By Marcy Bialeschki


5 Min. To Read

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Obtaining a credit card is often a difficult task for people without an established line of credit. Unfortunately, this situation usually results in settling for a secured card with a paltry credit limit and crippling extra fees.

Now add the troubling fact that you are an immigrant newly established in the United States, and you do not have a social security number. It seems like a hopeless situation, but it's not.

A few years ago, CEO Elnor Rozenrot arrived in the US from Israel. She was employed and was able to open bank accounts, but when she looked into getting a credit card, she seemed to hit a wall.

Rozenrot lacked two vital criteria that prevented her from qualifying for a traditional credit card: a social security number and a credit history. As a business professional, she saw this dilemma as particularly crippling for navigating the complicated day-to-day world. And Rozenrot knew she was not alone. This problem, she felt, was begging for a solution, and Rozenrot was just the person to find one.

Teaming up with two immigrants experiencing the same issue and a veteran US banker, Rozenrot set out to tackle the troubling dilemma of obtaining a credit card without having the traditional criteria.The result was the creation of CreditStacks in 2018. CreditStacks was designed to provide credit to immigrants with jobs but no credit history and a social security number in progress.

The rebranding of CreditStacks occurred early in 2020 when it became apparent that their target audience was excluding individuals with similar but not exactly the same situation. The solution -- the Jasper MasterCard and all new marketing campaigns were developed to include all professionals without a credit history, not just ones new to the country.

Plenty of people without a credit history qualify for secured cards or even some unsecured cards. But here's the difference between these cards and the Jasper MasterCard: the Jasper card aims to serve business professionals who are actively employed without a credit history. And the Jasper MasterCard wants to help these professionals do everything they can to make their first line of credit a healthy one. One way they are making this happen is keeping the Jasper card devoid of fees and penalty APRs.

The ideal customer has gainful employment (or can prove they will be starting a job within 60 days) and limited debt. The fact that they don't have a credit history should not limit these customers to a minimal line of credit, a security deposit, and exuberant fees.

The ideal customer will also need to be comfortable with managing the entire account from a mobile device. Jasper MasterCard has an app, but cardholders will not be able to access their account from a desktop computer.

How it works

“Forget everything you know about credit cards.”

This principle is part of the all-new marketing campaign for the Jasper MasterCard. After identifying a need for a different kind of credit card in 2018, Rozenrot made sure the solution didn't complicate the problem.

Many credit cards for people with no credit history have outrageous fees and ridiculous stipulations. The Jasper MasterCard works off of this principle: "We believe in your future." And this support includes creating a card with no annual fee, no security deposit, a low interest rate, no penalty interest rate, and no hidden extra costs.

The Jasper MasterCard lowers some of the barriers most card companies have in place, and it has no fees. Your credit report is sent to Equifax and TransUnion regularly so you can start building your credit.

Building credit is also made easier with the Jasper card's unique autopay settings. Autopay ensures you pay your bill on time, which is one of the best ways to establish a good credit score.

The people at Jasper MasterCard are not interested in your credit history. They look at 360 other data points to determine your eligibility. The three most determining factors for most people applying include the following:

Your debt to income ratio

Your company or business online presence

Your employment

If you have limited debt, an established business or are employed by a verified company earning a paycheck, you are a good candidate for the Jasper card. And even if you are not receiving that paycheck quite yet, you can still get a Jasper MasterCard up to 60 before your employment begins.

If you do not have a social security number yet, you will need to supply a passport and your visa for identification. You will also have to produce your new social security number within 60 days of receiving your Jasper MasterCard.

Because Jasper MasterCard checks numerous data points to verify your eligibility, acceptance is not instant as it would be when applying for a secured card. You might have to wait a couple of days before hearing your status. But what the Jasper MasterCard provides is well worth the wait.

Basic features

No annual fee

No foreign transaction fee

15.49% purchase APR

No penalty APR

Up to a $5000 initial credit limit

No security deposit

Extended warranties on larger purchases

MasterCard Identity Theft Protection

$600 in phone protection if you pay your bill with the Jasper card

Travel features

No foreign transaction fee

Collision damage for rental vehicles

lost/damaged luggage insurance

Travel accident insurance

Trip cancellation/interruption insurance

Things to consider

No rewards program

No sign-up incentives

Credit reporting only goes to two national credit bureaus, not all three

No online access to your account

Acceptance is not instant

Summing up the Jasper MasterCard

While the Jasper MasterCard has a narrow target audience, the need for this type of card was apparent to Elnor Rozenrot in 2018. Since then, many business professionals and employed immigrants have started their credit history by getting off on the right foot with the Jasper MasterCard.

Their guiding principle has always been to provide guide rails that help customers manage credit responsibly. This approach is quite different than most credit building cards that are more punitive. If you fit in the target population that needs a Jasper MasterCard, you should take the leap and apply. If accepted, you will most likely begin your credit journey on a positive note with a substantial line of credit and no hidden fees.

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