The aspire card has been specifically designed to assist people with bad credit rating to rebuild there credit worthiness. For those people whose credit score is less than perfect, then this card can go a long way to be a good choice. One way to prove to credit rating agencies that you can actually manage your finances and make payments every month is by having one of these cards.
What do you look for before acquiring the card?
Interest rates: - One area you must put into consideration before getting and Aspire card is the interest rate. Every year you must pay at least $150 just to have the card whether it is used or not. This card has a very high interest rate; it’s a variable rate, with the current APR at around 20 percent, compared to other cards that have an introductory rate of as low as $2.99 percent. The card also charges $29 account set up charge and $6.50 maintenance fee every month. So when you require this type of card to rebuild your credit rating, make sure you have worked out your financial spending and worked out a budget in a way that you can clear out all the outstanding balances at the end of each month otherwise it wont be a good idea to have balances and pay high interest rates at the end of the month.
How to repair and build your credit history
An Aspire card can help a person with bad credit to repair there credit rating. Having a credit card is no longer a luxury but a necessity in today’s world. Without a credit card you cannot purchase goods and services over the internet, pay bills online or travelling without one especially in the event of an emergency.
Even though it has a high interest rate compared to other cards in the market, if payments are made promptly at the end of the month and the amount charged remain well below the maximum level, other competitors will begin offering credit cards with much lower interest rates and far fewer fees. To build your credit then you can follow these simple steps with your card.
Setup automatic payments from your credit account so that you are never late for payment or default on payment. You may also want to avoid having more than one card as this will minimize the number of inquiries on your account. And finally check your credit report with the relevant credit reporting agencies at least quarterly.
What’s the latest information on Aspire Card?
Aspire website does not provide information about the Aspire card and they are not accepting new applications. Though existing customers can still log into the website for information regarding there cards.
One disadvantage of this card is the high interest rates charged on the card. These include a minimum APR of 20 percent for purchases, and 25 percent for cash advances. They also charge an annual fee that averages a hundred dollars, cash advances are billed an additional five dollar fee, in addition to interest; late fees start at 35 dollars, and are often higher. Despite the interest rates the cards can be useful for helping you establish a credit history and repairing your credit rating.Be sure to take a look at Aspire Visa now.
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