What is the Innovation Platinum Card?
Using The Card At TheHorizonOutlet.com
Basic Membership Level Benefits
- Roadside Assistance - This isn't quite like a AAA membership. But you will be entitled to up to 3 service calls a year (not more than 1 a month) for up to a 15 miles radius. You are covered up to $50 a call and have to pay any charges above $50.
- My Universal RX - My Universal RX allows you to get up to 40% off in prescription drugs.
- My Legal Assistance - Under this program, you can get a free half hour consultation with a legal expert. However, it is important to take note that criminal defense is not part of this package.
- My Privacy Protection - Under this program, you can get access to all your credit reports anything you want.
Starter Membership Level
If you know you will not use the Roadside Assistance, I would call Innovation Platinum after a couple of months and asked to be downgraded. It is much cheaper this way in the long run.
Comparison
| Card | Monthyly Fees | Upfront Fee | APR | Credit Checks | Credit Reporting | Credit Lines |
|---|---|---|---|---|---|---|
| Innovation Platinum | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | $500 |
| Merit Platinum | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | $500 |
| Net First Platinum | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | $500 |
| Freedom Gold Card | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | $500 |
| Horizon Gold Card | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | $500 |
| Unique Platinum | $24.95 | N.A. | 0% | No Credit Check | 1 Credit Bureau | No Credit Check |
There are two main issuers of online store cards. They are Horizon Card Services and Unique Card Services. Both are very similar in the way they operate.
Cards from Horizon Card Services include Innovation Platinum, Net First Platinum, Freedom Gold Card, Group One Platinum and Boost Platinum. They share identical features and fees. So all of these cards start you out with at least $500 in an unsecured line of credit. They all enroll in you in their Basic Membership Plan. And all of them report to one credit bureau (which at the moment is Equifax).
Cards from Unique Card Services like Unique Platinum have different online store called www.myuniqueoutlet.com. Their monthly fee is slightly lower at $19.95. However, even the fee is lower than Innovation Platinum, you cannot downgrade to a Starter Membership Level. The next difference is that while Innovation Platinum reports to one credit bureau, there is nothing in Unique Card Services terms and conditions that suggest they have an obligation to report to at least one credit bureau.
Pros and Cons
Pros
- 0% APR - Yes, you've read this right. The APR on your purchases does not accrue an interest. In a sense, this is very similar to traditional "buy now pay later" schemes.
- No Credit Checks - When you apply for the Innovation Platinum, they do not perform any credit checks. That means that there are no hard pulls on your credit report. You do however need either a debit card or checking account to get approved.
- Reports to Equifax - Innovation Platinum reports to Equifax. Under their terms and conditions, they will report to at least one credit bureau and we have found out that at this moment it is Equifax. It used to be TransUnion not too long ago until they changed.
- Decent Starting Credit Line of $500-$1,500 - Innovation Platinum will start you off with at least a $500 credit limit. Cardholders have gotten credit lines up to $1,500 as well. This is quite a large amount for someone with bad credit.
Cons
- Can Only Be Used At www.thehorizonoutlet.com - This card is not a Visa or Mastercard and can only be used at their own online store.
- Monthly Membership Fee - You have to pay a monthly membership fee of $24.95. But as we have mentioned earlier, you can actually call and downgrade to the Starter Membership plan for only $6 a month.
Our Take
If this describes you and you do not want to get another hard pull, then you might just want to consider the Innovation Platinum Card. Approval is guaranteed because there is no credit checks (as long as you have a debit card) and you can get a decent credit limit as well. It reports to Equifax as well (as Horizon Card Services) so you will definitely be able to rebuild with this card.
Though you have to pay a membership fee, you can and probably should downgrade to the Starter Level for just $6/month.
To sum up, this is a viable card for rebuilders who have been denied other credit cards. I would suggest just getting the card, downgrading to the Starter Level and perhaps not even using it but just having it report to Equifax. When your credit has improved enough to get the cards you want, you can then cancel this card.
