[Discontinued] Aspiration Launches ‘Zero’ Credit Card: 1% Cashback + Tree Planted For Every Purchase; $300 Signup Bonus

Update 4/10/23: Card is now being discontinued.

Update 5/4/22: Card is now live for anyone to apply. Comes $300 signup bonus after $3,000 spend and $60 annual fee, valid through 6/30/22.

Original post: Aspiration plans to launch a credit card called ‘Zero‘. This new card will offer the following benefits:

  • 1% cash back on all purchases when you reach carbon zero, otherwise the base rate is 0.5% (need to plant 60 trees per month to become carbon zero. This is adjusts monthly based on your spending patterns)
  • One tree planted for every purchase. Second tree is planted when you round up to the nearest dollar (e.g if your purchase is $1.90 you can round up and donate $0.10 and a second tree is planted)
  • $60 annual fee not waived
  • Ten trees will be planted for every friend you refer
  • Biodegradable card

Currently the card is in early access, so you need to join the waitlist before being eligible to apply. Can’t really see this being that interesting for most people with the low earning rate and the annual fee. I do care about the environment and thought I could supercharge my impact with small purchases, but the annual fee more or less kills that idea.

 

 

Subscribe
Notify of
guest

100 Comments
newest
oldest most voted

Dave
Dave (@guest_1595600)
April 11, 2023 18:02

Note that their FAQ states that the card will show on your credit report as “closed by issuer”.

If you want to avoid that, you can call in now and close it yourself before May 3rd.

JP Mozarella Cheese
JP Mozarella Cheese (@guest_1594567)
April 10, 2023 13:07

At the end of the day, just a false aspiration.

Anonymous
Anonymous (@guest_1594260)
April 10, 2023 02:35

Not even one year. Wow.

HarryTheFirstHarry
HarryTheFirstHarry (@guest_1594639)
April 10, 2023 14:38

its the Zero card…how could it go more than 0?

Sam
Sam (@guest_1594248)
April 10, 2023 01:50

lol all these neobanks shutting down, how were they ever gonna turn a profit, the only neobank that had some promise in service and app was Albert and there’s no way they’re profitable

Anonymous
Anonymous (@guest_1594261)
April 10, 2023 02:39

…Literally the exact same way that other banks do it. What are you even talking about? The definition of a Neobank is just an online-only one, a bank without brick-and-mortar branches. They’d make their money on loans, on credit cards, on all the exact same stuff as a traditional bank.

By definition, Ally Bank is also a neobank. And yeah, they have some really significant issues, but I don’t think anyone would complain about Ally Bank the same way you’re complaining about “all these neobanks”.

Servo
Servo (@guest_1594270)
April 10, 2023 03:02

What are Ally’s issues?

This was a startup neobank that like many were pre profit and runway dried up when the product wasn’t compelling enough to gain traction

TDD
TDD (@guest_1594870)
April 10, 2023 20:11

Servo Ally isn’t a neobank, it’s over 100 years old! It was formerly named GMAC before some legal troubles forced them to rebrand in 2010.

Servo
Servo (@guest_1594885)
April 10, 2023 20:34

Don’t have to tell me. I work in banking and Ally is my PFI. The anonymous person said that Ally was both a neobank and had significant issues and I don’t see what those are.

Anonymous
Anonymous (@guest_1594918)
April 10, 2023 21:25

Ally Bank is a neobank by definition. From Wikipedia, “A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.” And then it cites three different sources for this statement.

So yes, Ally Bank is a Neobank.

As to the significant issues, I was more referring to the amount of potential losses they have. In the wake of SVB’s collapse, other banks were put under scrutiny, and Ally is one that has a fairly large loss sheet.

Anonymous
Anonymous (@guest_1594919)
April 10, 2023 21:26

By literal definition, it is a Neobank. From Wikipedia, “A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.” It then cites three sources for this statement.

So yes, it is a Neobank.

Sam
Sam (@guest_1594441)
April 10, 2023 11:15

I don’t think you understand what you’re talking about when you bring Ally into it. Not gonna bring in why you’re not qualified to discuss this

Anonymous
Anonymous (@guest_1594920)
April 10, 2023 21:29

I don’t think you understand what you’re talking about when you go against a basic definition easily found online.

From Wikipedia, “A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.” It then cites three sources for this statement.

So yes, it is a Neobank.

I am gonna bring in why you’re not qualified to discuss this. You can’t even look up a basic definition. That shows you’re not qualified.

TDD
TDD (@guest_1594867)
April 10, 2023 20:09

Sam It’s one thing to be a neobank. It’s another to be a neobank with these w*ke causes. F’in Spiral bank wanted you to pay a fee on incoming deposits to go towards donations. Aspiration is all about (bs) carbon credits. So dumb. People just want meat and potatoes, not beyond meat and potatoes.

CO
CO (@guest_1592925)
April 6, 2023 23:12

 William Charles That was quick. Card is being discontinued
All Aspiration Zero accounts will be closing on 05/03/23. Please visit our FAQs to prepare for your upcoming account closure.
https://my.aspiration.com/faq/Aspiration-Zero%3EWhat-do-I-need-to-know-about-Aspiration-Zero-being-discontinued-

CO
CO (@guest_1405600)
July 6, 2022 23:24

How long did it take to receive $300 statement credit? Terms state it will post after the following statement, I’m now on my 2nd statement and nothing so far

CO
CO (@guest_1425035)
August 14, 2022 11:48
  CO

Now posted after the 3rd statement

Dheeraj
Dheeraj (@guest_1378068)
May 8, 2022 01:27

I wonder if the cash back from a 2% card could help purchase more tree plantings than the aspiration card. Also, the savings on the annual fee.

Johnny
Johnny (@guest_1594374)
April 10, 2023 09:56

I see some charities advertise $1 per tree, and I think that’s probably not the case most of the time. So, unless you’re spending an average of $100+ per transaction, I don’t think you could beat them (assuming they were actually planting a tree for every transaction).

randomguy
randomguy (@guest_1378062)
May 8, 2022 00:59

1% card for 240$ a year! Yayy??

Ludih
Ludih (@guest_1377953)
May 7, 2022 18:57

After reading allthe negative comments, I am going to give this one a pass.

VP
VP (@guest_1377696)
May 7, 2022 12:14

I had bad experience with Aspiration as well when I tried signing up for checking account and lost trust in this sh**t bank.
1. I started with application checking account without clicking the promo link, by mistake. I never submitted the application – I only entered my details including SSN
2. They logged my SSN and now they mention that I cannot start new application because one is already in progress for my SSN. Even if I try new email id, they ask me to continue with older application without promo!
3. I asked them to delete my application – they confirmed that it was deleted. I am still blocked from creating new application as they mention I have to resume the one without promo. LOL