Jasper Mastercard ® Review

The Jasper Mastercard, issued by WebBank, is ideal for working professionals who just moved to the United States and do not yet have a social security number. You can also qualify for this card if you have been in the country for less than one year and have not established credit yet.

The Jasper Mastercard has numerous features, including no annual fee*, a purchase APR: 15.49% - 24.99% (Variable), and a generous credit limit of up to $5,000. The Jasper Mastercard also reports to two of the three major credit reporting agencies. This can help you establish good credit fast.

Here is everything you need to know about the Jasper Mastercard, including the pros and cons, how to apply, and what you can expect.

Jasper Mastercard Review

Review the Jasper fees* - http://www.jaspercard.com/fees

What is the Jasper Mastercard®?

The Jasper Mastercard is formerly known as Creditstacks. The company stated that they could not find a credit card company that could meet their needs, so they started their own. Jasper claims that they are a different kind of credit card company because they evaluate their applications based on potential and not just their credit history.

This is especially beneficial for those who are new to credit, including recent college graduates and professionals who just relocated to the United States. Jasper can help you if you don’t have a local credit history. The company allows you to build credit from day one by reporting to two of the major credit reporting agencies.

According to the company’s website, Jasper uses technology to understand your direction in life instead of looking at your credit history to see where you’ve been. This is how you can qualify for a premium Jasper Mastercard even if you have no credit history in the United States yet. Jasper claims that they hate debt and that a strong financial base that is free of debt is crucial for a happy life. The company claims that this is why they built a business model that is not based on creating more debt for the cardholder.

  • Annual fee*: $0
  • Variable purchase APR: 15.49% - 24.99%
  • Cash Advance APR: 24.99% - 29.99% variable
  • Cash advance fee: Either $10 or 5% of the transaction, whichever is more
  • Penalty fees: Up to $27 (for late and returned payments)
  • Credit limit: Up to $5,000

What Does The Jasper Mastercard® Offer?

The Jasper Mastercard is tailor-made for high-earning, quality employees without local credit history in the United States. Most financial products in the United States require you to have a mortgage, credit card, or loan before you can establish credit.

Jasper takes the burden out of the credit process for professionals who are just starting out in the United States with little or no credit history. The card features a credit limit of up to $5,000 and Mastercard protection. This can help you build credit as you begin your new job in the United States.

On the other hand, missed payments will also be reflected. Keeping your credit limit at an affordable rate and making each payment on time is a great way to boost your credit score quickly. Jasper is working on reporting your financial activity to Experian, too. This would allow your credit history to be uniform across all three credit reporting agencies.

Here are some security benefits you’ll get when you use the Jasper Mastercard:

Mastercard ID Theft Protection

This feature helps you detect identity fraud and eliminate out-of-pocket expenses. The service is free and will alert you if your personal information is flagged as being at risk of fraud.

One-year Extended Warranty

This feature doubles the original manufacturer’s warranty and the store brand’s warranty (if they are less than 12 months) for up to 24 months combined. Only eligible items apply.

Satisfaction Guarantee

This feature protects your purchases made with the Jasper Mastercard for 60 days after the purchase date if you are dissatisfied with them. Eligible purchases qualify for a full refund.

Price Protection

This feature protects you if you find a lower price for an item within 60 days after the date of purchase. As long as you use your Jasper Mastercard to buy it, you’ll be reimbursed for the price difference.

Purchase Assurance

This feature protects your purchases from damage, theft, or loss for 90 days after you buy them. Items must be purchased with your Jasper Mastercard to qualify.

Zero Liability

This option protects you against fraud. You won’t be held responsible for unauthorized charges that are made online, in-store, over the phone, through mobile devices, or ATM transactions.

Mastercard offers the following travel benefits:

MasterRental Collision Damage Waiver

All Jasper Mastercard holders are covered for damages, such as theft and physical damage, to rental vehicles. This feature is good if you use your Jasper card to pay for the entire rental transaction, even if you turn down the rental company’s collision damage waiver.

Priceless Cities

This feature was created for Mastercard holders. It allows you to utilized special offers in more than 45 destinations and 82 different countries.

Online Booking Tool

This tool allows you to connect with special travel offers at top travel destinations using Mastercard’s travel services.

Lost or damaged luggage insurance

This feature covers the cost of replacing checked or carry-on baggage and personal property that is lost or damaged. To quality, the common carrier trip must be paid for in full with your Jasper card.

Travel accident insurance with baggage delay

This feature covers cardholders, their spouse, and dependent children for accidental death and dismemberment insurance. This feature applies as long as the children or spouse are riding in or entering or exiting a common carrier at the airport, terminal, or station, and at the beginning or end of a covered trip. Baggage delay reimburses these participants for emergy purchases of essential items (such as clothing and toiletries) if the baggage is delayed for four or more hours.

Trip cancellation or interruption coverage

This feature covers you if your trip gets cut short or called off because you or an immediate family member gets sick or injured. You will be reimbursed for the unused, non-refundable portion of the common carrier fare if your trip is canceled or interrupted due to a covered reason.

Mastercard Airpot Concierge

This feature provides you with a 15% discount on airport meet and greet services. You can arrange for a personal agent to escort you throughout the airport on departures, arrivals, or during connecting flights at over 450 airports worldwide. This service is available at any time of the day and any day of the year. You can also get expedited through security or immigration processes at the airport.

The Jasper Mastercard also comes with cellular wireless telephone protection. This feature protects you if your cell phone is stolen or damaged. For this to be effective, the monthly bill associated with the phone must be paid with the Jasper card.

How Does It Work?

If you are relocating to the United States for work, then Jasper will process your application up to 60 days before you start your new job. If they accept you, Jasper will have your Mastercard waiting for you on your new desk on the first day of the job. If you already live in the United States, then you can have your card mailed to your work or home address.

Jasper keeps their charges to a minimum. There is no annual fee and the variable APR is 15.49% - 24.99%. Your credit limit will depend on several factors, but you can get up to $5,000. There is no penalty APR or balance transfer fees, and you won’t pay any interest as long as you pay on your monthly due date.

The Jasper Mastercard is also compatible with Google Pay or Apple Pay. All you have to do is add your card to your digital wallet. Your credit card number will never be transferred and there is no additional app needed to download.

Your Mastercard can be used outside of the United States and there are no foreign transaction fees to worry about. At the time of this writing, the card does not allow you to add authorized users to your account. However, the company is working on this.

Jasper Mastercard: Pros and Cons

The Jasper Mastercard is an excellent option for those relocating to the United States for the first time. It can help you obtain local credit history and boost your credit score. Applicants should be working professionals or students who plan to obtain a social security number within 60 days of card activation. While you won’t have to provide a social security number during the application process, you will eventually need to have one.

Jasper doesn’t use your credit history to determine your creditworthiness. Instead, they use other factors, such as employment, income, education, and more. However, if you have been living in the United States for a year, then you will be subject to a credit check before you can be approved.

Here are some pros and cons of the Jasper Mastercard:

Jasper Mastercard PROS

  • You can apply for the card even if you do not have a social security number (you will need one within 60 days of card activation)
  • You don’t need to have credit to qualify for the card (the company uses alternative methods to approve you)
  • Jasper will approve you before your new job in the United States starts so you can get what you need while relocating
  • There is no annual fee and the card comes with a modest APR of 15.49%
  • You can qualify for a credit limit of up to $5,000
  • There is no penalty APR or balance transfer fee
  • Late fees are modestly tapped out at $27 (most companies charge up to $40)
  • The Jasper Mastercard is compatible with Google Pay or Apple Pay
  • You can use your card outside of the United States and there are no foreign transaction fees
  • The card comes with all Mastercard benefits, such as identify theft resolution services and Mastercard identity theft alerts, travel benefits, and even cell phone protection
  • Rewards: Earn 1% cash back on every eligible** purchase.
  • Receive your cash back automatically every month as a credit to your account, as long as your account is active and in good standing.
  • **Terms apply: http://www.jaspercard.com/disclosures/rewards_terms

Jasper Mastercard CONS

  • The Jasper Mastercard doesn’t report financial activity to Experien. However, at the time of this writing, the company is working on it.
  • There are no authorized users allows on your account (Jasper is working on this, also)
  • Your card cannot be shipped to an address outside of the United States

How To Apply

If you just arrived in the United States on a work Visa, then Jasper will not run a hard inquiry on your credit to approve you. Jasper understands that as someone who is new to the United States, you lack the credit history that most banks require for credit. Instead, Jasper uses underwriting techniques to look at you as a whole person (such as your current employment, education, etc.) and not just your credit history.

If you are a United States citizen, a permanent resident, a green card holder, or if you have been living in the United States for one year, then Jasper will run a hard inquiry on your credit report to determine your history. This is why timing is important if you are considering applying for the Jasper Mastercard.

If you're moving to the US for work and are approved for a Jasper card, you can have your card waiting for you on your first day at your new job. If you're already a US resident when you apply for and are approved for a Jasper card, you'll receive it within 7-9 days of approval.

Your Mastercard is shipped via USPS Priority mail, which usually takes five to seven business days. You will be notified via email once your card ships. If your expected moving date is more than 10 days out, then you will be contacted 10 days before your move date to confirm your shipping address. Cards can only be activated from within the United States and will only be sent to a US address.

If you are a permanent resident or a US citizen (green card holder), then you can apply for the Jasper Mastercard using Plaid verification.

If you don’t want to use Plaid or your bank doesn’t work with Plaid, then you can upload your proof of income, including a recent pay stub.

If you are a work visa holder, then Jasper will require your work visa, passport, and proof of income to apply. Jasper uses the following information to determine your credit terms and approval:

  • Credit history at the time of your application (if you have resided in the US for more than one year)
  • Other factors besides your credit history
  • Employment history
  • Education
  • Income

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Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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