subject: Aspen Gold Credit Card [print this page] The Aspen Gold Credit Card is an unsecured bad credit credit card. That is to say it is aimed especially at people who have bad credit, and those who have been rejected for other types of credit card, but could really benefit from the everyday uses that a credit card can provide. The card is issued and operated by First Bank and Trust, a Dakota-based company.
Although the card is primarily targeted at people with a low-end credit score, it is not exclusively for these people, and many cardholders in fact have good credit scores and have made this particular card their choice after reading online reviews and visiting credit card comparison sites.
In this article we will look at the features and benefits of the Aspen Gold credit card, and summarize whether we believe that it warrants consideration when you search for your next credit card.
The first area to look at is the annual percentage rate of interest (APR), also known as the interest rate. For this card the APR is 19.75% for purchases and 25.75% for cash advances. These rates are fairly standard for bad credit credit cards. Unfortunately there are no special offers for balance transfers, at time of writing.
The main downside with this card is the $150 annual fee. This means that every 12 months the cardholder will have $150 added to their bill, and their available credit will be reduced until this is paid. On top of this there is a $6.50 monthly maintenance fee, which works out at a further $78 per year just for using the card.
Those who are accepted for an Aspen Gold credit card will be assigned an initial credit limit, which can be increased through using the card as appropriate, and meeting the minimum monthly payment every month. The good news is that as First Bank and Trust provide monthly reporting to the major credit bureaus, it is possible to improve your credit score through good card behavior.
The extremely high fees and charges mean that this card cannot be recommended. The combined monthly and annual fees total up at $228 per year simply for using the card, and there is also a one-off $29 account opening fee. There are many other credit cards that offer the same benefits as the Aspen Gold credit card, but do not come with as high maintenance fees.
A better option for those that require the uses of a credit card, but do not want to get themselves into debt is an unsecured credit card. These require the applicant to deposit an amount of their own money upfront, which then becomes their credit limit and acts as security against missed payments.
