The Aspire credit card is offered by Compucredit Corporation. It is an unsecured credit card designed for individuals with poor credit.
Benefits
Individuals seeking to improve their credit rating can do so by responsibly using this credit card.
No Deposit Required
Unlike secured credit cards, the Aspire credit card does not require an initial deposit to access your available credit. Instead, you are granted access to a new revolving account based on your credit worthiness.
Online Account Management
Cardholders can manage their account via the Internet 24/7. Convenient features of the online management system include bill payment, transaction monitoring, balance inquiries and access to historical billing statements.
Drawbacks
As with any credit card product, there are drawbacks you should consider before committing.
Excessive Fees
Unfortunately, the Aspire credit card comes with debt from inception. Account holders will be assessed an opening fee of $29, annual fee of $150 and monthly maintenance fee of $6.50. This amounts to $257 in the first year alone without considering any transactions.
Those individuals granted minimal credit limits may also initially experience a decline in their credit ratings with the initial fees as the credit utilization ratio will be too high, but this is only the case if the cardholder allows the balance to carry from month to month.
Recent reviews of the Aspire credit card from Review Centre expressed cardholder's dissatisfaction with the monthly minimum fee even if no activity takes place on the card. Reviews also mentioned the $4.95 fee assessment to remit your monthly payment online.
Delayed Payment Posting and Reporting
In order to rebuild credit ratings, making timely payments on all outstanding debt obligations is a necessity. However, consumers from Complaints Board asserted that Compucredit Corporation continuously delayed payment processing and reporting to the three credit bureaus.
Customer Service Concerns
Reviewers from Complaints Board mentioned situations where the creditor refused to send them monthly statements.
Other reviewers also noted the difficulty they faced when trying to close out accounts, which sometimes resulted in negative marks on their credit files because the final payment was not reported for an extended period of time.
Is the Aspire Credit Card Right for You?
It is important to note that Compucredit Corporation is no longer accepting new applications for this product. In addition, the website does not have information readily available on the credit card. However, existing Aspire cardholders can log into the Aspire Online Services database to access account information.
Considering the high APR of 19.50% and abundant fees, you may want to search for a secured credit card that offers more competitive rates. Although a deposit is typically required with these types of accounts, the annual percentage rate is usually lower and you may be able to avoid monthly maintenance fees.
