Blaze Mastercard is one of the many options for those who are looking to build or improve their credit using an unsecured credit card. You may be eligible for a credit line increase if you pay six monthly payments on time.
The Blaze Mastercard is issued by First Savings Bank and serviced by Capital Services. It offers a credit limit that ranges between $350 and $1,500. It serves as a good credit-building tool since it reports to the major credit reporting agencies (Experian, Equifax, TransUnion).
Should you use a Blaze Mastercard?
If you have no or limited credit history or perhaps you have bad credit and don’t want or don’t have the cash to pay for a secured credit card, then a First Savings’ credit card, the Blaze Mastercard, is worth considering.
It’s also a good option if you’re looking for more purchasing power but struggling to get approved for a traditional credit card because of poor credit. Taking out a Blaze Mastercard gives you a chance to get a higher credit limit if you pay on time within six months.
The Blaze Mastercard is one of the many unsecured credit cards, such as Legacy credit cards, for bad credit or no credit at all. It helps you establish or rebuild your credit. It reports payments to all three major credit reporting agencies. Your credit score will improve as long as you make timely payments. If you don’t, your credit score will show it too.
However, it comes with hefty fees and interest charges. So, if you have spare cash to pay for a security deposit, you may consider getting a secured credit card that comes with rewards and lower fees. To help you decide, here are the Blaze Mastercard highlights and important things you need to know.
What are the Pros of Using Blaze Mastercard?
1. Easy Approval
The Blaze Mastercard is offered to people with no credit or poor credit history. If you’re struggling to secure a credit card because of your less than stellar credit, Blaze Mastercard will come in handy. You don’t need to have a high credit score thanks to its easy approval.
2. No Security Deposit Required
People with no credit, thin credit files or bad credit struggle to secure an unsecured credit card. Most credit card issuers will require a security deposit, which often serves as the credit limit, too. A Blaze Mastercard is a good option if you’re unable to or don’t want to put in a security deposit. Even if you have bad credit, you may still get approved for this type of unsecured credit card.
3. Late Payments Won’t Increase Your APR
Missing payments, whether you’re using an unsecured or secured credit card will negatively affect your credit score. This also applies to Blaze Mastercard. Your credit score may get a hit but you don’t have to worry about getting punished with a penalty APR. It’s a higher interest rate that’s given to accounts over several months if the account holder failed to pay their dues for at least 60 days. You may be stuck with the penalty APR until you’ve made six on-time payments or more. The Blaze Mastercard may not impose a penalty APR but it charges $25 for late payments.
4. Possible Increase In Credit Limit
Making on-time payments for at least six months may qualify you for a credit line increase. It’s a notable benefit, especially for people who have bad credit and are struggling to get more spending power.
5. Reports Payments To Major Credit Bureaus
Your payments will be reported to the major credit reporting agencies. Make payments on time and you’ll notice your credit score improve eventually.
6. Helps Build Your Credit
Given that your payments are reported to the major credit reporting agencies, the Blaze Mastercard is good for credit building. Use it to make purchases and make sure to pay on time to help raise your credit score. Once you’ve improved your credit score, you should consider applying for a traditional credit card with low-interest rates and rewards such as a Citi Diamond Preferred Card and BankAmericard credit card.
7. Features An Alert System
The Blaze Mastercard comes with a security alert system including a SecureCode and identity verification to prevent unauthorized use. When you purchase online using this credit card, you will receive a one-time PIN (OTP) that you need to key in along with your credentials to validate the purchase and protect your card from fraudulent transactions. It notifies you via email and text if you’re nearing your credit limit. You’ll also receive alerts whenever you purchase an item using the Blaze credit card and if the due date is approaching.
What are the Cons of Using Blaze Mastercard?
1. Costly Fees
You need to pay an annual fee of $75, which cuts into your available credit at one time. If you add an authorized user to your card, you also have to pay another $20 annual fee.
2. No Rewards
There is no rewards program under Blaze Mastercard. Using the card doesn’t offer any cashback, miles, or points.
3. Higher APR
The average APR on credit cards as of November 2020 is 16.28%. However, the Blaze Mastercard’s APR stands at a whopping 29.9%. You will pay more in interest charges if you carry a balance on your Blaze Mastercard every month. That’s why you have to pay your credit card balance in full every month if you don’t want to pay these hefty charges.
4. Low Credit Limit
You may be approved for a low credit limit, $350, which is Blaze Mastercard’s minimum. This shouldn’t be surprising, especially if you have a low credit score. Fortunately, you still have a chance of getting a higher credit limit as long as you pay on time for six months.
How to Apply for a Blaze Mastercard?
You can apply online for a Blaze Mastercard. You’ll be asked to provide some basic information, such as your name, address, and Social Security number. You also have to disclose your income. You’ll have higher chances of getting approved if you have a stable job and a steady income. If you need further assistance, you can contact their customer service team at 605-782-3472 any time of the day or week.
How Long Will it Take Before You Get Your Blaze Credit Card?
Getting approved for a Blaze Mastercard is easy as long as you meet the necessary requirements. You may receive your credit card within 2 weeks after you get approved.
What are the Fees Associated with the Blaze Mastercard?
Here are the fees that you’ll most likely pay if you use a Blaze Mastercard:
- Annual Fee – $75
- APR – 29.9%
- Late Payment Fee – $25
- Returned Payment Fee – $25
- Cash Advance – 2% for every cash advance
- Authorized User Fee – $20 a year
- Premium Club Membership – $4.95 per month
The Blaze Mastercard doesn’t charge miscellaneous fees, such as an activation fee or monthly maintenance fee. It’s beneficial, especially if you don’t have that much to spare.
Does Blaze Mastercard Offer Discounts?
Blaze Mastercard doesn’t offer rewards but you can choose to enroll in its Premium Club membership program. It offers discounts on entertainment, hotels, car rentals, and prescriptions for a fee of $4.95 per month, which will be added to your billing statement.
Keep in mind that the Blaze Mastercard comes with an annual fee of $75. If you sign up for the Premium Club, you’ll be paying about $60 more per year. You should only consider joining this program if you can fully maximize the discounts offered and offset the fee you need to pay every month. Remember that the credit card’s annual fee and the total cost of the membership program per year amounts to $135. It’s a hefty amount, especially if you’re struggling with your finances.
Unless you can make the most out of it and you can afford the additional fee, it’s better to focus on building your credit score first. Once you’ve improved your credit, you may consider applying for other credit cards that offer low fees, as well as better rewards and discounts, such as Discover it Secured Credit Card.
If for some reason, you want to opt-out of the Premium Club program, you can request a cancellation by calling their Blaze MasterCard customer service team at 877-827-5828. You can also send a cancellation request letter to The Premium Club’s mailing address, PO Box 84634 Sioux Falls, SD with the zip code, 57118-4634.
Conclusion
The Blaze Mastercard is one of the many credit-building tools you’ll find in the market today. It’s a credit card that’s made for people with no or limited credit as well as those with poor credit history. It reports payments to the three major credit agencies, which makes it a good credit-building tool. As long as you make timely payments, you’ll eventually see improvements in your credit standing.
It comes with several features, such as easy approval, no security deposit, no penalty APRs, and no hidden charges. But it’s also worth noting that it comes with a high APR compared to regular credit cards, which could put you in a financial bind, especially if you’re already struggling monetarily. It also doesn’t offer any rewards. You have to join its Premium Club to enjoy discounts, but it costs $4.95 per month. Not only that, but it also imposes an annual fee of $75.
If your goal is to find a credit card for bad credit that doesn’t require a security deposit, then the Blaze Mastercard is one of your options. If you get approved for one, it’s best to use it only when necessary. Don’t forget to pay on time so that you can improve your credit score and avoid any additional fees.
