Freedom Gold Card is a merchandise credit card catering exclusively to people who struggle financially to recover from bad credit and can serve as an additional financial lifeline. However, the potential applicants must understand that this card comes with a limitation – it can only be used for online purchasing at Horizon Outlet, the issuer’s online store.
If you lack any other viable financing solution, this might be your way out of financial perils, especially if you’re a person with bad credit. Freedom Gold is designed to help those who struggle with poor credit and want to make purchases online right away thus pay later. Most card issuers don’t find cardholders with lousy credit eligible for their regular offers. Thanks to Freedom Gold, they can apply for this unique card and get up to the $750 unsecured credit* limit for shopping. The card offers some benefits to the users, such as travel assistance and low application requirements.
Who Is The Freedom Card For?
The Freedom Gold Credit Card is meant for online shopping at the Horizon Outlet store. The applicants can count on a high starting credit line and 0% APR. The card comes with no credit check included, which means that the cardholders are prone to automatic membership enrollment. However, this enrollment comes with a fee. Poor credit applicants might find these fees to be a bit steep in comparison to some other solutions at their disposal.
On a more positive side, this card doesn’t include interest charges due to being a charge card. That means a cardholder should make balance payments in full every month. This is a great card for all who want to shop at the Horizon Outlet. However, we would advise caution as there are many fees included that might add to your overall expenses.
The Benefits of Freedom Gold Merchandise Credit Card
The first and most obvious benefit is no interest. This is extremely important for all those with poor credit as they can make purchases with 0% APR. While cardholders are required to make their due payments every month, this card allows them to carry a balance, free of charge. The other attractive benefits come with Horizon Card Service membership, which includes a monthly membership benefit plan. The plan includes both discounts and benefits such as:
- Legal Help
- Roadside assistance
The card is intended for those with poor credit as a financial solution that can help rebuild their financial histories, but it all depends on your current financial state. If your goal is to rebuild your credit, you should probably look into secured credit card solutions. The other Freedom Gold Card benefits include:
- Free credit report
- Travel assistance
What Are the Disadvantages of Freedom Gold Card
This is a rather expensive card that includes a monthly maintenance fee. The card also doesn’t offer any signup bonus or any other rewards for that matter, not even cash-back. Furthermore, similar cards include a rewards program on every purchase, but that is not the case with this one. Freedom Gold also doesn’t report to all three major credit bureaus, but the real problem is trying to cancel the membership. Membership cancellation includes a monthly maintenance fee. Moreover, if you’re late with your monthly membership payments for three consecutive months, your membership status changes to the basic starter package.
Should You Use the Freedom Gold Credit Card?
Since this is a card intended for people with bad credit, it’s rather expensive and, therefore, not recommendable as a viable credit-building solution. Aside from limited benefits, no rewards, and quite a few fees, the card reports to only one major credit bureau. If you’re looking for a credit card that will significantly improve your financial position, this might not be the best card for your needs. However, if an unsecured credit limit of $750 that you can use in an online retailer works for you, then the Freedom Gold Card is all you need.