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Jasper Mastercard® Review

At a Glance
Jasper Mastercard
4.1 / 5
Rating

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Jasper Mastercard®

  • Sign-Up Bonus: None
  • Rewards: 1% cash back on eligible purchases
  • Benefits: No security deposit required; full lineup of premium Mastercard benefits with lenient underwriting.
  • Fees: See terms for a complete accounting of possible fees.
  • Annual Fee: $0
  • Introductory APR: None.
  • Credit Limits: Low/Medium.
  • Credit Required: None/Limited, Fair, Good, Excellent

Advertiser Disclosure: This post includes references to offers from our partners. We receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

The Jasper Mastercard® (Jasper Card) is an unsecured credit card designed for first-time credit card users and those looking to build credit. Although it’s not technically a student credit card, the fact that it doesn’t require a credit history for approval — thanks to an innovative underwriting process — and its availability for foreign nationals in the United States on student or work visas make it appropriate for those pursuing higher degrees. And it’s an excellent alternative to secured credit cards, which require what’s effectively a down payment as a condition of use.

Jasper isn’t perfect. It lacks an introductory APR promotion, for example. But it’s an above-average choice for anyone in the process of building or rebuilding credit.

Key Features

The Jasper Mastercard’s most important features include:

Underwriting Process

Jasper uses a nontraditional underwriting process that considers noncredit factors, including sufficient proof of income, to produce a more holistic gauge of applicant risk. Not having a credit score or having limited credit will not necessarily disqualify your application from consideration. However, if you have good credit, your application will be considered using common credit factors.

Credit Limit

Jasper offers credit limits up to $5,000 with no security deposit required. Your actual credit limit will depend on your income, creditworthiness, and other factors.

Earning and Redeeming Rewards

All eligible Jasper purchases earn earn 1% cash back. Cash back doesn’t expire as long as your account remains open and in good standing and is automatically applied to your account balance at the end of each statement cycle.

Important Fees

This card has no annual fee. Other fees may apply, including a foreign transaction fee for purchases made outside the United States or denominated in foreign currencies.

Card Benefits

The Jasper Mastercard has a number of perks and benefits underwritten by Mastercard, including:

  • Satisfaction Guarantee for Purchases. Select Jasper Mastercard purchases — those made in full with the card — qualify for Mastercard’s satisfaction guarantee protection for 60 days from the date of purchase.
  • Extended Warranty on Select Purchases. Eligible purchases also qualify for a one-year extended warranty, for total warranty coverage (including the original manufacturer’s warranty) of 24 months or less.
  • Price Protection on Select Purchases. Jasper is one of the few remaining credit cards offering price protection coverage on eligible items for 60 days from purchase. If you find a lower price on an identical item during the coverage period, this benefit may refund the difference. Note that this benefit is subject to change or revocation at any time.
  • Purchase Assurance. This benefit provides reimbursement for covered theft, loss, or damage on eligible items for up to 90 days from purchase, subject to policy limits and exclusions.
  • Mastercard Travel Benefits. Jasper’s comprehensive Mastercard-backed travel benefits include a car rental loss and damage waiver, lost or damaged luggage protection, travel accident insurance, trip interruption and cancellation insurance, and more.
  • Cellphone Protection. Enjoy reimbursement for covered damages to your eligible cellular telephone device, subject to limitations and deductibles.

Credit Required

Jasper is appropriate for applicants with fair to excellent credit. Applicants with limited or nonexistent credit may qualify for approval, depending on income and other underwriting factors. Jasper reports account information, including payment history, to the three major credit bureaus, so your use of the card will be reflected on your future credit score.

Advantages

The Jasper Mastercard is an effective product for building and rebuilding credit. It has some other notable advantages as well.

  1. No Annual Fee. This card doesn’t charge an annual fee. That’s welcome news for frugal cardholders who can’t be bothered to pay a recurring levy.
  2. No Credit History Required for Approval. Jasper doesn’t require new credit applicants to demonstrate any particular length of credit history — or any credit history at all, if their income and other underwriting factors qualify them for approval. This makes Jasper a fantastic first credit card option for younger cardholders.
  3. No Security Deposit Required. Unlike many other cards for people with limited or fair credit, this card doesn’t require a security deposit as a condition of account opening.
  4. 1% Cash Back on All Eligible Purchases. Jasper earns 1% cash back on all eligible purchases. That’s a nice rate of return for an entry-level card, as many direct competitors lack rewards programs at all.
  5. Impressive Mastercard Benefits, Including Price Protection. Jasper Mastercard has an impressive lineup of premium Mastercard benefits, including basic travel insurance and price protection. It’s one of the few remaining credit cards offering price protection to new account holders, in fact.
  6. Regular Credit Bureau Reporting. Jasper regularly reports account activity to all three major consumer credit reporting bureaus. This is good news for cardholders eager to build credit and improve their credit scores with a pattern of timely repayment and responsible credit use.
  7. Credit Limit Up to $5,000. Jasper offers credit limits as high as $5,000 to qualified cardholders. This is higher than many competing cards.

Disadvantages

Jasper isn’t perfect. Its drawbacks include a less-generous rewards program and no introductory APR promotion.

  1. Cash Back Capped at 1%. There’s no way to earn cash back on Jasper purchases at a rate greater than 1%. This is a drawback for cardholders who’d like to earn a high return on everyday spending (and who qualify for more generous cash back cards).
  2. No Introductory APR Promotion. Jasper has no introductory interest rates (APR) promotion, so it’s not appropriate for applicants looking to cheaply finance major purchases or pay down high-interest debt accrued elsewhere through balance transfers.

Final Word

The Jasper Mastercard® is one of the best credit cards for new-to-credit applicants and those with less-than-perfect credit, bar none. If you’re eager to begin using an unsecured credit card but concerned about the drawbacks of secured credit cards, Jasper could be just the answer you’ve been waiting for. If you decide after careful consideration that Jasper isn’t right for you, don’t fret — plenty of high-quality unsecured credit cards appeal to first-timers.

Verdict
Jasper Mastercard
4.1 / 5
Rating

Learn More

Jasper Mastercard®

The Jasper Mastercard® is one of the best unsecured credit cards on the market for applicants with limited or fair credit. Throw in an unusually generous lineup of Mastercard benefits and fairly high credit limits, and it’s clear that this card deserves consideration from the credit-building set.

This card’s innovative underwriting procedures, no annual fee, and credit-building power are all key attributes. The relatively low cash back rate and introductory APR promotion count against it. Overall, Jasper is an excellent choice for first-time cardholders.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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