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Discussion in 'Credit Talk' started by grilloal, Mar 18, 2000.
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I had one for a few years after my divorce, while establishing credit. It was very easy to get, and I never had any problems with it. The customer service reps. I dealt with were always friendly and helpful. Aspire is issued through Columbus Bank and Trust which is a reputable bank. I started out with a $1750 credit limit and ended up with a $5500 limit which isn't bad for someone establishing or re-establishing his/her credit.
One of the drawbacks is the really high interest rate. It's at or about 27%. One of our users here, Momof3, had her interest rate increased to over 30% for no apparent reason. Aspire does offer a 25-day grace period for purchases, so it's best to pay the entire balance every month. It does help some that there are no annual, monthly, or processing fees.
Another drawback is that Aspire doesn't report positive information to the CRAs unless you specifically request it. I never did, so it didn't help me much in establishing a good credit rating. It did come in very handy and the high interest rate didn't affect me because I pay off all my balances every month.
I'm not sure if you can check or pay statements online yet, but you can apply and be approved online. They are usually very prompt in sending the card and posting payments.
Yes the card is easy to get. But like Doris states, the interest rate is very high, and they don't report your good standing with them to the CRA. But if you need to establish or rebuild, they might be the card to try. And I would suggest you do like Doris does and pay the balance every month. One thing that does bother me about them is that they call you numerous times a month trying to get you to buy some of their services, that really bugs me about them. But other than that, they post your paymnets right away and you can apply and get you answer right away online. Good Luck
TO doris K
wouldnt a intrest rate of 30%be consisered illegal.aside from orchard bank and f.c.n.b. would you be familar with any other sub prime lenders taht would give me a card and not kill me on the intrest and fees. i have 2 unsecuerd cards now but the limit on one is low so im looking for another. and since you seem to be educated on the subject can you please ekplain to me what the X account is all about thanks for your reply
to doris k &momof3
i called one of the freindly customer service reps like you suggested and this is what i was told with respect to the intrest rate::: " the rate is 27% which is not illegal becouse its broken down monthly for ex. if you carry a balance of $100 your intrest would not be $27 but would be $6 becouse the 27% is divided by 12(#of months in a year) and than that figure is applied to the outstanding balance to make up the monthly bill. make sense to you ,it dont to me no matter how many times i do the arithmatic.the fist thing im going to do is charge up $100 and see what happens. what do you and mom think of their formula please reply
RE: TO doris K
Other sub-prime banks you might want to check out would be Capital One, Direct Merchants Bank, First National Credit Card, and perhaps Providian. Just stay as far as you can away from Cross Country Bank! It's highly unlikely that any of these banks will start you off with a credit limit as high as Aspire, but their interest rates are lower.
Aspire charges interest like everyone else. The APR is divided by 12. Therefore, your Aspire balance would be charged 2.25% per month.
While I haven't done the math, you're still coming out better than with some of the others. Consider that Aspire charges no processing fee, annual fee, or monthly fee. First National Credit Card charges an application fee, a participation fee, an annual fee, and a $6 monthly fee, not to mention a hefty interest rate. My guess is that you'd come out better with Aspire.
To address your X.Com question, you can visit their website at www.x.com. It's an online bank that offers high-interest checking and quite a few other services with no monthly service charges and no minimums. You can open an account without an opening deposit, and you can receive up to $1000 overdraft protection which works as a credit line at 9.9% APR. You can access it by check or by the titanium Visa card they'll send you. It's a really neat concept.
Just a couple days ago, X.Com cut all credit lines by 50% which made quite a few people mad. I've worried that it could cause some instability there, but others are confident that it won't happen. I hope they are right.
If you do consider opening an X.Com account, it might be a good idea to read through the posts on this board. You'll see lots of pros and cons of opening an X.Com account, and you can weigh your decision accordingly.
I have Aspire Visa. I find it very enjoyable to carry their card because I have a nice credit limit. Although the interest is high, you don't have to pay it if you pay your bill off each month. Why keep putting interest on the things that you buy. The only bad thing is that they do not put this visa on your credit report. If you pay your bill on time every month, your not building any credit with other companies.