The Horizon Gold Credit Card is an unsecured credit card for bad credit. It is designed for individuals in search of a credit card with easy approval. It offers you an initial credit limit of $500, 0% APR, and it will report to a major credit bureau. There is no credit check or employment check, required for approval.
But don’t get too excited! Any offer that sounds too good to be true usually is and the Horizon Gold Card is no different. It is too good to be true. For starters, the Horizon Gold Card is not actually a credit card. In other words, this is not a major Visa or MasterCard.
It will not be accepted for purchases at any retail locations. It is not going to be accepted at your grocery store, your gas station, or your favorite restaurant. Instead, the Horizon Credit Card is very similar to a department store credit card and will only be accepted at one location.
It will be accepted for purchases at the Horizon Gold Outlet Store. This is located at http://www.thehorizonoutlet.com. In the financial world the Horizon Gold Card is called a merchandise or catalog credit card.
It is not a mere coincidence that the Horizon Gold Outlet Store is also run and operated by Horizon Gold. This is the same company that issues your credit card. This would imply that Horizon Gold is profiting from: your credit card account and also on sales from their retail store!
We found buried in the fine print for the Horizon Gold Credit Card that you will be charged a delivery fee for every purchase made at their online store. This is the only location you can make purchases with your Horizon Gold Card. It is only accessible by going online.
Can You Build Credit With The Horizon Gold Credit Card?
You can potentially see some credit building with responsible use of the Horizon Credit Card. However, when this account is reported to the credit bureaus it is not reported as a major Visa or MasterCard. Instead, it is reported as merchandise credit cards account.
This is not a very good credit card to rebuild credit. If you look at the fine print and specific word choice on the Horizon Gold Card application it says: “report to the credit bureau.” They specifically says bureau, as in singular or only one credit bureau. What about the other two credit bureaus? If your account is not being reported to the other two credit bureaus, they won’t even know you have a Horizon Credit Card.
Horizon Gold Credit Card Fees
- $5 card issuance fee
- $2 residential delivery fee
- $20 late payment fee
- $24.95 monthly membership benefit plan
- or $6 monthly fee
Once you activate the Horizon Gold Card you are automatically enrolled in a monthly membership benefit plan. This will cost you $24.95 every month. This membership plan includes:
- My Privacy Protection
- My Universal Rx
- My Roadside Protected
- And My Legal Assistance
We must briefly go over each of these benefits in detail:
My Privacy Protection
This appears to just be online internet access to your credit card account. It claims that you can view and get your credit report. But your credit report, is provided by Federal Law for free every year.
My Universal Rx
This claims members receive up to 40% off all “covered” prescription medications. Unfortunately, that is all it says. They claim you can check a website for selected medications. But no website is mentioned. And we are unable to find any information on the Horizon Gold Card website. We can only suspect that very few medications would receive a 40% discount!
My Roadside Protection
You are provided with three service calls or calls for a tow truck. However, the total truck can not exceed a $50 charge or tow you further than 15 miles! And you can only make one call every four months. And only three total calls per year.
My Legal Assistance
For obvious reasons, it is probably not the most intelligent decision to get legal advice from a credit card company. This alleged benefit gives you one, 30 minute phone consultation with: “a legal professional specializing in your area of law interest.”
The most common need for legal counsel is for criminal charges. But, criminal defense cases are not covered under this plan. It doesn’t take a rocket scientist to see this “benefit plan” would be very hard to pay $24.95 for every month. That works out to $299.40 every year!
It certainly appears, that Horizon Gold Credit Card is trying to get as much money as possible out of their customers! You will be automatically enrolled in this monthly membership plan. You can opt out. Instead, you will be charged a $6 monthly fee which works out to a $72 annual fee.
There are a number of consumer reports claiming the Horizon Gold Card is a scam! They also claim Horizon Gold:
- Does not provide adequate customer service.
- Complaints about the quality of goods they sell at the Horizon Outlet Store.
- And even allegations of customers being lied too.
We believe the Horizon Gold Card is an expensive headache! Under no circumstances should you apply for the Horizon Gold Credit Card. Instead, we encourage you to consider secured credit cards to rebuild credit. These are credit cards for building credit.
They are much cheaper alternatives and there is typically a 10% APR and a $50 annual fee. They will report your account monthly to all three major credit bureaus. And it will be issued as a major Visa or MasterCard.
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