NetFirst Platinum Card Underdelivers on Multiple Fronts
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The NetFirst Platinum card makes a lot of promises to consumers: an unsecured $750 credit limit, no employment or credit check, and approval for those with bad or no credit. It sounds like a great option for those who want to shore up their credit scores, but it’s not.
Your account activity isn’t reported to any credit bureau, a fact that’s mentioned in a small font on the card’s website, along with a mention in the terms and conditions. The NetFirst Platinum card is actually a line of credit you can only use for purchases at a single online retailer, the Horizon Outlet. (This is also true of the Horizon Gold card, another card marketed by Horizon Card Services.)
Overall, this card isn't a good choice for those who want to build their credit. It’s expensive and inflexible, and there are far better options even for limited or bad credit.
The NetFirst Platinum card's terms and conditions spell out the limitations quite clearly: “Horizon Card Services is not a credit services organization, banking institution or insurance company, nor is it affiliated with any credit services organization, banking or insurance institution. Horizon Card Services does not facilitate or provide assistance in obtaining credit from any other credit-issuing entities. Horizon Card Services does not charge an advanced fee to establish credit and does not attempt or claim to attempt to repair a customer's credit history.”
No annual or monthly fee, but lackluster benefits
As of this writing, the NetFirst Platinum card doesn’t accrue interest or charge a monthly fee. These features sound ideal, but not when the card doesn’t help you build credit.
You'd be better off considering a secured credit card. Designed for people with no credit or bad credit, a secured card requires you to pay a security deposit upfront, usually equal to the credit limit. This money is collateral, which you’ll get back when you close the credit card account in good standing and move on to a traditional unsecured credit card. In some cases, an issuer might even offer a way for you to “graduate” to an unsecured card without having to close the account; this won't be an option with the NetFirst Platinum card.
The Discover it® Secured Credit Card, for example, is an ideal secured card. It requires a minimum of $200 as a security deposit, but it can be used anywhere that accepts Discover. Plus, it earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. All other purchases earn 1% back. It also has a sign-up bonus, which Discover describes this way: " 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."
Most importantly, Discover reviews your account starting at seven months to see whether you qualify for a regular (unsecured) credit card, in which case you'll get your deposit back. It also reports your payments to all three major credit bureaus. These are the types of built-in tools that are essential for a credit card when you’re on a credit-building journey.
You'll owe shipping, but you can’t use your card to pay for it
The Horizon Outlet — the sole retailer you can shop with using your NetFirst Platinum — has a variety of products, like clothing, home goods, electronics and toys. Prices seem comparable to what you’d expect to pay at any other discount store, but there’s a catch: Shipping fees can’t be paid for with your NetFirst Platinum card.
Since the NetFirst Platinum isn’t a Visa or Mastercard, you’ll need a traditional debit or credit card to pay this expense.
Bad or no credit, you have other options
If you’re interested in getting the NetFirst Platinum card because you want to build your credit, it won’t. Consider other more affordable options that allow you to use your card at any retailer and report your account activity to credit bureaus (see our list of best credit card offers).
As noted above, a secured credit card will generally be a better option. But of course, if you carry a balance on a secured card, you can expect to pay interest costs on your average daily balance. And it may be daunting to save up the required deposit.
If an upfront, lum-sum deposit isn’t in your budget, you can consider an alternative secured card that requires a more flexible amount that you can choose. The Chime Secured Credit Builder Visa® Credit Card doesn't charge interest or fees because you can’t carry a balance. You’ll need a Chime Checking Account to qualify, and you’ll use it to move money to the Chime Builder secured account as a deposit. The amount you choose to move determines your credit limit.
And if don't want to pay a deposit at all, see if you qualify for “alternative” credit cards. These cards typically don't require security deposits and instead rely on proprietary underwriting methods to evaluate your creditworthiness, including things like your income and your employment status.
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