Do you have little or no credit history? Do you have a poor credit rating? Having a low credit score can be as frustrating as it is inconveniencing. With a low credit score, it can be almost impossible to get a loan, rent an apartment, or even land a job. Woe unto you if you apply for an insurance cover when you have a low credit score. The premiums you will be charged will be above the roof.
They say that the first step to solving a problem is to admit that you have a problem. The second natural step is to think of a solution to your problem. If you have a low credit score or a poor credit history, worry no more. You have landed at the right place. We've got a solution for you, or maybe we don't. Read on to learn more about the Blaze Mastercard and see if it could be the perfect solution for you.
Features of the Blaze Mastercard
The Blaze Mastercard is a straight-forward credit building card. It is a useful card if you are trying to establish your credit or rebuild after an unfortunate financial mishap. If sensibly used, this card can help you build your credit rating to the point of qualifying for premium credit cards.
We take a look at some of the unique specs of the Blaze Mastercard to help you familiarize yourself with it.
- Issuing bank. This card is issued by the First Savings Bank. First Savings Bank has been in business for over 100 years. The bank has a reputation for performance and excellent client service.
- Annual Percentage Rate (APR). APR is the card's interest rate for any outstanding balance. The Blaze Mastercard has a uniform APR of 29.9%
- Credit limit. A credit limit is an amount a cardholder is allowed to borrow. The average credit limit is $350. Important to note that there is an opportunity for growing your credit limit if you maintain the account in good condition for a long time.
- Annual fee. You pay an annual fee of $75 for the use of the Blaze Mastercard. The fee may be waived if you use the card responsibly after a few years.
- Unsecured credit card. The Blaze Mastercard is unsecured. What does this mean? No security deposit is required. For a secured credit card, you'll be required to pay an upfront deposit.
- Customer service. First Savings bank prides itself as a customer-centric bank. They have a friendly and round the clock customer. You can reach a customer service representative via phone if you any issue with your card.
- Mobile App. There is a free and easy-to-use Blaze Mastercard App. You can use the App to manage your credit card account.
Pros of the Blaze Mastercard
Here are six benefits of having the Blaze Mastercard Credit Card:
- No hidden fees: Some secured credit cards charge above-the-roof fees on the pretext that the cardholders are risky clients. The high costs are concealed as account set up and maintenance fees. This is not the case with the Blaze Mastercard. The costs associated with the Blaze Mastercard are clearly stated. Understanding the costs isn't rocket science.
- Unsecured credit card: Unlike secured credit cards, which require that you pay an upfront deposit, the Blaze Mastercard is unsecured. No security deposit is required when applying for this credit card. This is what makes it ideal for those who have a poor to average credit score.
- Easy approval: A majority of the applications of the Blaze Mastercard are always approved. The application can be done online at the convenience of the applicant. Reviews from applicants show that the application process is seamless. The approval is also instant.
- Great customer support: The customer service is friendly and highly responsive. You can access the customer service team from anywhere on the globe. Any issue with your credit is quickly addressed professionally.
- User-friendly mobile App: With the user-friendly Blaze Mastercard App, account management has never been this easy. With this App, you can track your expenses and track your financial activity.
- An opportunity for increasing your limit: The Blaze Mastercard allows you to grow your credit limit. If you use the card sensibly over a few years, your credit limit will grow automatically. Responsible usage of a credit card refers to timely payments and not going beyond your credit limit.
Cons of the Blaze Mastercard
The Blaze Mastercard has several downsides:
- No cash rewards: Cashback rewards are only limited to those with a premium membership. Remember that you cannot apply for a premium membership if you have a poor credit history and a low credit score. You also do not earn loyalty points when you make purchases and payments with the Blaze Mastercard Credit Card.
- High Annual Percentage Rate: At 29.9%, the APR is relatively higher. It is almost double the national average in the United States. This can increase the financial burden for the cardholders as they are already struggling with issues of a low credit score.
- A relatively high annual fee: An annual fee of $75 is exorbitant for someone with a low credit score. The issuer promises to waive the fees after a few years of good usage, but this is a vague promise.
- Unclear terms and conditions: There are no clearly spelled out terms and conditions for Blaze Mastercard credit card users. For example, there is no place it mentions how long it takes for one to get a credit limit increase.
Is it worth it?
Despite its shortcomings, the Blaze Mastercard remains the best option if you do not qualify for other credit cards. Eligibility for premium credit cards depends on your credit history and credit score.
We consider the Blaze Mastercard as an incredible option because it will help you improve your credit score. Additionally, with proper usage, you can upgrade to a premium credit card.