Blaze Mastercard Credit Card Review

Key Takeaways

• Blaze Mastercard may be available to customers with low credit scores.
• You can qualify for more credit after six months of on-time payments.
• Blaze Mastercard can help you build positive credit history.
  
  

Introduction

Blaze Mastercard is an unsecured credit card available to consumers with extremely low or no credit. The card is meant to help users build credit slowly over time by providing a small amount of credit ($350) and increasing the amount available on the card after six months of timely payments. Blaze comes with a $75 annual fee, but because it is unsecured, applicants are not required to give a downpayment before they receive the card.

Company Overview

Blaze Mastercard is issued by First Savings Bank, founded in South Dakota in 1913, and is one of the many cards licensed by Mastercard International, Inc., founded in 1966. Blaze Mastercard is designed to appeal to customers with low to no credit. The lender accepts applicants with credit scores below 579 and charges an annual fee of $75 for the privilege of using the card.

Pros & Cons

Pros Explained

• Unsecured Credit Line Access: When you have poor credit or no credit at all, you often can only qualify for secured credit cards, which can require you to put down hundreds of dollars as a security deposit. If parting with your hard-earned cash isn’t appealing, the Blaze Mastercard may be a solid alternative. You may qualify for this card even if you have less-than-stellar credit and get access to an unsecured line of credit.
• Qualify for an Increased Credit Line: Cardholders who keep their account in good standing with on-time payments can qualify for a credit line increase in as little as six months. Many cards for people with bad credit don’t have a clear timeline for qualifying for a credit line increase. Getting more spending power in less than a year is a nice benefit.

Cons Explained

• Costly Fees: Before applying for the Blaze Mastercard, you should be aware of two major fees: 
  
• Annual fee: You’ll be assessed a $75 annual fee before using this card, which reduces the amount of credit you have available. For example, if you are approved for a $350 credit line, the fee would lower the available credit to $275. 
• Authorized user fee: Adding an authorized user, such as a spouse or partner, to the account will incur a $20 annual fee.

While high fees are typical of cards for people with poor credit, other credit cards don’t charge them. The Petal card is another option for someone building their credit history. Also, an unsecured card has no annual fees, foreign transaction fees, authorized user fees, or late payment fees. 

• No Rewards: Unfortunately, the Blaze Mastercard doesn’t have a rewards program. You won’t earn points, miles, or cash back when you use your card. While that’s common for cards designed for people with bad credit, it’s still disappointing. If you’re willing to apply for a secured credit card instead of an unsecured one and put down a refundable deposit, you can find options offering 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 each quarter at gas stations and restaurants, and 1% cash back on all other purchases. Even better, Discover will match all of the cash back you earn during your first year as a cardholder, effectively doubling your rewards. 

To put that in perspective, let’s say you spent $6,000 on your Discover it Secured card: $1,000 each quarter at gas stations and restaurants, and $2,000 on other purchases. You’d earn $100 in rewards. But thanks to Discover’s cash back match, Discover would match all of the cash back you earned, giving you $200 in rewards.

• Higher-than-Average APR: According to the Federal Reserve, the average APR on all credit was 20.40% at the end of 2022. The purchase APR on the Blaze Mastercard is 29.9%—far higher than the national average. If you carry a balance on your card from month to month, a higher APR will cause you to pay much more in interest charges. 

To put those numbers in perspective, let’s say your credit card has a $1,000 balance, an APR of 17.13%, and a minimum monthly payment of $35. It would take you 37 months to pay off your debt, and, in total, you’d pay $294 in interest charges. If you had a $1,000 balance on a credit card with 29.9% APR and a minimum monthly payment of $35, it would take you 51 months to pay off your debt, and you’d pay $770 in interest charges. The higher APR would cost you $476 in additional interest. If you tend to carry a balance, look for another card with a lower APR, like the Credit One Bank Platinum Visa card.

Who This Card Is Best For

If you have no credit history or poor credit and don’t want a secured credit card, the Blaze Mastercard can be a good option. It gives you access to an unsecured line of credit, and you can qualify for an increased credit line in as little as six months. 

While it charges fees, this card can be a useful tool for building your credit since it reports your payment activity to the major credit bureaus. As your credit improves and you can qualify for other credit cards, you can close your account to avoid future fees. 

Standard Benefits

The Blaze Mastercard offers few benefits, but it does have:

• 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 isn’t included in J.D. Power’s Credit Card Satisfaction Study. Customer service can be reached 24 hours a day, seven days a week, at 605-782-3472.

Security Features

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

Final Verdict

If you’ve struggled to qualify for other credit cards and don’t want to apply for a secured card, the Blaze Mastercard is a decent alternative. You’ll get access to an unsecured credit card, and you may qualify for an increased credit limit in as little as six months. The card does charge fees, but that tradeoff may be justified if your goal is to avoid having to put down a large security deposit.

Frequently Asked Questions

What Is the Credit Limit on a Blaze Credit Card?

The credit limit on a Blaze Mastercard starts at $350 and will increase as you build your credit by making timely payments on the card for a consecutive six months.

What Bank Issues Blaze Mastercard?

Blaze Mastercard is issued by First Savings Bank and serviced by Capital Services, both headquartered in Sioux Falls, South Dakota.

How Long Does It Take To Get Blaze Mastercard?

If your application is accepted, you should receive your Blaze Mastercard in the mail within two to four weeks.