Blaze Mastercard credit card review

The Blaze MasterCard® credit card is not one of our highest rated bad credit credit cards. You can consult our list of best credit cards for bad credit for what we think are better options.


Blaze Mastercard credit card full review


Benefits
  • Access to an unsecured line of credit

  • Qualify for an Enhanced Line of Credit

The inconvenients
  • Expensive fees

  • No reward

  • Above average APR


Benefits explained

  • Access to unsecured line of credit: When you have low credit or no credit, you can often only qualify for secured credit cards, which may require you to deposit hundreds of dollars as a security deposit. If parting with your hard-earned money isn’t appealing, the Blaze Mastercard can be a solid alternative. You may qualify for this card even if your credit is below average and have access to an unsecured line of credit.
  • Qualify for an Enhanced Line of Credit: Cardholders who keep their account in good standing with one-off payments can receive an increase in their credit limit in as little as six months. Many cards for people with bad credit do not have such a clear deadline to qualify for a credit limit increase. Being able to gain more purchasing power in less than a year is a significant advantage.


Disadvantages Explained

  • Expensive fees: Before applying for the Blaze Mastercard, you should be aware of two main fees:
    Annual subscription : You will be charged an annual fee of $ 75 before using this card, and this fee reduces the amount of credit you have available. For example, if you are approved for a $ 350 line of credit, the fee will reduce the available credit to $ 275.
  • Authorized user fees: Adding an authorized user, such as a spouse or partner, to the account will incur an annual fee of $ 20.

Although high fees are typical of cards for people with low credit, there are other credit cards that do not charge them. The Petal card is another option for someone who is building their credit history. Also an insecure card, it has no annual fees, overseas transaction fees, authorized usage fees, or late payment fees.

  • No reward: Unfortunately, the Blaze Mastercard does not have a rewards program. You will not earn points, miles or cash back when you use your card. While this is common for cards designed for people with bad credit, it is still disappointing. If you’re willing to apply for a secured credit card instead of an unsecured credit card and deposit a refundable deposit, you may find options that offer rewards. For example, the Discover it Secured card has no annual fee and you can earn 2% cash back on up to $ 1,000 spent quarterly at gas stations and restaurants, and cash back. 1% off all other purchases. Best of all, Discover will match any cash back rewards you earn in your first year as a cardholder, doubling your rewards. To put that in perspective, let’s say you’ve spent $ 6,000 on your Discover it Secured card: $ 1,000 quarterly at gas stations and restaurants, and $ 2,000 on other purchases. You would earn $ 100 in rewards. But thanks to Discover’s cash back, Discover would match all of the cash back you’ve earned, giving you $ 200 in rewards.
  • Above average APR: According to the Federal Reserve, the average APR on all credit cards was just over 16.28% in November 2020.se.se.ssssssssssssssThe purchase APR on the Blaze Mastercard is 29.9%, much higher than the national average. If you keep a balance on your card from month to month, a higher APR will charge you a lot more in interest charges. To put these numbers into perspective, let’s say your credit card has a balance of $ 1,000, an APR of 16.28%, and a minimum monthly payment of $ 35. It would take you 37 months to pay off your debt, and in total you would pay $ 274 in interest charges. 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 pay $ 770 in interest charges. . The higher APR would cost you $ 525 in additional interest. If you tend to have a balance, look for another card with a lower APR, such as the Green Dot primor Visa Gold Secured credit card.


If you don’t have a credit history or a bad credit rating and don’t want a secured credit card, the Blaze Mastercard may 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 it charges a fee, this card can be a useful tool in building your credit because it reports your payment activity to major credit bureaus. As your credit improves and you can qualify for other credit cards, you can close your account to avoid future charges.


Standard benefits

The Blaze Mastercard offers few benefits, but it does:

  • Limited Liability Protection
  • Security alerts
  • Online account access


Cardholder experience

The Blaze Mastercard is issued by South Dakota-based First Savings Bank, a smaller card issuer that is not included in JD Power’s credit card satisfaction survey.

Customer Service is available 24 hours a day, seven days a week at 605-782-3472.


Security functions

This card offers standard security features including 24/7 account alerts. You are also never responsible for unauthorized transactions if your card is lost or stolen as long as you notify First Savings Bank.


Our verdict

If you’ve struggled to qualify for other credit cards and don’t want to apply for a secure card, the Blaze Mastercard is a decent alternative. You will have access to an unsecured credit card and you could be eligible for an increased credit limit in as little as six months. The card charges a fee, but this compromise may be justified if your goal is to avoid having to pay a large security deposit.

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