Credit-challenged individuals can improve their standing with the help of the Blaze Mastercard, which does not impose onerous fees. You may apply for this low-cost card without making a security deposit, and you won't have to pay any activation or monthly maintenance costs. The South Dakota-based issuer, First Savings Bank, is partnered with Capital Services for servicing. If you're looking for a credit card but don't have the funds for a security deposit, the Blaze Mastercard is a good alternative to the high-interest cards you'll find elsewhere. What follows is essential information.
5 Things You Should Know About The Blaze Mastercard
It Costs A Yearly Fee
There is an annual charge of $75 for the blaze mastercard login, although you may only be bound with this card for a while. Capital Services' portfolio head as well as senior vice president, Alfred Furth, claims that customers who have a record of on-time payments and competent account management can inquire about a possible price reduction in January 2021. Even while the fee is less than what you could spend with other unsecured credit cards, it's still cash you won't get back. A security deposit, which could be several hundred dollars, is required for a secured credit card but is returned to responsible cardholders who make all their payments on time and don't make any unauthorized charges.
The Potentially High Credit Limit
People who qualify can have a credit limit of $1,500, with a minimum need of $350. It's more liberal than the limit you'd get with a secured credit card, at least up to a certain point. Remember that the sum you deposit will normally serve as your credit limit. Even at its lowest point, the restriction doesn't allow much wiggle space for spending. Because of the yearly charge, you can only spend $275 of your total credit limit. While a limited credit limit may be disappointing, this card's other features may compensate for it. If your account is in good standing and your debt-to-income ratio is satisfactory, you may receive a larger credit limit in as little as six months.
Payment Delays Will Only Increase Your APR
Suppose you miss a payment using your blaze mastercard credit card. In that case, you won't have to worry about being hit with a penalty APR, which is an interest rate greater than your purchase APR and might be added to your account balance over several months, causing your bill to skyrocket. If you're late with a payment, you'll have to pay a $25 late charge, which is on the low end, given other late fines may be as high as $41. Staying on pace with your credit objectives requires avoiding late payments. You may build or repair your credit with the help of the Blaze Mastercard, as it shares payment information with the three major credit reporting agencies. Maintaining a positive payment history, which accounts for a sizable amount of your credit score, is facilitated by prompt payments.
Its Fees Are Affordable
In addition to late payment costs, the Blaze Mastercard may assess a returned payment fee of up to $25 as well as a cash advance fee of 2% per transaction. You are not required to worry about monthly fees, activation fees, or any other hefty fees when using your Blaze Mastercard, making it a practical and economical choice even after considering the above mentioned costs. It's a Mastercard so it can be used anywhere, and there are no additional fees for using it in a foreign country.
You Can Become A Member Of The Premium Club To Get Discounts
Optionally, cardholders can enroll in the PREMIUM Club to have access to discounts on things like prescription drugs, hotel rooms, restaurants, auto rentals, and even theater tickets. A membership fee of $4.95 per month will be assessed. You should join if you anticipate using the discounts regularly enough to justify the yearly fee. The already-existing annual fee of $75 renders the total cost of using this card about $135 per year. Secured credit cards require a security deposit, which can be a good option if you have the funds available. The Discovery it® Secure Credit Card is a good option if you're in search of a no-annual-fee credit card. You can get 2% back on groceries, but just 1% back on gas and 2% back on dining out each quarter. And on top of that, you'll get 1% cash back on anything else you buy.
Conclusion
Credit-challenged individuals can improve their standing with the help of the Blaze Mastercard, which does not impose onerous fees. You may apply for this low-cost card without making a security deposit, and you won't have to pay any activation or monthly maintenance costs. South Dakota-based Capital Services handles servicing for loans issued by First Savings Bank. If you're looking for a credit card but don't have the funds for a security deposit, the Blaze Mastercard is a good alternative to the high-interest cards you'll find elsewhere. What follows is essential information.
