By : 
Mr Credit Card
Mr Credit Card
The Merit Platinum is a Buy Now Pay Later closed loop proprietary credit card from Horizon Card Services that allows you to purchase products from their online store www.thehorizonoutlet.com. Net First Platinum allows you to finance your purchases at 0% APR. You will get an initial credit line of $750 and the card does not have any fees. Approval is also very easy as there is no credit checks, no employment and income checks as well. In this review, we will go through this card in greater detail and we will let you know if this is any good or not. Here are the key highlights of this card.
- $0 Fees
- 0% APR
- No Credit checks, employment checks or income checks
- $750 Credit Limit
Card Details
| Annual Fee | $0 |
| Monthly Fee | $0/month |
| Regular APR | 0% |
| Minimum Payment | $25 or 15% of Balance |
Here are the key details of the Merit Platinum.
Can only be used at www.thehorizonoutlet.com
The Merit Platinum can only be used at Horizon Card Services online website www.thehorizonoutlet.com. It is not a Visa or Mastercard and cannot be used elsewhere. I cannot stress enough because many people who apply for this think that it can be used anywhere only to find out that it is not the case and end up being disappointed.
No Annual or Monthly Fee
Merit Platinum does not charge any fees. There is no annual fee, monthly fee or any activation fee. I should add that previously, Merit Platinum did charge a monthly fee of $14.77 and prior to that $24.95. However, as of October 2024, the went completely fee free (I will explain why later in this review).0% APR on purchases
Merit Platinum is like most typical Buy Now Pay Later apps and charges 0% APR when you finance your purchases.And they do NOT report to any credit bureau
Merit Platinum does not report to any credit bureaus. Hence, it does not help you to build or rebuild your credit.Optional Membership Plan
- Free roadside assistance - You will get Roadside Assistance with the following benefits and terms. Members are eligible to receive up to 1 service call or towing request every 30 days and no more than 3 within a twelve-month period.
- My Legal Assistance - You will get a Free 30 minute consultation with legal professional in your area (it does not include criminal defense).
- Identity IQ - You can get a free credit report with this program (and you can access it any time) and also get $1,000,000 in identity theft protection.
- My Universal RX - With this plan, you can receive up to 50% discount on prescription drugs.
Paying for your Purchases
Merit Platinum requires you to pay a minimum of either $25 or 15% of your balance. So if you buy something that cost less than $25, you would have to pay in full. But if you buy something that cost more than $25, for example, you bought something for $100, you would have to pay $25 first (after paying for your shipping and delivery fee). Your balance will be $75 by the next billing cycle and statement. You would have to pay 15% X $75 = $11.25. This continues until your balance is paid off.
History of Fee Changes over time
24.95/monthly fee, $500 Credit Limit and reported to Equifax - Original Version
The Original Merit Platinum version has a $500 credit limit and also charged a monthly fee of $24.95. This worked out to $299.40 annually. In return for the fees that you pay, you got benefits like roadside assistance, Universal RX prescription discounts, Prepaid Legal Advice and Credit Hawk (which is a credit monitoring tool). The original version also reported to TransUnion and later they changed and reported to Equifax.$14.77/monthly fee with $750 Credit Limit but NO credit bureau reporting version
From September 2022 onwards, Merit Platinum increased their credit limit from $500 to $750 and also reduced their monthly fee from $24.95/month to $14.77/month. However, they stopped reporting to credit bureaus.NEW VERSION - No monthly fee, credit limit still $750 and no credit bureau reporting
The present version of the Merit Platinum retains the $750 credit limit but the monthly fee of $14.77 has been eliminated. But so has the benefits of roadside assistance etc. Merit Platinum still does not report to any credit bureaus.CFPB Lawsuit against Horizon Card Services
Regulation Z requires that credit card issuers do not charge more than 25% of the credit limit if fees. Merit Platinum's original version with the $500 credit limit had a monthly fee of $24.95, which worked to $299.40 annually. This was $299.4/$500 = 59.88% of the initial credit limit of $500 and a clear violation of regulation Z. They have since lowered their fee once and now have totally eliminated them altogether.
Competition - And there some interesting ones
| Card | Details |
|---|---|
| Merit Platinum |
Monthly Fee=$0 Upfront Fee=N.A. APR=0% No Credit Check Starting Limit=$750 |
| Net First Platinum |
Monthly Fee=$14.77 Upfront Fee=N.A. APR=0% No Credit Check Starting Limit=$750 |
| Freedom Gold Card |
Monthly Fee=$14.77 Upfront Fee=N.A. APR=0% No Credit Check Starting Limit=$750 |
| Principal Platinum Card |
Monthly Fee=$14.77 Upfront Fee=N.A. APR=0% No Credit Check Starting Limit=$750 |
| Now Platinum |
Monthly Fee=$19.95 Upfront Fee=N.A. APR=0% No Credit Check Starting Limit=$1,000 |
| Sezzle |
Monthly Fee=$0 Annual Fee= $0 APR=0% No Credit Checks Reports to 3 Major Bureaus Starting Limit=$200-$2,000 |
| Arro Mastercard |
Monthly Fee=$3 Annual Fee= $0 APR=16% No Credit Checks Reports to 3 Major Bureaus Starting Limit=$50-$2,500 |
Merit Platinum and other cards from Horizon Card Services
Merit Platinum is just one of the cards from Horizon Card Services. The other cards include Freedom Gold Card, Group One Platinum Card, Boost Platinum, Net First Platinum and Focus Gold Card. All these cards have the same features and same fees as Net First Platinum. They have all recently eliminated their monthly fees.Compared to credit cards from Unique Card Services
Uniquw Card Services is arguably the most similar company to Horizon Card Services. Credit Cards from Unique Card Services come with a $500 credit limit and also have no fees. You can only use the card to shop at their proprietary online store www.myuniqueoutlet.com and you can also finance your purchases at 0% APR. Unique Card Services credit cards also do not report to any credit bureaus although they used to. When you sign up for Unique Card Services, you are given an option to enroll in a $19.95 a month membership which includes benefits like roadside assistance, Spark RX Prescription discounts and free prepaid legal service. However, this did not used to be optional and I suspect the CFPB Horizon Card Services lawsuit also resulted in Unique Card Services going fee-free as well.Credit cards from Unique Card Services include Vast Platinum and Now Platinum.
Competition from Buy Now Pay Later Apps
Merit Platinum faces the toughest competition from the latest Buy Now Pay Later because these apps have thousands of retails where you can use these apps (either online or in-store). In contrast, Merit Platinum is proprietary because you can only use it at www.thehorizonoutlet.com. Like Merit Platinum, BNPL apps also offer 0% APR financing. The payment schemes are also different in that most modern BNPL apps have a standard pay-in-4 payment plan whereby you pay 25% down payment and every 2 weeks until you make 4 payments in 6 weeks.Most BNPL apps do not report to credit bureaus but some like Sezzle reports to all three major credit bureaus and is much better than the Merit Platinum.
Compared to NO credit check unsecured credit cards
Merit Platinum does not rely on FICO scores for approval and does not perform any credit checks. So I think it is appropriate that we compare it with the Arro Mastercard, which also does not rely on FICO scores to approve you. Instead, you do require to have a monthly income of at least $1,000 and a positive bank balance of $50 to get approved. In contrast, Merit does not perform any income checks. While Merit Platinum can only be used at their online store, Arro is a Mastercard and can be used anywhere. If you meet Arro's requirements, it is a much better card than Merit and it also reports to all three major credit bureaus.What We Like About Merit Platinum - No Credit and Employment Checks
- $0 Fees - The Merit Platinum does not charge any fees at all. They used to charge a monthly fee of $14.77 (prior to that it was $24.95). But they have stopped charging any monthly fee since October 2024.
- Unsecured $750 Credit Limit - While Merit Platinum says that you will get a $750 unsecured starting credit line. This is quite a generous credit line
- 0% APR On Purchases - Merit Platinum is a "buy now pay later online store" credit card and hence, your APR is 0%. That means that you do not accrue an interest charges even if you do not pay in full for your purchases immediately. However, as mentioned earlier, you will have to pay a minimum payment that is the greater of either 10% of the purchase price or $25. If you buy something that is $25 or less, then you have to pay in full.
- No Credit, No Employment Check- Guaranteed Approval - When you apply for the Merit Platinum, you will not experience a hard pull on your credit report. That is because they do not check your credit report or employment. You will definitely be approved for the card as long as you have either a debit card or checking account to pay for your monthly membership fee.
What We Do Not Like About Merit Platinum - Can Only Be Used at TheHorizonOutlet.com
- Can Only Be Used At thehorizonoutlet.com - You can only use this card at Horizon's online store www.thehorizonoutlet.com. This is not a regular Visa or Mastercard so you cannot use this card anywhere else.
- Have to pay shipping and processing fee firstUnlike normal online stores, you have to pay the processing and shipping cost first with your debit card before you check out. These fees cannot be lumped together and financed at 0% with the total purchase price.
- Does not report to credit bureaus - Merit Platinum does not report to any credit bureaus. They used to report to Equifax but no longer does so since 2022.
Merit Platinum - No Fees but also no credit reporting
But perhaps the biggest drawback is that Merit Platinum does not report to any credit bureaus and therefore does not help you to build or rebuild your credit score.
To sum up, based on our evaluation and review of the Merit Platinum, we give it a 3 stars rating out of 5 for it's absence of fees, easy approval and decent credit limit. The fact that it is a closed loop proprietary card that can only be used at their online store and that it does not report to any credit bureau prevents us from giving it a higher rating.
If you are looking for a Buy Now Pay Later app with 0% financing, there are apps like Sezzle that has over 45,000 partners and even reports to all three major credit bureaus. Alternatively, unsecured credit cards like Arro Mastercard are also relatively easy to get (does not rely on FICO scores) and is also a Mastercard that can be used anyway.
Customer Reviews
I got the Merit Platinum because I got rejected for all the credit cards that I applied for when my credit score took a hit. I read the terms and conditions and it said it did report to one credit bureau. Well, it did and it was Equifax. But around late 2022, they stopped reporting and I finally decided to cancel because I got this card to rebuild and did not buy a single thing from their online shop. $14.77 a month is too much to pay for no rebuilding benefits.
Got the Merit Platinum. $750 credit limit and $14.77 a month fee (it's a really strange amount if you asked me). I bought an item from their store and was told that the shipping fees and taxes have to be paid separately by either a debit card or another credit card and Merit cannot be used for that. This is the weirdest thing I have ever encountered. Anyway, the store does not contain anything that you would want to buy. I ended up cancelling the card but only after a few attempts.
Had the Merit Platinum and got $500 credit limit that came with a $24.95/month fee. They claim under their terms and conditions that they reported to ONE major credit bureau and it turned out to be Equifax.
This card is a scam. It is not a real credit card and you can only use it at their store. And when I looked into it, it is filled with overpriced stuff.
Don't ever get this card. It is not a real credit card. They give you a free 7-day trial but I was not impressed. So I called to cancel but they still charged me the monthly fee from my bank account. After numerous unsuccessful calls, I went to BBB and they immediately reached out, refunded me everything and cancelled the account.
I found a charge for Horizon Card Services in my bank account and tried calling them to resolve this. I was asked to give them some ID and address verification docs. But after not hearing from them, I wrote the stinker to BBB and they reached out and cancelled the account and refunded me.
They did report to Equifax but stopped a few months after I got the card. I finally called to cancel but not after they tried so hard to persuade me to stay by offering credit limit increases. But I told them that since they longer report to Equifax, this card is useless as a rebuilder. I would rather get a Buy Now Pay Later app to shop and 0% pay-in-4 rather than use this card at their crappy store.
FREQUENTLY ASKED QUESTIONS
When can I get a credit line increase?
When can I get a credit line increase?
You can be eligible for a credit line increase after three months. You should be on time in your monthly membership fee payment.
When will I get my card after I get approved?
When will I get my card after I get approved?
Normally within 7 business days.
What is the minimum payment?
What is the minimum payment?
You either have to pay $25 a month or 10% of the balance.
Customer Service Information
P.O. Box 1275
Indiana, PA 15701
Customer Advocacy
1-800-837-49975 days a week from 8:30 a.m. until 9:00 p.m
Cancel Membership
1-800-251-6144Monday through Friday from 8:30 a.m. to 9:00 p.m. EST, and Saturday from 9 a.m. to 4 p.m. EST (excluding holidays)
Or online at www.memberbenefitaccess.com.
Application Page
On the next page, you will have to fill in your name, address, phone number, monthly pay, how often you are paid, your next pay date, your credit score range and whether you receive direct deposit. Once you submit this information, you will get the offer and confirmation. You will be instantly approved (within 60 seconds) once you submit your online application.
