- Annual percentage rate (APR): 0%.
- Purchase intro APR: None.
- Rewards: None.
- Annual fee: $299.40.
- Late fee: $20.
- Credit score: Bad to Fair (300-689).
- Apply Today.
Table of Contents
- Build credit: When you apply for the Merit Platinum Card, there’s no employment or credit check. Even with a low credit score, you’re likely to qualify for a $500 line of credit. The company reports borrower behavior to all three credit bureaus so if you’re a responsible consumer, you can use the card to build positive credit history and increase your score.
- 0% APR financing: Your account balance isn’t subject to interest, as long as you continue to make at least your minimum payments on time. To satisfy the minimum monthly payment, you must pay at least $25 or 10% of your current account balance, whichever is greater.
- Quick application and approval process: You can apply for the Merit Platinum Card by filling out an online application, providing your email address and zip code, and agreeing to the card’s terms and conditions. Once you activate your card online, you have instant access to your $500 line of credit for purchases you make through the Horizon Outlet.
- Monthly membership fee: While there’s no annual fee and a 0% APR, you’re responsible for monthly membership or maintenance fees as a cardholder. When your card is activated, you’re signed up for the Horizon Card Services membership benefit plan. Your credit card account is automatically billed the $24.95 membership fee each month to keep this membership active (totaling $299.40 in fees every year). If you choose to cancel your membership, you’ll owe a $6 monthly maintenance fee instead, which is automatically added to your account balance every month (totaling $72 in fees annually).
- No rewards program: While many other credit cards offer cash back or other rewards points programs, there are no rewards associated with the Merit Platinum Card. While there’s no rewards program available, if you use the card responsibly, you can build a good credit history and increase your score, contributing to your creditworthiness and eligibility for other credit cards.
- Only for Horizon Outlet purchases: You can only use your $500 line of credit with the Merit Platinum Card to purchase items on the Horizon Outlet retail site. While you can’t use the card with other retailers, the Horizon Outlet website offers a variety of products at discounted prices, including clothing, home goods, toys, and electronics.
What Can You Expect From the Merit Platinum Card?
With the Merit Platinum Card, you don’t need to go through an extensive application process. Once you provide your email address and zip code and agree to the card’s terms, you can activate your card online. Then, you have instant access to the $500 credit limit to use on purchases through the Horizon Outlet. Once you’ve activated your card, you also qualify for other benefits.
Horizon Card Services Membership Benefits Plan
As a Merit Platinum Card account holder, you’re automatically enrolled in the Horizon Card Services Membership Benefits Plan. If you opt to continue allowing the company to charge the $24.95 monthly membership fee to your account balance, you’re eligible to take advantage of standard membership benefits.
These benefits include roadside assistance, legal assistance, prescription drug savings, and fuel savings. The membership plan benefits are potentially associated with limitations and deductibles. To access your benefits, you must log into your Member Benefits Access account and continue paying the monthly membership fee.
An Online Account
When you activate your Merit Platinum Card, you’re prompted to sign up for an online account. Once you’ve created your account, you can log in to check your credit card account balance, review your recent transactions, and make a payment. You can also review the benefits associated with the Horizon Card Services Membership Benefits Plan and link to the Horizon Outlet to make purchases.
Who Should Get the Merit Platinum Card?
Consumers with poor credit who want to finance up to $500 in purchases through the Horizon Outlet may benefit from activating the Merit Platinum Card. While there’s no annual fee and a 0% APR, it’s important for applicants to review other charges, including the membership or monthly maintenance fees.
Consumers should review the features associated with the Horizon Card Services Membership Benefits Plan to decide whether the monthly $24.95 is worth it. With responsible borrowing behavior, cardholders can avoid the $20 late payment fee and build positive credit history using the card.
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