Merit Platinum Card Review

Who is the Merit Platinum card for?

The Merit Platinum card is one that has limited uses and benefits. Its $500 credit line can only be used at the online department store, Horizon Outlet. For Horizon Outlet fans, this card is worth considering. However, for the majority of the population, this card is not very beneficial, especially given its high price.

This card claims to help build credit. However, it only reports to one of the three major credit bureaus, making its use somewhat restricted. For those looking to build credit, there are many other appealing options that have far broader uses, larger rewards, and significantly more affordable prices. 

Rewards Rate

This card does not have any rewards rate in points or cash back. This is similar to its sister cards of Freedom Gold and Netfirst Platinum. For the high price of this card, the lack of a rewards rate is a disadvantage.

Benefits

The Merit Platinum card has a few benefits that are worth considering. First, the card has a 0% purchase APR. This means that you will not accrue interest if you have a balance outstanding, and will not be charged interest for purchases. However, be careful of the late fee that will be charged if you make a payment late. 

All cardholders have access to the benefits of the Horizon Card Services monthly benefit plan. This service provides various benefits such as roadside assistance, privacy protection, and legal assistance. Cardholders also receive a $500 credit line unsecured card to use at the Horizon Outlet online store.

Welcome Bonus

There is no sign-up bonus for the Merit Platinum card. Upon sign-up, users automatically have access to the benefits that come with the Horizon Card Services monthly plan. However, no further bonus is given.

Annual Fee

The Merit Platinum card does not have an annual fee by name, but it has a built-in fee that comes with the automatic Horizon monthly membership. Cardholders are enrolled in the program, and monthly fees are deducted from their accounts automatically. The monthly membership fee is quite high, at $24.95 per month, totaling $299.40 a year. If you wish to stop your membership and give up the benefits, you would be charged $6 a month and $72 a year for maintenance fees. This fee is usually waived for monthly members, and therefore arises when you cancel membership. 

The Merit Platinum card also has small, miscellaneous fees that add up quickly. This card can only be used to purchase products from Horizon Outlet, but every time you do, you are charged $2.00 for delivery and $3.50 for signature verification. Since Merit Platinum cardholders are likely frequent Horizon Outlet shoppers, these fees can quickly rack up to a large number. Furthermore, when you first receive your card, you will have to pay a $5.00 fee for account verification. All of these small hidden fees lower the value of this card.

The table below highlights the various other fees involved with the credit card

Pros and cons of the Merit Platinum Card

Pros 

• Easy approval - since the card does not pull your credit, it is fairly easy for you to be approved
• Benefits - apart from the Horizon benefits mentioned before, the membership plan of this card also enables you to access free roadside assistance, prescription benefits, legal assistance and privacy protection. 
• My Universal RX - up to 40% discount on covered prescriptions at partnered pharmacies 
• My Roadside Project - up to three service calls or towing requests within a year. This benefit is for up to 15 miles that don’t exceed the $50 operator fee. 
• My Legal Assistance - toll free access to legal resources, including a free 30 minute consultation with a legal professional.

  Cons 

• Limited usage - as mentioned before, perhaps the biggest flaw of this card is that it really isn’t a credit card, and is much more like a loan for Horizon services.
• Extremely high fees - the $24.95 monthly membership might be very costly for some. Furthermore, as shown in the table above, there are many other fees that are quite expensive. 
• Only reports to one credit bureau - although the Merit Platinum card is attractive for those trying to build a strong credit score, the card only reports to one credit bureau. Therefore, if building a credit score is your priority, then it may be better to choose a card that reports to all three major credit bureaus (Experian, Equifax and TransUnion).

Conclusion

Although a decent choice, the Merit Platinum has many drawbacks that give it mixed reviews. The many hidden fees paired with limited benefits make the card unhelpful. Furthermore, its severely limited use decreases the size of the prospective audience. For those considering this card, you should thoroughly weigh its positives and negatives.

You can apply to the Merit Platinum Card online here.