The Blaze MasterCard is an ideal credit card for people who want to rebuild their credit without resolving to use a secured card.
It is a perfect option or people with bad to average credit and is an incredibly straightforward card without any frills.
With a whole range of positive customer testimonials and no requirement for a security deposit, this card has no premium provisions like cash back rewards or free travel rewards. Still, it is helpful if you're trying to build your credit.
After six months of timely payments, you'll be eligible for an increase in your credit line, but you'll have to pay an annual and an authorized user fee.
In this article, we've taken a collation of expert opinions and customer reviews to compile an in-depth review of the Blaze MasterCard.
If your credit lies between the low and average scores, this card could be an effective way to grow your score.
Below are some key aspects that you need to consider before choosing this card:
Like any other credit card, the Blaze MasterCard has a mammoth of advantages and related downsides.
When you have no or poor credit history, qualifying for a card is usually incredibly slim. Sometimes you'll have to pay hundreds or thousands of dollars as a deposit to secure the card, and you'll have to limit your spending below some threshold.
The Blaze credit card is unsecured, so you won't have to put down some deposit when applying for the card.
If paying some money as a deposit isn't appealing to you, you may qualify for this card even if you have poor to average credit score.
If you have bad credit, you might find yourself continually applying for loans and credit cards with little success.
Since you won't have the same options as someone with good credit, your chances of rejection would significantly be high, consequently lowering your success rate.
On a personal level, the little success rate might have less impact than the effects of a hard inquiry on your report.
Every credit card inquiry translates to a hard inquiry; whose impact gets severe with every rejection. These inquiries can sky-rocket exponentially and hugely affect your ability to get good quality loans and favorable interest rates in the long-term.
As a credit card suited for people with average to poor credit, the Blaze MasterCard requires minimal effort since the application process is straightforward.
With some users reporting that they've been able to successfully acquire the card after filing for bankruptcies, application for the Blaze credit card is an incredibly straightforward process.
The Blaze MasterCard issuer reports to the three credit reporting agencies – TransUnion, Equifax, and Experian.
If you make purchases and clear bills at the end of every month, making the payments on time would help build a positive credit history.
After making timely payments and using your card for six months responsibly, you should start noticing an increase in your credit score.
However, lenders often check your spending habits, so you should make sure to keep utilization under 30%. Besides, missing any payment would instantly tank your score, necessitating making on-time payments at the end of every month.
For a start, Blaze will give you a credit limit of about $350, especially if you have bad credit.
As you continually make timely payments, however, you'll be eligible for an increase in your credit limit.
Most users report an increase in their limit of up to $3000, which is a significant way to boost credit score.
Some secured credit cards charge exorbitantly high costs based on being a cardholder with poor credit.
Charges like the setup fee, maintenance, and annual fees could saddle you with many costs on your statement.
With the Blaze credit card, the fees are explicitly outlined, and you won't have to read through the fine print to find the hidden charges.
Before getting the card, you're told that there is a yearly fee of $75, which you pay immediately after approval. Additionally, you'll get the APR details recorded on your statement immediately after you get the card – which varies depending on the cardholder.
If you're on a budget, this is undoubtedly great since you won't pay any surprise charges.
The Blaze credit card has a history of top-rated customer service.
Users worldwide have reported the prompt, easily-accessible, and real-time responses by the customer service team that works seamlessly.
Knowing that you can access customer support for any queries gives you peace of mind, especially when you have poor credit.
When you miss a payment, the APR on this card remains fixed at 29.9%.
You don't have to worry about a changed APR if you miss one payment since the rate remains fixed.
Remember that there is a disparity between late fees and APRs that change. If you make a late payment or have a returned check, you'll pay a maximum of $25, which is significantly low compared to other card issuers' charges.
While missing a payment may not affect your APR, it could have severe effects on your credit score, so you should make sure to make timely payments each month.
Several cardholders have a maximum of 29.90% APR.
However, this percentage is determined by your overall credit score, and it might reduce up to 21% if you have a good payment history.
To access membership for the premium club, you can pay a monthly fee of $4.95, which would guarantee your membership.
This option entirely depends on the cardholder, and it has a mammoth of benefits that include access to an online mall that offers cashback rewards.
Besides, you'll have protection for lost keys, rental cars, and hotel protection.
Having poor credit means that managing your card can be a daunting process.
There's a lot you need to monitor, and a single transaction could significantly affect your credit score.
The Blaze application helps you manage your account, track your expenses, and review financial activity.
You can receive alerts and schedule future payments virtually anywhere so that you don't miss any payment.
The Blaze secured card has in-built security features coupled with email and text alerts that warn you when you approach your spending limits. Additionally, you get alerts for every item you purchase and get a notification when a due date is approaching to ensure you never miss a payment.
Besides, measures like the SecureCode and identity verification ensure that you're the only one who can access it. You'll get a one-time PIN (OTP) that you enter and your credentials when checking out with the online merchants.
These features offer enhanced protection solutions to protect you during online transactions, especially when your card isn't present. There is a mammoth of elements used to protect your card from fraudsters from two-factor authentication to biometric verification.
While this security system isn't foolproof, it would undoubtedly offer a lot of protection against fraudulent activity.
Unsecured credit cards made for people with poor credit certainly have a couple of downsides.
The potential disadvantages of the Blaze credit card include:
Like several other cards offered to clients with bad credit, the Blaze card requires cardholders to pay an average of $75 yearly.
This annual fee reduces the available credit amount. For instance, if you had a $450 credit line, the cost would reduce the available credit to $375.
Additionally, adding an authorized user like your partner would cost you an additional $20 annually.
You may ask the bank to waive the fee after a few years of usage, but this request may not guarantee success.
An APR of 29.90% for a credit card is incredibly high, especially if you have some financial challenges.
As of February 2020, the Federal Reserve reported an average APR of 15% for all credit cards. By 30th April 2020, the Blaze MasterCard APR had reached 29.90% - almost twice the national average.
Worse still, carrying your balance from month to month, coupled with a higher APR, would cause you to pay heavily due to interest charges.
For instance, if you had a card balance of $1000, and APR of 15%, and a lower payment threshold of $35, it would take you 1.5 years to pay off your loan, and you'll pay a total of $245 in interest charges.
On the other hand, if you had the same card balance and minimum monthly payment and a 29.90% APR, it would take you over 50 months to pay the debt, and you'll incur a total of $770 in interest.
For the same card balance, minimum payment amount, and different APRs, the higher APR would cost you more than $500 in interests.
The Blaze MasterCard has no rewards program.
You won't earn cash backs, points, or miles when you make purchases and payments.
While this may be relatively common for cards designed for people with poor credit, you'll certainly need to benefit from the rewards considering you're trying to build your credit.
Blaze has no well-outlined terms and conditions for its users.
Several cardholders claim that it takes close to six months to get an increase in credit limit. However, you'll hardly find where this term is recorded in the fine print.
To clear any doubts, you can call the customer support team and request an increment in credit limit since it's tailored for every user.
One of the unique elements of the Blaze credit card is the ease of qualification and application.
The card issuer has an online platform that requests basic identification information like your name, SSN, address, and information about your income.
While it's easy to qualify for the card, it would be straightforward for you to be eligible for the card if you have a steady stream of liquidity.
Besides, First Savings Bank will retrieve your credit report before approving your application, which means that your credit score will be a critical success factor when you're applying.
A good credit report would undoubtedly improve the chances of approval, but it's not a make-or-break factor. Some users have successfully had their applications approved, even with poor credit and bankruptcy.
Applying for a Blaze MasterCard involves three distinct steps:
It's imperative to know your credit score before submitting your application.
Since Blaze MasterCard is popular for approving queries from people with low credit scores, checking your score would be a great way to confirm the probability of your success.
You can retrieve your credit report for free from the three credit data centers – Experian, TransUnion, and Equifax.
Getting a free copy would help you determine the items pulling down your score and make you take the necessary steps to improve the score.
You have to fill the application on the Blaze MasterCard's online platform.
It asks for essential identification and financial information, after which you submit and wait for its approval.
If you've had trouble qualifying for several credit cards due to bad credit, the Blaze credit card could be an ideal option.
From helping you build your credit to lower annual fees and upgrade to a better card after positive usage, the Blaze MasterCard might be an incredible option.