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The Jasper Cash Back Mastercard® was a credit card aimed at borrowers with limited credit. It offered cashback rewards, credit limits up to $15,000, and limited fees. However, borrowers could only apply through a referral link.
As of August, 2022, the card has been discontinued.
Jasper Cash Back Mastercard® Discontinuation
The Jasper credit card is no longer available. New applications will not be accepted, and current accounts are no longer in use.
Jasper has claimed the card will be recontinued in the future, but there’s currently no further information about whether or when the Jasper Cash Back Mastercard® will be back in service.
Will the Jasper credit card discontinuation hurt my credit?
Unfortunately, the closure of a credit card account—whether on your own or at the hands of the card’s issuer—can hurt your credit. If you held a Jasper credit card that was recently discontinued, there are two credit scoring factors that may be affected by the closure of the account:
1. Your credit age: Your credit age, or length of credit history, is one factor used to determine your credit score. Lenders want to see long credit histories, so they know you have experience borrowing responsibly. When a credit account is closed, this can lower the average age of your accounts. However, depending on the credit scoring model, this effect may not be seen for up to 10 years. Additionally, how much effect this has on your credit will depend on your current average age of accounts and how long your Jasper account was opened before it closed.
2. Your credit utilization rate: Your credit utilization rate is the amount of credit you’re using at a time. It’s calculated by dividing your current balance (across credit cards) by your current credit limit (across credit cards). By eliminating one credit line from the equation, you may have a high credit utilization rate, when a lower rate is better for your credit score.
Jasper Cash Back Mastercard® Review
The following review contains information that may no longer be accurate.
Unlike many credit cards designed for borrowers who want to build credit, the Jasper Cash Back Mastercard® is unsecured. This means you don’t need to pay a credit card security deposit. It also means that your creditworthiness—rather than the deposit you pay—will determine your credit limit, which can be up to $15,000.
Along with the potentially high credit limit, the Jasper Cash Back Mastercard® gives you:
- No annual fees
- Credit reporting to all three credit bureaus
- No foreign transaction fees
- Cashback rewards at a rate of 1%–6%
- World Mastercard® benefits
The card is particularly suitable for professionals who have just landed in the US, but you can apply even before you relocate to the US for work: Jasper will let you use your work address, and they’ll wait for you to provide your ID number once you’ve arrived in the country and registered for a number. You can also qualify with no credit history and, if you’re self-employed, no W-2 (the form your employer gives you to report your wages and taxes).
If you want to apply for the Jasper Cash Back Mastercard®, one thing you will need is a referral (and an accompanying link). If you have a referral link (or can find a way to get one), the card may be worth applying for.
Jasper Cash Back Mastercard® Important Details
Basic Card Details
- Credit card issuer: WebBank
- Regular APR: 16.99%–26.49% (variable)
- Annual fee: $0
- Cashback rate: 1%–6%
- Grace period: 21 days
Additional Information
- Initial credit limit of up to $15,000 (but no credit limit increases).
- Cash advances are available.
- Foreign transactions are available.
- Credit reporting to all three major credit bureaus.
- Zero liability protection.
- No authorized users (although Jasper is working towards allowing this eventually).
- World Mastercard® benefits (e.g., exclusive discounts, lowest rate guarantee for hotels, concierge services, plus standard benefits to help with lost or stolen cards and with protection against fraud and ID theft).
- Balance transfers are unavailable.
Jasper Cash Back Mastercard® Feature Breakdown
In this section, we’ll look at some of the most important features of the Jasper Cash Back Mastercard® to see how it compares with other similar cards.
Fees
- Annual fee: $0
- Cash advance fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 0%
- Late fee: Up to $27
- Returned payment fee: Up to $27
Interest Rates
- Regular APR: 16.99%–26.49% (variable)
- Cash advance APR: 26.49%–31.49% (variable)
- Minimum interest charge: None
If you don’t pay your credit card balance in full each month, you’ll be charged interest. The interest you’ll pay each year depends on your APR (“annual percentage rate”).
Grace Period
The Jasper Cash Back Mastercard® credit card gives you a 21-day grace period (beginning on the first day of the new billing cycle). The grace period allows you time to pay your bills in full without racking up any interest charges.
If you pay off your balance in full by the due date, your purchases during the grace period won’t accumulate interest. However, if you carry a balance from previous billing cycles, you’ll have to pay interest on any charges you make to your card during the grace period.
Rewards
The Jasper Cash Back Mastercard® has a base rate of 1% cashback rewards. This rate applies to most purchases, with some exceptions like:
- Loan payments
- Money orders
- Fees
- Lottery tickets
- Other types of gambling
You’ll start to earn cash back immediately when you start using your credit card. After you’ve made on-time payments for 3 months, you’ll automatically receive the cash back you’ve accumulated as a statement credit (credit towards your outstanding balance) once a month.
When you sign up, you’ll start on a cashback rewards rate of 2%, because you’ll receive a 1% bonus for your referral (as will the person who referred you). This 1% bonus will last for 12 months, after which you’ll go back to the base rate of 1%.
If you refer someone else for the card, you’ll get another 1% bonus added to your cashback rate for each person you refer. You can get a cashback rate up to 6% for referring five friends (or for referring four friends during the first year, while you’re on the 2% rate for new borrowers).
Limitations
As well as the 6% cap on your cashback rate, there’s a limit to the dollar amount that you can earn rewards on. The maximum amount you can earn rewards on during each billing cycle is equivalent to your credit limit.
Cashback Rewards You Can Earn Per Billing Cycle = Your Credit Limit × Your Cashback Rate
For example, if you have a credit limit of $1,000 and the minimum cashback rate of 1%, you’ll only be able to earn up to $10 of rewards a month.
Cashback Rewards You Can Earn Per Billing Cycle = $1,000 × 0.01 = $10
If you have the maximum credit limit of $15,000 and the maximum cashback rate of 6%, you’ll only be able to earn up to $900 of rewards each month.
Cashback Rewards You Can Earn Per Billing Cycle = $15,000 × 0.06 = $900
Benefits
The Jasper Cash Back Mastercard® has reasonable benefits. You’ll get World Mastercard® benefits, which include the following:
- Concierge service: This is a complimentary service to help you with tasks like booking dinner or event reservations and locating hard-to-find items such as tickets for a sold-out show.
- Luxury hotel and resort portfolio: This gives you access to a selection of luxury properties where you can get extra perks like complimentary breakfasts, room upgrades, or late checkouts.
- Lowest hotel rate guarantee: If you use the Mastercard® Travel and Lifestyle Services program (either online or through an authorized program agent) to book a hotel room, but you then find a cheaper deal, you’ll normally be eligible for a refund of the price difference.
- Exclusive discounts: You’ll get exclusive offers on ride-sharing, online shopping, food delivery, and more.
- Priceless cities: This is an online collection of experiences curated exclusively for Mastercard® customers in cities around the world—wellness retreats, concerts, dining, museums, art events, and much more.
- Mastercard® ID theft protection: This includes TransUnion credit report monitoring and dark web monitoring to check for misuse of your personal information (e.g., your Social Security number and your credit or debit card information).
- 24-hour assistance if your card is lost or stolen: This gives you an emergency phone number to report your card lost or stolen and request emergency card replacement as well as emergency cash advances.
- Zero fraud liability: This means the credit card issuer won’t hold you responsible for transactions not authorized by you.
Cash Advances
A cash advance is when you use your credit card to withdraw money from an ATM. Cash advances are allowed on the Jasper Cash Back Mastercard®.
The cash advance fee is either $10 or 5% of the amount of each advance—whichever is greater. The cash advance APR is higher than the regular APR at 26.49%–31.49% (variable), but will not benefit from a grace period, meaning that interest charges will immediately start to accrue on your cash advance balance.
Balance Transfers
A balance transfer is when you move debt from one credit card to another (which is a common form of debt consolidation). The Jasper Cash Back Mastercard® doesn’t advertise balance transfers, so this is not a suitable card for consolidating credit card debt.
Credit Limit
Initially, the Jasper Cash Back Mastercard® will give you a credit limit of up to $15,000. Unfortunately, credit limit increases are unavailable, so you’re stuck with the credit limit you start with.
Credit Reporting
Credit reporting is an important part of building credit, as your credit score is updated based on the information your lenders send to the credit bureaus.
Lenders aren’t legally required to report your credit history; some report to only one or two of the major credit bureaus, if any. Fortunately, the Jasper Cash Back Mastercard® reports to all three major credit bureaus (Experian, Equifax, and TransUnion), helping you to improve your credit score if you borrow responsibly.
Credit Building
Because the Jasper Cash Back Mastercard® reports to all three credit bureaus, it’s great for credit building. However, you must keep up with your monthly payments to benefit your credit score; your credit will suffer if your payments are late or missed.
Credit Score Requirements
The Jasper Cash Back Mastercard® is marketed as a way to “build good credit efficiently.” However, you don’t necessarily need a credit history. Jasper considers factors other than your credit—your income and employment history, for example.
The Jasper Cash Back Mastercard® website doesn’t mention whether the card is suitable for rebuilding credit or for holders of “poor” credit. FICO scores under 580 are considered to be “bad” or “poor,” so if your score is lower than this, you might not be eligible for the Jasper Cash Back Mastercard®. 1
However, it’s not possible to know whether your application will be accepted or what the exact approval odds are, as Jasper takes many factors into consideration.
Application and Approval
You can only sign up for the Jasper Cash Back Mastercard® if you receive a referral and an accompanying link that you can use to apply.
When you apply for the Jasper Cash Back Mastercard®, you’ll have to share the following personal and financial information to verify your identity:
- Your full name, date of birth, and address.
- Your email address.
- Your Social Security number (unless you’re new to the US and are in the country on a work visa; you may still apply without an SSN, but you’ll have to tell Jasper the number within 60 days of activating your card).
- Your estimated annual income and monthly housing payment.
- Other personal information.
You’ll also have to provide proof of income (either using a service Jasper employs to view your financial data through your bank accounts, or in the form of documentation such as a recent payslip). Work visa holders will have to provide their passport and work visa as well as proof of income.
Note that, because many Jasper applicants have to link a bank account during the credit card application process so that Jasper can review their finances, you may not be able to get the Jasper Cash Back Mastercard® without a bank account.
You can also qualify without a W-2 (the form your employer gives you to report your wages and taxes). In fact, you don’t need to have arrived in the US yet to sign up for the Jasper card: if you’re relocating for work, Jasper can process the application process before you start your new job in the US. Your Jasper Cash Back Mastercard® will then be waiting when you arrive.
If you’re approved and if you’re already in the US (or are moving there in the next week or so), you can then expect to receive your card after about 9–12 business days. If you’re not yet in the US, Jasper won’t send you the card immediately, as they’ll want to confirm your address before you move; this means it’ll take a bit longer.
Once you receive your Jasper Cash Back Mastercard®, you’ll have to activate it. You can only do this from within the US.
Managing Your Account
The Jasper website does not currently advertise online account access for managing your Cash Back Mastercard®—only iOS and Google apps.
However, as well as making payments through the app, you can send them to:
Jasper/WebBank
PO Box 1258
Commerce, GA 30529
Customer Service
If you need help with your Jasper Cash Back Mastercard® credit card, you can call customer service on (855) 398-1428 or contact them by email at [email protected] (or [email protected] if you need help with the application process, specifically).
For general inquiries and correspondence, you can also write to:
Jasper
Department 7450
PO Box 4110
Woburn MA 01888-4110
Lost or Stolen Cards
If your Jasper Cash Back Mastercard® credit card is lost or stolen, or if you notice something that looks like unauthorized use of your card, call (855) 398-1428 to report it.
Alternatively, send notification in writing immediately to [email protected].
Should You Get the Jasper Cash Back Mastercard® Credit Card?
FinanceJar Verdict
Compared with many similar cards for credit building, the Jasper Cash Back Mastercard® offers a potentially generous maximum initial credit line, a nice rewards program, and good accessibility. If you’re a professional with a regular income who wants to establish credit in the US, it’s a good credit card option.
However, for other borrowers, if you’re looking for a credit card with no SSN requirement, you may want to consider alternatives, since the Jasper Cash Back Mastercard® ultimately requires an SSN. And if you’re looking for a credit card with no credit check, you’ll also be out of luck, as Jasper will normally want to check your credit.
Who is this card for?
- Young professionals recently graduated from college: New college grads tend to have little or no credit history. According to Jasper, “They often don’t get a credit card to match their potential.” However, the Jasper card underwriting model considers more than just credit score when it reviews your credit history. This means Jasper will consider you if you’re still in the process of establishing yourself professionally or financially.
- Recently relocated professionals: If you’re an employed professional from outside the US, you’ll have a good chance of qualifying for the Jasper credit card even without a credit history. Being able to apply before you receive your SSN makes life easier, too.
- Self-employed individuals: Unlike many credit cards, the Jasper Cash Back Mastercard® doesn’t require a W-2 (a statement of your earnings from an employer). This means it’s good for self-employed people, who probably won’t be able to provide this documentation.
- Other employed business professionals: According to Jasper, all professionals with regular employment and limited debt are suitable candidates for the Jasper Cash Back Mastercard®. However, Jasper’s underwriting process makes it particularly good for borrowers with a limited credit history, as they don’t focus solely on your credit reports and credit score.
Comparable Cards
To decide whether the Jasper Cash Back Mastercard® credit card is right for you, take a look at how it measures up against other similar cards on the market.
