Freedom Gold Card Review

Freedom Gold Card Review
The Freedom Gold Card is easy to qualify for, but comes with a monthly fee and does not earn rewards.
  • Monthly Fee:
    $14.77
  • Regular APR:
    See Terms
  • Credit Score:
    Bad Credit

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If you’ve made a few mistakes with your credit, you may be wondering how you can start to get back to a better credit score.

Fortunately, several credit cards on the market are aimed directly at helping you get out of this situation.

Credit-building cards are cards that are easy to qualify for. While they don’t offer the same benefits top credit cards do, they can be used to show credit bureaus that you’re managing your credit well, resulting in a higher credit score over time.

This article will look at one such card in particular: the Freedom Gold Card.

Freedom Gold Credit Card Pros and Cons

Pros:

  • Easy to qualify for, even with bad credit
  • No hard inquiry during the application process
  • $750 initial credit line
  • No interest

Cons:

  • High annual fees
  • Limited use
  • Only reports to one credit bureau

Freedom Gold Card Review

  • Annual Fee: $14.77 a month
  • Regular APR: See Terms.
  • Rewards: N/A
  • Foreign Transaction Fee: N/A
  • Sign-Up Bonus: None

Freedom Gold Card Features and Benefits

Reports to a Major Credit Bureau

If you want to increase your credit score, it’s vital that your activity reaches the three major credit bureaus. These bureaus are the ones responsible for creating your credit score.

As such, you need your credit usage reported to them to have any actual effect on your score.

The Freedom Gold Card reports to one of the three major bureaus. While this means that your use of the card will have some impact on your credit score, it’s far from ideal.

There are plenty of cards on the market that reports to all three major bureaus. These cards will boost your credit score far quicker and more reliably than will the Freedom Gold Card.

With just one bureau receiving reports, you have no idea how much of an impact your use of the Freedom Gold card will make on your score.

$750 Merchandise Credit Line

The initial credit line you receive with the Freedom Gold card is sizable. You begin with $750 of available credit immediately upon approval.

This is great as it allows you to capitalize on the revolving credit aspect of your credit score.

Part of what determines your credit score is how much of your available credit you use. Using less of your available credit is better for your score.

Because the credit line is decently high, the Freedom Gold card allows you to use a smaller proportion of your available credit.

That said, this line of credit is only good in certain places. You can only use your Freedom Gold card at Horizon Outlets.

This severely limits the usefulness of this card. You can’t use it on normal, everyday purchases like you would nearly any other credit-building card.

The Freedom Gold card is far less convenient than most competitors in this respect, and the fact that you can only use it at certain stores encourages unnecessary purchases.

Easy to Qualify For

The Freedom Gold card does excel in one area. It is extremely easy to qualify for.

The card doesn’t have a minimum credit score requirement. Those with bad or no credit can still get approved fairly easily.

The application process is quick and straightforward, and you can be approved instantly.

What’s more, the Freedom Gold card doesn’t do a hard inquiry when you apply, meaning your application won’t affect your credit score.

How Does the Freedom Gold Card Compare to Other Credit Cards?

#1. Freedom Gold Card vs. First Progress Platinum Prestige MasterCard® Secured Credit Card

The First Progress Platinum Prestige MasterCard® is a secured credit card designed to help you build your credit score.

The card requires a minimum-security deposit of $200. This deposit is used to establish your initial credit line, meaning you can deposit more to take advantage of revolving utilization.

The First Progress card has an annual fee of $49, significantly less than the annual cumulative fees you’d pay for the Freedom Gold Card.

APR is quite low at 9.99 %, and while this is more than the 0 % APR of the Freedom Gold Card, you can avoid paying interest by paying off your balance monthly.

One finally upside to the First Progress Platinum Prestige MasterCard®, it can be used anywhere. You aren’t limited in scope, meaning you can use the card on purchases you would make anyway.

Overall, the First Progress Platinum Prestige MasterCard® is a far better choice than the Freedom Gold Card.

#2. Applied Bank® Secured Visa® Gold Preferred® Credit Card vs. Freedom Gold Card

The Applied Bank® Secured Visa® Gold Preferred® cardis another great alternative to the Freedom Gold Card.

You can make an initial security deposit ranging from $200 to $1000, allowing you to set the credit line that’s right for you. This lets you benefit from strong revolving utilization if you have the funds available.

The annual fee is $48, which is quite a bit less than the monthly fees you’d encounter with the Freedom Gold Card.

APR is only 9.99 %, and while that is more than the Freedom Gold card charges, you can avoid it entirely by paying off your balance.

Ultimately, the Applied Bank® Secured Visa® Gold Preferred® card is far more useful and convenient for credit building purposes.

#3. OpenSky® Secured Credit Card vs. Freedom Gold Card

The OpenSky® Secured credit cardallows you to decide the right deposit for you. The minimum deposit is $200, but a larger deposit grants you access to an extended credit line.

There is an annual fee of $35 with the OpenSky® credit card. That being, it’s far cheaper than a year of monthly fees for the Freedom Gold Card.

Though the OpenSky® card carries an APR of 17.39 %, you can avoid accumulating interest, whereas you can’t avoid the monthly fees of the Freedom Gold Card.

Neither card does a hard inquiry upon application, so you won’t hurt your credit score just by applying.

#4. Discover It® Secured Credit Card vs. Freedom Gold Card

When it comes to the security deposit, the Discover It® Secured credit card is also flexible. You can deposit the $200 minimum or deposit more if you’d like a larger credit line.

The Discover It® secured credit card has a big edge in that it offers rewards. You can get 1 to 2 % cashback on any purchase made with the card.

This makes the Discover It® secured credit card far superior to the Freedom Gold Card. You can use it anywhere you normally shop and even get a bit of cash back for doing so.

Frequently Asked Questions

Is the Freedom Gold Credit Card Worth it?

In most cases, the Freedom Gold card isn’t worth its high monthly fees. It can only be used at Horizon Outlets and only reports to one of the three major credit bureaus.

What Credit Score Do You Need for Freedom Gold Card?

There is no minimum credit score required to qualify for the Freedom Gold Card.

What Is the Annual Fee for Freedom Gold Card?

The Freedom Gold card charges $14.77 a month. That means you pay $177.24 annually.

Bottom Line: Freedom Gold Credit Card Review

While the Freedom Gold card is easy to qualify for, it isn’t a great choice for building your credit.

It has very limited use, only being viable when used to make purchases at Horizon Outlets. It also charges very high monthly fees.

If you want to build your credit, you’re better off going elsewhere. There are plenty of alternative credit-builder cards on the market.

Bradon Matthews
Bradon Matthews

Bradon Mathews is a personal finance writer & product analyst with a breadth of experience. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. His passion is providing practical advice so you can feel more confident managing your money. Bradon attended Colorado State University where he studied Philosophy.