Aspiration: Upgrade to Plus Account, Get $150 Bonus With $1,000 Spend

Update 11/30/20: Another round of these e-mails has gone out. End date to upgrade is today (11/30). Hat tip to adding pennies.

The Offer

No direct link, check email for this offer (subject: Black Friday: Shop. Repeat. Get $150.)

• Aspiration is offering users $150 bonus when they upgrade to a Plus account and spend $1,000 within 60 days.

The Fine Print

• Offer only applies to the original recipient of this email and is non-transferable.
• Customer must: (1) between 12:01 a.m. Pacific Time 11/21/2020 and 11:59 p.m. Pacific Time 11/26/2020, enroll into Aspiration Plus through their account settings; and (2) within 60 calendar days of enrollment into Aspiration Plus, use their debit card to make at least $1,000 worth of cumulative transactions.
• Transactions made using customer’s standard debit card will be eligible for the $1,000 transaction minimum, if the transaction is made after customer enrolls into Aspiration Plus.
• $1,000 transaction minimum refers to net purchases (purchases minus any credits or returns).
• Allow up to 90 calendar days from Aspiration Plus enrollment for the $150 offer credit to post to your Aspiration Account.
• Account must be open and customer must stay enrolled in Aspiration Plus through date of credit in order to qualify for the credit.
• Aspiration Plus is a paid service, with monthly or annual fee options. $7/month if paid monthly or $5.75/month if paid annually.
• All applicable account terms, fees, and charges are subject to change. This offer may be modified or withdrawn at any time and without notice.
• Customer is responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities, if required by applicable law. Customer should consult a tax advisor.

Our Verdict

Looks like this deal was sent out widely; not sure if it was sent to everyone. It’s not a bad deal, but after digging into the math it’s not as rosy as it seems on the surface:

You might have to pay 3 x $7 $15 monthly fees before the $150 credit posts. You might get a 1099 for the $150, so let’s say it’s actually worth $100 (this will obviously vary by the person’s tax situation). You’re losing your regular credit card rewards on $1,000 in purchases which could be $20-$30+, depending on what your options are.

Overall, I’d probably do the deal, but it might not be a true $150 gain. A mitigating factor could be if you can spend the $1,000 at a merchant that typically would not accept credit card, that would make the bonus a better value.

See previous posts about Aspiration here. 

Hat tip to reader Casey k, Chase-ing UR points, and Kenny