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General Basics of the Horizon Credit Cards
The Horizon Credit Card is one of the most unique credit card systems available currently. The primary benefit of the Horizon Credit Card is that it helps people rebuild their credit. In fact, the company offers its credit cards to those who have poor or substandard credit issues on their credit score. The Horizon Credit Card does not even run a credit check on potential cardholders. The primary requirement for a person to receive a Horizon Credit Cards with a $500 limit is that they have either a debit card or other credit card currently. Because the company does not run a credit check makes this one of the most unique credit cards available to consumers. The company on its website guarantees instant approval for those applying for their credit card, since the main requirement for acceptance is a debit card or credit card.
While the Horizon Credit Card is not stingy on who it will approve for one of its credit cards, the credit card holder is extremely limited to where a cardholder can use it. The only place that seems to accept the Horizon Credit Card is the horizon card business website. This is the only place that the consumer can use it for purchases. It is another unique aspect of this unusual credit card program. Apparently, Horizon does not have any brick-and-mortar retail locations and only sells items off of their own website.
In analyzing this credit card is hard to judge whether it is an authentic credit card subject to the CARD federal regulations. In fact, it is hard under the circumstances to judge whether this is a true credit card (in the official sense) or not. The Horizon Credit Card does report outstanding credit cards and payments to at least one of the three major credit reporting bureaus. Thus, a person can utilize the Horizon Credit Card as a legitimate credit reporting agency, which will affect the person’s credit score and credit history. However, the company’s websites do not report any APR or other payment programs for their credit card system, which may mean that the credit card is not a typical credit card. A consumer who is considering opening a Horizon Credit Card may want to keep this information in mind when examining the pros and cons of using such a credit card.
Reward and benefits
It is hard to say whether there are any rewards or benefits to utilizing or owning a Horizon Credit Card. The company seems to imply that the primary benefit of Horizon Credit Card is that it allows a consumer to build or rebuild their credit portfolio. The holder of a Horizon Credit Card is restricted to only use the credit card at the horizon card service website. Most other store-specific credit cards have similar regulations precluding a consumer from using the credit card at another vendor or business. Thus, it is not unusual from these other restrictions which similar companies place on the use of their credit cards. However, there are no specific rewards, benefits, or other perks associated with owning/using this credit card. The company does not specify whether there any discounts to be achieved by purchasing items off the horizon card business website. Additionally, there is no information whether the website offers any special sales or revolving marketing programs, which would be beneficial to the consumer purchasing an item from the website. Thus, it is difficult to say with any certainty what benefits are derived by using this credit card on their website.
Fees and Costs
As stated previously the company does not report any APR for the interest rate and credit card purchases at the horizon card business website. In fact, the website does not purport to inform the consumer of any specific interest charges related to use of the card. Again, this is one of the reasons it is difficult to say whether this is a traditional or classic credit card program. However, the website does specify some of the specific fees and costs associated with using and owning a Horizon Credit Card.
There is an initial fee to open a credit card with Horizon Credit Cards. This fee is currently set as an activation or initiation fee of five dollars. There is a late fee that is associated with credit card of $20 as well as a check return fee. However, the primary source of income for the company and the primary cost for holder of the Horizon Credit Card is its monthly maintenance fees and benefit program. The company does purport that there is a monthly fee of six dollars per month, which is considered a maintenance fee. However, this fee is waived so long as the person maintains payments on the monthly benefit fee, which is set at $24.95. Thus, it appears that the Horizon Credit Card requires its holders to pay either a six dollar monthly maintenance fee or the $24.95 monthly benefit fee. Any potential subscriber to the Horizon Credit Card would be wise to understand clearly the parameters of these fees and how it will impact their payments on a monthly basis.
