Issued by First Savings Bank, the Blaze Mastercard is an unsecured credit card intended to accommodate the needs of those who are trying to rebuild their credit.
Since it’s an unsecured credit card, the Blaze Mastercard doesn’t require a security deposit. It also has a fixed APR on cash advances and purchases, in addition to a reasonable credit line viable for an increase if you’re consistent with repayments.
If you’re serious about reforming your credit history and you have no problem fully repaying a statement balance monthly, then Blaze Mastercard may just be the perfect credit card for you. Stick around to learn more in our full review.
Overview of Blaze Mastercard
There’s really nothing revolutionary about the Blaze Mastercard; it’s a standard, unsecured card intended for those looking to boost their credit. But while it’s not reinventing the wheel when it comes to credit repair, we can safely say that it’s one of the most reliable options out there, at least for those who are responsible and able to make their repayments on time.
What makes the Blaze Mastercard so “reliable,” you may be wondering? It’s the combination of the fixed APR, transparent fees, flexible credit limits, and the PREMIUM Club membership. So let’s discuss each of these four factors in detail.
The Blaze Mastercard is no different from other credit cards designed for those with poor credit scores in the sense that it charges high interest on cash advances and transactions.
The card has a 30% APR, which is comparatively high. Luckily, though, it’s a fixed APR, which means it’s totally unaffected by the state of the economy or by Fed rate cuts – that’s one less thing you have to worry about.
It’s essential to keep in mind that virtually all credit cards designed for credit repair come with high interest rates to discourage users from making unnecessary purchases or advances. The high APR rate forces you to think twice before making any financial decision that involves using your card, which really works in your favor.
Another thing you should keep in mind is that the Blaze Mastercard isn’t designed to carry a balance. This entails making your repayments in full when they’re due, which will help you dodge the high APR.
No Hidden Fees
On your quest to boost your credit, you’ll be hard-pressed to find a credit card that doesn’t come with any sort of fees, especially an annual fee. This includes the Blaze Mastercard, which has an annual fee of $75.
However, what truly sets the Blaze Card from other competitors is that it doesn’t have any additional hidden fees. You don’t have to worry about an application fee, account setup fee, or a monthly maintenance fee. This is quite admirable considering most competitor credit cards do come with hidden charges.
Bear in mind, though, that the Blaze Card does charge additional costs on late payments, cash advances, and the addition of an authorized user. This is pretty much the standard with virtually all credit cards, though, and it isn’t related to credit scores or financial history.
Flexible Credit Limit
One of the perks of getting the Blaze Mastercard is that you’re not tied to a fixed credit limit. Instead, your credit limit is determined based on your creditworthiness, with a minimum of $350 and a maximum of $1,500.
To increase your chances of getting a higher credit limit, you have to do two things. Firstly, you have to demonstrate financial responsibility. And secondly, you have to make your repayments on time. Just bear in mind that credit limit increases take time, so be patient and don’t give up.
One of the strongest selling points of the Blaze Mastercard is its PREMIUM Club membership, which costs $4.95. Members of the PREMIUM Club receive discounts on various services and items, including car rentals, medical prescriptions, hotel reservations, dining reservations, and entertainment.
When you subscribe for a PREMIUM Club membership, your membership status will appear on your billing statements. What if you’re unsatisfied after you subscribed? In that case, you can easily opt-out.
All you have to do is call 877-827-5828 and request a cancellation. Alternatively, if you prefer to send letters, you can write the PREMIUM Club at PO Box 84634, Sioux Falls, SD 57118-4634.
Blaze Mastercard: Pros
No Security Deposit Needed
Being an unsecured card, you don’t have to worry about making a security deposit when applying for the Blaze Mastercard. This is one of the primary reasons why this card is perfect for those with low credit scores.
Just keep in mind that your credit score will help determine your credit limit. So the lower it is, the lower your credit limit will be.
Minimal Eligibility Requirements
Getting approved for the Blaze Mastercard is as easy as it can be, which is pretty rare to find in the market of credit cards designed for individuals with fair to poor credit.
You don’t have to worry about hard inquiries and financial documents when applying for the Blaze Card, either. You don’t even need an ideal credit score to get approved!
No Hidden Fees Whatsoever
If you have a low credit score, you know the struggle of trying to find a credit card that won’t hammer you with hidden fees when you’re not looking, from setup fees to maintenance fees.
Luckily, few and far between cards like the Blaze Mastercard don’t come with any hidden fees whatsoever. The only fee you should expect to pay is the $75 annual fee.
Outstanding Customer Service
The customer service team behind the Blaze Mastercard is among the most cooperative and easiest to reach we’ve dealt with. And on top of that, they’re all quite insightful concerning repairing credit.
It takes little to no time or effort to connect with one of Blaze’s representatives over the phone, so you can forget all about the voicemail mumbo jumbo that comes with dialing most support lines.
Reporting to Credit Bureaus
To avoid the high APR that comes with the Blaze Card, you have to make your repayments fully and on time. Luckily, the card reports all your repayments to the three major credit bureaus, and so your credit practices are regularly being recorded. In turn, this will enable you to boost your credit score in no time as long as you’re responsible for your repayments.
Credit Limit Can Be Increased
Most Blaze Mastercard cardholders start out with an initial credit line of $350, which is too low to write home about. However, cardholders are eligible for credit line increases within six months of making their payments on time. It’s worth noting that having a higher credit limit can help improve your credit score significantly.
Blaze Mastercard: Cons
High Annual Percentage Rate
One of the significant downsides of using the Blaze Mastercard is its high APR of 30%. If you’re not responsible with your use of the card, this high APR can be detrimental to your credit score, especially if it’s low, to begin with.
Unless you’re confident that you’ll be able to make your repayments in full and on time, it may be better for you to consider a different credit card with a lower APR.
Annual Fee Is Relatively High
Virtually all credit cards designed for individuals with bad credit come with a high annual fee, and the Blaze Mastercard is no different, with an annual fee of $75.
Granted, paying an annual fee of $75 while only receiving a credit limit of $350 looks pretty inconvenient. But still, like we already mentioned, you can apply for a higher credit limit after six months of responsible use.
It’s also worth noting that some Blaze cardholders have claimed to have their annual fee waived after two years of responsible use.
Limited Maximum Credit Line
Even though the Blaze Mastercard’s credit line is viable for an increase with responsible use, it maxes out at only $1,500, which is fairly low compared to other competitor credit cards.
Unfortunately, such a low credit line limit can stand in your way of boosting your credit score in a short period of time.
Blaze Mastercard Pre Approval
When it comes to eligibility requirements, the Blaze Mastercard stands out for being one of the easiest credit cards to qualify for, which makes it an excellent choice for those with not-so-ideal credit.
The only noteworthy requirement to qualify for the Blaze Mastercard is to have a steady job that provides a regular income. That said, expect to disclose your salary when applying for the card.
Now, even though the Blaze Mastercard is designed for those looking to improve their credit, it doesn’t mean that credit scores aren’t considered when determining eligibility.
When you apply for the Blaze Mastercard, your credit report will be reviewed by First Savings Bank, but it won’t be the only determining factor as to whether or not you’re qualified for the card. In fact, we’ve heard of several cardholders who qualified for the card while having declared bankruptcy.
So, don’t worry; just because your credit score is poor doesn’t mean you can’t qualify for a Blaze Mastercard.
How to Apply for Blaze Mastercard
Before you apply for the Blaze Mastercard, or any credit card, for that matter, it’s recommended that you check your credit score to know where you stand in terms of your chance of approval.
There are many ways you can go about checking your credit score. The most convenient, in our opinion, is via the Discover Scorecard. Signing up won’t take you more than a few minutes, and it’ll enable you to check your score for free. AnnualCreditReport is also an excellent alternative.
If you have a low credit score, it’s best to get a copy of your credit report and analyze it to determine the reason behind your low score. It can just be negative/unverified items that need to be removed. Taking the initiative to try to improve your credit score before applying for a credit card will increase your chances of approval.
If you’re unable to improve your credit score before applying for a credit card, don’t lose hope; First Savings Bank is known for approving applicants with low credit scores for their Blaze Mastercard.
Having checked your credit score, it’s time to apply for the Blaze Mastercard. The application process is as easy as can be. All you have to do is fill an online application form and wait for a response from First Savings Bank.
The application form will require basic information like your name, home address, income, and social security number. Remember, having a steady job that provides a regular income is essential for approval.
Once you receive your pre-qualifying invitation offer from First Savings Bank, all you have to do is proceed through the offer link and enter your reservation number and access code.
Is Blaze Mastercard Worth It?
All things considered, the Blaze Mastercard is a practical option for those who are trying to boost their credit score. It does have a few drawbacks, from the high APR and annual fee to the limited credit line, but the positives definitely outweigh the negatives.
With the Blaze Mastercard, you won’t have to make a security deposit to get the card approved, and you won’t have to worry about hidden fees. Additionally, you won’t have to go through hard financial inquiries or hand over any printed documents, as the application process is entirely online.
Just make sure to check your credit score before applying for the card. If there are any negative or unverified items weighing your score down, try to resolve them before applying. If not, don’t worry; First Savings Bank is known to accept applicants with low credit scores.