Whether you received an offer by mail or researched credit cards for less than perfect credit, you may have heard of the Blaze Mastercard® Credit Card* and if you have, you may have questions. When you’re rebuilding your credit, it’s wise to understand any credit product before applying. Here’s a few things to know about the Blaze Mastercard® Credit Card*.
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Highlights of the Blaze Mastercard
- Unsecured credit card designed for less than perfect credit
- Opportunity to increase your credit line after six months
- Mastercard zero liability protection
- Monthly reporting to the major credit bureaus
- Custom alerts to stay on top of your spending
- U.S.-based customer service
Blaze Mastercard Benefits
1. Monthly Reporting to Credit Bureaus
Credit reporting is a voluntary practice, meaning there’s no guarantee that issuers will report your good behavior in a timely manner. But the Blaze Mastercard promises to report monthly to the major credit reporting bureaus. With responsible behavior, this could increase the speed with which you improve your credit score.
2. Zero Liability Protection
The Blaze Mastercard® Credit Card* provides Mastercard’s comprehensive zero liability protection, ensuring your peace of mind when making purchases. If you’ve been using your debit card and felt uneasy about buying from new e-commerce websites, the Blaze Mastercard® Credit Card* empowers you to shop with confidence. In the event of a lost or stolen card, you won’t be held accountable for unauthorized transactions.
3. Increase Your Credit Line Within Six Months
Your initial credit limit for the Blaze Mastercard® Credit Card* may be lower than you hoped. The example limit Blaze provides is $350. In general, credit cards designed for applicants with poor credit offer lower initial credit lines to minimize their risk. However, the card providers promise to review your account within the first six months. If you’re demonstrating responsible behavior, you have an opportunity to increase your credit line.
Other Blaze Mastercard Features
4. Annual Fees Vary
Not all offers are the same. If you received a Blaze Mastercard offer by mail, your annual fee may be $49 or $75. There is one offer that qualifies for no annual fee. For those applying directly on the website, the annual fee is $75 regardless of credit worthiness. Card providers make money on fees, so you may want to determine if you qualify for cards with lower fees first.
If you received an offer with no annual fee, the card provider has assessed you as a lower risk applicant. Before responding to the offer, you may want to take a look at a few credit cards for fair credit.
5. Fees Reduce Your Available Credit
Low initial credit lines can be challenging when buying high priced items like tires or airfare. Be aware that any annual fee you’re charged will reduce your available credit limit until you have paid it off. For instance, If you have an annual fee of $75 and a credit line of $300, your fee will automatically reduce your available credit to $225 until you pay off your balance. In most cases, Blaze card providers will charge $20 for an additional authorized cardholder. So if you and your partner need cards, your initial available credit would only be $205.
6. Interest May Be Higher Than Expected
If you haven’t had a credit card for awhile, interest rates may be much higher than you remember. Forbes Advisor’s weekly credit card rates report states that the average credit card interest is 27.80% as of November 6, 2023. Most Blaze Mastercard offers charge an interest rates higher than average. All online applicants and the majority of mailing offers will pay 29.90% APR. Some mail offer recipients will be charged an APR of 35.90%. For those who qualify for $0 annual fee, your APR is lower than the average at 20.15%.
Alternatives to the Blaze Mastercard
Even if your credit is poor, the Blaze Mastercard probably isn’t your best option. For those applying online, the Mission Lane Visa® Credit Card* offers a lower annual fee of $0 to $59, and offers the possibility of a lower APR. The Prosper® Card* waives the annual fee for the first year if you enroll in autopay and is only $39 per year after that. Both cards will likely save you money over the Blaze Mastercard.
If these cards aren’t a good fit, you may want to consider these other options.
Secured Credit Cards
Unlike unsecured credit cards, secured credit cards require a security deposit. This amount is usually equal to your credit limit and allows people with poor or no credit to demonstrate responsible credit use with less risk to the bank. Many secured cards have lower fees than the Blaze Mastercard, making them a cost-savings option. Plus, with regular payment, secured credit cards will build your credit just like unsecured cards, and most offer the opportunity to upgrade to an unsecured version with responsible use.
The Discover it® Secured Credit Card and the U.S. Bank Cash+® Secured Visa® Card* both have no annual fee. Rather than paying the Blaze Mastercard’s annual fee, you can apply that amount to your security deposit. With responsible usage, you can graduate to an unsecured card and get your security deposit back.
Read more: The Best Secured Cards of 2024
Challengers to Traditional Credit Cards
If your primary goal is building credit or gaining consumer benefits purchase protection, you may want to consider an alternative approach. The fintech sector offers non-traditional banking options that can build your credit without incurring high fees. Chime and cred.ai are non-traditional bank challengers that offer secured credit cards that are designed to be used in conjunction with a checking account. Both cards eliminate fees if used as intended and promise to build your credit.
Build Your Credit Before Applying
Your credit score is used to determine the risk a card provider takes on when extending your credit. Lenders charge higher annual fees and interest rates for riskier applicants to cover any potential losses. So the better your credit score, the more favorable terms you’ll receive on your credit card.
Focus on making one-time payments with any current lenders. If you don’t have a credit card, car loan or student loan, enroll in a credit builder program like Experian Boost to build your credit without fees. You may also want to speak with a representative from a Credit Counselor Agency. These nonprofit credit counselors can offer guidance on managing your debts and improving your credit. After several months of responsible behavior, you may qualify for a more appealing credit card offer.
Read more: Best Credit Counseling Services
Find the Best Secured Credit Cards of 2024
Should You Get the Blaze Mastercard?
Probably not. If you received a Blaze Mastercard® Credit Card* offer in the mail and qualify for a $0 annual fee, this card might be a good option. For most people looking to build credit, including applicants who need to carry a balance, you may want to consider alternatives. Several unsecured credit cards promise lower fees. Challenger cards and secured credit cards both allow you to rebuild credit without high annual fees or interest.
