Net First Platinum Card Review

Who is the Net First Platinum card for?

The Net First Platinum card is a tool for those with no or bad credit to try and improve their credit scores. However, despite its sleek silver exterior, this card has rather lackluster benefits––at least for the steep price tag you pay. The card attempts to attract customers with its unsecured $500 credit limit, no employment check or credit check, and easy approval when in reality, the terms and conditions come with various limitations which may actually hurt your credit. With many built-in fees that are not explicitly stated, the Net First Platinum card isn’t for those who easily overlook details.

Similar to the Freedom Gold Card, the Net First Platinum card can be used only at the Horizon Outlet, an online website store. This means that frequent shoppers at Horizon Outlet would be the only potential audience for this card. If you do not shop often at this online store, this card is close to useless. For Horizon Outlet fans, still approach this card with caution, as its hefty potential annual fee and many miscellaneous charges can add up quickly.

The Net First Platinum card may help build credit, but it only reports to one of the three major credit bureaus. For those who want to improve their credit scores, another card might be of better value.

Credit Score Requirements

The Net First Platinum requires no credit or a bad credit score of 300 or higher to be approved. Since the card is marketed toward those with bad credit, it is really easy to get approved. Additionally, Horizon Card Services doesn't pull your credit report, so you don't have to worry about a hard inquiry lowering your credit score. That’s why if you have a bad credit score and frequently shop at the Horizon Outlet, getting the Net First Platinum card is a solid option for you. 

On the other hand, while the Net First Platinum credit card helps you build credit, Horizon makes it clear that it doesn't ‘“guarantee aid in building or rebuilding credit”. Hence, if you're shopping for a credit card that focuses on helping you improve your credit score, you should know there are better options out there. 

For one, consider looking into a secured credit card. A secured credit card is also designed for people with no credit or bad credit but requires you to pay a security deposit upfront as collateral until the account is closed. Also, many secured credit cards report your account activity to all three major credit bureaus, whereas Net First Platinum only claims to report to “at least one” of them. This puts you at the risk of not qualifying for a loan in the future since your lender may not be able to find any record of your Net First Platinum account history. 

Rewards Rate

Unlike other cards with such a high annual price, this card does not have a rewards rate. There is no points system or cash back offer for spending money on your card.

Benefits

This card comes with some benefits, but they might not be worth the high price tag. With the automatic Horizon Card Services monthly membership comes a privacy protection plan, prescription medicine discounts, roadside protection, and legal assistance. These services are very limited and can be found in other cards of a similar level. 

There are no APRs on purchases meaning you won’t pay any interest on purchases you make with this card. However, there are many unspoken restrictions on these benefits.

Net First Platinum’s privacy protection plan provides you with a free credit report, a perk perhaps not worth justifying paying given that you are already entitled to a free credit report from each of the three major credit bureaus (Transunion, Equifax, and Experian) every 12 months through AnnualCreditReport.com. Through the site, you can even access free weekly online reports from each of the three major bureaus through April 2021 as a way to keep track of your credit during the COVID-19 pandemic.

The prescription benefit, known as My Universal RX, helps members receive up to 40% off of covered prescription medications. While this seems like a nice perk, you can’t access the list of qualified medications until you sign up for the card, making it difficult to determine if this feature is beneficial to you at all. Furthermore, there are plenty of apps that offer the same type of savings, such as GoodRx. 

The roadside protection allows you to make 3 service calls or towing requests up to 15 miles that cannot exceed the operator cost of $50. Any additional mileage and associated towing costs will have to come out of your pocket at the time of the service. It is also important to note that coverage includes only one towing or service call is covered within 30 days, but no more than 3 total service calls within any 12 months. 

Lastly, the legal assistance plan gives you toll-free and internet access to legal resources. This plan entitles you to one free 30-minute consultation with a legal professional in your area specializing in your area of law interest. Consultation services for criminal defense cases, however, are not covered under the plan. 

Welcome Bonus

There is no welcome bonus for this card. For cards meant for people with no or bad credit, this is somewhat expected.

Annual Fee

Although not outrightly stated, the Net First Platinum card has a potentially hefty annual fee. When you sign-up for the card, you are automatically enrolled in the Horizon Card Services monthly benefit plan, which costs $24.95 a month, totaling $299.40 a year. The almost $300 membership fee alone is more than the annual fee of most premium rewards credit cards that offer more lucrative perks. If you try to cancel your Horizon monthly membership, you will have to pay $6 a month and $72 a year in maintenance fees. This fee arises because it is typically waived for the monthly members. Keep in mind that if you cancel your membership, you won’t have access to all the card’s benefits.

The Net First Platinum card also comes with many small miscellaneous fees. When you first get your card, you will be charged a $5.00 one-time card issuance and account validation fee. Furthermore, as you make purchases using your card at the Horizon Outlet online store, you will have to pay a $2.50 residential delivery fee and a $3.50 signature verification fee. Other fees include an NSF check fee of $25, a late payment fee of $20 and a $25 fee for returned checks. These small fees are easy to miss but can add up if not careful.

Conclusion

The Net First Platinum card has some benefits but also many drawbacks. Its exclusive uses and subpar benefits coupled with an extremely high price make its prospective audience base severely limited. Aspiring cardholders should consider all sides carefully before deciding on this card. If you are primarily looking to build your credit score, this may not be the best card for you; however, if you are an avid Horizon outlet shopper and are looking for a card that is fairly easy to obtain, then this may be the right card for you. 

You can apply for the Net First Platinum Card online here.