Aspiration Zero Credit Card Overview - Is it Worth It? - YouTube

Have you heard about the Aspiration Zero credit card and are wondering what it has to offer?

We’ll in this video, we’re going to be taking a closer look at the product, including

its proposed environmental benefits and what to know about the financial elements of the

card.

Hey everyone this is Kyle from Money@30 and on this channel we look at personal finance

from a Millennial perspective, including credit card overview videos like this one.

Previously, I’ve discussed the neobanking app Aspiration, including some of their savings

and checking account features.

More recently, the environmentally conscience FinTech expanded their offering with the introduction

of the Aspiration Zero credit card.

So, what exactly is this card and how does it work?

Let’s get an overview of the card as well as a few things to know about it.

The first to know about the Aspiration Zero card is how your purchases translate into

trees planted

In case you were wondering, the Zero in Aspiration Zero’s name comes from the idea that cardholders

can help offset their carbon footprint with the card and become carbon neutral.

To do this, for every purchase a customer makes with the card, Aspiration will plant

one tree.

According to the company’s estimates, planting 60 trees a month should bring most consumers

to carbon neutrality.

Of course, there are some asterisks to this figure as trees do take time to mature, so

your actual impact could take a few years to catch up.

That said, you can read more about Aspirations tree-planting partners and their reforestation

metrics on their FAQ page — which I’ll link to in the description box if you’re

interested.

Next, turning to the actual financial aspects of the card, Aspiration Zero does charge an

annual fee

Something important to know about Aspiration’s credit card is that it will cost you.

At the time, the card’s annual fee is set at $60.

While that’s fairly modest when compared to the likes of an Amex Platinum, Chase Sapphire

Reserve, or even Capital One offerings like the Savor card, it’s still a yearly expense

to consider before applying — especially since this fee is not waived for your first

year like it is with some other cards.

As for rewards, while the card does offer up to 1% cashback on purchases, you’ll need

to unlock that earning rate via one of two methods

While most credit cards offer 1% back by default, Aspiration Zero customers will actually earn

a standard amount of just 0.5% back on purchases.

However, as advertised, this can be increased to 1% if you met carbon neutrality.

As mentioned earlier, for the sake of this card, that’s defined as planting a total

of 60 trees per month.

In other words, you’ll need to make 60 purchases per month in order to earn that 1% back.

However, those who leave Aspiration’s Plant the Change feature on and round up their purchase

to the nearest dollar in order to plant a tree the difference, can unlock the 1% benefit

with 30 purchases per month, provided that round-ups are enabled for each.

In either case, you can track your progress within the Aspiration app.

Lastly, to entice new cardholders, the Aspiration Zero card also currently offers a welcome

bonus

Currently, customers who apply and are approved for the Aspiration Zero card can earn a $300

bonus after they spend at least $3,000 on the card within their first three months.

By the way, a heads up, the $60 annual fee will likely not apply toward that minimum

spend amount.

As far as welcome bonuses go, this one isn’t terrible but it’s also not overly attractive

either.

Still, for those interested in the card’s other benefits, then this bonus could just

be icing on the cake.

Overall, while the Aspiration Zero card may be well-intentioned, prospective cardholders

will need to weigh the potential environmental impact against the lackluster financial benefits

of this offering.

Setting aside the card’s tree-planting mission, the Aspiration Zero card is underwhelming

to say the least.

First, as I noted, 1% back is usually the baseline for most credit cards, so the fact

that you need to make a massive 60 purchases per month just to achieve that level of cashback

is disappointing.

Plus you’ll need to pay a $60 annual fee on top of that, making this card a total non-starter

from a financial perspective.

Of course, that’s not really the point of this card or Aspiration in general.

Still, I can’t help but feel as though some savvy credit card users might be better off

maximizing rewards with other card options and using some of their earned funds to fight

climate change as they see fit.

But, those wanting a simpler solution and who like Aspiration’s tree planting plan

may decide that the Aspiration Zero card is worth it to them — and who am I to disagree?

Hopefully this gives you a better idea about what the Aspiration Zero card is all about

but for more on Aspiration and their other offerings, I’ll have links to my articles

in the description box down below.

Also, if you like this video, please hit the thumbs up button, leave and comment, and be

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So thanks again for watching and I’ll see you next time here on Money@30