Matrix Credit Card
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- ONE-TIME FEES None
- ANNUAL FEE $75
- MONTHLY FEE None 1st year, $12 after
- REGULAR RATE 29.99% (V)
- GRACE PERIOD 25 days
Matrix Credit Card’s Highlights
- Monthly reporting to the three major credit bureaus.
- No application fees.
- If you elect to receive your Monthly Billing Statement via paper, you will be charged a Paper Statement Fee of $4.95 per paper statement each month. You can avoid being charged this fee by electing to receive the Monthly Billing Statement electronically.
- If you are granted a Credit Limit Increase, your account will be assessed a Credit Limit Increase Fee of $30 for each $100 increase in your Credit Limit.
- Upon approval, this credit card will grant you a credit limit of $300. In some cases, you may be required to provide a security deposit to qualify for the credit card.
Matrix Credit Card’s Additional Info
- MAX LATE FEE $35
- MAX PENALTY APR None
TRANSACTION FEE None 1st yr, 3% after
- SMART CHIP No
RATE 29.99% (V)
FEE None 1st yr, $5 or 5% after
Matrix Credit Card Reviews
The grace period was nothing special. It was very typical, for a card that is aim to help repair credit, I would expect it to be longer. Overall I would never recommend this card. The late fee is about right.
The APR is fair since people with bad credit are high risk- I understand that. However I feel that this rate is too high. Once you use this card, you can never pay it off. It is like interest stacking on top of interest.… more
The Matrix Card is for people with bad credit, so its $75 annual fee in somewhat understandable. The other fees it charges aren’t, though. A $12 monthly fee starts being assessed during the second year, and while you may be able to rebuild your credit standing enough to get a credit card for fair credit by then, you might not and you don’t want to end up paying $219 per year for a credit card, especially one that doesn’t offer rewards or low interest rates. You don’t want to pay the $30 fee the Matrix card charges to increase your credit limit by $100 either.
The only reason to get an unsecured credit card for bad credit is if you have an emergency and need access to additional credit. Short of this, a secured credit card is a much better choice. Secured cards don’t have the same high fees as unsecured credit cards for bad credit because the refundable security deposit that you place protects issuers from default. The deposit also acts as your credit line, so you can increase your deposit whenever you want for free by simply adding to your deposit. The Orchard Bank Secured Card would have been a good option because it didn’t charge an annual fee during the first year. Unfortunately, after Capital One bought HSBC’s US credit card business, they discontinued this offer. The Capital One Prepaid Card isn’t bad, though; it only charges a $29 annual fee.… more
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Last updated on: Dec 11th, 2013 at 6:23 EST