The Blaze Credit Card is offered as either an invitation-only unsecured MasterCard or a secured Visa card. Both cards are from First Savings Bank / First National Credit Card and are geared toward people with bad credit who have had trouble getting credit elsewhere. Below we offer an explanation of the difference between the two cards and a short review of each:
The is an unsecured credit card that is offered by invitation-only. (An “unsecured” credit card is a traditional credit card that offers you credit without you having to put up a security deposit.)
The Blaze MasterCard is offered with varying terms, so its possible you will receive more favorable terms, but in most cases it has high fees, a high interest rate, and a very low credit limit. If you have bad credit you might have to live with that if you want an unsecured card, but these details are less than inviting:
- In most cases your credit line will be only $350, though the card’s disclosures say it could be as high as $1500.
- The card has an annual fee of $75, which will show up as an immediate charge when you get the card, lowering your credit limit by $75 — to only $275 in most cases.
- It has an interest rate of 29.9%.
The on the other hand, is a secured credit card that requires a security deposit. You deposit anywhere from $300 to $1500 into an account and you get a credit line equal to your deposit. Your card purchases do NOT come out of the deposit, though — you pay your card balance off just like any other credit card. The security deposit is only there as a safety in case you don’t make your payments. (You’ll get your security deposit back when you no longer want the card, assuming you’ve paid off your complete balance.)
The Blaze Visa has a $39 annual fee and an interest rate of 24.9%. While these fees and rates aren’t totally terrible, you can find better deals on our secured credit cards page, so give those a look before you decide.
If you are trying to choose between the two Blaze credit cards, we’d suggest the Blaze secured Visa over the Blaze MasterCard, because you can set up a higher credit line, making the card more useful. In addition, the fees are less. Obviously this means you have to come up with a security deposit, though, and you will be out that money as long as you have the card. Unfortunately, with bad credit, these are the choices you have to make as you look to rebuild your credit history.