Review of the Horizon Gold Card
The Horizon Gold card looks like most credit cards on the market if you look at its outward appearance. However, looks can sometimes mislead you. When you take a close look at the rates and fees of this card, it should become fairly obvious that you should not bother applying for this card. It is very important to always dive into the terms and conditions of a credit card that you are considering, and this card is a perfect example of why you should do so.
Some Topline Facts About The Horizon Gold Card
This card cannot be used anywhere except at the Horizon Outlet online store. If you are approved for the card, you must pay $24.95 each month to be part of the Horizon Gold Services Membership. This enables you to shop at the Horizon Outlet online store, which is a discount store with a fairly wide variety of merchandise. But that monthly membership adds up to $299.40 in fees over the course of a year.
Main Benefits Of The Horizon Gold Card
If you are approved for the Horizon Gold card, you will receive a $500 line of credit. You are able to use this at the Horizon Outlet online store and not have to pay any interest fees on your purchases. But you must make the minimum monthly payment of 10% of your balance or $25, whichever is greater. You will not have to undergo a credit check to be approved for this card. The $24.95 monthly services membership fee gives you some perks: you are part of the Universal RX Prescription Discount Plan, where you receive up to 40% off covered medications at participating pharmacies; a legal assistance plan, where you receive one free telephone or office consultation with a network attorney; and a roadside assistance plan, where you may be covered for up to $50 per call (a maximum of three calls per year) if you run out of gas, are locked out of your car, or have a flat tire.
Main Drawbacks Of The Horizon Gold Card
The fees for the Horizon Gold card make it very unappealing. The monthly services membership fee of $24.95 adds up to nearly $300 per year. Why spend your hard-earned money paying those fees? In addition, the card has very limited use—the card cannot be used anywhere except the Horizon Outlet online store so unless you are a huge fan of that store, the card will be of very little benefit. If you do order merchandise from the story, you should also know that you have to pay the shipping costs, plus a $2 delivery fee and another $2.50 fee charged to verify your signature upon delivery.
Who The Horizon Gold Card Is Good For?
The only people that should be interested in the Horizon Gold card are the avid Horizon Outlet online store shoppers who are willing to pay nearly $300 per year for that line of credit and the membership perks.
Other Cards To Consider
Rather than paying nearly $300 in fees to an issuer each year, consumers with poor or limited credit may want to consider a secured card. You will have to put down a security deposit, but this deposit will be refunded once you close your account and pay off your entire balance. Be sure to pick a secured card that reports your account activity to all three major credit bureaus. If you use the card properly for a period of time, you could start to see an increase in your credit profile. Here are some secured cards you might want to consider in place of the Horizon Gold Card:Capital One® Secured Mastercard® cardholder, you will be required to submit a security deposit of $49, $99, or $200, depending on your credit worthiness. This deposit will be refunded once you close your account and pay off your balance. Once the deposit is received, you will be granted a $200 line of credit. You also may receive a higher credit line if you make your first five monthly payments on time, and no additional deposit will be needed. Since the card reports to all three credit reporting bureuas, you may start to improve your credit profile if you use the card wisely and make all your payments on time. This card does not have an annual fee, and has an interest rate of 26.99% (Variable).
Citi® Secured Mastercard® is a very good card for people that need to start building their credit score. To get started using the card, a cardholder must submit a security deposit of at least $200. This card will also help you build a credit history if you use it properly since Citi sends notifications to the major credit bureaus on a monthly basis. The card has some helpful features for cardholders, such as Auto Pay, text/email alerts and online Bill Pay. The card has an APR of 23.99% (Variable). The Citi Secured Mastercard has no annual fee.
Green Dot Visa® Secured Credit Card is a secured card that may be ideal for consumers that do not have a bank account. Like the Capital One and Citi cards above, this card reports to all three major credit bureaus so it could help you start to improve your credit profile if used responsibly for a period of time. There are no application, monthly or one-time fees on the card. But there is a $39 annual fee. You will have to submit a security deposit of at least $200 and that will serve as your line of credit. The card is backed by the Visa network, so you will be able to use it just about anywhere in the United States. The card has an APR of 19.99% (F).