Aspire Visa Credit Card Review

aspire visa Summary - The Aspire Visa Card is designed specifically for those with poor credit. This is an unsecured credit card. Those with bad credit can choose among many types of credit cards including secured credit cards, prepaid credit cards or unsecured credit cards. Those looking for an unsecured bad credit card may want to consider the Aspire Visa®. .

Fees - Like most sub-prime cards, the Aspire Visa Gold charges various fees. You have to pay an account opening fee of $29.00. The annual fee is $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 13.5% (the absolute rate cannot go below 19.50%), which is about the average rate for cards in this category. The grace period is al 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.

Conclusion - The Aspire Visa will appeal to those with poor credit and looking for an unsecured credit card. However, like all sub prime credit cards, the fees they charge border on extortion. If you are looking to rebuild your credit, we suggest that you get a secured credit card instead.

Update - The Aspire Visa is no longer offered by Compucredit due to a settlement with the FTC on deceptive marketing.

If you have a 500 plus credit score, you are much better off getting a secured credit card, not just because it is cheaper (ie lower fees and rates), but also because you could have a much better credit utilization ratio which will improve your credit score much faster.

Let's illustrate this with an actual example. Let's take the Tribute MasterCard and 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
Aspire Visa $257.00 $228.00 $228.00 $228.00 $228.00 $1169
Public Savings Bank Secured Card $50 $0 $0 $0 $0 $0

Over the course of 5 years, you would end up paying over a thousand dollars more than you would with a secured credit card. Furthermore, with a secured credit card, you can deposit up to $100,000 (in the case of Public Savings Bank). Hence, if you use say $200 of your available credit, you will have a much better credit utilization ratio (i.e. debt over available credit).