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Although John Hills gave Blackpool a shock lead after 67 minutes the Bluebirds deserved more than the point that a Dean Gordon free-kick won for them.
The South Wales side started the game strongly and Blackpool's Philip Barnes was forced into a good save from Gavin Gordon after just three minutes.
The same player fluffed his shot in the box a couple of minutes later after a Daniel Gabbidon cross beat defender Ian Marshall.
Blackpool's best early chance came after 14 minutes when a cross from Gary Parkinson fell for John Murphy in the six-yard box.
The big striker was closed down quickly by Spencer Prior and could only shoot over the bar.
Paul Simpson shot wide for the Seasiders, while on loan Burnley striker Andy Payton, also had a penalty appeal turned down.
It was Alan Cork's side who dominated the game though and on 26 minutes Robert Earnshaw headed a Jason Bowen cross against the bar.
Bowen also forced keeper Barnes into two good saves while Earnshaw could also have broken the deadlock after an error by Ian Hughes.
Blackpool eventually got on the scoresheet after 67 minutes when Martin Bullock carried the ball in to the area and had his shot blocked.
The ball rebounded to substitute Hills who shot powerfully into the far corner.
That looked set to give Blackpool an unlikely victory but just two minutes later on-loan Middlesbrough ace Dean Gordon equalised with a goal of equal quality.
The visitors won a free-kick on the edge of the area and as Barnes tried to organise his wall, Gordon shot quickly and curled a left-footed effort into the back of the net.
Cardiff then thought they had earned all three points when the same player shot through a crowded penalty area and into the net.
However, as Cardiff celebrated the linesman flagged for offside and the goal was chalked out.
The lively Earnshaw still had one last effort and his shot from the edge of the penalty area clattered against the Blackpool crossbar as the home side clung on to a point they barely deserved.
Cardiff boss Alan Cork said: "If that had been a boxing match they would have stopped it.
"We should have won the game but their keeper made some great saves."
Blackpool chief Steve McMahon said: "Our players showed some great character today.
"On several occasions we have played well and not won the three points so it is good to be able to get something from a game where we didn't play as well."