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Credit Card Articles > Horizon Gold Credit Card - The Truth Revealed
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Horizon Gold Credit Card - The Truth Revealed |
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There seems to be a mystery surrounding the Horizon Gold Credit Card. All over the Internet people are asking if this credit card is a scam. I have checked it out and this is what I found.
First of all the Horizon Gold Credit Card is not to be confused with the Horizon MasterCard which is a general credit card offered by Horizon Solutions to citizens of the Turks and Caicos Islands. The Horizon Gold Credit Card has no registered trademarks such as Visa or MasterCard on its card or website. When visiting the website, you are prompted to enter your email address to move on to the next phase. When access is gained to the application form, the top of the page says ‘this is not a Visa or a MasterCard’.
If you are trying to rebuild your credit and you want guaranteed approval with no employment checks you have come to the right place. The Horizon Gold Credit Card does promise you a guaranteed limit of $3000. You would also be happy to know that they report to major credit bureaus, which is important to rebuilding your credit. All this is fine so far.
The confusion comes in however, when the question is asked; So what can I do with my new credit card?
Sadly the answer is not much. You can only shop at the Horizon Website. This information is found in the card services privacy policy. From reading the questions posted on sites like Yahoo Answers, many people are not reading this bit. I understand that when you want to rebuild your credit rating an offer like this seems quite good and it is not so bad once you realize that the places you can shop is limited. You need to be aware that this is more of a store card than a credit card.
The other problem I found was that the details of this card were not very transparent. When entering the website, I expected to see details on the APR%, benefits or fees associated with the card and there were none. Considering that once I enter my details I am getting instant approval, I think it is only fair that I know everything about the card before I apply.
While searching the site for contact information there was none clearly visible, but in the privacy policy reference was made to contacting member services if I had any questions. There were no actual addresses or telephone numbers listed, so it seems I had to become a member before contacting this company. This rang alarm bells with me. Some might say if I filled the form I would be provided with all the details, but isn’t that buying blindly?
Be very cautious applying for this card as there does not seem to be a lot of benefit outside the Horizon group. I was not able to find the products website either, so I wasn’t able to determine if anything in their catalogue was of value to me.
If you are looking to improve your credit rating there are various Bad Credit Credit Cards available. You would not get anything near to the $3000 limit though, as these are genuine credit cards, they start off with small limits and work with you to increase your credit limit and credit rating at the same time.
Be cautious when applying for offers that appear to be ‘too good to be true’. Read the small print carefully. If you are unsure of anything, call the credit card provider. If you cannot contact them before applying this should raise doubts in your mind. Bottom line is, be sure you know what you are applying for before you sign on the dotted lines.
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| Author: Jenniel Taylor-Samuel |
Posted: 2007-02-05 |
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