The Jasper Mastercard is designed for those with no credit history. It offers a unique rewards program that pays up to 6% cash back. With a credit limit of up to $5,000, no annual fee, and credit-building features, the Jasper Mastercard is a top rated card for first-timers and young adults. In this review we’ll look at its key features and benefits to see if the Jasper Mastercard is right for you.
Snapshot
The Jasper Mastercard, issued by WebBank, made our list of the best student credit cards. In reality, it’s much more than that. In fact, it’s not technically a student credit card at all. Formerly known as CreditStacks, It’s designed for those with no credit history, yet its rewards rival many credit cards that require excellent credit.
- Earn 1% cash back on every eligible purchase
- Boost cash back to 6% by referring friends
- No credit history required to apply if you don’t already have one
- No annual fee
- No security deposit
- Up to a $5k credit limit.
- Unique credit-building tools and tips via email and app Issued by WebBank, Member FDIC
Pros & Cons
What we like
- No credit history required
- Up to 6% cash back
- No annual fee
- Excellent mobile app
- Helps build credit
- Up to $5,000 credit limit
What could be better
- Initial cash back is 1%
- No signup bonus
- Jasper reports payments to TransUnion and Equifax, but not Experian
Rewards
Earning Rewards
The Jasper Mastercard offers one of the highest cash back rates available today. The card starts earning 1% cash back at the outset. You can increase this rate, however, to as high as 6%. And this is on all purchases, not just a few select categories.
Jasper increases the reward rate by 0.50% for 12 months for each friend a cardholder refers to Jasper. A qualified referral occurs when a cardholder refers a friend who applies for the card, is approved and activates the card. Refer ten friends to qualify for the highest reward rate in the industry–6%. The reward rate is applied to purchases, up to the the maximum credit limit of the card.
Here’s how Jasper describes the rewards potential:
You will earn 1% Cash Back on the Eligible Amount. As noted above, the Eligible Amount for a given billing cycle shall not be greater than your credit limit . You can earn an up to an additional 5% Cash Back through Qualified Referrals. A Qualified Referral is when you refer an individual to apply for a Jasper Credit Card that is not a current Jasper cardholder, that person applies and is approved, and that person activates theirJasper Credit Card. If you make a Qualified Referral (up to a maximum of 10 at any time), your Cash Back Rate will be increased by the Referral Cash Back Rate of 0.5% for a 12-month period starting the day after the referred individual activities their Jasper Credit Card.
Redeeming Rewards
Jasper is unique even in the way it redeems rewards. To redeem rewards, you must first make three monthly on-time payments. Interestingly, they don’t have to be consecutive. Making a late payment doesn’t restart the three month period. Once a cardholder makes the third on-time payment, Jasper automatically redeems the rewards for a statement credit. Thereafter, Jasper continues to automatically redeem the rewards each month so long as the account remains in good standing.
Jasper Mastercard Rewards Calculator
The potential cash back from the Jasper card depends on the amount of purchases and how many friends have been referred. For a cardholder earning 6% who puts $5,000 a month in purchases on the card, the cash back would total $300 a month (6% of $5,000), or $3,600.
Credit Needed for Approval
This is another area where Jasper is unique. You do not need a credit history to apply for the card. In fact, if you don’t have over one year of credit history, Jasper doesn’t consider your credit at all. If you do have more than one year of credit history, Jasper will consider it among other factors. For example, Jasper considers your income and work history.
Based on our research, it appears that when Jasper does consider an applicant’s credit history, it pulls the report from TransUnion. In one case we found online, Jasper approved an individual two months out from Chapter 7 bankruptcy. At the same time, Jasper purportedly denied another applicant with a 615 TransUnion credit score.
Features
Card type: Starter, Student, No Credit
Rewards:
- 1% cash back on all purchases
- 0.50% cash back bump for each friend referred to Jasper
- Limit 10 referrals–6% cash back
- Each 0.50% per referral bump good for 12 months
Credit report pulled: TransUnion
Annual fee: $0
Foreign transaction fee: $0
Benefits
The Jasper Mastercard comes with a long list of benefits. They divide the benefits between safety & security and travel.
Safety & Security Benefits
Purchase Assurance: Protects you for 90 days from theft, damage, or loss of purchases made with your Jasper Mastercard.
Satisfaction Guarantee: If you are dissatisfied with a purchase, purchases made entirely with your Jasper Mastercard may be protected for sixty days from the date of purchase for a full refund.
Cell Phone Protection: Coverage in the event your covered cell phone is stolen or damaged. The monthly bill associated with the phone must be paid with the Jasper covered card for coverage to be effective.
Mastercard ID Theft Protection: Mastercard ID Theft Protection (IDT) provides you with access to a number of Identity Theft resolution services, should you believe you are a victim of Identity Theft. This product offering will alert you about possible identity theft by monitoring the surface, dark and deep web, searching for compromised credentials and potentially damaging use of your registered personal information in order to detect fraud at its inception.
Lost Wallet Assistance: Cardholders will be provided assistance with notifying the appropriate issuing authorities to cancel and replace stolen or missing items, such as their debt/credit cards, driver’s license, Social Security card, and passport.
Single Bureau Credit Monitoring: Cardholders’ TransUnion credit file will be monitored for changes that could indicate fraud such as new credit inquiries, an address change or new credit account(s) opened in their name. An alert notification via email will be sent anytime a hard inquiry is made on the cardholders’ TransUnion credit file so they can take immediate action to minimize damage.
Travel Benefits
Mastercard Airport Concierge: Enjoy a 15% savings on Airport Meet and Greet services. Arrange for a personal, dedicated Meet and Greet agent to escort you through the airport on departure, arrival or any connecting flights at over 700 destinations worldwide, 24 hours a day, 7 days a week, 365 days a year.
Mastercard Global Service: Receive worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance.
Collision Damage Waiver: As a Jasper Mastercard holder, you’re covered for damages (physical damage and theft) to a rental vehicle if your Jasper card was used to initiate and pay for the entire rental transaction — even if you declined the car rental company’s collision damage waiver insurance.
Trip Cancellation: When you use your Jasper Mastercard to book travel, you can be reimbursed for the unused, non-refundable portion of your trip if your trip is cancelled as the result of a covered accident or sickness.
Lost Luggage: Coverage for cost of replacing your checked or carry-on luggage and personal property contained therein that is lost or damaged. The Common Carrier trip must be paid for entirely with your Jasper Mastercard.
Travel Accident Insurance with Baggage Delay: Cardholders, their Spouse or Dependent Children are covered for Accidental Death & Dismemberment Insurance while 1) riding as a passenger in or entering or exiting any Common Carrier; or 2) at the airport, terminal or station, at the beginning or end of a covered trip. To be eligible the entire cost of the Common Carrier passenger fare, less redeemable certificates, vouchers, or coupons, must be charged to your Jasper Mastercard. Included on covered travel is Baggage Delay Insurance. Baggage Delay reimburses expenses incurred for emergency purchases of essential items such as toiletries and clothing if a covered person’s baggage is delayed 4 hours or more while traveling on a covered trip.
Is This Card for You?
Who the card is best for
The Jasper Mastercard is designed for those with no credit history, including college students. It’s also ideal for young adults and those looking for their first credit card. Its reward potential, no annual fee and benefits, however, make it a strong consideration for those with excellent credit.
Jasper is also ideal for those with a green card or a work visa.
Who might do better with a different card
The card is not ideal for those who are seeking a 0% APR or a balance transfer card. It’s also not best for those looking for significant travel rewards. Finally, because it doesn’t report to Experian, a secured credit card may be a better match for those who are trying to build their credit score.
FAQs
Yes. It offers good rewards with no annual fee, and it is available to those with out a credit history.
No. It is not a secured credit card.
It depends. If you 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 (“green card” holder), or if you have been living in the US for more than one year at the time of application, Jasper will run inquiry with the credit bureaus.
Yes. It works with both digital wallets.
No. It currently reports payments to TransUnion and Equifax, but not Experian. It says it is working on reporting to Experian at some point.
Rating
Jasper Mastercard
Summary
The Jasper Mastercard is ideal for those new to the U.S. or professionals with little or no credit history. It offers low fees and the chance for up to 6% in cash back rewards.
