A Net First Platinum card is a so-called “merchandise card,” which you can only use for purchases from a single online catalog. Net First Platinum is for the Horizon Outlet, which sells clothing, cookware, tools, toys and more. But the products aren’t really from well-known manufacturers.
The Net First Platinum card is easy to get. It doesn’t do a pull of your credit report or check whether you’re employed. It also offers a $500 credit line, which can look attractive to people with bad credit. But the card’s restricted use and high fees make it a bad choice.
Here’s what you should know about the Net First Platinum card:
- It’s a “merchandise card” that works only at Horizon Outlet.
- You can use the card to purchase goods from clothes and toys to tools and books. But you won’t find many major manufacturers among the choices.
- The card doesn’t do a credit pull when you apply, so mistakes from the past won’t keep you from getting it. The application doesn’t ask whether you’re employed either.
- The Net First Platinum card offers a $500 limit to everyone who is accepted.
- The card does report information about your account to the credit bureaus monthly.
- You have to pay a $5.00 fee just to activate your card. There’s also a monthly fee of $6 - $24.
- Net First automatically enrolls you in a program that costs $24.95 per month. It gives you “My Privacy Protection, My Universal RX, My Roadside Protect and My Legal Assistance benefits.”
- The benefits from the $24.95/mo. plan are absolutely not worth the fee. They amount to 40% off prescriptions at certain pharmacies, roadside assistance and free 30-minute legal consultations.
- Even if you call Net First and say you don’t want the benefits, they’ll still charge you $6 per month just to keep the card open.
So between the fact that you can only use your card at an online outlet that doesn’t carry a great selection of goods and the fact that you have to pay $72 to $300 just to keep your card, this is a bad deal.
If you have bad credit and need a credit card, go for something reliable like Capital One Secured or Discover it Secured. There’s even one that doesn’t do a credit check, the OpenSky Secured Visa.