If your poor credit has prevented you from getting a traditional credit card, there are some options you can consider to help you rebuild your credit.
Meet the Merit Platinum Card, a basic card offer from Horizon Card Services, designed for consumers attempting to establish or rebuild their credit score.
It is an exclusive card designed for the Horizon Outlet online store. The idea behind this card is to provide a $750 available credit limit without a credit check.
Sound too good to be true? Well, we dug into the features and benefits of this card to discover exactly that.
This Merit Platinum Card is ideal for those with a poor credit history, or no credit history, who are looking for unsecured cards without a credit or employment checks. It has perks, including credit monitoring and roadside or legal assistance. It also requires an active U.S. Credit card, debit card, or bank account (checking or savings account).
The $750 spending limit of the Merit Platinum Card is incredible, considering that similar cards with similar purposes start much lower.
The Merit Platinum Card also offers new users a 7-day free trial, which allows users to make purchases at the Horizon Outlet, and if they are unhappy with their experience using the card for any reason, then they can cancel the Merit Platinum Card, and only need to pay for the value of what was initially spent.
In our review, we will provide you with everything you need to know about the Merit Platinum Card, how it works, and if it’s worth it.
What is Merit Platinum Card?
The Merit Platinum Card is a store card that works exclusively with the Horizon Outlet Online Store, where consumers can purchase a wide array of products, including toys, clothing, gifts, and more.
With a $750 credit limit, the Merit Platinum card boasts the ability to help repair or establish credit with monitoring services and other perks. It also doesn’t require credit checks or employment check to acquire.
If you need to make purchases from Horizon Outlet and are also looking for a way to increase your credit score, build credit, or establish credit, then the Merit Platinum Card is an option. Part of the perks of this card includes credit monitoring which can help you find out what is hurting your credit score and find out ways to boost it.
With the 7-day free trial offered by Merit Platinum Card, you have time to change your mind if you decide that this isn’t a good fit for you and only be required to pay for the products you initially purchased with Horizon Outlet.
How Does Merit Platinum Card Work?
Application Process for the Merit Platinum Card
You can apply for the Merit Platinum Card either on the meritplatinum.com website or through the Horizon Outlet. The application process is simple, and interested applicants will have a less in-depth application process.
Requirements to Acquire the Merit Platinum Card
The application is simple and only requires simple contact information and proof of your identity.
Additionally, to be approved for the Merit Platinum Card, you must have a valid U.S. credit card, debit card, checking account, or savings account.
Additional Details of the Merit Platinum Card
- Once approved, you will have access to a $750 credit limit that can be increased to $3,000 over time as long as you are making your payments.
- The Merit Platinum Card also has a 7-day free trial, allowing you to cancel the card if you change your mind.
- The Merit Platinum Card has a 0% interest rate on purchases, allowing consumers to carry a balance without paying interest on it.
- The Horizon Outlet is the only place where this card can be used. It is not a Visa or Mastercard; rather, it’s is a store card.
Merit Platinum Card Membership Benefits
- Free Roadside Assistance – Members are eligible to receive up to 1 service call or towing request every 30 days, with a total maximum of 3 calls a year. This can be helpful if you have a mostly dependable car but may need a tow due to a dead battery or flat tire.
- Universal RX Benefits – Discounts of up to 40% are available to members of the Merit Platinum Card on prescription drugs.
- Legal Assistance – Members are eligible to receive a free 30-minute consultation with a legal professional in your area, as long as it is not related to criminal defense. This includes issues like divorce, custody, wills, and so much more.
- Credit Hawk – Access is available at any time for Merit Platinum Card members to a free credit report. This includes all of the information you may need to discover what is on your credit report and how to repair it, as well as 24/7 monitoring.
- Privacy Protection – Members have access to unlimited privacy protection when using their card within Horizon Outlet’s online portal.
Reporting Practices of the Merit Platinum Card
Merit Platinum reports to Equifax once a month, allowing users of the card to build or rebuild their credit.
Since there is no interest, card users don’t have to worry about additional fees, only making sure they make their payments on time.
Merit Platinum Card Pricing
Instead of interest fees, or annual fee, the Merit Platinum Card features a monthly maintenance fee of $14.77 that is debited directly from the account that you use to apply for the card. This fee is referred to as a membership fee and takes the place of interest fees. Since you receive membership services and perks with the card, this fee covers those services.
Account Activation Fee
There is no account activation fee for the Merit Platinum Card.
Merit Platinum Card Pros and Cons
Pros of the Merit Platinum Card
- The Merit Platinum Card has a simple application process that only requires access to your credit or debit card or checking or savings account.
- There is no credit or employment check with the Merit Platinum card.
- The starting credit line for the Merit Platinum Card is higher than most store cards starting at $750
- The Merit Platinum Card is tied directly to the Horizon Outlet, where a wide variety of goods are available.
- Membership benefits include roadside protection, credit monitoring, prescription discounts, and legal consultations for the Merit Platinum Card.
- A 7-day free trial with the Merit Platinum Card allows consumers to change their minds risk-free.
- The Merit Platinum Card reports to Equifax once a month, allowing users to build credit or rebuild credit.
- If you have a hard time remembering to make payments, you can set up automatic payments that come right off your credit or debit card with the Merit Platinum Card.
- You can choose to pay for your purchases in full or over time with the Merit Platinum Card, with a minimum payment of either 10% of the balance or $25.
Cons of the Merit Platinum Card
- The Merit Platinum card is only a store card, meaning you can’t use it anywhere except Horizon Outlet.
- When you shop at Horizon Outlet, you can use the Merit Platinum Card for items. However, it does not cover the cost of shipping or processing. These fees are deducted from the separate financial account tied to your card.
- You get charged the monthly fee of $14.77 regardless of whether you have used the Merit Platinum Card or not.
- The Merit Platinum Card only reports to a single credit reporting agency, instead of all three major credit bureaus.
Is the Merit Platinum Card Worth It?
If you are simply looking to build credit or trying to find a way to rebuild your credit score, then the benefits really outweigh the drawbacks of the Merit Platinum Card. Since Horizon Outlet is an online store, and ships its products all over the United States, the Merit Platinum Card is also available to anyone in the United States or the District of Columbia.
Compared to other store cards, the Merit Platinum Card offers a higher line of credit and does not run a credit or employment check. This means that it is easier to acquire, and as long as you are able to cover the expenses, more to spend.
Additionally, since there are no interest fees, the monthly membership fee may save you money, especially if you take full advantage of the benefits available with the Merit Platinum Card.
Merit Platinum Card FAQ
What can I buy with the Merit Platinum Card?
You can buy a variety of items at Horizon Outlet with the Merit Platinum Card.
How soon will I get my card after applying for it?
You should receive your card within 7-10 business days unless your application is flagged and need to go through a manual review. This might take up to 30 days, so please be patient.
What else do I need to know about my new card?
Once you receive your new card, remember that it can only be used at Horizon Outlet.
What is the bill paying process for my Merit Platinum Card?
You can pay your bills in one of two ways: online or by mail.
When will I get a statement from my card use?
Every month, you’ll receive a statement in the mail that shows how much credit you’ve used and how much credit you have available.
What if I want to change the automatic payment on my Merit Platinum Card?
To update your Automatic Payment information, please call 800-251-6144 and provide the updated information.
Wrapping It Up
If you are looking for a basic store card to help you establish or rebuild your bad credit, the Merit Platinum credit card might be the best card for your needs. With the ability to purchase a wide variety of products available at Horizon Outlet, this card gives users access to many items that may be of use.
The Merit Platinum Card has a $750 credit limit, which is a nice start for anyone, especially considering that there is no credit or employment check to be approved for this.
Additionally, this card has no interest or annual fees, and the monthly membership fee provides plenty of perks.
If you’ve been turned down by traditional credit card companies, this pay-as-you-go credit card is an excellent choice regardless of whether it is a first-time card or trying to re-establish your credit. Also, since you can choose to cancel at any time, and there is a risk-free 7-day trial, there really isn’t anything to lose.
While this card offers several benefits, you should decide if this card is right for you as there are limitations that a secured card won’t have.