*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated Aug 28, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
The NetFirst Platinum Card attempts to attract new customers by saying it has “easy terms” and can help you “start building your credit history today,” when in reality, the terms are quite confusing and misusing the card can hurt your credit.
If you’re looking to start building credit, consider other options before applying for the NetFirst Platinum Card. This card comes with tricky terms and hefty fees that you may not notice if you overlook the fine print. Whether it’s the fact that you can only use it to make purchases on one website, or the $24.95 benefits plan membership fee will be auto-debited monthly, the NetFirst Platinum Card is not the best option for building a good credit score.
Even though you may look to apply if you’re unemployed or have bad credit — since this card doesn’t require an employment or credit check during the application process — we recommend considering other cards.
Secured cards are a great alternative for people looking to build or improve credit. Many secured cards have no annual fee and some may even offer rewards. There is an upfront deposit required to access your credit limit, but it can be returned if you’re transitioned to an unsecured card or pay your balance in full and close your account. Plus, the minimum deposit is typically $200 and that’s less than what the NetFirst Platinum Card will cost you in a year.
Watch out for the fine print
Limited credit bureau reporting. While most credit cards from the major banks report your account to all three credit bureaus — Experian, Equifax and TransUnion — Horizon Card Services™ states they will report your account to “at least one major credit bureau.” That means your credit behavior may only go to one bureau, and if you apply for other credit products in the future, the lender may not pull your credit report from the one bureau Horizon Card Services™ reported to. Therefore, any credit activity on your NetFirst Platinum Card may not appear.
The monthly fee will cost you. The $24.95 benefits plan membership fee will be auto-debited monthly. That comes out to a jaw-dropping effective $299.40 annual fee that is significantly higher than other credit cards for bad and limited/no credit, and even tops many rewards cards. Considering the effective cost of holding the NetFirst Platinum Card, you should strongly consider opening other cards, like a secured card that has no annual fee.
You can’t use the card anywhere you want. The NetFirst Platinum Card has very limited use and can only be used exclusively at thehorizonoutlet.com. There you can buy select merchandise including makeup, apparel, electronics and more. Purchasing items on the site come with added fees beyond the standard shipping charges — you’ll incur a $2 delivery fee and $2.50 fee to verify your signature upon delivery.
The NetFirst Platinum Card has a few benefits, but none are really that exciting:
- Universal Rx: For select local participating pharmacies, you can receive up to 40% off covered prescription medications.
- Roadside protection: Stuck on the side of the road? You may be covered for the cost of select issues, up to three service calls or towing requests up to 15 miles, not to exceed the operator cost of $50. Maximum one call within a 30-day period and a total of three calls within 12 months. Additional terms apply.
- Legal assistance: You can receive one initial 30-minute office or telephone consultation per separate legal matter at no additional cost when you use a network attorney.
Alternatives to the NetFirst Platinum Card
Secured card: Discover it® Secured
2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
Credit line will equal your security deposit of $200 or more*
No annual fee, no late fee on your first late payment. No penalty APR*
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- See Rates & Fees
See additional details for Discover it® Secured
If you’re looking to build or improve credit, a secured card like the Discover it® Secured is a great option that comes with a $0 annual fee. You’re required to deposit $200 to access your credit limit, but when you compare that with the effective $299.40 ($24.95 x 12 months) annual fee of the NetFirst Platinum Card, it’s not a lot of money.
Plus, Discover has a helpful feature where they’ll review your account starting at eight months from account opening to see if your deposit can be returned while you still benefit from using your card.
This card is consistently our top pick among secured cards for a number of other reasons. There is a cashback program where you can earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically In addition, for new cardmembers, Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Other perks include no foreign transaction fees, a late-fee waiver on your first late payment (which is a good reminder to set up autopay), no penalty APR and more.
A card for excellent/good credit: Credit One Bank® Unsecured Visa® with Cash Back Rewards
If you don’t want to deal with depositing money for a secured card, the Credit One Bank® Unsecured Visa® with Cash Back Rewards is a decent option if you have bad/poor credit. This card does have an annual fee ranging $0-$99 based on your creditworthiness, but even if you receive the highest annual fee, it’s still less than the effective $299.40 ($24.95 x 12 months) annual fee of the NetFirst Platinum Card.
Just beware the annual fee is deducted from your initial available credit limit. So, if you receive a $300 credit limit and a $75 annual fee, your initial available credit limit is reduced to $225. This card also has a $19 annual authorized user fee — which is uncommon compared with cards from major issuers.
The Credit One Bank® Unsecured Visa® with Cash Back Rewards also offers a rewards program where you can earn 1% on eligible purchases, terms apply.
Any perks the NetFirst Platinum Card may offer are weighed down by the numerous fees and restricted use of the card. We recommend considering a secured card that can provide a simpler way to build credit as well as more benefits without the pesky monthly benefits plan membership fee.