Review of Aspire Visa Card



The Aspire Visa Card was last reviewed on : 4th January 2006

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® Gold .

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 maintanence 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® Gold will appeal to those with poor credit and looking for an unsecured credit card.

Alternatives - If you are looking at the Aspire Visa Gold, you should also consider the Orchard Bank MasterCard® as it has a lower fees. The Orchard Bank Mastercard will issue you either a secured card or an unsecured card depending on their assessment of your credit. If you are given an unsecured card, the annual fee is $35.00. You can then deposit anywhere between $200 and $10,000 and your credit lines will be 100% of your deposited money.

If you are eligible for an unsecured credit card, you will be charged an annual fee anywhere from $0 to $79.00 and you will be charged a one-time application fee of anywhere between $0 to $49.00. The Orchard Bank Mastercard will cost a cardholder less in fees than the Aspire Visa.

Positives
  • No transaction fees for purchases


Negatives
  • High annual fee
  • Monthly maintanence fee
  • One-time account opening fee



Aspire Visa Card
Cost/Fees/Interest rates
Annual Fee $150.00
Monthly Maintanence Fee $6.50 per month ($78.00 per year)
Account Opening Fee $29.00
Purchase APR Prime Rate plus 13.50%, min is 19.50%
Cash Advance APR Prime Rate plus 19.50%, min is 25.50%
Penalty/Default Rate APR Prime Rate plus 19.5%, min is 25.50%
Min Finance Charge No minimum finance charge
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance Fee 5% min $5.00
Convenience Check Cash Advance fee 3% min $5.00, max $50.00
Over-the-credit-limit fee $35.00
Late Payment fee $35.00



Apply for the Aspire Visa® Gold

Or go back to the Bad Credit Credit Card Directory to look at more unsecured credit cards

If you already have this credit card, and want to comment on it, you can post your review here.




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