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.
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.
At the end of the day, just a false aspiration.
Not even one year. Wow.
its the Zero card…how could it go more than 0?
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
…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”.
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
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.
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.
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.
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
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.
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-
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
Now posted after the 3rd statement
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.
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 $100+ per transaction, I don’t think you could beat them (assuming they were actually planting a tree for every transaction).
1% card for 240$ a year! Yayy??
After reading allthe negative comments, I am going to give this one a pass.
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