Jasper Mastercard Review – Up to 6% Cash Back

May 31, 2021 by Rob Berger

The Jasper Mastercard is designed for those with no or limited credit. It pays up to 6% cash back and charges no annual fee.

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Our Rating
4.5/5.0

Welcome Bonus
$100

Annual Fee
$0

0% on Purchases
None

Rewards Rate
Up to 6%

0% on Balance Transfers
None

Snapshot

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

Editorial Review

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.

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.

Pros & Cons

Pros

$100 signup bonus (offer expires 6/30/2021)
No credit history required
Up to 6% cash back
No annual fee
Excellent mobile app
Helps build credit
Up to $5,000 credit limit

Cons

Initial cash back is 1%
Jasper reports payments to TransUnion and Equifax, but not Experian

Welcome bonus

Allcards Rating: 4.7/5.0

Jasper Mastercard is offering a $100 signup bonus in the form of a statement credit. Unlike most signup bonuses, there is no spend requirement. The bonus is earned after the first eligible transaction is approved. Offers ends June 30, 2021.

Rewards

Allcards Rating: 4.0/5.0

The Jasper Mastercard offers a rewards system unique in the credit card industry. Cardholders start earning 1% cash back after three months of on-time payments. There is a cash back maximum based on a cardholder’s credit limit.

For each of the first two friends referred to Jasper who are approved for and activate the card, the cardholder will get a 1% increase in rewards for a year. Subsequent friends referred will earn a 0.50% increase, up to a total of 6% cash back.

For those who can refer friends, the cash back rewards are unparalleled in the industry. Keep in mind, however, that the increased rewards last for 12 months. After that, more friends would need to be referred to maintain the increase reward rate. It’s this limitation that caused us to lower the Rewards Rating of the card to 4.0.

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.

Features and Benefits

Allcards Rating: 4.9/5.0

Purchase Assurance: Ensures cardholders for 90 days post theft, damage, or loss of purchases made with your Jasper Mastercard.

Satisfaction Guarantee: In the event the cardholder is 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.

Online Monitoring Dashboard: The online monitoring dashboard is the primary user interface for cardholders It serves as a repository of all the personally identifiable information (PII) data the cardholder wants to monitor, tracks and displays cardholders’ risk score, and provides access to identity protection tips. It is also the platform for cardholders to respond to identity monitoring alerts.

Monthly Risk Alert / Newsletter: Cardholders will receive a monthly newsletter with information on the cardholder’s risk score, and articles pertaining to good identity protection practices.

Identity Monitoring: IDT searches the internet to detect compromised credentials and potentially damaging use of your personal information, and alerts you via email so that you can take immediate action.. This platform utilizes automated monitoring and human threat intelligence from cyber operations agents monitoring threat actors and their tactics on the deep and dark web where personal data is bought and sold.

Resolution Services: You will have access to a team of identity theft resolution specialists, available 24 hours a day, 35 days a year to help resolve your identity theft incident and prevent further damage.. The resolution specialists are native speakers of English, French, and Spanish, and are based out of Bethesda, Maryland. Cardholders are given the option to sign limited power of attorney (LPOA) to the specialist, to allow them to conduct resolution activities on the cardholders’ behalf, including contacting police, credit agencies, and other authorities, translating information, and closing and replacing breached accounts.

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.

URL and Domain Monitoring: URL and Domain monitoring allows the cardholder to enter up to 10 domain or URL names related to the cardholder’s business. This service will monitor the domain and URL names for any compromised email addresses associated with the domain or URL names and if compromised email addresses are found in a data breach, this service will alert the registered cardholder via email and provide information regarding the specific email address that was breached along with information about the date found and source (provided that this information is available).

See the Jasper Mastercard website for important terms and conditions related to these benefits.

Who the card is best for

The Jasper Mastercard is best for those with no credit or a limited credit history. Jasper uses underwriting standards that look at much more than just a credit score. For those who do have a credit history, at lease fair credit is required.

Alternatives

Those with good to excellent credit may want to consider other options. While Jasper pays up to 6% cash back, that rate requires referring friends to the card each year. For those who don’t want the hassle of referring friends, a better option is a cash back card that pays 1.5% or 2% cash back on all purchases.

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.

Approval Odds

Credit card companies consider a number of factors when evaluating an application. These factors may include income, debt, existing credit cards and, of course, the applicant's credit score.

While credit card issuers do not publish the criteria for approval, we collect publicly available data on credit scores for those who have been either approved or denied for a credit card. Keep in mind that we cannot verify this information and an issuer's credit score requirements can change over time.

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.

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FAQs

Is the Jasper Mastercard a good card?

Yes. It offers good rewards with no annual fee, and it is available to those with out a credit history.

Does the Jasper Mastercard require a security deposit?

No. It is not a secured credit card.

Will Jasper run a hard inquiry on my credit file?

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.

Does Jasper work with Apple Pay or Google Pay?

Yes. It works with both digital wallets.

Does Jasper report to all 3 credit bureaus?

No. It currently reports payments to TransUnion and Equifax, but not Experian. It says it is working on reporting to Experian at some point.

Get more details and to learn how to apply here.