Matrix Credit Card Reviews: Is It Worth It? (2024)Reviews, rates, fees, and customer service info for The Matrix Credit Card. Compare to other cards and apply online in secondsJohn KiernanWalletHub
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
We're sorry, but the Matrix Credit Card may no longer be available to new applicants or we may no longer be able to obtain complete information related to this offer.
Matrix Credit Card has a rating of 1.5/5 according to our proprietary credit card rating system. This rating reflects how appealing Matrix Credit Card's terms are compared to a pool of more than 1,500 credit card offers tracked by WalletHub. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is 'Rebuild Damaged Credit'. To break it down further, Matrix Credit Card earned a score of 1.7/5 for Fees, 0.0/5 for Rewards, 0.9/5 for Cost, 0.6/5 for APR, and 2.6/5 for User Reviews.
WalletHub Rating Breakdown
User Reviews
2.6/5
1,472 reviewsRead and write reviews
Market Comparison
Market Comparison
1.4
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Rebuild Damaged Credit” for this card.
Fees
1.7
Rewards
0.0
Cost
0.9
APR
0.6
Other Features
3.3
1.4/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Fair Credit, Bad Credit
Minimum Security Deposit
$0-$500*
Fees
One-Time Fees→$0
Annual Fee→$125 1st yr, $96 after
Monthly Fee→None 1st year, $10 after
APR on Purchases
30.24% (V)
Matrix Credit Card's Additional Info
•
Initial Credit Limit of $500.00* (subject to available credit)
•
Fast and easy application process; results are provided online
•
Monthly reporting to the 3 major credit bureaus
•
Use your card at locations everywhere that MasterCard® is accepted
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
User Reviews
2.6
Market Comparison
1.4
fees: 1.7
rewards: 0.0
cost: 0.9
APR: 0.6
Other Features: 3.3
3.8WalletHub Rating
WalletHub Rating
3.8
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
User Reviews
3.6
Market Comparison
3.6
fees: 5.0
rewards: 0.0
cost: 3.3
Other Features: 3.8
4.7WalletHub Rating
WalletHub Rating
4.7
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Can't find what you are looking for? Submit your question about Matrix Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card. In addition, WalletHub independently collected information for some of the cards on this page.
Ultimately, it's worth checking out our editors' latest picks for the best secured credit cards. Several secured cards have $0 annual fees, in addition to attractive rewards.
You can get a Matrix Credit Card credit limit increase by requesting it either online or over the phone at (866) 449-4514. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income the issuer has on file. The issuer will be more likely to increase your credit limit if the revised income clearly shows that you can...
To reach the Matrix Credit Card customer service, call (866) 449-4514 and then press "0" to hear the options menu. This process will get you in contact with a live representative who should be able to answer your questions or direct you to the appropriate department.
How to Talk to the Matrix Credit Card Customer Service
Call the Matrix Credit Card customer service department at (866) 449-4514. You can also use the number you see on the back of your...
If your card doesn't arrive on time, then call customer service at (866) 449-4514. They should be able to send a replacement card if the original got lost on the way.
Yes, you can use your Matrix Credit Card everywhere that accepts cards on the Mastercard network. That means you can use the card virtually everywhere in the world. Keep in mind, though, that the Matrix Credit Card has a 3%foreign transaction fee, resulting in additional charges for international purchases.
It's also worth noting that the Matrix Credit Card is no longer available to new applicants. If you're not already a cardholder and you are looking for a card that can be used everywhere, you can check out our editors' latest picks for the best credit cards for bad credit to weigh your options.
The Matrix Credit Card used to accept people with bad credit. However, the card is no longer available to new applicants. If you're looking for a credit card for bad credit, there are several options for you to choose from.
If you get approved for the unsecured version of the Matrix Card, your credit limit will be $500 with a $125 annual fee already charged on the card (i.e. $375 in available credit). Best of luck!
Unfortunately, if you have bad credit and you want a high credit line, a secured credit card is your only option. You can check our selection of secured credit cards at: https://wallethub.com/credit-cards/secured/ . Best of luck!
Share your insights and review for the Matrix Credit Card
5
11%
4
16%
3
24%
2
27%
1
21%
2.6
1,472 reviews
1,472 reviews
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oquindle_bennett @oquindle_bennett
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1 Star Rating
Verified Customer
This card is not worth the plastic that it come with. If you are rebuilding your credit, I would recommend a secured card. You are paying them after the first year $10 a month for a maint fee. That $120 just to walk around with a $500 credit limit. Then to increase your limit it will cost you. I only got this card to help my credit for a year. I close on my home next month and will be closing this card and my Credit One Visa. If you must get this card! Only do if you really need too.
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1
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heidid1 @heidid1
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1 Star Rating
Trying to apply for this card sucks. It says its for people with fair or bad credit. When you try to apply and you put in all your information and you submit your application you get a message saying sorry we could not approve you. Then it takes you a page for a unsecured page and to deposit $500 who in the hell has $500 to put on a card.
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0
0
lefteye2002 @lefteye2002
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1 Star Rating
You cannot activate this card on a Sunday because their offices are closed. Ridiculous!
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0
1
Michael Hauser @michaelh149
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4 Star Rating
I applied and was approved for $500 unsecured credit line with a 645 score.
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0
0
Bro Stephen Hopkins @brostephenh
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1 Star Rating
It slow on payment posting, don't taken electronically payments as bank send check option, as it not on clearance house for E-PMT.
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2
1
Chelsea Marie @chels8215
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1 Star Rating
The Matrix Credit Card would not be the card for me although for someone who cant get credit this may be a great starter option, a way to build. The annual fee coupled with a 29.99%APR, in comparison to other cards for those with bad or no credit the fees are pretty high. It offers no rewards. Im not sure if card has been discontinued but i would save it for a last resort and only apply if you truly need to BUILD credit.
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3
3
Kermit Patterson @kermit.a.patterson
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1 Star Rating
I have had this card for a year. When I first got it I had no credit cards or credit. I applied and received it and had to pay 75.00 annual fee out of a checking account to first get it. I read other reviews speaking of less than stellar credit and what not, that is the case with no credit. So i got this card and built up my credit right away by getting other cards. Matrix is now a MasterCard due to being sold. I am about to close this before my year is up avoiding an annual fee and those monthly fees. Also I can tell you to do Credit Karma and watch how this card reports to the credit bureaus. They bill you and then immediately report to the bureaus showing the same balance 2 months in a row, hurting your score. Also you can only pay by check online or through the mail. It takes them over 8 days to apply the payment though the money is out of your account not long after approving an online payment this also causes discrepancies on your credit report. They somewhat hinder your growth beyond needing them. If anyone does get this card, spend small and pay it monthly or off. Close it before your 1 year anniversary. If you want to try a better card for troubled credit do Credit one Bank. It is 75 the first year on your card start up with 300.0 dollar limit leaving 225. the second year is 99.00 billed at 8.50 a month and no other fees. Matrix charges 4.99 a month if you have a statement mailed to your home and not emailed. If you are smart and work hard at clearing scarred credit, you can make this card like any other bad credit card in less then a years time. Customer service sounds as if they are working out of a basement and very unprofessional.
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10
8
David Florez @uncledamfee
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1 Star Rating
This card is possibly the worst card I have ever researched. There is literally nothing positive about this card unless you are the credit company. If I had to choose one word to describe this card, it would be "predatory". I am shocked a credit card charges a $75 annual fee on top of a $12 monthly fee and a $30 fee for every $100 increase. That $30 dollar fee will add up quickly considering the starting limit is only $300. Reviewing the terms of this card makes me appreciate my Discover Open Road card, which only charges late fees like any decent credit card, 5% off of gas, and online shopping discounts. Steer clear of this Matrix card especially if you have bad credit, it will only dig you deeper into debt.
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7
3
Cody DeLong @photocody666
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1 Star Rating
The Matrix credit card is supposed to be great for people that have a bad credit history but I don't think that it's doing anyone any good. If someone starts to need a higher credit limit and have proved themselves, I think a $30 Fee per $100 needed is outrageous. I have seen similar cards from Capital One that don't have a fee structure like that and also don't have an annual fee like this card, $75. With there being a monthly fee of $12 after your first year I would be weary about signing up for this card at all, it seems like they are just out there to take your money!
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3
4
Eric May @eric.may.963
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2 Star Rating
The matrix credit card is the premiere option for individuals with low credit to use.However, the fees regarding this card seem exponentially high. For your first year you are spending 75 dollars as an annual fee, then after the first year, you are required to pay an additional monthly fee. The interest rates are also very high with the card, I would not recommend this card to anyone looking to rack up large transactions. I would also be quite weary of the purchase rate of almost 30 percent, that is higher than almost any card I have ever seen. The only purpose of this card should be to rebuild credit. Otherwise look for another card.
* WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: Matrix Credit Card and Bank of America® Customized Cash Rewards Secured Credit Card
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