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Principal Platinum Card review

For a $14.77 monthly membership fee, you get an unsecured $750 credit limit to use at the Horizon Outlet store.

    If you’re looking for a way to pay for your Horizon Outlet purchases and you can’t get a better card, the Principal Platinum could be a decent choice. However, watch out for the card’s relatively high monthly membership fee of $14.77.

  • Get this card if you have bad credit and you want to shop at the Horizon Outlet store.
  • Pick a secured card if you want to build your credit score.
  • Apply with any credit score or with no credit history.
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$177.24

Annual fee

N/A

Purchase APR (fixed)

300

Recommended credit score

Details

Annual fee$177.24
Welcome offerN/A
RewardsN/A
Purchase APRN/A fixed
Balance transfer APRN/A
Minimum Credit Score300
IssuerStore card
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Review by


Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.

Expert review

The Principal Platinum is a card you can use exclusively at the Horizon Outlet online store. If you’re looking for a card to buy groceries, gas or anything else, look elsewhere. But if you’re looking for a way to pay for your Horizon Outlet purchases and you can’t get a better card, the Principal Platinum could be a decent choice.

For starters, you can get the card without a credit check and with any credit score. Then you get an unsecured $750 credit limit, which is high for a card that doesn’t require a good credit score. Another benefit is that the card doesn’t charge interest on your purchases, meaning you can carry your balance by paying at least 10% of your balance each month or $25, whichever is higher.

How to apply for the Principal Platinum Card

Applying for the card is simple. Here’s how to do it:

  1. Click Apply now.
  2. Fill out the application form.
  3. Review the form and submit.

Note: You can cancel your account within seven days if you don’t want to keep it. Call 800-251-6144 or log in online at www.memberbenefitaccess.com to cancel your account.

What credit score do I need?

Principal Platinum doesn’t do a credit check, meaning you can apply with any credit score or with no credit history.

Principal Platinum Card benefits

  • No hard pull on your credit. You can get instant approval without a credit check or without an employment check. This means you can apply with bad credit or no credit history and still get the card.
  • High credit limit. You get an unsecured credit limit of $750. Cards for bad credit are typically stingy with the amount of credit limit they offer, which is often around $200.
  • No interest rates on purchases. It’s incredibly rare to find a credit card with a 0% intro APR period on purchases. This is one of those cards.
  • Reports to a major credit bureau. Reporting your card activity affects your credit score. Unfortunately, Principal Platinum doesn’t disclose which credit bureau, meaning changes to your credit score might not be reflected on all credit reports.
  • Risk-free trial. You get seven days to try your Principal Platinum account. If you decide you don’t like it, call 800-251-6144 log in online at www.memberbenefitaccess.com to cancel your account. If you don’t cancel your account within seven days, on the eighth day your account will be charged the monthly membership fee.
  • My Universal RX. As a cardmember, you get access to this is a pharmacy plan that offers an average of 41% discount on prescriptions and healthcare products at over 55,000 participating pharmacies.
  • My Roadside Protection. Cardmembers get up to three service calls to help you jumpstart your car, help with a tire change, fuel delivery, basic locksmith service or towing requests within a 12-month period for up to 15 miles that don’t exceed the $50 operator fee. You’re liable for the cost of any charges above that.
  • My Legal Assistance. Access the legal call center with both English- and Spanish-speaking representatives to help you with legal matters. Cardmembers get one free 30-minute consultation per year — on two separate legal matters — with a legal professional in your area. You also get access to the vast online library with information on thousands of legal and financial topics, such as bankruptcy, IRS matters, estate planning law, immigration and naturalization, personal legal services and more.

Principal Platinum Card drawbacks

  • Not a standard credit card. You can only use this card to make purchases at the Horizon Outlet store and nowhere else. If you want to buy groceries or gas, this card won’t be accepted.
  • Monthly membership fee. The card costs $177.24 annually, paid in monthly installments of $14.77. This is expensive for this type of card given you don’t earn any rewards. But if you use some of the member benefits like roadside assistance, legal assistance or discounts at select pharmacies, the benefits may offset the cost.

Compare Principal Platinum Card with two similar cards

If you don’t think the Principal Platinum Card is right for you, check out the Group One Platinum Credit Card and Net First Platinum. By comparing the three cards’ benefits, you can determine which is right for you.

Principal Platinum Card

Not yet rated

Go to site

Minimum credit score

300

Annual fee

$177.24

Purchase APR

N/A fixed

Balance transfer APR

N/A

Rewards

N/A

Welcome offer

N/A

Group One Platinum Credit Card

Not yet rated

Go to site

Minimum credit score

300

Annual fee

$177.24

Purchase APR

N/A

Balance transfer APR

N/A

Rewards

Welcome offer

Bottom line

The Principal Platinum Card is a store card you can only use at the Horizon Outlet online store. It comes with an unsecured $750 credit limit and membership benefits like roadside assistance and discounts on prescriptions at participating pharmacies. But it’ll cost you $14.77 each month.

But if you don’t think this card offers enough benefits for the cost, compare other store credit cards and you may find a better option.

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