What Aspire Is and Who It's Built For
Aspire is a secured credit card issued by Coastal Community Bank, designed for people rebuilding credit or starting from scratch. You put down a cash deposit — typically $200 to $2,500 — and that deposit becomes your credit limit. You then use the card like any other credit card, and your payment history gets reported to the three major credit bureaus.
Aspire works best if you have no credit history, a recent bankruptcy, or a long period of missed payments that you're now moving past. It's not a good fit if you already have fair or good credit, because you'll pay an annual fee for a card that offers no rewards and no special perks.
The card itself doesn't charge interest on your deposit — that money sits in a savings account earning a small amount of interest. But if you carry a balance month to month, you'll pay interest on that balance at the card's standard rate.
Key Takeaways
- Aspire requires a cash deposit equal to your credit limit, so you need $200 to $2,500 available upfront.
- The card charges an annual fee of $59, which is higher than many competing secured cards.
- Your payment history reports to all three credit bureaus, which is how the card helps rebuild your score.
- After 18 months of on-time payments, you may be able to convert to an unsecured card and get your deposit back.
- Aspire offers no cash back, travel rewards, or other benefits beyond credit-building.
The Annual Fee and What You're Paying For
Aspire charges $59 per year. That's not the lowest annual fee among secured cards — some competitors charge $25 to $35 — but it's not the highest either. The question is whether the fee is worth what you get in return.
You're paying for the ability to report your payment history to the credit bureaus and for access to a card that will accept you when other issuers won't. You're not paying for rewards, travel insurance, or purchase protection. If you're using this card purely to rebuild credit and plan to close it or convert it within a year or two, the annual fee is a cost of doing business. If you're thinking of keeping it long-term as a regular spending card, the fee adds up and you'd be better off with a different card once your credit improves.
How the Deposit Works and When You Get It Back
When you open an Aspire account, you choose a deposit amount between $200 and $2,500. That deposit is held in a savings account and earns interest — currently a small percentage that varies. Your credit limit equals your deposit amount. So if you deposit $500, your limit is $500.
The deposit is yours to keep. You don't lose it by using the card responsibly. However, you cannot withdraw it while the account is open. If you close the card, you get the deposit back, but closing an old account can hurt your credit score by reducing your average account age and your total available credit.
Coastal Community Bank says that after 18 months of on-time payments, you may be able to convert Aspire to a regular unsecured card. At that point, your deposit is returned to you and you no longer need to keep money locked up. This conversion is not automatic — the bank reviews your account and decides whether to offer it — but it's a realistic path if you've paid on time every month.
Interest Rate and Fees Beyond the Annual Charge
Aspire's interest rate (called the APR, or annual percentage rate) is not fixed. It varies based on your creditworthiness at the time you explore. Expect a rate in the range of 18% to 24%, which is typical for secured cards aimed at people with poor or no credit history. This is higher than what people with good credit pay, but it's the cost of borrowing when you're rebuilding.
Beyond the annual fee, Aspire charges standard fees for late payments, returned checks, and cash advances. There is no foreign transaction fee if you use the card abroad, which is a small advantage over some competitors. There are no monthly fees, no inactivity fees, and no fees for requesting a credit limit increase.
How Aspire Compares to Other Secured Cards
The main competitors to Aspire are the Capital One Secured MasterCard, the Discover it Secured Credit Card, and the OpenSky Secured Visa Card. Here's how they stack up on the things that matter most:
| Card | Annual Fee | Minimum Deposit | Reports to Credit Bureaus | Path to Unsecured Card |
|---|---|---|---|---|
| Aspire | $59 | $200 | Yes, all three | After 18 months on-time payments |
| Capital One Secured | $0 | $200 | Yes, all three | After 6 months on-time payments |
| Discover it Secured | $0 | $200 | Yes, all three | After 6 months on-time payments |
| OpenSky Secured | $35 | $200 | Yes, all three | After 6 months on-time payments |
The biggest difference is that Capital One and Discover charge no annual fee, while Aspire charges $59. Both of those cards also convert to unsecured status faster — after 6 months instead of 18. If your goal is to rebuild credit as cheaply as possible, Aspire is not the best choice. Capital One Secured or Discover it Secured would save you money and get you to an unsecured card sooner.
OpenSky Secured is worth considering if you have no credit history at all or if you've been turned down by other issuers. OpenSky doesn't require a credit check to open an account, which makes it an option for people with very thin credit files. But its $35 annual fee still makes it cheaper than Aspire.
When Aspire Makes Sense and When It Doesn't
Aspire is a reasonable choice if you've been turned down by Capital One or Discover and you need a secured card now. It's also worth considering if you want a card from a smaller, regional bank rather than a large national issuer. Some people prefer working with community banks for customer service reasons.
Aspire does not make sense if you have the option to get Capital One Secured or Discover it Secured. Both are easier to get approved for, charge no annual fee, and convert faster. The $59 annual fee is a real cost that adds up over time, and there's no benefit to Aspire that justifies paying it when free alternatives exist.
If you're already rebuilding credit with another card and doing well, don't switch to Aspire just to try something new. Closing an old account and opening a new one can temporarily lower your credit score. Stay with what's working.
What Happens After You Build Credit
The goal of a secured card is to use it as a stepping stone. After 6 to 18 months of on-time payments, your credit score should improve enough that you can get approved for an unsecured card with no deposit required. At that point, you should move on.
Once you convert Aspire to an unsecured card (if the bank offers it) or once you move to a different card, you can close Aspire and get your deposit back. Keep the account open for at least a few months after you get your unsecured card, because closing it when ready can hurt your score. After that, closing it is fine — you've done what you needed to do.
Frequently Asked Questions
Can I use Aspire if I have no credit history?
Yes. Aspire accepts people with no credit history, recent bankruptcy, or poor credit. You don't need an existing credit score to open the account. The bank will verify your identity and check for unpaid debts, but a blank credit file won't disqualify you.
What happens if I miss a payment on Aspire?
A missed payment will be reported to the credit bureaus and will hurt your credit score. You'll also be charged a late fee. The whole point of using a secured card is to build a history of on-time payments, so missing even one defeats the purpose. If you're struggling to make payments, contact the bank and ask about hardship options before you miss a due date.
Can I increase my credit limit on Aspire?
Yes, but only by increasing your deposit. If you deposit an additional $200, your credit limit goes up by $200. You can request a credit limit increase without adding money, but the bank will likely deny it. There's no fee to increase your deposit.
Does Aspire report to all three credit bureaus?
Yes. Aspire reports to Equifax, Experian, and TransUnion. This is important because the more bureaus that see your on-time payments, the faster your credit score will improve. Some smaller cards report to only one or two bureaus, which slows your progress.
How long should I keep Aspire open after converting to an unsecured card?
Keep it open for at least 6 to 12 months after you convert or switch to a new card. Closing an old account when ready can lower your credit score by reducing your average account age. Once you've had the unsecured card for a year, closing Aspire will have minimal impact on your score.