The Merit Platinum Card requires no credit or employment checks, making it accessible to those with poor credit histories.
The card's initial unsecured credit limit is $500, which may increase over time as the cardholder builds their credit.
The annual fee for the Merit Platinum Card is $177.24, significantly higher than the average credit card annual fee of around $110.
Some sources mention a monthly maintenance fee of $6.95 or a $24.95 monthly membership fee, adding to the overall cost of the card.
The Merit Platinum Card can only be used for purchases at the Horizon Outlet online store, limiting its utility for everyday transactions.
While the card aims to help rebuild credit, the high fees may outweigh the benefits for some users, making it a less attractive option compared to standard credit cards.
The Merit Platinum Card does not offer any rewards or introductory offers, unlike many traditional credit cards that provide cashback, points, or sign-up bonuses.
Reviews of the card suggest that the credit limit increases over time may be gradual, potentially taking several months or even a year to see a significant increase.
Unlike standard credit cards, the Merit Platinum Card does not report account activity to the major credit bureaus, limiting its impact on improving the cardholder's credit score.
The card's credit monitoring and roadside or legal assistance benefits, while potentially useful, may not justify the high annual and monthly fees for some users.
The lack of a direct link to the cardholder's bank account means that the Merit Platinum Card does not offer the convenience of automatic payments or account management features found in many traditional credit cards.
While the Merit Platinum Card may be an option for those with poor credit, it is essential for potential cardholders to carefully weigh the costs and benefits to determine if it is the best fit for their financial needs and credit-building goals.