What is the Horizon Gold Credit Card?
The Horizon Gold Credit Card is marketed as a card that can help improve and
rebuild you credit rating. It is an ‘unsecured’ line of credit and may attract
customers because there are no ‘credit checks’.
Indeed, it prides itself on being able to offer you a $500 line of
credit. However, the way this card works is quite different to many other
credit cards because it only allows you to use it on their own dedicated
website where you can purchase a selection of goods.
Indeed, this restriction may make the card less attractive for some, however it can be
a good start to rebuilding your credit rating provided you make your payments
Will the Horizon Credit Card Really Improve my Credit Rating?
The restriction of only being able to buy merchandise from
their own website may put off potential applicants.
It is worth noting that this card only reports to TransUnion and not Experian and
Equifax – although you can write to both of these credit reference agencies to
add the card to your credit profile which will may help have a positive impact
– provided of course you are using it in a responsible way and don’t miss any
People may feel that this card is their only option when it comes to improving their
credit rating and some people may believe that they do not have the option to
find something that is less expensive and that will help them achieve financial
There are of course very few credit card companies and banks that will accept people
that have an adverse credit history.
If you are paying on time every month, some may find it particularly annoying that
Horizon is only reporting to one credit reference agency and not the ‘big two’
e.g. Equifax and Experian.
What are the Fees Associated with this Card?
The fees for this card are as follows:
|Monthly Membership Fee||$24.95|
|Initial Fee Upon Opening Account||$5.00|
|Outlet Store Delivery Signature Verification||$2.50|
|Outlet Store Residential Delivery||$2.00|
|Late Payment Fee||$20.00|
The $24.95 monthly fee is for ‘member benefits’ and this includes ‘My Roadside
Protect’ and ‘My legal assistance benefits’.
There are no interest rate charges although some may argue that the monthly fee more
than makes up for this.
Purchases from their website will also attract a shipping fee depending on the product
that you buy.
Is This Card a Scam?
The associated fees and the restriction of only being able to buy from their own
website might make people think so. Their website is not particularly clear
however they do include some ‘small print’ such as their terms and conditions
but the way this is displayed is not particularly easy for people to find.
The types of goods available on their website include Women and Men’s Clothing,
Children’s Clothing, entertainment such as DVD’s and various home furnishings.
If you do find what you are looking for, you may find that it is far more
expensive compared to others websites which means you are paying over the odds.
Unfortunately this type of card tends to take advantage of those that have no access to
credit. Whilst it’s marketing techniques make people believe that they are
receiving a credit card, many do no realize that the credit card does not work
in the same way as a Visa card or an American Express card, for example.
Unfortunately this very important aspect is not made particularly clear on their website and
it is not surprising that many potential applicants could deem this as being
misleading. People that tend to apply for this card may have come from a
background where they have unfortunately experienced problems with debt. They
might initially be attracted by the zero interest rate and the ease at which
they are accepted for credit.
Indeed you are already spending $24.95 a month which equates to a rather hefty $300 a
year which some may consider to be a waste of money, particularly if you cannot
purchase what you need from their website.
Is this Card Really Right for Me?
We have established that the Horizon Gold Credit Card is not really a credit card
at all and indeed both existing and potential customers may feel that marketing
it as a credit card is misleading. The monthly fees for this card do add up and
you are charged this regardless of whether you purchase anything on their
website which some people may deem to be a waste of money.
Indeed people obtain the card so that they can demonstrate their credit
worthiness through the payment of the monthly fee and never actually use it to
purchase any goods from their website.