Aspen Credit Card Review | Discontinued - Which Card to Get
Aspen Credit Card ReviewSummary - The Aspen Visa Card is designed specifically for those with poor credit. This is an unsecured credit card issued by CompuCredit. Like most sub prime cards, this card comes laden with high fees. We do not recommend this card, but provide an alternative for people with poor credit as well as a comparison of the Aspen Visa Card to other sub prime cards.
Fees - Typical of sub-prime cards, the Aspen Credit Card charges various fees. You have to pay an account opening fee of $29.00. The annual fee is a whopping $150.00. There is also a monthly maintenance fee of $6.50, which works out to $78.00 a year. The APR is Prime Rate plus 19.5% (miss a payment and it goes up to 25.75%).The grace period is at least 25 days (longer than the usual 20 days given by most card issuers). The average daily balance method (including new purchases) is used to calculate monthly balance. In total, you will pay at least $257.00 per year to have this card (not including the interest on purchases).
Aspen Visa Peer Comparison
Let's illustrate this with an actual example and compare the Aspen Visa card to the Public Savings Bank Secured Card.
|Card||1st Year Fees||2nd Year Fees||3rd Year Fees||4th Year Fees||5th Year Fees||Total Fees Paid|
|Public Savings Bank Secured Card||$79||$0||$0||$0||$0||$0|
Aspen Visa vs. First Premier Bank
Aspen Visa Card vs. Orchard Bank
Depending on the card you are approved for, annual fees for the Orchard Bank card range from $39-$79 for the unsecured cards and an annual fee of $35 for the secured card which is waived the first year. Processing fees for Orchard Bank cards range from 0-$49 for unsecured cards and a $200 security deposit for the secured card. The APR is also much more reasonable and may be anywhere from 7.9% to 19.9%. This is clearly a card to check out when deciding which one will assist you in rebuilding or repairing credit.
Conclusion - The Aspen Credit Card is laden with ridiculously high fees and high APR. In fact, CompuCredit was actually charged by the FTC and agreed to a settlement because of deceptive marketing. If you are looking to rebuild your credit, we suggest that you consider other cards. A secured credit card is a low cost alternative to rebuilding your credit history. If you are looking for an unsecured credit card, the best card in the market at the moment is probably the Orchard Bank Credit Card, which have much lower fees and rates.
Note:- The Aspen Visa is currently not available due to the CompuCredit complaint filed by the FTC for deceptive credit card marketing practices. The FTC alleged that CompuCredit "violated the FTC Act by misrepresenting the amount of credit that would be available immediately to consumers, failing to disclose up-front fees, failing to disclose that certain purchases could reduce a consumer's credit limit, and misrepresenting a debt collection program as a credit card offer."