Freedom Gold Card Review

Who is the Freedom Gold card for?

The Freedom Gold card is a store card applicable only at the online store Horizon Outlet. For those who are fans of the Horizon Outlet, this card is worth considering. For others who aren’t big shoppers at the store, this card is certainly not the best choice, and there are others on the market that can help you build credit and conveniently spend your money.

With limited rewards and many hidden fees, this card is not for those with a tight budget. Without an explicitly stated annual fee, you’d be surprised that this card’s automatic monthly membership program has a substantial price tag of $25, alongside many other easily-overlooked miscellaneous fees. This will certainly decrease the value of the card as a way to "build credit", as people that are saving as much as possible will lose a good portion of this power. 

While the Freedom Gold Card claims that it helps cardholders with no or bad credit build their credit score, it only reports to one of the major credit bureaus. If improving your credit score is your main focus, consider looking into a less-expensive, secured card. Oftentimes, secured cards will report to all 3 major credit bureaus, and as such will make your credit profile on the whole much more attractive. Thus, the promise of building up your credit is not really something that the Freedom Gold card follows through with all the way, and you should consider your other options.

Rewards Rate

Like many other cards for those with no credit or bad credit, the Freedom Gold Card does not have a rewards rate, meaning there is no point system or cashback bonus for spending on your card. However, a better credit score will give you access to not only better credit cards, but also a wide variety of credit products suited to your needs. Lower APRs and easier loan approvals are some of the perks of a higher credit score, something this card can help you attain. Plus, you would be hard-pressed to find any card, secured or unsecured, that will give you great results when their goal is to help you build up your credit score. The benefits of a higher credit score, then, can really be seen as a rewards system in and of itself.

Benefits

The benefits of this card come primarily from the automatic Horizon Card Services monthly benefit plan, although membership is not cheap. The package includes a $500 credit line, with a 0% interest rate on all purchases. Remember that you cannot transfer any of your previous balances to this card, unfortunately, and thus avoid any of the continued interest. But, this great 0% APR on your purchases allows you to spend on items with your credit card for no extra cost. There are also some other benefits with the Freedom Gold Card, most of which come from the Horizon Card Services benefits plans. The benefits that are packaged together include roadside assistance when your car breaks down, legal assistance in the event that you need to prosecute someone else or defend yourself, privacy protection and complete coverage of any of the co-pays for your prescription medication. Obviously, these are quite different from the typical benefits of "gain miles for each ticket that you purchase on an airline" or "get 3% cash back on your grocery purchases". But, if you are someone that enjoys the Horizon Outlet retailer, the $25 monthly fee for these benefits could potentially cover many of the necessary costs going forward. 

In addition, there is no APR on your balance for purchases made with this card. This means that you can shop away without worrying about hefty interest charges. However, there is a monthly fee that you can read more about below. 

When applying for this card you can get instant approval if you qualify, and basically anyone will qualify. The card does not conduct a background check on your employment history, they do not verify your current level of income and they accept anyone with bad and damaged credit. The application is fast and easy where you can immediately receive your approval decision. Although instant gratification can be enticing, the card does not come with many other features. If you want a card that can help your bad credit score then other secured credit cards would be better. 

They do not check your employment or credit when applying for this card. If you are in between jobs and you want to try to build your credit this card could be for you. However, this card still does not allow you to spend on your everyday purchases because all purchases must be thorough at the Horizon Outlet. There are also many fees that come with the card and the horizon store which is not best for people who want a cheap way to rebuild their credit. 

Welcome Bonus

There is no welcome bonus for the Freedom Gold Card. Users do not have a reward at their time of sign-up, unlike many higher credit scorecards. Upon opening an account, users are automatically enrolled in the Horizon monthly benefit membership program and be able to immediately access those services. Cardholders will also receive their $500 credit line instantly upon sign-up.

Annual Fee

The benefits of this card come at a cost. Although this card does not have an explicitly-stated annual fee, it has many hidden fees that may build up quickly if the user is not careful. The Horizon Card Services monthly membership that cardholders are automatically enrolled in costs $24.95 a month, adding up to $299.40 a year. This price is extremely high, especially for a card with such limited perks. The monthly membership fee is automatically debited from your account, so it is easy to go unnoticed. Furthermore, if you were to cancel your Horizon Card Services membership, you would be charged a $6 maintenance fee (waived for Horizon Card Services members), totaling $72 annually. This hidden automatic charge makes the Freedom Gold Card very unattractive for those trying to save money and cut costs.

In addition, this card has many miscellaneous fees that can add up. When you first open your account, you will be charged a $5.00 one-time card issuance and account validation fee. Every time you buy a product from the Horizon Outlets, you will have a $3.50 delivery signature verification fee and a $2.00 residential delivery fee. These charges, although not high, can be frustrating and build on each other.  

If you make the 10% minimum monthly payment late, you will have to pay a $20 late fee. Furthermore, the Freedom Gold Card has a $25 return fee. All of these extra charges are easy to miss, so if you decide to apply for this card, make sure you don’t incur these unnecessary fees.

Freedom Gold vs. Merit Platinum

The Freedom Gold card is very similar to the Merit Platinum card, which also limits your spending to just the Horizon Outlet retailer. To be quite honest, from where I sit, there is no discernible difference between the two. Genuinely the only difference seems to be the actual appearance of the card. So, you should choose the best one based on your favorite look.

How it Works

Upon Account activation of your membership, you will receive various benefits as well as a credit card account to use exclusively on purchases available through the Horizon Outlet Website. However, your account will not work on any other website, making it impossible to buy from another store. Due to the lack of restrictions associated with obtaining the card, there are nominal shipping and handling fees required for each purchase. You will receive a physical credit card within 5 days to 2 weeks of your account activation. 

Conclusion

The Freedom Gold card is a tool for big Horizon Outlet fans with poor or no credit. Despite positive intentions, this card has many hidden fees and limitations that can build up to detrimental results. If you plan to apply for this card, you should first research all the other secured credit card options. There are many credit cards that can improve your credit score for much cheaper. They also give you the freedom to use the card wherever you want rather than in one store. There is usually no reason to get this card especially with the other options on the market.