The launch of the Aspiration credit card is a critical step towards its profit aspirations

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The news: Socially Responsible American Neobank Suction debuted first credit card offer, dubbed the “Zero Aspiration Credit Card,” CNBC reports.

More on this: Aspiration positions itself as the anti-bank and targets customers with an equal passion for the environment and against banks. A lot of advantages of the Aspiration Zero map align with the neobank’s environmentally conscious mission. They understand:

  • Plant a tree every time a customer swipes their Zero Aspiration card.
  • An option to plant an additional tree for each purchase if the customer rounds up their purchases to the next dollar.
  • A $ 300 welcome bonus for customers who spend $ 3,000 in the first three months to get their card.
  • 0.5% cash back on all purchases each billing cycle, increasing to 1% cash back if the client manages to plant at least 60 trees with the use of his card during this cycle. Cash back can be used to plant additional trees (one tree for every cash back dollar) or as a statement credit.

The card is intended for consumers with excellent or good credit, according to CNBC.

The overview: As well as being an excellent complement to other environmentally friendly Aspiration offers, Aspiration Zero could be a very important profit driver for the neobank.

  • The suction allows customers to only pay what they think is fair for their services monthly, even if it’s nothing, and donates 10% of these payments to charities.
  • While this was a unique customer acquisition tactic, it also made boosting results a potential challenge, leaving the neobank depends on the exchange of debit cards.

Aspiration Zero can help solve these profitability issues – two aspects of its design make it just as useful for Aspiration’s bottom line as it is for environmentally conscious customers:

  • Costs. In addition to charging a variable APR of between 11.65% and 21.45% on customer balances, Aspiration Zero comes with an annual fee of $ 60, which means no matter how often they use their cards, the income per user of Aspiration Zero will be at least $ 60.
  • Engines of engagement. Aspiration Zero’s higher cash back rewards for planting a sufficient number of trees and its $ 3,000 spend threshold on the welcome bonus encourage greater usage. This could promote greater trading revenue and a greater chance that customers have a balance on the card, further increasing revenue per customer.


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