Group One Platinum Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 0.00%;
  • Purchase intro APR: None;
  • Rewards: None;
  • Annual fee: None;
  • Late fee: $20;
  • Credit score: Any (300 and up).
  • Compare cards here.

Benefits

  • For individuals with poor credit: The Group One Platinum Card is designed to help individuals rebuild their credit. If you have blemishes on your credit report or don’t have much of a credit history and can’t get approved for other credit cards, the Group One card is a good starter on your journey to a higher credit score. Your credit isn’t checked and your income isn’t verified to get approved. Once approved, Group One will report your payment history to the credit bureaus to help improve your credit.
  • Pay no interest: This card works a little differently from a regular credit card. There is no annual fee or interest charges. You’ll pay a monthly membership fee instead.
  • Manage your card online: The whole process, from applying to paying your bills, can all be done online from Group One’s web portal. You’ll receive an answer on your card application immediately after submitting it.

Drawbacks

  • Monthly fee: Instead of paying interest on your purchases, you’re subject to a monthly membership fee of $24.95. Considering your card’s limit is $500, paying $24.95 per month whether you carry a balance or not is relatively expensive. Fortunately, the card comes with benefits to offset the fee.
  • Can be used for Horizon Outlets only: The Group One Platinum Card is a store credit card. You’ll only be able to use it for purchases at Horizon Outlet, a retailer selling home decor, clothes, toys, and electronics.
  • The credit limit is low: The card comes with a maximum credit limit of $500. To most effectively improve your credit score, a higher, unutilized credit limit boosts your credit faster. $500 is a good start, as long as you don’t carry a balance close to your credit limit.

What Can You Expect From the Group One Platinum Card?

The Group One Platinum card is a store credit card for purchases at Horizon Outlet for customers with poor credit. Use the card’s features strategically to rebuild your credit.

For Horizon Outlet Purchases Only

You’re limited to purchases at Horizon Outlet, but remember the goal is to rebuild your credit. You can achieve this best by making occasional purchases from the retailer without going over your budget.

Activity Reported to the Credit Bureaus

Make sure to make your payments due on time — when Group One reports your payment history to the credit bureaus, the longer your payments are consistent, the better the improvement to your credit score.

Membership Fee Instead of APR

The card doesn’t charge you interest on your balances. You’ll pay a monthly membership fee of $24.95, regardless of whether you use the card. The monthly fee may be a little steep, but it does include a few other features that could help make up for the almost $300 per year you’re paying. It includes the following benefits:

  • My Privacy Protection: To monitor your credit reports;
  • My Universal RX: Up to 40% off covered prescription medications at participating pharmacies;
  • My Legal Assistance: Includes a free 30-minute consultation with a legal professional;
  • My Roadside Protect: Up to three towing service calls within one year, for a maximum of $150. Flat tire changes and lockout service are also available.

Who Should Get the Group One Platinum Card?

If you’re looking for a way to rebuild your credit after some past financial issues, one of the most effective ways is by responsibly using your credit available. The Group One Platinum Card should be easier to get approved for than a traditional card.

You won’t be subjected to annual fees or interest. Instead, Group One will charge you a monthly membership fee of $24.95. To make the most of the fee you’re paying, take advantage of the additional benefits that come with the membership, such as legal assistance, discounted prescriptions, or roadside assistance.

As for rebuilding credit, the card can only be used for purchases at Horizon Outlets. Use it to spend sensibly on clothes, home goods, or children’s toys. Pay your card each month to create a good repayment history, which Group One will report to all three credit bureaus.

As the card issuer reports your card payments and activity to the credit bureaus over time, your credit score should gradually improve. Keep up the good work and your FICO score should qualify you for a standard credit card or other types of loans and credit.

Compare similar credit cards and learn more here.


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