The Aspire Visa Card is a secured card that reports to all three credit bureaus, but charges an annual fee and requires a cash deposit

The Aspire Visa Card is issued by The Bancorp Bank and marketed toward people rebuilding credit. It requires a cash deposit that becomes your credit limit — typically between $200 and $2,500 — and reports your payment history to Equifax, Experian, and TransUnion. The card charges an annual fee of $95, which is higher than many competing secured cards. You also pay interest on any balance you carry, with rates that vary but typically fall in the 19% to 24% range.

The core trade-off is straightforward: you pay upfront for the privilege of a card that will report your on-time payments to the credit bureaus. Whether that trade-off makes sense depends on what other cards you can access and how quickly you need to rebuild. A card with no annual fee but the same reporting structure would cost you less over time, even if the interest rate were slightly higher.

Key Takeaways

  • The Aspire card requires a cash deposit between $200 and $2,500 that serves as your credit limit, and you must maintain that deposit for as long as you hold the card.
  • An annual fee of $95 is charged every year, making this card more expensive than several other secured cards with no annual fee.
  • The card reports to all three credit bureaus, so on-time payments will show up on your credit report and can help raise your score over time.
  • Interest rates on carried balances are typically 19% to 24%, so using the card for small purchases you pay off monthly keeps interest costs near zero.
  • You can request a credit limit increase after six months of on-time payments, though the increase may require an additional deposit.

How the deposit and credit limit work

When you open an Aspire account, you choose a deposit amount between $200 and $2,500. That deposit sits in a savings account held by the bank and becomes your credit limit. If you deposit $500, your credit limit is $500. The deposit earns no interest, so the bank is holding your money at zero return while you pay them to use it.

The deposit stays frozen for as long as you hold the card. You cannot withdraw it to pay your bill or use it for anything else. If you close the account, you get the deposit back, but closing the account also closes your credit history with that card — which can actually lower your score temporarily because it reduces the age of your credit mix.

After six months of on-time payments, you can request a credit limit increase. Some cardholders report that Aspire will increase the limit without requiring an additional deposit, though this is not may provide. Others have been asked to add more money to the deposit account. The terms vary by account, so you would need to contact the bank directly to know what applies to yours.

Annual fees and interest charges

The $95 annual fee is charged once per year, usually on your account anniversary. This is a fixed cost regardless of how much you use the card. If you use the card for one $20 purchase per month and pay it off, you still pay $95. That means the card costs you at least $95 per year in fees alone.

Interest charges explore only if you carry a balance from month to month. If you charge $300 and pay the full $300 before the due date, you pay no interest. If you charge $300 and pay only $150, the remaining $150 accrues interest at your card's APR, which typically ranges from 19% to 24%. On a $150 balance at 22% APR, you would pay roughly $2.75 in interest per month if you made no additional payments.

The combination of the annual fee and high interest rate means this card is most cost-effective if you use it for small, regular purchases that you pay off in full each month. Carrying a balance or using the card infrequently makes the annual fee harder to justify.

Reporting to credit bureaus and credit score impact

The Aspire card reports to all three major credit bureaus — Equifax, Experian, and TransUnion — which is a core feature for anyone trying to rebuild credit. Each on-time payment is recorded and appears on your credit report. Over time, a history of on-time payments can raise your credit score, though the improvement is gradual and depends on your overall credit profile.

A secured card's impact on your score depends partly on what else is on your report. If you have recent late payments, collections, or charge-offs, those negative items will outweigh the positive effect of the Aspire card for a while. If your report is relatively clean except for a lack of credit history, the Aspire card can help more quickly. Most people see measurable improvement within 6 to 12 months of consistent on-time payments.

One thing to watch: the card reports your credit utilization — the percentage of your limit that you are using at any given time. If your limit is $500 and you carry a $400 balance, your utilization is 80%, which can drag down your score. Keeping utilization below 30% (in this example, keeping your balance under $150) helps your score improve faster.

Comparing Aspire to other secured cards

Several other secured cards exist, and many charge no annual fee. The Capital One Secured Mastercard, for example, has no annual fee and also reports to all three bureaus. The Discover Secured Card has no annual fee and offers 2% cash back on dining and gas, 1% on all other purchases. Both require a deposit and both report to the bureaus, just like Aspire.

The main reason to choose Aspire over a no-fee alternative would be if you were denied for those other cards or if Aspire's terms were otherwise more favorable for your situation. Since the annual fee is a real cost with no offsetting benefit, most people in the same credit position would save money with a no-fee card. The exception would be if Aspire approved you for a higher credit limit relative to your deposit, though this varies by applicant.

If you are comparing cards, the question to ask is: does this card do something the others do not, or do I pay more for the same thing? In most cases with Aspire, you are paying more for the same reporting and credit-building function.

When the card graduates to unsecured status

Aspire does not have a formal graduation program like some other secured cards. Capital One, for example, will automatically convert a secured card to unsecured after a set period of on-time payments. Aspire does not make this conversion automatic. You would need to contact the bank and request an upgrade, and there is no may provide they will approve it.

If your request is approved, you get your deposit back and the card becomes unsecured — meaning you no longer need the cash deposit to maintain the credit line. However, the annual fee remains. You would still pay $95 per year even after graduation, which is another reason why comparing to no-fee alternatives matters.

Some cardholders have reported that Aspire denied their graduation request or asked them to wait longer than expected. Since there is no published timeline or may provide, you should not count on graduation happening at a specific point. Plan for the card to remain secured and to keep paying the annual fee for as long as you hold it.

Fees beyond the annual charge

Beyond the $95 annual fee, Aspire charges several other fees you should know about. A late payment fee applies if you miss a due date, typically $25 to $35 depending on your account. A returned payment fee (usually $25) is charged if a check or ACH transfer bounces. There is no foreign transaction fee, which is a small advantage if you travel internationally.

Cash advances are available but come with a fee — usually 3% of the amount withdrawn, with a minimum of $5. The cash advance APR is often higher than the purchase APR, so using the card to withdraw cash is expensive. Stick to regular purchases if you want to keep costs down.

If you close the account, there is no closing fee, and your deposit is returned. However, as mentioned earlier, closing the account removes that card's history from your active credit profile, which can temporarily lower your score.

Frequently Asked Questions

Can I get my deposit back before closing the account?

No. The deposit must remain in the account for as long as you hold the card. It is not a prepaid balance you can draw from; it is collateral held by the bank. You can only access it by closing the account entirely.

Does Aspire report authorized user accounts to credit bureaus?

Aspire does not offer authorized user accounts on this card, so this is not an option. You would be the sole cardholder.

What happens if I miss a payment?

A late payment fee of $25 to $35 is charged, and the late payment is reported to the credit bureaus. A single late payment can lower your score by 50 to 100 points or more, depending on your current score. Late payments remain on your report for seven years.

Can I use Aspire if I have no credit history?

Yes. Aspire does not require an existing credit score to open an account. However, you will need to pass a background check and provide proof of identity and income or employment. The bank also checks ChexSystems, a banking history database, so a history of closed accounts or fraud may result in denial.

Is there a way to avoid the annual fee?

No. The $95 annual fee is mandatory and charged every year you hold the card. There is no waiver option, no spending threshold that waives it, and no way to opt out. If you want to stop paying it, you must close the account.