Matrix Credit Card Reviews
About Matrix Credit Card
The Matrix Credit Card, offered through Continental Finance, is designed to help individuals build their credit. This is a viable option for those who have poor credit, lack of credit or no credit at all. They offer secured, unsecured and partially secured credit cards all through Discover.
The application process can be completed online and there are no application fees or processing fees. Once you decide which type of card you want, simply fill out the online application and submit it for approval; often times you will be approved within minutes. The credit limit for these cards starts at $300.00 and there is a $75.00 annual fee for the first year. After the first year, there is a monthly maintenance fee of $12.00. If you choose the secured credit card options you are required to put down a $300.00 security deposit as well.
Other fees that apply to the card include: a $25.00 late payment fee, a $35.00 returned payment fee, a $30.00 fee for a $100.00 credit limit increase, a $30.00 fee to add an additional card holder and a $4.95 paper billing fee. To avoid interest charges on your credit card purchases you can choose to pay off your entire balance on time each month, this will save you money in the end. You can always access your account through their 24/7 online account access; this benefit enables you to monitor and manage your account at any time.
Most of the negative online reviews, by Matrix cardholders, have to deal with the fees associated with the card’s terms of service. All of these fees create somewhat of a setback for people as they are attempting to repair their credit. Even though it may seem that the Matrix Credit Card’s terms don’t adhere to the rules and regulations of the Credit Card Act of 2009, this is not the case.
Because many credit card companies must adhere to strict underwriting guidelines, they are often not able to extend credit to those who pose a risk to them. The unfortunate side to this is that these individuals are often preyed upon by credit card companies who can make money off of their misfortunes and limited resources.
Before applying for the Matrix credit card, consider all your options. Credit Unions may provide a good solution because they offer lower interest rates and better yields. Credit Unions are not-for-profit, member-owned, financial institutions. They offer affordable products and make lending decisions based on each individual’s circumstances rather than solely on their credit scores. In addition, research other credit card companies who are willing to work with consumers with poor credit, there are others that offer reasonable rates.