Principal Platinum Card

Andrew Reyes
A woman paying with a credit card at an outlet store.
  • Annual percentage rate (APR): 0%.
  • Purchase intro APR: None.
  • Rewards: None.
  • Annual fee: $0.
  • Late fee: $20.
  • Credit score: No minimum required.
  • Apply Today.

Table of Contents


  • No APR: With the Principal Platinum card, there’s no interest rate on the purchases you qualify to make with the card. If you pay off your credit card balance on time, you only owe the total on the purchases you made with the card, plus your monthly membership fee.
  • No minimum credit requirements: You’ll still qualify for the Principal Platinum card if you have no credit history or a low credit score. This is a great opportunity for new consumers to build a positive credit history or for those with low credit scores to begin improving their credit.
  • Reports to major credit bureaus: Your financial activity with the Principal Platinum card is reported to at least one major credit bureau regularly. If you’re a responsible borrower and have the funds to pay your monthly maintenance fee, as well as your minimum balance, you can begin to build up your positive credit history and increase your score.


  • Monthly membership plan: When you’re approved for a Principal Platinum card, you’re enrolled in a monthly membership benefit plan. This plan costs $24.95 per month and is automatically debited from your account. While this is a hefty monthly fee, your $6 maintenance fee is waived in lieu of the monthly membership plan. When you keep this membership active, you also have access to additional benefits, such as privacy protection, legal assistance, and roadside assistance.
  • Must have a debit or credit card to link: To qualify for a Principal Platinum monthly membership plan and other applicable fees are automatically debited from your account. As long as you ensure you have adequate funds available in your account, this automatic withdrawal helps you avoid late payment fees.

What Can You Expect From the Principal Platinum Card?

Application Process

You can apply for the Principal Platinum unsecured credit card online or by phone. When you complete the application process, the company doesn’t analyze your credit report or verify your employment history. Upon approval and identification verification, you’re provided with a $750 line of credit that can be used at the Horizon Outlet Store.

Monthly Payments

Your minimum monthly payment is either 10% of your credit card account balance or $25, whichever is greater. Your bill is sent electronically to the email address you provided when you applied for your card. You may request mailed statements if you prefer.

Monthly Membership Benefits

When you keep your monthly membership active and continue allowing the $24.95 fee to be withdrawn from your account, you’re eligible for the following benefits:

  • My Roadside Protection: After a five-day waiting period, you’re eligible for up to $50 in towing coverage on your vehicle every year, with a maximum of three service calls and 15 tow miles.
  • My Universal RX: You may be eligible to receive 40% off select prescriptions and medications at pharmacies.
  • My Privacy Protection: You can log into your online account through the Principal Platinum website to check your balance and review your transactions. Your privacy is protected on the site and checking your transactions allows you to ensure you haven’t become the victim of fraud.
  • My Legal Assistance: You’re entitled to one free 30-minute phone call with a legal professional, excluding criminal court cases.

You can review or claim these benefits online when you log into your member benefits account with your member ID and password.

Who Should Get the Principal Platinum Card?

Since the Principal Platinum card can only be used at the Horizon Outlet Store, you should only apply if you know there are purchases you want to make through the retailer. If you don’t have any credit history or need to increase your score, it may also be the right card for you since the company doesn’t run your credit for approval.

The Principal Platinum card provides you with an instant $750 credit limit after approval, so it’s important to control your spending. While the $24.95 monthly membership fee is steep, it includes additional features you may benefit from.

Apply Today for the Principal Platinum Card.

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