The Blaze Credit Card is an unsecured credit card specifically designed for those working on building their credit score. After six timely monthly payments, cardholders may be eligible for a credit limit increase but will pay an annual fee and an authorized user fee.
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HIGHLIGHTS
- Purchase APR (Variable APR): 29.9%
- Balance Transfer APR: N/A
- Credit Score Range: 300 – 850
- Annual fee: $75
Blaze Credit Card Benefits
Unsecured access to credit lines:
If you have bad credit or no credit at all, you can often only qualify for secured credit cards that require you to put hundreds of dollars down as a deposit. If you don’t want to part with your hard-earned cash, the Blaze Credit Card can be a solid alternative. You can qualify for this card even if you have less than excellent credit and are accessing an unsecured line of credit.
Qualify for an increased credit limit:
Cardholders who keep their accounts in good shape through on-time payments can qualify for a credit limit increase after just six months. Many cards for people with bad credit don’t have a clear timeline to qualify for a credit limit increase. Getting more purchasing power in less than a year is a nice benefit.
Blaze Credit Card Disadvantages
Expensive costs:
There are two important costs to consider before applying for the Blaze Mastercard:
Annual fee:
You get an annual fee of $75 before using this card and the fee reduces the amount of credit available. For example, if you are approved for a $350 credit line, the fee reduces the available credit to $275.
Authorized User Fee:
If you add an authorized user to the account, e.g. a spouse or partner, you will be billed $20 annually.
While high fees are typical for cards with poor credit ratings, they are not charged for other credit cards. The Petal card is another option for someone building their credit history. An unsecured card also has no annual fees, foreign transaction fees, authorized user fees, or late payments.
No rewards:
Unfortunately, the Blaze Mastercard does not have a rewards program. You will not earn points, miles, or cash back for using your card. While this is common for cards designed for those with bad credit, it’s still disappointing. If you are willing to apply for a secured credit card instead of an unsecured credit card and make a refundable deposit, you can find options that offer bonuses.
For example, the Discover it Secured card has no annual fee, and you can earn 2% cash back on up to $1,000 spent each quarter at gas stations and restaurants and 1% cashback on all other purchases. Even better, Discover doubles all the money you make in your first year as a cardholder, effectively doubling your rewards.
To put that in perspective, let’s say you spent $6,000 on your Discover it Secured card: $1,000 each quarter at gas stations and restaurants, and $2,000 on other purchases. You would earn $100 in rewards. But thanks to Discover’s cashback match, Discover would return any money earned and give you $200 in rewards.
Above-average effective annual interest rate:
According to the Federal Reserve, the average APR for all credit cards in August 2021 was just over 17.13%. The APR for purchases on the Blaze Credit Card is 29.9% – much higher than the national average. If you have a monthly balance on your card, a higher APR means you’re paying a lot more interest.
To put these numbers in perspective, let’s say your credit card has a balance of $1,000, an APR of 17.13%, and a minimum monthly payment of $35. It would take you 37 months to pay off your debt and a total of $294 in interest costs. If you had a $1,000 balance on a credit card with an APR of 29.9% and a minimum monthly payment of $35, it would take you 51 months to pay off your debt and you would owe $770. Pay dollars in interest charges. The higher APR would cost you $476 in additional interest. If you tend to carry a balance on you, look for another card with a lower APR, such as B. the Credit One Bank Platinum Visa card.
Blaze Mastercard Review
The Blaze Mastercard is a simple, unsecured credit card for people looking to build a good credit history. South Dakota’s First Savings Bank card offers a reliable path to better credit through on-time payments and responsible stewardship.
Fixed APR
Credit cards for people with bad credit are very interesting for transactions such as purchases and cash advances. In this regard, the Blaze Mastercard is no different.
The Blaze Credit Card has a fixed APR of 30%, which is on the higher end of the range for this type of card. Fortunately, however, this APR is firm, meaning users don’t have to worry about fluctuations due to Fed rate cuts or an unstable economy.
It’s also important to note that while cards like the Blaze Card have high-interest rates, they are not designed to hold a balance. These cards serve the purpose of building credit, i. H. You pay on time and pay your balance (as far as possible) in full. By subscribing to this game plan, with cards like the Blaze Mastercard, you don’t have to worry about the APR.
Blaze Credit Card Credit Limits
Blaze Card credit limits vary based on the applicant’s credit history. Limits start at a minimum of $350 but can go as high as $1,500. As with other credit recovery cards, Blaze cardholders who pay on time and demonstrate financial responsibility may be subject to credit limit increases over time.
Blaze Mastercard Fees
Like other bad credit cards, the Blaze comes with an annual fee. While the $75 annual fee may sound daunting, it’s lower than some other cards on the market, especially catalog cards. In addition, there are no hidden fees with the Blaze Mastercard.
The Blaze Mastercard has no application fees, no account setup fees, no monthly maintenance fees, or other hidden fees associated with some credit cards. The card’s only additional costs are late payment or refund fees, as well as fees for adding an authorized user or making a cash advance. However, these fees are standard on most credit cards, regardless of creditworthiness.
PREMIUM Club Membership
Part of the Blaze Mastercard experience is enrolling in the PREMIUM Club. This club offers cardholders discounts on a variety of goods and services, including:
- Recipes
- Food
- Hotels
- Car rental
- Entertainment
The cost of a PREMIUM Club membership is $4.95 and is reflected on Blaze Mastercard statements. If a new account wishes to cancel membership, it may request cancellation at any time by calling 877-827-5828 or writing to The PREMIUM Club, PO Box 84634, Sioux Falls, SD 57118-4634.
This Blaze Credit Card is best for?
If you have no credit history or bad credit and don’t want a secured credit card, the Blaze Mastercard could be a good option. It gives you access to an unsecured line of credit and you can qualify for an increased line of credit in as little as six months.
Although there are fees, this card can be a useful credit-building tool as it reports your payment activity to the major credit bureaus. If your credit rating improves and you become eligible for other credit cards, you can close your account to avoid future charges.
Blaze Credit Card Standard Services
The Blaze Mastercard offers few advantages, but it does have:
- Limited Liability Protection
- security warnings
- Access to the online account
Cardholder Experience
The Blaze Mastercard is issued by South Dakota-based First Savings Bank, a smaller card issuer not based in J.D. Power Credit Card Satisfaction Study.
Customer service is available 24 hours a day, seven days a week at 605-782-3472.
Security Features
This card offers basic security features including 24/7 account notifications. You will also never be held responsible for unauthorized transactions if your card is lost or stolen as long as you notify First Savings Bank.
Should you apply for the Blaze Mastercard?
The Blaze Credit Card is one of many credit card offerings currently on the market. While the Blaze Mastercard doesn’t stand out from the competition, that’s not necessarily a bad thing.
Bad credit cards aren’t about flash and gimmicks—it’s about building credit. Here the Blaze performs masterfully.
The Blaze Credit Card has a flat, low APR and an annual fee that is not excessive. Sure, there are plenty of no-annual-fee cards out there, but those with bad credit may initially have trouble finding deals to get approved for.
This is where the blaze comes into play. The Blaze Mastercard is a great first step toward financial growth and recovery. It might not be a long-term lending option, but it’s a good place to start — and one to consider carefully.
How to apply for a Blaze Mastercard® credit card
- Visit the Blaze Mastercard® credit card website.
- Fill out the application form. Typically, you’ll need to provide general financial information, such as your social security number, address, and annual income.
- Please check that the information is correct and submit your application.
5 things to know about the Blaze Credit Card
The Blaze Credit Card offers those with less than ideal credit a chance to work on their credit without outrageous fees. The low-cost card requires no deposit for eligibility and does not charge an activation fee, monthly maintenance fee, or other expensive fees. It is issued by First Savings Bank and administered by Capital Services in South Dakota.
If you can’t think of a secure credit card deposit, the Blaze Mastercard is a better choice compared to expensive unsecured card options. Here’s what you need to know.
1. It charges an annual fee
The Blaze Mastercard has an annual fee of $75, but you might not have to stick with it forever. After you have demonstrated proof of timely payments and managed your account responsibly, you can contact customer service to see if you’re eligible for a reduced fee, said Alfred Furth, portfolio manager and senior vice president at Capital Services.
Fees are on the low side compared to other unsecured credit cards, but it’s worth noting that this is money you don’t get back. With a secured credit card, depositing upfront can be more expensive—several hundred dollars in some cases—but at least you get that money back with a good payment history and responsible use of credit.
For example, the Capital One Platinum Secured Credit Card with a $0 annual fee offers a bit more flexibility with a lower deposit requirement of $49 or $99 if you can qualify. Otherwise, a minimum security deposit of $200 is required and you have 35 days to leave this after the card is approved. During this time, the issuer allows partial payments of at least $20 in whole dollar increments.
2. The line of credit is potentially generous
The Blaze Mastercard offers a maximum credit limit of $1,500 for those who qualify and a minimum credit limit of $350. On the high end, it’s more generous than what you could get with a secured credit card. After all, your credit limit is usually only as high as the amount you deposit.
At the bottom, the limit doesn’t leave much room to spend. The annual fee also decreases your available balance, leaving you with only $275 to use.
However, a low credit limit is not necessarily a deal breaker, especially with this card. You can qualify for a higher credit limit within six months if your account is in good standing and you meet the debt-to-income requirements.
Tip: Using no more than 30% of your available credit can keep your credit utilization low and your credit score on track. For example, if your credit limit is $350 and the annual fee takes up part of that, ideally you shouldn’t put more than $82.50 on the card at a time to avoid hurting your credit score.
3. Late payments do not increase your APR
With the Blaze Mastercard, your credit may suffer if you miss a payment, but you won’t be penalized with penalty interest – a rate higher than your card’s APR that can be applied to your account balance for several months, reducing your Account. There’s a late fee of up to $25 if you miss a payment, but that’s still on the downside as late fees can be as high as $40 in some cases.
Avoid paying late to meet your credit goals. The Blaze Mastercard reports payments to all three major credit reporting agencies (TransUnion, Equifax, and Experian). Paying on time can help you build a strong payment history, which is a big part of your credit score.
4. It has a reasonable cost
Aside from late fees, the Blaze Mastercard may charge a return shipping fee of up to $25 and a 2% upfront fee per transaction. However, on top of these potential costs, the Blaze Mastercard is a reasonable and affordable option because you don’t have to worry about monthly fees, activation fees, or other expensive fees.
As a Mastercard with broad merchant acceptance and no foreign transaction fee, it is also ideally equipped for international travel.
Tip: The Blaze Mastercard charges a fee and high APR for cash advances, but that’s typical of most credit cards. It’s best to reserve a cash advance as a last resort after all other options have been exhausted.
5. You can purchase a PREMIUM Club membership to access discounts
Cardholders have the option to choose PREMIUM Club membership, which offers discounts on prescriptions, hotels, restaurants, car rentals, and entertainment. Membership costs $4.95 per month (about $60 per year) and will appear on your statement.
The program is only worthwhile if you can take advantage of the discounts enough to offset the cost of the membership fee. Since this card already has an annual fee of $75, that would mean paying around $135 per year to keep this card. That’s close to the cost of a security card deposit, so it’s worth considering one if it fits your budget.
If incentives are important to you, the Discover it® Secured Credit Card offers 2% cash back at gas stations and restaurants from $0 per year for up to $1,000 on combined purchases per quarter. All other purchases earn 1%. The Discover it® Secured Credit Card requires a minimum $200 security deposit, but you can cover part of the cost with the sign-up offer. It’s also worth the investment as the card has a potential path to upgrade to an unsecured Discover card. The issuer runs automatic checks monthly to determine if you are ready to switch to an unsecured card. In this case, you can get your deposit back.
Frequently asked questions about the BLAZE MASTERCARD® CREDIT CARD
Does Blaze Mastercard® or credit card have a cashback or rewards program?
No, there is no rewards program offered.
What are the advantages of the Blaze Mastercard® credit card?
It offers the following advantages:
- No Fraud Liability
- Reports to major credit bureaus
What are the relevant APRs for the Blaze Mastercard® credit card?
According to the Federal Reserve Board, the average APR is 15% for all credit cards and 17% for prepaid accounts. This card has higher than average regular APRs.
The Blaze Mastercard®’s credit card has a variable APR of 29.9%. It also has a variable cash advance APR of 29.9%.
The good news is that this card doesn’t charge an APR if you’re late on a payment.
Does the Blaze Mastercard® credit card offer an introductory APR for fund transfers?
No, there is no introductory APR offer for balance transfers.
Does the Blaze Mastercard® Credit Card offer an introductory APR offer for new purchases?
This card does not offer an introductory APR rate for new purchases.
What are the Blaze Mastercard® credit card fees?
The following fees apply:
Blaze Mastercard® Credit Card Fees
- Annual fee: $75
- Return Fee: $25
- Late Payment Fee: $25
What is the customer service phone number for the Blaze Mastercard® Credit Card?
The customer service number for Blaze Mastercard® credit cards is (605) 782-3472.
How do people rate the customer service and user experience of the Blaze Mastercard® credit card?
We currently do not have enough ratings to provide a reliable SuperMoney community rating for this product.
Does the Blaze Mastercard® Credit Card report your account activity to credit bureaus?
Yes, the Blaze Mastercard® credit card reports your account activity to the following credit reference agencies:
Making regular and timely payments to a creditor who reports to one or more credit reporting agencies demonstrates your financial responsibility and can help improve your credit score.
Our verdict – Blaze Credit Card Review
If you’re having trouble qualifying for other credit cards and don’t want to apply for a secure card, the Blaze Credit Card is a good alternative. You get access to an unsecured credit card and can qualify for an increased credit limit within six months. The card does charge a fee, but this trade-off can be justified if you want to avoid having to pay a large deposit.