The Blaze Credit Card is designed for individuals seeking to build or rebuild their credit. With its relatively easy approval process, it can be an option for those with poor or limited credit history. However, the card does come with certain fees and limitations that potential cardholders should be aware of before making their decision.
This card has a $75 annual fee and a high APR of 29.9% on purchases, but it does not support balance transfers. While these costs may deter some, others may find this card helpful in their journey to improve their financial standing. It is essential to weigh the benefits and drawbacks of the Blaze Credit Card when considering whether it is the right option for your needs.
In this Blaze Credit Card review, we will discuss the primary features, advantages, and disadvantages of this credit-building tool. Our analysis draws from various sources, giving readers a comprehensive understanding of what to expect from the Blaze Credit Card and how it can potentially help with their credit growth.
Blaze Credit Card Overview
Credit Card Basics
The Blaze Credit Card is a Mastercard designed for individuals with fair to poor credit scores who are seeking to improve their credit history. With an annual fee of $75 and an APR on purchases of 29.9%, it is a simple, unsecured credit card that aims to provide its users with a credit line to help boost their credit score.
The Blaze Mastercard is an unsecured credit card, meaning that it does not require a security deposit like secured credit cards do. It offers no rewards or cashback options and does not support balance transfers. Users should be aware that the card has certain limitations:
- Annual Fee: $75
- APR: 29.9% on purchases
- Balance Transfers: Not allowed
- Rewards: None
Despite these limitations, the Blaze Mastercard can still be a useful tool in establishing or rebuilding credit, as responsible use and on-time payments can help improve the user’s credit score.
The primary target audience for the Blaze Credit Card includes individuals with fair, good, or poor credit scores. It is particularly well-suited for those who may have difficulty qualifying for other unsecured credit cards, or those looking for a straightforward credit card to help rebuild their credit history. However, users should be aware of the higher APR and annual fee, and always strive to make on-time payments to avoid negatively impacting their credit score.
Applying for Blaze Credit Card
To apply for the Blaze Credit Card, you need to fill out an online application form. You’ll need to provide basic personal information, such as your name, address, Social Security number, and date of birth. Additionally, you will need to provide information about your employment and income. It’s important to be honest and accurate with the information you provide, as the lender will verify this information during the application review process.
Once your application is submitted, the lender will assess your creditworthiness by checking your credit score with credit bureaus like Experian. While having a fair credit score might be enough for approval, having a higher credit score increases your chances of getting approved. It’s always a good idea to check your credit score before you apply for a credit card, so you know where you stand.
The approval requirements for the Blaze Credit Card include:
- A minimum age of 18 (19 in Alabama and Nebraska, 21 in Puerto Rico)
- A valid Social Security number
- A stable source of income
- A fair to excellent credit score
Keep in mind that these requirements are general guidelines, and the lender may consider other factors when reviewing your application. It’s possible to receive a pre-approved offer for the Blaze Credit Card, which means you meet the preliminary criteria. However, pre-approval doesn’t guarantee final card approval. You still need to complete an application, and the lender will make a decision based on the information provided in the application.
In conclusion, applying for the Blaze Credit Card is a straightforward process, but it’s important to ensure you meet the approval requirements before you apply. By understanding the application process and knowing the necessary information, you can increase your chances of getting approved for this credit card.
Fees and Interest Rates
The Blaze Mastercard has an annual fee of $75. This fee is charged once a year and is often charged on the account during the first billing cycle. It’s essential to consider the annual fee when evaluating the affordability of the card, especially for those with poor credit or trying to rebuild their credit.
The Blaze Mastercard has a higher-than-average APR of 29.9% on purchases. This interest rate might be alarming for some users, especially when compared to other credit cards that offer low APRs. It’s critical for cardholders to be aware of this high APR and make timely payments to avoid accumulating high-interest charges.
Apart from the annual fee and interest rate, Blaze Mastercard has some additional fees to be aware of:
- Late Fee: Failing to make a payment on or before the due date may result in a late payment fee. It’s crucial to be aware of the payment due date and make timely payments to avoid any additional charges.
- Returned Payment Fee: If a payment is returned due to insufficient funds or other reasons, a returned payment fee may be imposed on the account.
- Cash Advance Fee: Using the card to withdraw cash may result in a cash advance fee. This fee is typically charged as a percentage of the amount withdrawn.
- Foreign Transaction Fees: Making transactions in foreign currencies or outside the cardholder’s country may result in foreign transaction fees. These fees are charged as a percentage of the transaction amount and can add up quickly, especially for frequent international travelers.
- Authorized User Fee: Adding an authorized user to the account may result in an additional fee. It’s important to consider this fee when adding someone to the account to share the card’s credit limit.
In conclusion, the Blaze Mastercard has a $75 annual fee, a 29.9% APR, and other fees, including late fees, returned payment fees, cash advance fees, foreign transaction fees, and authorized user fees. It’s essential to consider these charges when evaluating the overall costs and benefits associated with the card.
Credit Limit and Increases
Initial Credit Limit
The Blaze Credit Card is designed for individuals with fair to excellent credit scores. The initial credit limit offered on the card can vary depending on the individual’s creditworthiness. Keep in mind that a higher credit score may result in a higher initial credit limit, while a lower credit score might lead to a lower credit limit.
Credit Limit Increase Process
To request a credit limit increase on your Blaze Credit Card, you can either call customer support at (866) 205-8311 or send a written request to the following address: Blaze Mastercard PO Box 5096 Sioux Falls, SD 57117-5096. Make sure to provide any relevant information when making the request.
The credit card issuer may also offer an automatic credit limit increase if they consider you eligible. This decision is often based on factors like your payment history, credit usage, and any improvements in your credit score since obtaining the card.
Keep in mind that credit limit increases may be reported to the credit bureaus, which can potentially impact your credit score. It’s essential to manage your increased credit line responsibly, as this can contribute to a positive credit history and improve your overall credit profile.
Security Features and Account Management
Account Access and Management
The Blaze Mastercard allows its members to conveniently access and manage their accounts online. With online account access, cardholders can view their payment history, balances, and make payments seamlessly. This makes for efficient and user-friendly communication with the First Savings Bank, which is responsible for the Blaze Mastercard management.
Furthermore, the Blaze Mastercard has no penalty APR. This means that even if a cardholder misses a payment, they will not be subjected to an interest rate higher than the card’s purchase APR.
The Blaze Mastercard employs a range of security measures to protect its members from possible threats. Cardholders benefit from limited liability protection in case of unauthorized transactions. This ensures that their security deposit remains safe, especially when using the card as a secured credit card.
Moreover, Blaze Mastercard users can also enjoy additional security features such as security alerts, which notify the cardholder of any suspicious activities or transactions on their account. These timely alerts can help prevent fraud and unauthorized access, further safeguarding cardholders’ finances and credit standing.
Comparing Blaze Credit Card to Alternatives
Blaze vs. Secured Credit Cards
Secured credit cards are designed for people with low credit scores or bad credit history. They require a refundable deposit to open an account, which acts as collateral and determines the credit limit. The Blaze Mastercard, on the other hand, is an unsecured credit card for poor credit that does not require a deposit. However, secured cards have some advantages over the Blaze Mastercard. For example:
- Lower annual fees: Secured credit cards like the Capital One Platinum Secured Card and Discover it Secured Card often have lower annual fees than the Blaze Mastercard, which has a $75 annual fee.
- Credit builder: Both secured and unsecured credit cards can be used as credit builders, but with responsible use, secured cards can help increase credit scores faster due to their deposit-backed nature.
Blaze vs. Unsecured Credit Cards for Poor Credit
When comparing unsecured credit cards for poor credit, there are some alternatives to consider besides the Blaze Mastercard. Some competing cards include:
- Credit One Bank Platinum Visa Card: This card offers unsecured credit line access, similar to the Blaze Mastercard, but it also features cashback rewards and customizable account alerts for more convenience.
- Higher fees: Both cards are targeted at individuals with bad credit, and as a result, they can have high annual fees and costly fees associated with late payments or returned payments. However, some cards may offer lower fees than the Blaze Mastercard depending on individual credit situations.
In summary, the Blaze Mastercard is an option for those with poor credit who seek an unsecured card, but it may not be the most competitive choice when comparing to other alternatives.
Rewards and Additional Benefits
As for the rewards program, the Blaze Mastercard Credit Card does not offer a cash back or traditional rewards program. This means you do not have the opportunity to earn points, miles, or cashback based on your spending or payment activity. Its primary focus is on helping individuals with poor credit improve their credit scores and cardholder experience.
Despite the lack of a rewards program, the Blaze Mastercard Credit Card comes with some additional perks for its users:
- Accepted Credit Scores: The card accepts applicants with excellent, good, fair, and even poor credit, enhancing approval odds for individuals trying to rebuild their credit.
- Unsecured Credit Card: Unlike some other cards geared towards those with poor credit, the Blaze Mastercard is an unsecured card – meaning you don’t need to provide a security deposit to obtain and maintain your account.
- Credit Line Boosts: Based on your payment activity and overall financial behavior, Blaze may offer credit line increases over time, further assisting in improving your credit score.
It is essential to note that the Blaze Mastercard Credit Card has an annual fee of $75 and an APR on purchases of 29.9%. The card does not allow balance transfers. Keep in mind that this card’s primary purpose is to help individuals with lower credit scores establish and improve their creditworthiness.
Building and Rebuilding Credit
Impact on Credit Score
The Blaze Credit Card can be a useful tool for those looking to build or rebuild their credit. By using the card responsibly and making payments on time, cardholders can positively impact their credit score. However, it’s essential to keep in mind that the card’s high annual fee can affect your overall available credit balance as it gets deducted from your limit.
Positive Credit History
One of the critical factors in building a positive credit history is consistent, on-time payments. By using the Blaze Credit Card and making timely payments each month, you can demonstrate responsible credit behavior to major credit bureaus. Additionally, maintaining a low balance and not maxing out the card can contribute to a better credit utilization rate, another essential factor in your credit score.
- Consistent payments: Make sure to pay your bills on time each month to build a positive payment history.
- Low balance: Try to maintain a balance that is less than 30% of your available credit limit.
- Do not max out: Avoid maxing out your credit card, which can negatively impact your credit utilization rate.
As a Blaze Credit Card user, demonstrating responsible financial behavior and improved credit can open up future opportunities for better credit products. Once your credit score has improved, you may be eligible for credit cards that offer lower interest rates, higher credit limits, and even rewards programs. Additionally, having a good credit score can help you secure better loan terms for mortgages, auto loans, or personal loans.
However, it’s important to be cautious of any misleading offers or promotions that may come with new customer solicitations. Always carefully read any offers for new credit products and potential credit line increases, considering interest rates, annual fees, and terms before making a decision.
In summary, using the Blaze Credit Card responsibly, making on-time payments, and maintaining a low balance can contribute to building or rebuilding your credit. Over time, this can lead to better credit options and financial opportunities. Make sure to monitor your credit report regularly to track progress and spot any inaccuracies.
Premium Club Membership
The Blaze Mastercard offers a Premium Club Membership for its cardholders. This membership provides benefits and discounts on various services. By enrolling in the Premium Club Membership, cardholders can save on travel, entertainment, and more.
Through the Premium Club Membership, cardholders can access exclusive deals on hotels and car rentals. This partnership with several travel agencies and hotels ensures Blaze Mastercard users can get the best value for their money.
When it comes to entertainment, the Premium Club Membership offers discounts on movie tickets, amusement parks, and other attractions. Cardholders can make their leisure time more enjoyable while reducing expenses.
In addition to travel and entertainment, the Premium Club Membership also promotes financial wellness by providing various tools and resources. For instance, cardholders can access credit education and budgeting tools, which can assist them in maintaining financial health and improving their credit scores.
To take advantage of these perks, Blaze Mastercard users simply need to enroll in the Premium Club Membership and enjoy the benefits it has to offer. This feature sets the Blaze Mastercard apart from other credit cards targeted at users with low or average credit scores.
Frequently Asked Questions
Starting limit for Blaze Mastercard?
The starting credit limit for the Blaze Mastercard varies depending on your creditworthiness. The issuer will determine your initial credit limit when you apply for the card. It is essential to maintain a good payment history and responsible credit usage to increase your credit limit over time.
Which bank does Blaze use?
The Blaze Mastercard is issued by First Savings Bank. First Savings Bank is the financial institution responsible for handling all aspects of the Blaze credit card, including application approval, credit limits, and customer service.
Interest rate on Blaze credit card?
The interest rate on the Blaze Mastercard is a 29.9% APR for purchases. It’s important to remember that this rate can vary depending on your credit history, and it is always a good idea to pay your balance in full each month to avoid interest charges.
Blaze Mastercard benefits?
The Blaze Mastercard is designed for those with less-than-ideal credit, offering a chance to rebuild and improve their credit score. By making on-time payments and keeping your balance low, you can demonstrate responsible credit usage, which may lead to increased credit limits and better interest rates in the future.
Blaze Mastercard login page?
To access your Blaze Mastercard account, visit the Blaze Credit Card website and navigate to the login page. Enter your username and password to securely access your account information, view your balance, make payments, and update your contact information.
How to increase Blaze credit limit?
To increase your Blaze Mastercard credit limit, maintain a history of on-time payments, keep your credit utilization low, and ensure that your account is in good standing. You can also contact Blaze’s customer service to request a credit limit increase; however, it is ultimately up to the issuer whether to approve your request based on your credit profile.