ve never had a credit card before, I don’t recommend the Jasper Cash Back Mastercard as your first option. First, your credit line could be higher than you can afford. Second, if you’re worried about the temptation of a credit card, I’d opt for a no frills card that focuses on credit building. You’ll only receive Jasper’s rewards if you pay your bill on time, which could defeat the purpose of this card for someone just starting out.
Jasper Cash Back Mastercard Pros and Cons
- Good approval odds for fair credit
- No deposit
- No annual fee
- High credit limit (up to $15,000)
- Earn up to 6% cash back (one year only)
- Custom AutoPay features to help you boost your credit score
- Lower than average late fee
- Rewards are lackluster after your first year
- Your rewards are contingent on your account standing
- Approval process is not instant (could take a few weeks)
Summary of Jasper Cash Back Mastercard vs. competitors
|Bank||Annual Fee||Deposit||Credit Limit||APR||Rewards|
|Jasper Cash Back Mastercard||$0 - $99||None||$100 - $15,000||15.49% - 24.99%||1% cash back on most purchases; additional 1% per friend referred for one year (up to 6% cash back)|
|Petal 1 Visa||None||None||$500 - $5,000||19.99% - 29.49%||2% - 10% cash-back at qualifying merchants|
|Capital One QuickSilverOne||$39||None||$1,000 - $10,000||24.99%||1.5% cash-back on everyday purchases|
|Discover it Secured Card||None||$200 (minimum)||$200 - $2,500||22.99%||2% cash-back at gas stations and restaurants (for up to $1,000 spent each quarter); 1% cash-back on all other purchases; cash-back match for first year’s rewards|
Jasper Cash Back Mastercard vs. competitors
How does Jasper Cash Back Mastercard compare to its top competitors? Let’s find out below.
Jasper Cash Back Mastercard vs. Petal 1 Visa Credit Card
Just like Jasper, the Petal 1 Visa card has no annual fee and also offers cash back. Its cash back rates range from 2% - 10% and are available at select merchants. You can’t use your cash back in as many places as the Jasper card, but your rates are higher (especially once the temporary rates for Jasper expire).
The credit limit for the Petal 1 Visa caps out at $5,000, while Jasper offers up to $15,000. Petal 1 does have an easy approval process and allows you to use your bank account information to showcase healthy financial habits when applying. This is good news for those without credit, rebuilding credit, or anyone self employed.
Petal 1’s APR ranges are slightly higher (up to 29.49%), but as long as you pay your account in full each month, you won’t have to worry about getting dinged with interest.
Jasper Cash Back Mastercard vs. Capital One QuicksilverOne
Another cash back card worth considering with fair credit is the Capital One QuicksilverOne card. This card beats Jasper’s flat rate rewards by offering 1.5% on all purchases. This card only requires fair credit to get approved and you’ll be considered for a credit limit increase in as little as six months if you pay your balance on time.
The APR is standard at 24.99% — average for credit cards available to those with fair credit — and on par with Jasper. While Jasper does offer lower APRs, you’ll likely only qualify for them if you have better credit.
This card does have a small annual fee, however, of $39. But, if you charge around $230 a month, you’ll more than make up for the fee with cash back statement credits. And, Capital One lets you redeem your rewards as cash, a statement credit, or as a gift card.
Jasper Cash Back Mastercard vs. Discover it Secured Card
While it may seem odd to recommend a secured card in place of the Jasper Cash Back Mastercard, this might make the most sense for anyone new to cash back cards or looking to build credit. The Discover it Secured Card is one of the best-secured cards on the market right now — it requires a minimum $200 deposit, which is refundable but allows you to earn rewards.
You can earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases every quarter), 1% unlimited cash back everywhere else, and a cash back match for your first year. The credit limit for Discover is lower, but that might be a pro if you’re worried about overspending. You also might lock in a lower APR.
Does the Jasper Cash Back Mastercard offer cash advances?
Yes, you can receive cash advances with the Jasper Cash Back Mastercard, but with a high APR of between $24.99 - $29.99 and cash advance fees, you should avoid this if you can.
Does Jasper do a hard inquiry when running your credit?
Yes, a hard inquiry is done when you apply for the Jasper Cash Back Mastercard.
Does Jasper report to all three credit bureaus?
Yes, this card reports to the three major credit agencies, Experian, Transunion, and Equifax.
What is a fair credit score?
FICO considers fair credit to be between 580 and 699. With VantageScore — an alternative way to measure creditworthiness — fair credit is between 601 and 660.
The bottom line
Ultimately, the Jasper Cash Back Mastercard is a decent temporary credit card for anyone building credit. If you have fair credit, this card could help you earn rewards and boost your score. However once your score is in the high 600s, there are many better cash back cards worth exploring. Plus, to earn Jasper’s highest level of rewards — up to 6% — you have to try and convince friends or family members to sign up, which may feel uncomfortable for some users.
Alternatively, you could explore the Petal 1 Visa and Discover Secured card — both of which earn rewards at a higher standard rate than the Jasper Cash Back card — but I’d recommend the Capital One QuicksilverOne over those two. Although you have an annual fee of $39, the rewards rate is better and when use correctly makes up for the fee (1.5% flat cash back on all purchases), there are more options for redemption, and you could see your credit line increase in as little as 6 months.
Share this article