The Horizon Gold Card is a somewhat unique financing product. Although it can behave like a credit card, it is not for use outside your purchases at Horizon Outlet. However, depending on what you are looking for, it is a card that may interest you. Let’s learn more about Horizon’s financing tool.
First of all, you must be clear that this is not an ordinary credit card. It will have important differences from a conventional credit card. Therefore, from the outset, if you are looking for more or less universal financing, allowing you to use the credit in any business or even to obtain cash, this is not the product for you.
What is the Horizon Gold Card?
Horizon Gold Card is a financing card issued by Horizon Outlet. In this case, by default, the card comes with a credit of $500.
The credit on this card can only use for purchases at the company’s merchants. That means that it cannot use to obtain financing for other types of assets or merchants, nor can it be used to make payments outside the scope of the issue.
From a practical point of view, the good news is that it does not have a credit rating like other cards. Even if you have a bad credit score, you can still get it.
There is no interest in purchases, making such purchases cheaper than other products. On the other hand, some advantages common to this type of card do not apply, such as welcome offers, rewards programs or bonuses for accumulated purchases.
Where can Horizon cards be used?
We can only use these cards at Horizon Gold merchants, as mentioned above. Their use is intended for APR-free financing of purchases made at these merchants.
The card’s limit will determine the financing limit: eventually, $500 maximum.
Advantages and disadvantages
The main advantage of this card is that it won’t require a security deposit or a specific credit score. It’s easier to get than other cards, and it won’t charge APRs on purchases.
Other perks you might appreciate include:
- Up to three service coverage calls in case of road trouble. This coverage is limited to towing within 15 miles and less than $50 in operator rates (above these figures, you must assume the cost).
- Legal assistance covers up to 30 minutes of consultation except in criminal defence cases.
- Up to 40% discount on prescription drugs covered at participating local pharmacies
The main disadvantage is that it has no use other than for your purchases at Horizon Outlet. This means that you cannot finance purchases in any other shop or obtain cash or use the card for any type of payment other than in these shops.
It should also note that this is not a free card. This fact means that it can end up being a relatively expensive card. All cardholders are automatically enrolled in a mandatory membership programme at $24.95 per month.
The card, therefore, costs around $300 per year, which is mandatory. If the cost is not paid, the card is not activated.
Interest payments are not necessary as they do not apply. However, there are minimum limits for repayment. Monthly, 10% of the balance owed or $25 (whichever is greater) must be repaid. There are no prepayment fees and no card cancellation fees.
It is important to keep an eye on the instalments, as late payment incurs a $20 fee. Other costs could be:
- Five dollars per public activation fee.
- Up to $25 per NSF cheque fee
- $2 for sending the card and an additional $3.5 for signature verification of delivery
Is the Horizon Gold Card interesting?
That could be an interesting card for active Horizon Outlet users. It should note that it does not apply APR on your purchases, in addition to the advantages we have already reviewed above. If you make many purchases for the year, the lack of interest in the repayment of payments may compensate you.
On one hand, although it will not require a credit history level for you to obtain it, the card is associated with at least one of the main credit agencies. This association with a credit bureau allows you to track the evolution of your credit score over time.
On the other hand, it is not a cheap card. The average cost of $300 makes it a relatively expensive card. Moreover, let us remember that its use is exclusively for the issuing institution’s merchants.
For this reason, it is perhaps not one of the most suitable commercial cards for any user profile, especially if you are not a regular customer of this chain.