The Jasper Mastercard was specially designed for working professionals who don’t have credit history. It lowers some of the traditional barriers to entry for credit cards while also helping you save on fees.
For newcomers to the US, this is one of the few credit card options that does not require a Social Security number upfront. I’m going to take a closer look, so keep reading.
- What Is the Jasper Mastercard?
- Key Features
- No Credit Score Required
- Rewards Available
- How to Apply
- About Jasper
- The Benefits of Jasper
- Approval Process
- Account Management
- Contact Information
What Is the Jasper Mastercard?
The Jasper Mastercard was designed to help working professionals establish a credit history if they have none, like I did.
While it delivers exceptionally well on this front and also allows holders to earn rewards in the process, it is best suited for new immigrants who are waiting for a Social Security number.
As you probably already know, most credit card providers require a Social Security number upfront. Formerly known as CreditStacks, Jasper is one of the few exceptions.
Qualifying individuals can have up to 60 days to report their Social Security number after their card has been activated.
What If You Already Have a Social Security Number?
If you already have your Social Security number but do not have any credit history, like me, then you may benefit more from other credit cards.
However, the Jasper credit card still merits a closer look if you want to avoid a security deposit and other common obstacles to cards for people who are new to credit.
One of my favorite things about Jasper is that they do not charge an annual fee, nor do you have to pay a security deposit when applying for their credit card.
Their rewards system is quite robust, as well, offering you a minimum of 1% cash back on every eligible purchase.
The card’s APR varies between 15.49% and 24.99%, and there is no penalty APR. You can obtain up to $5,000 in credit, and you also don’t have to pay any foreign transaction fees.
By now, I’m sure you can see how this card can benefit newcomers to the US.
Another fantastic perk that comes with applying for a Jasper card that I love is that you do not have to provide a Social Security number upfront if you are foreign to America.
However, you will eventually have to report one within 60 days of activating your card.
No Credit Score Required
If you are thinking of applying for a Jasper credit card but do not have a history of credit in the US, don’t worry. I have some good news for you!
You can still receive your credit card, as long as you meet other criteria for qualification that do not involve your credit score.
When vetting an applicant, Jasper states that they look at more than 360 points of data to determine the applicant’s creditworthiness.
This includes income-to-debt ratio, the online presence of the applicant, and whether they have secured a job offer from an employer.
The Jasper Mastercard has a $0 annual fee, which means you don’t have to pay to hold the card.
As I mentioned earlier, there is also no APR penalty, which means that your interest rate will not be increased if you make a late payment or if you miss one altogether.
There are a number of rewards that Jasper cardholders can receive and take advantage of.
For starters, you are able to earn a minimum of 1% back on every eligible purchase, and by referring the card to a friend, you can increase this rate to 6%.
If you are looking for larger baseline rewards that don’t rely on referrals, then you might want to consider other card options.
However, cashback is not the only reward that Jasper offers, as their Mastercard is also well-equipped for international travel.
When you use your Jasper card, you won’t have to pay foreign transaction fees, which can cost as much as 3% for each transaction with other credit cards.
As a Mastercard, the Jasper Credit card also has quite a lot of international acceptance.
How to Apply
I think it is amazing that Jasper has made the application process for their Mastercard as quick and simple as possible.
To start, head over to the application page on their website. There, you will need to fill out your basic personal information, as well as any promo code you may have received in relation to the card.
Next, you will be required to provide your date of birth and, if you aren’t a US citizen, the date that you are expecting to relocate.
If you do live in the US like me, then you won’t have to fill in the expected relocation date section.
Confirm Your Status
You’ll need to confirm your status as a citizen or non-citizen of the country and also provide the amount of time that you have lived in the US.
The next page will require you to provide your home address, your Social Security number if you have one, your passport number, and the number of dependents in your household.
Jasper is a fintech credit card company that is innovative and strives to provide customers with the things that they actually want.
These things include more cash back and the tools needed to maintain a healthy, stable lifestyle. These things could not be more important to those who have immigrated to the US.
Jasper’s technology-based proprietary underwriting model considers the big picture.
This risk model allows the company to provide every customer with the credit line that they deserve, even if their credit history is particularly limited. This is what makes Jasper so great for immigrants.
Holistic Application Considerations
Another great thing I love about Jasper is that they understand that you are far more than just your credit score.
Their application process features secure Plaid integration, allowing Jasper to see a holistic view of your financial picture so that they can offer you a personalized credit line.
The Benefits of Jasper
I found that there are many benefits to banking with Jasper that make it a fantastic company.
For starters, in the event that you are dissatisfied with a purchase, purchases that you make entirely with your Jasper Mastercard can be protected for 60 days from the date of purchase for a full refund.
What’s more, you can also receive coverage for your cell phone to help you in the event that it is stolen.
The monthly bill for your phone will need to be paid with the Jasper card for this coverage to be effective, so be sure to keep that in mind.
Identity Theft Protection
Mastercard ID Theft Protection provides you with access to several identity theft resolution services in the event that your identity is stolen.
This will alert you to possible identity theft by monitoring the surface, dark, and deep webs, scouring for any compromised credentials.
The approval time for a Jasper Mastercard is generally around two to three business days from the date of your application, though the company is working on shortening this process.
Exceptions may also exist that result in the process taking even longer, but these are few and far between.
Contrast this with an application for a secured card from a major issuer, which will generally approve or decline an application in minutes, and the Jasper application does seem to take quite a long time.
If you need a card the same day you apply, try another provider.
Ideal for Newcomers
Sure, the approval or denial time for a Jasper Mastercard might take quite a while.
However, I still think it is still one of the best, if not the best, credit card for newcomers to the US who are just starting out working and who do not have a credit score yet.
One of the only major downsides to banking with Jasper is, well, banking with Jasper.
With the Jasper Mastercard, you are only able to manage your account using the app and on your desktop computer, which might not be a problem for most.
But if you are used to in-person banking, like I was initially, this could be troublesome.
Elnor Rozenrot, the CEO of Jasper, says that the company communicates with its customers on a regular basis, which I appreciate.
How Is Communication Received?
This is done via push notifications and email to teach members how to work with the American Credit system.
However, if you aren’t a technophobe and are well-versed in the art of using a smartphone or computer, then Jasper’s digital account management shouldn’t be a problem.
I found their website and apps are very easy to navigate.
Jasper Contact Details
If you need help with your application, you can email [email protected].
I found that when I needed some help from customer support, I could direct your emails to [email protected] for prompt responses.
If you’d like to mail payments to Jasper, you can do so at the following address: Jasper/WebBank, PO Box 1258, Commerce, GA 30529
Other Contact Information
If you are looking to collaborate with this company, you can direct your emails to [email protected]
And if you are looking to partner with Jasper, you can email [email protected].
I believe the Jasper Mastercard is a fantastic credit-building option for those who do not have a Social Security number yet. If you already have one, then you may benefit from other cards.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.