There aren’t many credit card options for newcomers to the United States. For those entering the country on a work visa or other means, securing a payment method other than cash can be an obstacle. If you do not yet have a credit history or a Social Security card, the Jasper Mastercard®, issued by WebBank, Member FDIC, might be the best option for you.
The Jasper Mastercard is especially helpful for working professionals who don’t yet have a credit history, because a credit history and Social Security number are not required to apply.** Plus, it also has exceptional advantages for those looking for more perks. For example, cardholders can save on fees and take advantage of a rewards program that offers up to 6% cashback when referring friends.***
However, if you already have a Social Security number, there are certainly better alternatives available.
Unlike other credit card reviews, this Jasper credit card review will dig into the fine print to help you make an informed decision about whether it’s the right choice for you.
Jasper Cash Back Mastercard® Review: Major Qualities
Jasper Cash Back Mastercard®
Not just a credit card
$100 signup bonus! Apply by May 31, 2021 using promo code RVPROMO to receive a $100 statement credit upon first eligible transaction, if approved. Terms apply.
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.
Cash back not limited to certain categories, earn on almost all everyday purchases
No annual fee, no security deposit, no foreign transaction fees
Simple, intuitive app to manage your account
Unique auto payment options that help you build and maintain your credit score
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
Your cash back maximum varies based on your credit limit.
Regular Purchase APR 15.49% – 24.99% (variable) This APR will vary based on your creditworthiness at the time of application. After that, your APR will vary based on the Prime Rate.
Cash Advance APR 24.99% – 29.99% (variable) This APR will vary based on your creditworthiness at the time of application. After that, your APR will vary based on the Prime Rate.
Late Payment Fee Up to $27
Jasper Credit Card: Overview
Issued by WebBank, the Jasper Mastercard helps young working professionals establish and build their credit history. For U.S natives, this credit card can help anyone with limited credit improve their credit over time, while helping them earn rewards in the meantime.
However, this credit card is especially helpful for immigrants who have started work in the United States and are awaiting a Social Security number. For applicants that qualify, Jasper requires them to submit a Social Security number within 60 days after activation.**
For applicants with a Social Security number, they may fare better with alternative credit cards that provide more suitable consumer incentives and well-timed credit reporting.
If a person does want to avoid the traditional credit evaluation factors of the best credit cards and skip paying a security deposit, the Jasper Mastercard may warrant a closer look.
Previously known as CreditStacks, Jasper started this credit card program in January 2018. The credit card’s original purpose was to serve working professionals entering the United States.
In May 2020, CreditStacks rebranded as Jasper and now serves people throughout the country who want to establish their credit.
Jasper Credit Card: Pros and Cons
The Jasper Mastercard is advantageous for young adults looking to build excellent credit. It offers a variety of attractive benefits that outweigh the cons.
No credit history or Social Security number required to apply**
There aren’t any annual fees*
There aren’t any foreign transaction fees
Gain access to a credit line up to $5,000
Receive lucrative consumer benefits
Balance transfers aren’t possible
While the lack of an option for balance transfers isn’t ideal for some people, the Jasper Mastercard still fares as a competent credit card due to nonexistent fees and a low barrier of entry for new cardholders.
Jasper Credit Card: Quick Facts
APR: There is a continuous variable APR of 15.49%. This figure can increase to as much as 24.99%. There also isn’t a penalty APR, which is a great addition if you miss a credit card payment.
Rewards: Cardholders can receive 1% cashback on all eligible purchases. This rate can increase to 6% when friends are referred to join.***
Fees: There aren’t any annual fees*, foreign transaction fees, or a security deposit.
Credit Reporting – All payments are reported to well-known credit bureaus, such as Equifax and TransUnion.
Additional benefits, offered through Mastercard:
Travel Benefits – There are numerous travel benefits cardholders can take advantage of, including insurance for damaged or lost luggage, collision damage for rental vehicles, travel accident insurance, and reimbursement for canceled or interrupted trips.
Security Protection – Cardholders can receive ID Theft Protection with other safety benefits, including smartphone protection, purchase protection, and an extended warranty.
Reasons to Apply for the Jasper Credit Card
If you’re considering applying for the Jasper Mastercard, these reasons may compel you to become a cardholder.
No Initial Social Security Number Required
Applicants who are new to the United States do not have to provide a Social Security number upon applying for the Jasper Mastercard, but they must report their Social Security number within 60 days of activating the credit card, if approved.** They are also required to provide their proof of income, visa details, and their passport to Jasper.
Applicants who have lived in the U.S. for more than a year must provide their Social Security number and undergo a credit check during the application process.**
No Credit is Required
Jasper is very lenient to people without any established credit. The company claims they review more than 360 factors to determine if they’ll approve a potential cardholder. Some of these include evaluating the applicant’s employment and debt-to-income ratio.
The Jasper Mastercard doesn’t have an annual fee*, which means you won’t pay to have the credit card. If you miss a payment, you won’t have to worry about a penalty APR that can raise your interest rate. Although there is not a Penalty APR, there is a penalty for late payment up to $27.00. New cardholders also aren’t required to make a security deposit upon registering.
Solid Credit Limit
For people new to the United States, the Jasper Mastercard has a pretty high credit limit up to $5,000. However, it’s very possible to find other good credit cards with higher credit lines.
Painless Approval Process
With other credit card issuers, you’ll need to have already started your job in the United States. By applying for the Jasper Mastercard, you can be approved up to 60 days before starting your job.
With the Jasper Mastercard, you can earn 1% cash back on all eligible purchases. This is a great feature, especially if you plan on referring friends. For each person you refer, you’ll receive a 0.5% increase in cash back for a full year up to 6%.***
You can use the Jasper Mastercard for any international trip. There aren’t any foreign transaction fees, and Mastercard is generally accepted almost anywhere.
Is the Jasper Credit Card right for you?
Here are some reasons this card might not be right for you.
Limited Credit Card Reporting
The Jasper credit card only reports to Equifax and TransUnion. A starter credit card for people new to credit in the United States should also report to Experian, a prominent credit reporting bureau.
Cardholders actively building credit may not have as much success as with other featured cards since most businesses and people will pull credit reports from Experian. Some unsecured cards such as American Express report to all three credit reporting bureaus.
For many applicants, it takes two to three days for Jasper to process your application. This is understandable since many applicants are beginners to credit, and the company must evaluate other areas besides your credit score to determine your credit trustworthiness.
Account Access is Mobile Only
You access your account via the Jasper Mobile app. FYI: you won’t be able to manage your account on a desktop computer or laptop.
Jasper Mastercard® Review: The Final Verdict
Overall, the Jasper Mastercard is a wonderful option for people who are new to credit to establish and build a fair credit score. However, if you already have a Social Security number, you can find better value with other WebBank credit cards in terms of features, credit reporting, and cardholder incentives.
For customers who are new to credit, a better choice would be a credit card that reports to all three major credit bureaus, Experian, TransUnion, and Equifax, so that when you apply for loans in the future, lenders will be able to review your credit history no matter which major credit bureau they consult. If you can’t apply for any credit cards that offer this type of broad reporting, then the Jasper Mastercard is an excellent option.
** 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.
*** Your cash back rate will be increased by 0.5% for 12 months for each referred applicant that activates their card, up to a limit of 6% total cash back. To earn 6% cash back, you must successfully refer 10 new cardholders within the same 12-month period. To become eligible to redeem cash back, you must first make three on-time payments. The purchases on which you can earn cash back are limited each billing cycle to an amount equal to your credit limit. Review theRewards Terms and Conditions.
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