The Matrix Credit Card: Not the Best Choice for Building Credit - NerdWallet
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The Matrix Credit Card: Not the Best Choice for Building Credit

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Haunted by the ghost of bad credit, Average Joe looks to the web for an answer to a predicament that casts a shadow over him and millions of others across the nation. A quick search brings up the Matrix credit card website, immediately opening to an application. He skims the site and decides against the flashy “no application fee” ploy he’s seen so many times before.

Upon closing the window, a picture of “Tina,” a smiley Matrix card representative in a pop-up chat window, stops him. “Hi, I have a few questions,” he types out of curiosity. An immediate response appears with a blazing “APPLY NOW” link nestled between seemingly innocuous card details. “Hi, I wanted to know if…” Another rush of card details even before he finishes.

The Matrix Credit Card is not only another trap for those suffering from bad credit, but also just down right creepy. If you’re like Average Joe here and are looking for a way to rebuild your credit, steer clear of the Matrix Credit Card.

A feigned friendly face

The Continental Finance Company has really outdone itself with this card. Claiming to cater to “consumers who are largely overlooked by traditional credit card issuers and banks,” CFC did its homework and figured out exactly how to trick those who need the most help.

The Matrix card comes in a secured and unsecured version – both with an initial $300 credit limit. The only difference between the two is the required upfront security deposit for the secured version. Otherwise, both have a variable 29.99% APR for purchases and cash advances (effective at the time of the cash advance transaction), and a mountain of fees that are masterfully constructed and just as unforgiving.

They advertise no application fee and working within the Discover card market. The latter isn’t much to brag about – Discover cards are hardly accepted around the US, let alone internationally. And the promise of no application fees stops there.

A fee frenzy

The Credit CARD Act of 2009 set forth restrictions to protect cardholders, and decided that issuers are only allowed to charge up to 25% of the credit limit in fees during the first 12 months. The makers of the Matrix Credit Card were well aware of the hurdles and made sure to bound right on cue. That’s why the Matrix card has a $75 annual fee attached to its fixed $300 credit limit, effectively shrinking that to $225. Tricky, Matrix, but you aren’t fooling us.

The Matrix card makes sure to celebrate your anniversary as a cardholder with a mess of fees you wouldn’t wish upon your worst enemy. As soon as the 12-month CARD Act protection expires, these fees are immediately effective:

  • Monthly maintenance fee of $12 per month (on top of your annual fee)
  • Cash advance fees of $5 or 5% of each transaction
  • 3% foreign transaction fee
  • $25 late payment fee each billing cycle, turning into $35 if you’ve missed 6 cycles
  • $35 returned payment fee
  • Credit limit increase fee of $30 for every $100 increase
  • $30 one-time fee per additional user on the card
  • $4.95/month fee for paper statements (online banking is free, but make sure to manually opt out of paper statements to avoid fees)

And if you find a mistake on your statement, you have to file your complaint by mail and wait up to 90 days, during which you’ll still be charged interest. Hopefully your claim is valid because if they didn’t make a mistake, you’ll be charged the full amount including interest and any applicable delinquent fees.

Is the Matrix all there is?

Many of the cards whose fees and interest rates we find exorbitant cater to those with poor or no credit. Issuers often say that their fees and APRs are justified because, well, who else is going to lend to these people? This is just accurately pricing in credit risk. We didn’t think this was necessarily the case – those with bad credit can still find, if not cheap, then decently priced options.

Credit unions, not-for-profit and member-owned financial institutions, are known both for their affordable products and their willingness to make lending decisions based on a holistic view rather than a snap judgment of credit scores. We recommend that anyone with less-than-stellar credit who’s considering the Matrix evaluate their credit union options first.

“I can say emphatically that any consumer looking for credit should shop around, and most importantly, they ought to include at least one credit union in those shopping plans,” says Mike Schenk, VP of Economics and Statistics at the Credit Union National Association (CUNA). Schenk noted that:

  • As not-for-profit cooperatives, credit unions aren’t beholden to shareholders. Instead, they return their profits to their members in the form of lower interest rates and better yields.
  • Credit unions aren’t trying to convince borrowers to take out loans they shouldn’t be getting. They don’t have any incentive to make unsafe or usurious loans.
  • According to Schenk, a consumer with a $5,000 average credit card balance balance will save roughly $130 per year by using a credit union.
  • Credit unions are, on average, about 15 times smaller than big banks, and have the desire and capacity to evaluate borrowers’ personal circumstances when making credit decisions.

Alternative Solutions

Luckily, the Matrix isn’t your only way out of the dark. Greg Meyer of Meriwest Credit Union offered a solution for subprime borrowers: secured share loans. These loans are taken out against a credit union deposit, and require no credit check. The interest rate charged is usually around 3-4% now, and on-time payments are reported to credit bureaus. It’s like a secured credit card, minus the high fees and exorbitant interest rates.

“Everyone with severely bad credit has a story to tell of why or how they got to that point,” says Meyer. In this lending climate, some people can’t even qualify for secured credit cards from big-name banks like Capital One or Bank of America.

“If someone cannot get a secured card from Bank of America or Wells Fargo,” says Meyer, “then they have some very serious unpaid debt issues. We are not dealing with just a foreclosure or a couple of overdue credit cards or car loans. If someone cannot get a secured credit card, they have no business shopping for credit. When I meet with those sorts of borrowers I recommend they utilize Secured Share Loans to rebuild their credit standing.”

Words of warning

If you’ve been dissuaded from the Matrix card, there are still a few other products to look out for. Prepaid debit cards, for one, can come with just as many fees as the Matrix (if not more) and do absolutely nothing for your credit since you aren’t borrowing money. The Net First Platinum card is equally malicious, posing as a credit card, but is actually no more than a glorified gift card riddled with fees, and can be used only on the Horizon Outlet website.

Overall, just be careful of what’s out there. Issuers know your weaknesses and take no mercy on those of us looking for a little help. Watch out for offers that are too good to be true because, generally, they are. Remember that credit unions are not-for-profit, and are far more likely to have your best interests at heart.

  • Did you find this article helpful?
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  • Dana

    This article is good for those people who plan on paying them back. Not deadbeats like me.

  • Dana

    This article is good for those people who plan on paying them back. Not deadbeats like me.

  • Why me

    This is good additional information. I just receive this card and my first card payment was 35, i paid it on time and my second payment was 95 and I knew something they were crazy. I am going to pay them off as soon as I can and cancel this card.

  • Why me

    This is good additional information. I just receive this card and my first card payment was 35, i paid it on time and my second payment was 95 and I knew something they were crazy. I am going to pay them off as soon as I can and cancel this card.

  • Stephen Hopkins

    I got this card same as it say here, here my story, I pay the $75.00 fee and another $75.00 payment and $100.00 payment, as got balance of $46.00 and $1.00 availble credit more than five days after all payments posted as I made another $118.00, so my credit limit would be $368.00 because paying for magazine bills so that be at the $300.00 limit mark! as try purchase gas as window on pump say see the cashier! it’s sure a creepy credit card can’t feel secured from being embarrassment at pump or checkout! gonna see how long the $1.00 availble staying on there, as keep checking on it everyday if it does could be a scam credit credit card.

    • http://www.facebook.com/people/Rosetta-M-Wilson/100000879853755 Rosetta M Wilson

      Oh My Stephen, You made all them payments and still says $1???!!! Can you keep us posted? I’m starting to get the creeps now.. I just got mine in the mail.

  • Stephen Hopkins

    I got this card same as it say here, here my story, I pay the $75.00 fee and another $75.00 payment and $100.00 payment, as got balance of $46.00 and $1.00 availble credit more than five days after all payments posted as I made another $118.00, so my credit limit would be $368.00 because paying for magazine bills so that be at the $300.00 limit mark! as try purchase gas as window on pump say see the cashier! it’s sure a creepy credit card can’t feel secured from being embarrassment at pump or checkout! gonna see how long the $1.00 availble staying on there, as keep checking on it everyday if it does could be a scam credit credit card.

  • justrite

    essentially you and your card are bank. that’s what extensive list demonstrates to me. this is probably typical overhead for a traditional bank. in order to process transactions. you’re just minus the licenses. either way be very careful with the plastic.

  • justrite

    essentially you and your card are bank. that’s what extensive list demonstrates to me. this is probably typical overhead for a traditional bank. in order to process transactions. you’re just minus the licenses. either way be very careful with the plastic.

  • joel

    eh, I got this card to help build my credit up a bit. I knew about the 75 dollar fee going into it. As long as you pay it off every month you will be fine. Cancel it after 11 months once you have built up some credit and get a card that doesnt rape you on fees.

    • B Mac

      You understand closing the credit card account, (Even you do it and it’s in good standing). The 10 point increase you pay in that 11 months will hurt your score more. See when you close the account it lowers your debt to credit ratio. This is also a high value item in relation to your overall credit rating. You can implement your original and pay all the fees etc. Than just stop using the card and make sure it has a zero balance. Than it will continue raising your score because your credit score will be impacted in a positve way because you are also credited for the amount of open accounts in good standing…

      • mommatocharlie

        And it will continue to accrue annual fees until you cancel it, too.

      • mommatocharlie

        And it will continue to accrue annual fees until you cancel it, too.

  • joel

    eh, I got this card to help build my credit up a bit. I knew about the 75 dollar fee going into it. As long as you pay it off every month you will be fine. Cancel it after 11 months once you have built up some credit and get a card that doesnt rape you on fees.

  • Hira Ballabh

    Matrix is excessively expensive. Lyca prepaid for uk is value for money. Never go for post paid Matrix sim.

  • Hira Ballabh

    Matrix is excessively expensive. Lyca prepaid for uk is value for money. Never go for post paid Matrix sim.

  • jerry

    thanks wish I read this first now I’am out $75.00 and charged once paid every thing in full and told that I have 8 days before it post. if you add in the two days it took to show up as to a payment thats ten days or a third of a month. I will not be embaressed with a declined at the checkout. I will cancel my card in six to ten months.

  • jerry

    thanks wish I read this first now I’am out $75.00 and charged once paid every thing in full and told that I have 8 days before it post. if you add in the two days it took to show up as to a payment thats ten days or a third of a month. I will not be embaressed with a declined at the checkout. I will cancel my card in six to ten months.

  • billy b

    Havnt received my card yet. Do I still have the opportunity to cancel now???

    • gary d

      have u heard anything yet

  • billy b

    Havnt received my card yet. Do I still have the opportunity to cancel now???

  • Karen

    Yes, I wish I had read this before accepting this scam card. I knew about the $75 fee, but wanted this mainly as a gas card, since I commute over 90 miles one way. So the inconvenience of having to go inside the store every time I wanted to use this made me start to reconsider.

    I decided to get rid of the card for good when I made a payment and then a week later I couldn’t use the card for gas. When I called, it was just like Jerry says – they post the payment to your account but won’t clear the card for the available credit for 7 business days . Yep that means the card can not be available to you for 10 days – but they sure as hell charge you interest for the whole 30!

    Just got my holiday bonus and paid this sucker off. Once it shows as available credit, I’ll cancel, as I was able to get a Capital One with a higher limit and much better terms to restore my credit. I should have asked them first.

  • Karen

    Yes, I wish I had read this before accepting this scam card. I knew about the $75 fee, but wanted this mainly as a gas card, since I commute over 90 miles one way. So the inconvenience of having to go inside the store every time I wanted to use this made me start to reconsider.

    I decided to get rid of the card for good when I made a payment and then a week later I couldn’t use the card for gas. When I called, it was just like Jerry says – they post the payment to your account but won’t clear the card for the available credit for 7 business days . Yep that means the card can not be available to you for 10 days – but they sure as hell charge you interest for the whole 30!

    Just got my holiday bonus and paid this sucker off. Once it shows as available credit, I’ll cancel, as I was able to get a Capital One with a higher limit and much better terms to restore my credit. I should have asked them first.

  • Pingback: Things Get Scary Within The Matrix | The Firm PLLC()

  • Andy

    I pay most of my bills through Bill Pay from my Sun Trust account. I paid a $150 on 12/18/12 and it has not been posted to the Matrix account (a week later). I sent an email to Sun Trust and was told that if it wasn’t posted within 10 days I could put a stop payment on the check without being charged a fee. Shouldn’t someone from Consumer Affairs or the US GGovernment look into what this Credit Card Company is doing?

  • Andy

    I pay most of my bills through Bill Pay from my Sun Trust account. I paid a $150 on 12/18/12 and it has not been posted to the Matrix account (a week later). I sent an email to Sun Trust and was told that if it wasn’t posted within 10 days I could put a stop payment on the check without being charged a fee. Shouldn’t someone from Consumer Affairs or the US GGovernment look into what this Credit Card Company is doing?

  • Ree

    Whatever you do…DO NOT GET THIS CARD !. They will call you before yur first payment is due, tack on late fees even if you’re not late, and increase your minimum payments. I’ve had this card less than a year and I so dissatified at thier level of service. I have other credit cards that are way better than this one. I have never been late paying on this card or any of my other accounts. If you get them to waive a late fee, they act like they are doing you a favor and tell you that you can only have a late fee waived one time, once a year even if it’s not your fault. My advice: there are better choices out there so do your homework.

  • Ree

    Whatever you do…DO NOT GET THIS CARD !. They will call you before yur first payment is due, tack on late fees even if you’re not late, and increase your minimum payments. I’ve had this card less than a year and I so dissatified at thier level of service. I have other credit cards that are way better than this one. I have never been late paying on this card or any of my other accounts. If you get them to waive a late fee, they act like they are doing you a favor and tell you that you can only have a late fee waived one time, once a year even if it’s not your fault. My advice: there are better choices out there so do your homework.

  • DEKO

    his Card IS Great They DO EXACTLY WHAT THEY SAY.. They Have Helped Me
    Inrpove My Credit Already. Yes They Have High Fees. BUT THEY DO NOT
    REQUIRE YOU TO BANK WITH ANYONE OR THEM.. So IT IS GREAT….. IF YOU
    HAVE BAD CREDIT YOU CAN EXPECT TO PAY HIGH FEES. :)) Anyways THANK YOU
    THANK YOU! Because Of Credit Karma I GOT APPROVED AND YOU KNOW WHAT IS
    FUNNY IS I APPLIED FOR The Unsecured. AND DID NOT GET IT I AM THANKFUL
    THAT I GOT THE SECURED AND DID NOT WASTE A CREDIT CHECK. If YOU DO NOT
    WANT YOUR CREDIT CHECKED GO TO OPEN SKY.

  • DEKO

    his Card IS Great They DO EXACTLY WHAT THEY SAY.. They Have Helped Me
    Inrpove My Credit Already. Yes They Have High Fees. BUT THEY DO NOT
    REQUIRE YOU TO BANK WITH ANYONE OR THEM.. So IT IS GREAT….. IF YOU
    HAVE BAD CREDIT YOU CAN EXPECT TO PAY HIGH FEES. :)) Anyways THANK YOU
    THANK YOU! Because Of Credit Karma I GOT APPROVED AND YOU KNOW WHAT IS
    FUNNY IS I APPLIED FOR The Unsecured. AND DID NOT GET IT I AM THANKFUL
    THAT I GOT THE SECURED AND DID NOT WASTE A CREDIT CHECK. If YOU DO NOT
    WANT YOUR CREDIT CHECKED GO TO OPEN SKY.

  • jamar0033

    “Discover cards are hardly accepted around the US, let alone internationally.”

    One exception: China. Thanks to their agreement with the local credit/debit/ATM network they are treated as local- that means that any shop that takes local credit cards will take yours, and that any ATM in the country will accept your card even if it has a “foreign cards not accepted” sign on it. Not quite worth those fees, though- there are plenty of Discover-based alternatives for frequent travelers to China with poor credit (heck, getting a secured credit card at a local bank on arrival will cost you less than this).

  • jamar0033

    “Discover cards are hardly accepted around the US, let alone internationally.”

    One exception: China. Thanks to their agreement with the local credit/debit/ATM network they are treated as local- that means that any shop that takes local credit cards will take yours, and that any ATM in the country will accept your card even if it has a “foreign cards not accepted” sign on it. Not quite worth those fees, though- there are plenty of Discover-based alternatives for frequent travelers to China with poor credit (heck, getting a secured credit card at a local bank on arrival will cost you less than this).

  • Jennifer Laniado

    I got an offer for this in the mail and went online to check it out- was approved. I was aware of the 75 fee but not all the other crap listed above. I haven’t received the card yet, so can I still opt out of this? My original plan for the card was to just carry a very low 25-50 balance on it to show that I have available credit that I am not using on my credit report. 12 bucks a month won’t kill me, but I am very worried about this card now.

    • http://www.facebook.com/profile.php?id=1372099244 Melvin Moore

      people need to stop listening to all of the untrue horror stories of those rejected…give it a chance…there is no rule thats say you HAVE to use it!!!

      • Jmc

        I will let you know there are over 122 complaints with respect to Continental Finance Company(CFC) and also there are complaints to Services Credit Union That have already gone to the legal department of Banking Regulators in the State of Illinois. There are a lot of truths to what people are saying here as I am one of those who was affected by CFC’s blatant disregard for following CFC regulations when it came to timely processing of the payment and there are numerous other complaints in various other states on file with the better business bureau. And these are not stories from people rejected so you need to get your facts straight when addressing an issue.

      • mommatocharlie

        People SHOULD definitely pay attention to all of the comments. And I suggest you get your head out of the sand for suggesting that they should stop listening to the horror stories. These horror stories are more the rule than the exception.

      • Maggie Williams

        I have had this card for around 6 moths and I have had no problems with it. I have read all of the bad experiences people have had with Matrix and I am sorry that they had these bad experiences but I have not had any. I am going to pay this card off and close my account because I got another card with a $500.00 credit limit and in 5 moths time my credit limit is already $1300.00. I do not need another credit card. Besides they have never increased my credit limit.

        • Melvin Moore

          very smart woman!

  • Jennifer Laniado

    I got an offer for this in the mail and went online to check it out- was approved. I was aware of the 75 fee but not all the other crap listed above. I haven’t received the card yet, so can I still opt out of this? My original plan for the card was to just carry a very low 25-50 balance on it to show that I have available credit that I am not using on my credit report. 12 bucks a month won’t kill me, but I am very worried about this card now.

  • http://www.facebook.com/rebecca.munoz2 Rebecca Muñoz

    I have not received my card. .. can I just not activate it and throw it away? Or am I screwed already?

    • Jennifer Laniado

      I’m right there with you! I read something about opting out on the agreement when I was approved, but don’t even want to think about dealing with the customer service department to find out how to opt out.

    • Jmc

      Do not activate it. And do not pay the fee.

  • http://www.facebook.com/rebecca.munoz2 Rebecca Muñoz

    I have not received my card. .. can I just not activate it and throw it away? Or am I screwed already?

  • http://www.facebook.com/max.thumper Max Thumper

    My payments are always due on the 17th of the month, I always pay on the first, that way the 8 day period still keeps me well within the time period so I’m not late, that way as well as being paid in full each month so I don’t pay interest, I keep increasing my credit score.

    • Melissa Steinmetz

      That’s the point of the card, to help you build good credit. The people on here complaining are the ones who pay late or don’t read terms and conditions

      • mommatocharlie

        Not necessarily—I always pay on time, usually several days early. My credit score has NOT increased, and my credit habits have not changed, neither has my credit score. Melissa—do you work for Matrix? Sounds like it to me.

  • http://www.facebook.com/max.thumper Max Thumper

    My payments are always due on the 17th of the month, I always pay on the first, that way the 8 day period still keeps me well within the time period so I’m not late, that way as well as being paid in full each month so I don’t pay interest, I keep increasing my credit score.

  • Adrian Lewis-Walker

    My payments are always due on the 17th of the month, I always pay on the first, that way the 8 day period still keeps me well within the time period so I’m not late, that way as well as being paid in full each month so I don’t pay interest, I keep increasing my credit score.

  • http://www.facebook.com/cassieblackwell2 Cassie Blackwell

    Thanks for the info. I just ripped up my app and threw it in the trash.

  • http://www.facebook.com/cassieblackwell2 Cassie Blackwell

    Thanks for the info. I just ripped up my app and threw it in the trash.

  • Joyce

    Thanks to all of you for you input. I received the application today and tore it up in small pieces…….:-)

  • Joyce

    Thanks to all of you for you input. I received the application today and tore it up in small pieces…….:-)

  • gary d

    i sent this application back approving me but now i dont want , how can i stop it or do i just not activate it

  • gary d

    i sent this application back approving me but now i dont want , how can i stop it or do i just not activate it

  • Katrina D

    thank u u save me from applying for this card

  • Katrina D

    thank u u save me from applying for this card

  • http://www.facebook.com/jessica.dietz.79 Jessica Dietz

    Ive had my card for sometime. I pay it on time with my debit card. My credit is immediately restored and can use. The card has served its purpose for me. Charge s grocery tab or fill up with gas. Then pay off neext month. I am pleased!!!!

  • http://www.facebook.com/jessica.dietz.79 Jessica Dietz

    Ive had my card for sometime. I pay it on time with my debit card. My credit is immediately restored and can use. The card has served its purpose for me. Charge s grocery tab or fill up with gas. Then pay off neext month. I am pleased!!!!

  • cj

    Thanks alot for these posts. I was about to submit via online instead of mailing to quickly receive it because I wanted to try to get my credit score more boosted, but it is more cons to having this card than pros, and this was the first thing that popped up when I googled it. Thanks alot for helping me to make a quick and easy decision instead of a bad mistake.

  • cj

    Thanks alot for these posts. I was about to submit via online instead of mailing to quickly receive it because I wanted to try to get my credit score more boosted, but it is more cons to having this card than pros, and this was the first thing that popped up when I googled it. Thanks alot for helping me to make a quick and easy decision instead of a bad mistake.

  • Gloria

    AVOID MATRIX credit card like the Plague!!!!! Big mistake. They’ve had my $300 since August 20, 2012. I never activated my cards because of the $75 annual fee, $35 x-tra card fee, $4.95 per month paper fee, $144 annual fee after the 1st year….shall I go on? Requested refund Sept. 7, 2012. Never responded to any of my communications. Their telephone lines not open on the days and times they stated. It is now March of 2013. This is how they do business. Steal people’s hard-earned dollars.
    Stay Away if you know what is good for you. I regret ever so much.

    • Jmc

      Contact Services Credit Union They are the owners of the Card not Continental Finance Company. Speak with Cathy Pettis Senior VP for Services Credit Union. I closed out my account with her after issues with (CFC)

  • Gloria

    AVOID MATRIX credit card like the Plague!!!!! Big mistake. They’ve had my $300 since August 20, 2012. I never activated my cards because of the $75 annual fee, $35 x-tra card fee, $4.95 per month paper fee, $144 annual fee after the 1st year….shall I go on? Requested refund Sept. 7, 2012. Never responded to any of my communications. Their telephone lines not open on the days and times they stated. It is now March of 2013. This is how they do business. Steal people’s hard-earned dollars.
    Stay Away if you know what is good for you. I regret ever so much.

  • http://www.facebook.com/tdraten1 Troy Deacon Draten

    I GOT MY CARD PAID THE 75.00 APP FEE GOT THE BALANCE BACK TO 300 DOLLARS NEVER USED THE CARD AND MY FIRST STATMENT COME IN SAYING I OWE 102.00 AVAILABLE BALANCE IS NOW 197.00 I NEVER USED THE CARD WHAT HAPPEN TO NO ANNUAL FES FOR A YEAR.IF THEY DONT FIX THIS IM CANCELING.

    • Jmc

      Contact Services Credit Union They are the owners of the card. Ask to speak to Cathy Pettis Senior Vice President there. She is very good at helping you get a resolve to the issues.

      • stupid_card

        Thank you! I will contact her for sure!

  • http://www.facebook.com/tdraten1 Troy Deacon Draten

    I GOT MY CARD PAID THE 75.00 APP FEE GOT THE BALANCE BACK TO 300 DOLLARS NEVER USED THE CARD AND MY FIRST STATMENT COME IN SAYING I OWE 102.00 AVAILABLE BALANCE IS NOW 197.00 I NEVER USED THE CARD WHAT HAPPEN TO NO ANNUAL FES FOR A YEAR.IF THEY DONT FIX THIS IM CANCELING.

  • josie

    can I close the account?

  • josie

    can I close the account?

  • Miss Jackson

    Was going to apply for the card but after I read everyone’s comment it really help me to say no I really don’t want this one. Thanks to everyone i just got my credit on the right track and I am not about to mess it up now thank you all this is going to the trash

  • Miss Jackson

    Was going to apply for the card but after I read everyone’s comment it really help me to say no I really don’t want this one. Thanks to everyone i just got my credit on the right track and I am not about to mess it up now thank you all this is going to the trash

  • http://www.facebook.com/ishmael.beniga Ishmael Beniga

    i got a mail for matrix and i think it saids for people have less credit and i was got scared coz i just got approved amex gold 2 weeks ago and my credit score is 730. hmmm

  • http://www.facebook.com/ishmael.beniga Ishmael Beniga

    i got a mail for matrix and i think it saids for people have less credit and i was got scared coz i just got approved amex gold 2 weeks ago and my credit score is 730. hmmm

  • Ebony Ballard

    I wish I read this before. I got the card today and activated it. I will pay the $75 and not use this card. I don’t want the headache.

    • Margaret Mosca

      Call and Cancel it! If u did not use the card you can get out of the fee bc it is in their terms of agreement.

      • Melissa Steinmetz

        No- as long as you haven’t made any purchases just call the number on the back of your card and they will deactivate it for you.

      • Matrix Crooks and Liars

        While you should always read the fine print on a legally-binding document, failing to do so is particularly dangerous when you’re dealing with crooks like Continental Finance.

        If you have received a monthly billing statement, it’s too late to reconsider that outrageous activation fee–wave your $75 goodbye; it’s gone for good.

        Here is what their Terms of Agreement really says:

        You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement. If you do reject the plan, you are not responsible for any fees or charges.

  • Ebony Ballard

    I wish I read this before. I got the card today and activated it. I will pay the $75 and not use this card. I don’t want the headache.

  • A Broom

    I kept coming across this card with the “Discover” logo for Matrix. So, me being me – looking a little further found out there is “Nerd Wallet” “Great job !!! all of Your Team” will help a lot of troubled creditees / debtors. Thanks. //A2B//

  • A Broom

    I kept coming across this card with the “Discover” logo for Matrix. So, me being me – looking a little further found out there is “Nerd Wallet” “Great job !!! all of Your Team” will help a lot of troubled creditees / debtors. Thanks. //A2B//

  • http://www.facebook.com/jason.chavez2 Jason Chavez

    I have this card and i have had no problems sue the fees are high but my credit is really bad and has improved with the use of the card plus them call with payment reminders and my payments show up immediately. also I am not sure why this author started that discover is not accepted in many places when everywhere you go discover is accepted.

    • http://www.facebook.com/edwardryan9025 David E. Ryan

      I just got this card unsecured, Trying to pay off the annual fee of $75 their website does not
      come up and their customer service Number is Not in service. I will cut this card up and say Iam fucked for $75

      • new to it

        1-866-449-4514…customer service numver

    • http://www.facebook.com/people/John-Frykman/100000835354735 John Frykman

      Try using it abroad. Or try using it at a self fuel gas station who will ding you for $150 as a credit hold until they clear the actual charge sometimes as long as 3 days later?

    • mommatocharlie

      Because Discover is NOT universally accepted as are VISA and Mastercard.

  • http://www.facebook.com/jason.chavez2 Jason Chavez

    I have this card and i have had no problems sue the fees are high but my credit is really bad and has improved with the use of the card plus them call with payment reminders and my payments show up immediately. also I am not sure why this author started that discover is not accepted in many places when everywhere you go discover is accepted.

  • http://www.facebook.com/saywho.sayweird Saywho Sayweird

    To everyone currently saying “Can I cancel this thing or am I f*cked”

    This comes directly from the terms and conditions portion of the website, near where it says APR in big bold letters.

    “You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement. If you do reject the plan, you are not responsible for any fees or charges.”

    So bottom line, you filled out the sleezy application and then decided to research the company. Stupid, but I did it too. Don’t freak out, just DONT USE OR PAY ANYTHING ON THE CARD. Take that credit card, chop it up and throw it away, or if you haven’t paid the deposit yet, don’t.
    Expect numerous emails and perhaps even a sales person calling you, trying to get you to agree to make your ‘”deposit” so you can get your card. Ignore them, say no when and if they call, and keep an eye on your credit file for the next couple of months just to be sure they aren’t trying to pull anything. If they do, it’s time to write the FTC.

  • http://www.facebook.com/saywho.sayweird Saywho Sayweird

    To everyone currently saying “Can I cancel this thing or am I f*cked”

    This comes directly from the terms and conditions portion of the website, near where it says APR in big bold letters.

    “You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement. If you do reject the plan, you are not responsible for any fees or charges.”

    So bottom line, you filled out the sleezy application and then decided to research the company. Stupid, but I did it too. Don’t freak out, just DONT USE OR PAY ANYTHING ON THE CARD. Take that credit card, chop it up and throw it away, or if you haven’t paid the deposit yet, don’t.
    Expect numerous emails and perhaps even a sales person calling you, trying to get you to agree to make your ‘”deposit” so you can get your card. Ignore them, say no when and if they call, and keep an eye on your credit file for the next couple of months just to be sure they aren’t trying to pull anything. If they do, it’s time to write the FTC.

  • Jenn D

    I have had the card for about 6 months now and it is such a hassle. The card keeps getting declined even though I have a balance of $200 available. It seems like I can’t use the card two days in a row. I never feel comfortable using the card so my plan is to pay it off and cut it up. Do not get this card!!!!

  • Jenn D

    I have had the card for about 6 months now and it is such a hassle. The card keeps getting declined even though I have a balance of $200 available. It seems like I can’t use the card two days in a row. I never feel comfortable using the card so my plan is to pay it off and cut it up. Do not get this card!!!!

  • just sayin

    I don’t understand why people just apply for a credit card and not even think to read the terms and conditions if you have poor credit to begin with don’t you think you should at least be sure what you’re applying for, I don’t think the company should be bad named when people can’t be responsible enough to not read something that could take 5 minutesto better understand what’s going to affect your credit

    • Jmc

      I would like to point out to you that despite the terms on this card there are Federal Regulations that the Continental Finance Company violates and I have notified Service Credit Union of the issue including the Illinois Banking Regulators who have informed me that letters were going up to the legal department. Do not believe everything you read and know your Regulations this way you can put them on the defensive.

      • Melissa Steinmetz

        What terms specifically?

        • Guest

          You left us hanging! I also would like to hear about these regulations we should read up on.

      • Chase

        You left us hanging! I also would like to hear about these regulations we should read up on.

  • just sayin

    I don’t understand why people just apply for a credit card and not even think to read the terms and conditions if you have poor credit to begin with don’t you think you should at least be sure what you’re applying for, I don’t think the company should be bad named when people can’t be responsible enough to not read something that could take 5 minutesto better understand what’s going to affect your credit

  • mbcfood@aol.com

    beware I just called for third time to have this account closed due to the ridiculous fees. $219 for annually for a $400 credit line. They do not get it, had the nerve to say I still had to pay the balance which of course I do not as I closed it before the BS 75.00 annual and the bogus 12.00 monthly fee

  • mbcfood@aol.com

    beware I just called for third time to have this account closed due to the ridiculous fees. $219 for annually for a $400 credit line. They do not get it, had the nerve to say I still had to pay the balance which of course I do not as I closed it before the BS 75.00 annual and the bogus 12.00 monthly fee

  • disqus_aEEegpizgF

    WoW stupid me!! I just got this card in mail about 30 mins ago, went to go to their site http://www.matrixcardinfo.com and it kicked up as not a safe site and redirected me to another site (REDFLAG) SO I goggled the site and found this forum, I activated the card about 25 mins ago BEFORE I found this site, called the number new to it posted > 1-866-449-4514 and told them I found info about card I DID NOT like and want to cancel it, he said ok sir no problem the account is now closed and when or IF I receive a bill to disregaurd it that I owe NO money to cut up the card and throw it away, was very kind (almost TO kind lol) SO SO glad I saw this before I made any purchases with it, I got leary of the card while I was activating it when they kept asking me to make the initial $75 pament so my balnce would be $300 to start and I kept telling hm NO not today…SIGH OF RELIEF for sure buy buy BOGUS FEES!!

  • disqus_aEEegpizgF

    WoW stupid me!! I just got this card in mail about 30 mins ago, went to go to their site http://www.matrixcardinfo.com and it kicked up as not a safe site and redirected me to another site (REDFLAG) SO I goggled the site and found this forum, I activated the card about 25 mins ago BEFORE I found this site, called the number new to it posted > 1-866-449-4514 and told them I found info about card I DID NOT like and want to cancel it, he said ok sir no problem the account is now closed and when or IF I receive a bill to disregaurd it that I owe NO money to cut up the card and throw it away, was very kind (almost TO kind lol) SO SO glad I saw this before I made any purchases with it, I got leary of the card while I was activating it when they kept asking me to make the initial $75 pament so my balnce would be $300 to start and I kept telling hm NO not today…SIGH OF RELIEF for sure buy buy BOGUS FEES!!

  • stupid_card

    I got this card, paid $35 of the initial fee when I activated it. I had no problem using it after that. My payment isn’t due until June 28th, but on May 30th, I paid more than 1/2 of the balance. It cleared my bank on 5/31. So I should be able to use it, right? It shows on my website that I made the payment, and that I have %xxx.xx balance, but it says I have very small balance! So I called (which, I had to call back 6 times in order to speak to someone; the line would just go dead after waiting for about 6 minutes each time) again and again until I got someone. I was told that after my payment clears their account, then it will take an additional 8 days for your account to be updated with available credit!!! So, what’s the point?! She said if I paid through the telephone, I would have available credit at midnight. But, why would I want to pay the extra “western union” fee. It came out of my checking account on Friday. It’s now Monday, and I can’t do anything. The only reason I got this is because medical bills have wrecked our credit. I read the terms of service, but now I don’t trust anything in there…. No where did it say it would take 8 days for a payment show for available credit. I will pay this card off this month and cancel. It was just for groceries, anyway. Trying to rebuild our credit. Forget it!

    • stupid_card

      Just to update, It’s been 8 days, and it still hasn’t updated my available credit. They said I could “phone conference my bank” and that once they confirmed, they could release the hold. So they’ve had my payment for 8 days, and haven’t released the funds to update the available credit. Thank goodness I don’t need to use the card for anything. I will continue to update. My Bank of America account shows that it cleared my bank on 5/31.

      • Melissa Steinmetz

        It may have cleared with you bank, but the bank must then mail the physical check to Continental Finance. That’s what takes the extra time. Your balance does immediately go down once they recieve authorization from your bank, however authorization and actual payment are separate things. You need to wait for CFC to recieve the physical check from the bank.

        • Melissa Steinmetz

          That way you don’t get knocked with late fees. They cannot up your available credit until the bank clears AND CFC has received the check. It would
          Be more beneficial to pay through a debit card. The payment goes through by midnight.

          • stupid_card

            That’s funny. I did pay with my debit card through the matrix website. I did not use bill pay through BoA for the payment. I used my debit card. What you mean is that if I use my debit card over the phone, and pay the almost $15 in western union fees, then it will update at midnight. I’ve never had a problem with a payment I’ve EVER made with my debit card not going through at immediately, or at midnight, with any other company….. so why, then, do they need to wait for a paper check when I pay with my debit card??? Can I pay with my debit card without calling in and paying the western union fees, and have it update quicker? I understand that if I use my BoA bill pay, they need to physically send a check to the company. I do not do that! So once again, I’m not sure how paying with my debit card on the Matrix site means that they take it out immediately from my checking account, but do not release the funds on the card. And I better not get knocked with late fees when I’m paying almost a month in advance…..

  • stupid_card

    I got this card, paid $35 of the initial fee when I activated it. I had no problem using it after that. My payment isn’t due until June 28th, but on May 30th, I paid more than 1/2 of the balance. It cleared my bank on 5/31. So I should be able to use it, right? It shows on my website that I made the payment, and that I have %xxx.xx balance, but it says I have very small balance! So I called (which, I had to call back 6 times in order to speak to someone; the line would just go dead after waiting for about 6 minutes each time) again and again until I got someone. I was told that after my payment clears their account, then it will take an additional 8 days for your account to be updated with available credit!!! So, what’s the point?! She said if I paid through the telephone, I would have available credit at midnight. But, why would I want to pay the extra “western union” fee. It came out of my checking account on Friday. It’s now Monday, and I can’t do anything. The only reason I got this is because medical bills have wrecked our credit. I read the terms of service, but now I don’t trust anything in there…. No where did it say it would take 8 days for a payment show for available credit. I will pay this card off this month and cancel. It was just for groceries, anyway. Trying to rebuild our credit. Forget it!

  • Piete Blikslager

    It’s fine enough for a year. But I just had my ‘anniversary’. Cut it up. Over.

    If $75 is worth it to you for a year with a $300 credit limit, fine. Otherwise, it is what you’d expect. A card for less than great credit that will exploit you as much as the law will allow. Not posting payments for 10 days is annoying, but it’s the only way to avoid ‘repayment’ fees.

  • Piete Blikslager

    It’s fine enough for a year. But I just had my ‘anniversary’. Cut it up. Over.

    If $75 is worth it to you for a year with a $300 credit limit, fine. Otherwise, it is what you’d expect. A card for less than great credit that will exploit you as much as the law will allow. Not posting payments for 10 days is annoying, but it’s the only way to avoid ‘repayment’ fees.

  • Darlene

    These cards are like all the other “high risk” credit cards. We know what we’re getting in to. Not a smart move but unfortunately a desperate one at times. Just be careful and close it as soon as you can. Things do get better.

  • Darlene

    These cards are like all the other “high risk” credit cards. We know what we’re getting in to. Not a smart move but unfortunately a desperate one at times. Just be careful and close it as soon as you can. Things do get better.

  • Stacey Rene Leleck

    why doesn’t the page open to view my account? what am I doing wrong?

  • Stacey Rene Leleck

    why doesn’t the page open to view my account? what am I doing wrong?

  • Corey Davis

    Oh if only this report was available over a year ago…I was sucked into the Matrix card over a year ago when I was in college to make it by. Now this card is biting me in the butt every time I turned around. The fee’s are crazy and the annual fee is a joke. I just cancelled my card after one year. They stated they might be able to cancel the annual fee since I wont be using it the next year, but we’ll see. So much for making all my payments on time….these guys could care less when you pay, they just want you to pay as much as they can suck from you.

  • Corey Davis

    Oh if only this report was available over a year ago…I was sucked into the Matrix card over a year ago when I was in college to make it by. Now this card is biting me in the butt every time I turned around. The fee’s are crazy and the annual fee is a joke. I just cancelled my card after one year. They stated they might be able to cancel the annual fee since I wont be using it the next year, but we’ll see. So much for making all my payments on time….these guys could care less when you pay, they just want you to pay as much as they can suck from you.

  • Amanda

    What happens if you never ever activate card. Just recieved card. Haven’t activated it. Can I just shred it and never use it. Is your account considered “open” once you apply for card or once you activate card? Please help!

    • Melissa Steinmetz

      No- as long as you haven’t made any purchases just call the number on the back of your card and they will deactivate it for you.

  • Amanda

    What happens if you never ever activate card. Just recieved card. Haven’t activated it. Can I just shred it and never use it. Is your account considered “open” once you apply for card or once you activate card? Please help!

  • Ricky

    I really wished I would have read this before I got the card!! Well, thus far I am dissapointed with it. THIS IS MY FIRST CREDIT CARD. I had been wanting to get one, and being clueless about credit scores, I figured my credit was in the toilet anyhow, so i applied online and got accepted. I then later checked my creditscore online, BTW do not use freecreditreport.com, It will only give you your Experian score, Equifax will give you all 3. freecreditreport.com will ask for around 39.95 or so for the other two. I cancled it.

    Back to the matrix story. I activated the card, paid my $75, and then noticed that my credit limit was still $225. for a week and a half. This fine print is even if you do an ACH (automatic bank account payment) even if it clears completely, they will hold your payment for 9 days!!! Ok, meaning. if you have 300 limit, and you spend 50 of it, then pay the 50 on a monday, before 5pm EST, your payment will be credited to your account, meaning you are good, with a $0 balance owed, but your credit limit will not go back to 300 until the following wed of the NEXT week!!!! The excuse they use is “to make sure payment clears” I can understand that if I mail in a personal check or money order, but for a Bank cashier’s check or ACH, c’mon, matrix, you are stalling, you limit me.

    But that is ok. I am going to cancel this card before the next annual fee, I am going to use this card as a stepping stone, as I have no revolving accounts at this time and I need one for my credit score “portfolio” After a couple of the Inquiries fall off my credit report I will be in a better position to apply for something better.

    In a nutshell, if you get sucked into the matrix, take the other pill, keep it for a year, and cancel. also spend the $4.95 and see where you are really at with all 3 credit reporting agencies http://www.equifax.com/home/en_us

    • http://www.nerdwallet.com/ NerdWallet

      Hi Ricky, I’m sorry you had such a difficult time with the Matrix card. You can actually check an estimate of all three scores for free with PrivacyGuard – you just have to cancel your membership during the 30-day trial period to get all your scores sent to you without having to pay.
      You can read more about it on our blog post explaining your credit score and how to check it for free: http://www.nerdwallet.com/blog/credit-score/whats-my-credit-score/.

      Hope this helps!
      Cheers,
      The Nerds

  • Ricky

    I really wished I would have read this before I got the card!! Well, thus far I am dissapointed with it. THIS IS MY FIRST CREDIT CARD. I had been wanting to get one, and being clueless about credit scores, I figured my credit was in the toilet anyhow, so i applied online and got accepted. I then later checked my creditscore online, BTW do not use freecreditreport.com, It will only give you your Experian score, Equifax will give you all 3. freecreditreport.com will ask for around 39.95 or so for the other two. I cancled it.

    Back to the matrix story. I activated the card, paid my $75, and then noticed that my credit limit was still $225. for a week and a half. This fine print is even if you do an ACH (automatic bank account payment) even if it clears completely, they will hold your payment for 9 days!!! Ok, meaning. if you have 300 limit, and you spend 50 of it, then pay the 50 on a monday, before 5pm EST, your payment will be credited to your account, meaning you are good, with a $0 balance owed, but your credit limit will not go back to 300 until the following wed of the NEXT week!!!! The excuse they use is “to make sure payment clears” I can understand that if I mail in a personal check or money order, but for a Bank cashier’s check or ACH, c’mon, matrix, you are stalling, you limit me.

    But that is ok. I am going to cancel this card before the next annual fee, I am going to use this card as a stepping stone, as I have no revolving accounts at this time and I need one for my credit score “portfolio” After a couple of the Inquiries fall off my credit report I will be in a better position to apply for something better.

    In a nutshell, if you get sucked into the matrix, take the other pill, keep it for a year, and cancel. also spend the $4.95 and see where you are really at with all 3 credit reporting agencies http://www.equifax.com/home/en_us

  • Will

    This card is the worst kind of card i ever had. I just cut this card up and will pay the balance off and get Matrix out of my life. I made my payment on time and they have a 8 day hold to release the credit and the money is debited out of my checking account. The rep was on the line with me. She called the bank and i entered my information and she heard the automated machine say that the funds cleared. She states that not good enough and wanted to speak to a live person. WHen we got online with a live person, my bank wanted to ask me more security questions and i felt uncomfortable and hung up. Continental Finance is full of it with their 5 ways to identify u. Very disgusted. Be careful for anyone who gets this card.

  • Will

    This card is the worst kind of card i ever had. I just cut this card up and will pay the balance off and get Matrix out of my life. I made my payment on time and they have a 8 day hold to release the credit and the money is debited out of my checking account. The rep was on the line with me. She called the bank and i entered my information and she heard the automated machine say that the funds cleared. She states that not good enough and wanted to speak to a live person. WHen we got online with a live person, my bank wanted to ask me more security questions and i felt uncomfortable and hung up. Continental Finance is full of it with their 5 ways to identify u. Very disgusted. Be careful for anyone who gets this card.

  • Sherri Lynn Valenzuela

    A word of caution here about secured share loans where you deposit money at a credit union and borrow against your own funds:

    I successfully did “share loans” like this twice with a credit union I belonged to. No problems. Say you deposit $2000, do a secure loan for $2000 and make payments monthly of $100. The payments you make should “release” those funds back to you, so after making three payments you would have available funds in your savings account of $300. That’s how it worked and it was problem free for me.

    Years later I did the same kind of loan at a DIFFERENT credit union and I was assured it would work the same way. All was well for the first few months; I made my payments (borrowing against my OWN money here) and did not need to access any of the funds, but around the fifth payment I was in a pinch. I didn’t have the money for my monthly payment to be on time, so I tried to access funds from the payments I’ve already made, only to learn that the funds were FROZEN and would remain so until the entire loan was paid off. This was never mentioned to me in my several discussions with the credit union employees. I ended up missing a payment and dinging my credit for not being able to pay on time for this reason.

    It’s just prudent to be very very careful to have them explain to you exactly what happens to your payments and the moey held in an account for the secured loan.

    • http://www.nerdwallet.com/ NerdWallet

      Hi Sherri,

      I’m sorry you had such a difficult time with your credit union loan. It’s hard to parse out the legalese, but it’s definitely worth the effort to read the terms and conditions and discuss with the lender. Thanks for sharing your experience!

  • Sherri Lynn Valenzuela

    A word of caution here about secured share loans where you deposit money at a credit union and borrow against your own funds:

    I successfully did “share loans” like this twice with a credit union I belonged to. No problems. Say you deposit $2000, do a secure loan for $2000 and make payments monthly of $100. The payments you make should “release” those funds back to you, so after making three payments you would have available funds in your savings account of $300. That’s how it worked and it was problem free for me.

    Years later I did the same kind of loan at a DIFFERENT credit union and I was assured it would work the same way. All was well for the first few months; I made my payments (borrowing against my OWN money here) and did not need to access any of the funds, but around the fifth payment I was in a pinch. I didn’t have the money for my monthly payment to be on time, so I tried to access funds from the payments I’ve already made, only to learn that the funds were FROZEN and would remain so until the entire loan was paid off. This was never mentioned to me in my several discussions with the credit union employees. I ended up missing a payment and dinging my credit for not being able to pay on time for this reason.

    It’s just prudent to be very very careful to have them explain to you exactly what happens to your payments and the moey held in an account for the secured loan.

  • Lydia

    Problems with Discover Matrix but I should have read terms & conditions. Thank God they start you with only $300.

  • Lydia

    Problems with Discover Matrix but I should have read terms & conditions. Thank God they start you with only $300.

  • Margaret Mosca

    Ty for the advice I was just about to sign up for this card! TY

  • Margaret Mosca

    Ty for the advice I was just about to sign up for this card! TY

  • VERY Unhappy Matrix Discover C

    This card is BAD NEWS!!! It is not a ‘customer service’ oriented company
    in any way, shape or form. If customer service is important to you,
    like it is to me – steer clear of the Matrix Discover Card. They have
    been nothing but a headache for me over the past 1 1/2 years. I can’t
    wait to get rid of them… I have a zero balance & hope to keep it
    that way. I’ve already closed one card this year & to help your
    credit improve – you should only close no more than 1 a year, I heard.
    Waiting till they try to charge me another annual fee & then they
    are gone, gone, gone! Like the Phillip Phillips song says~ Adios MD

  • VERY Unhappy Matrix Discover C

    This card is BAD NEWS!!! It is not a ‘customer service’ oriented company
    in any way, shape or form. If customer service is important to you,
    like it is to me – steer clear of the Matrix Discover Card. They have
    been nothing but a headache for me over the past 1 1/2 years. I can’t
    wait to get rid of them… I have a zero balance & hope to keep it
    that way. I’ve already closed one card this year & to help your
    credit improve – you should only close no more than 1 a year, I heard.
    Waiting till they try to charge me another annual fee & then they
    are gone, gone, gone! Like the Phillip Phillips song says~ Adios MD

  • Carlene Diaz

    My husband sign up with this crooked company who has no fix address only a P.o box in atlanta, God alone know if they really in atlanta, because we send our first payment to this my matrix company who said my bank decline and want to send another internet way of paying, i said held no I will send the money order for you and end you out of my life for good, people they are sure live up to their maxtrix tricks stay very far.

  • Carlene Diaz

    My husband sign up with this crooked company who has no fix address only a P.o box in atlanta, God alone know if they really in atlanta, because we send our first payment to this my matrix company who said my bank decline and want to send another internet way of paying, i said held no I will send the money order for you and end you out of my life for good, people they are sure live up to their maxtrix tricks stay very far.

  • Leo Chilson

    I’m sorry, but I have no problems with this company. I pay my bill on TIME and it is fair looking to me. I send either check or money order and they go through with no problem. Quit your whinning and pay on time and all will be well!

    • Baron V

      ugh seriously! why do all these people ‘warn’ of credit card companies that are doing nothing wrong? late fees, returned payment fees, cash advance fees= all bad consumer habits!
      the only thing im concerned about is the monthly maintenance fee+annual fee. ive only had the card a few months, so im not sure what to expect.

    • mommatocharlie

      Don’t bet on it. I tried to pay my bill this morning and was denied entrance to the payment site.

  • Leo Chilson

    I’m sorry, but I have no problems with this company. I pay my bill on TIME and it is fair looking to me. I send either check or money order and they go through with no problem. Quit your whinning and pay on time and all will be well!

  • Lori Amlin

    Yep this is a scam to the max!!!! My daughter, who is disabled, received this card and purchased a pillow and food with it, Then paid the total due on- line way before the due date and cut up the card as instructed on the back of the lengthy credit rules and included a letter of cancellation. Then the phone calls started…to collect the fee of $75… which the rules stated my daughter would not have to pay if the card is returned and cancelled within 30 days…which it was. All this verified by a Matrix employee who promised to remove the charges and “reaged” the account to show it was cancelled in a timely manner. Now we have received a collection letter from Central Portfolio Control located in MN wanting $271.35 plus to pay this Matrix card…which we cancelled with a zero balance!!!!!! We will be contacting our lawyer and showing this to the local TV channel for exposure of their scam.

  • Lori Amlin

    Yep this is a scam to the max!!!! My daughter, who is disabled, received this card and purchased a pillow and food with it, Then paid the total due on- line way before the due date and cut up the card as instructed on the back of the lengthy credit rules and included a letter of cancellation. Then the phone calls started…to collect the fee of $75… which the rules stated my daughter would not have to pay if the card is returned and cancelled within 30 days…which it was. All this verified by a Matrix employee who promised to remove the charges and “reaged” the account to show it was cancelled in a timely manner. Now we have received a collection letter from Central Portfolio Control located in MN wanting $271.35 plus to pay this Matrix card…which we cancelled with a zero balance!!!!!! We will be contacting our lawyer and showing this to the local TV channel for exposure of their scam.

  • mommatocharlie

    To my great regret, I have this card. I will use it6 one more time, then cut the card and cancel the account. So what if I have to mail payments? There are too few places I can use Discover, including pay at pump gas stations and some grocery stores. I am cancelling this account BEFORE the first year is up so I don’t have to pay their exorbitant monthly annual fee. When I first got the card. the available credit was updated in less than five days; now it takes eight days. I pay most of my bills on line, to avoid fees associated with using a real live person. If you have the least thought about getting this card, IMMEDIATELY have someone slap you and don’t get it. It is not worth the hassles.

    • Melvin Moore

      when i have a problem then the bells go off until then…get your head out of your azz and breathe!

  • mommatocharlie

    To my great regret, I have this card. I will use it6 one more time, then cut the card and cancel the account. So what if I have to mail payments? There are too few places I can use Discover, including pay at pump gas stations and some grocery stores. I am cancelling this account BEFORE the first year is up so I don’t have to pay their exorbitant monthly annual fee. When I first got the card. the available credit was updated in less than five days; now it takes eight days. I pay most of my bills on line, to avoid fees associated with using a real live person. If you have the least thought about getting this card, IMMEDIATELY have someone slap you and don’t get it. It is not worth the hassles.

  • mommatocharlie

    And 10 days after my comment below, I tried to pay my bill online, and have been told that my login/password combination is incorrect(I did not change it) By the way, it is 2:56 am. I was advised to call customer service. Oh, they forget to mention that they do not have 24 hour customer service. And I am not allowed to re-register my account either.I think we have a problem Matrix. I will be on the phone at 7 am to call you and find out if you cancelled my account WITHOUT my knowledge.

  • mommatocharlie

    And 10 days after my comment below, I tried to pay my bill online, and have been told that my login/password combination is incorrect(I did not change it) By the way, it is 2:56 am. I was advised to call customer service. Oh, they forget to mention that they do not have 24 hour customer service. And I am not allowed to re-register my account either.I think we have a problem Matrix. I will be on the phone at 7 am to call you and find out if you cancelled my account WITHOUT my knowledge.

  • Dante Rapheal Davoli

    This has all happened to me. I try to cancel them they just keep up the bullsh-t. omg what a rip off.

  • Dante Rapheal Davoli

    This has all happened to me. I try to cancel them they just keep up the bullsh-t. omg what a rip off.

  • Dante Rapheal Davoli

    I am on a paperless billing. I never get a bill, showing everything. I had transferred money to one acct. then they said I had to fax proof of payment. They already deposited the money and had the conformation number. WTF, so I went to my local bank and had them fax it. What a waste of time and gas. Stupid rip off.

  • Dante Rapheal Davoli

    I am on a paperless billing. I never get a bill, showing everything. I had transferred money to one acct. then they said I had to fax proof of payment. They already deposited the money and had the conformation number. WTF, so I went to my local bank and had them fax it. What a waste of time and gas. Stupid rip off.

  • Tom Sowell

    Anyone with questions about the Matrix Card needs to read this whole list of complaints. Having that card is not worth it. 100% of the statements below happened to me as well. How can what they do even be legal. People go to prison for years for doing less harm to others.

  • Tom Sowell

    Anyone with questions about the Matrix Card needs to read this whole list of complaints. Having that card is not worth it. 100% of the statements below happened to me as well. How can what they do even be legal. People go to prison for years for doing less harm to others.

  • Erich Wagenknecht

    It’s not a bad card. sure it had the fee which i understood before i agreed to it. My question is i pay the bill off in full on the 1st of every month. They have my banking ifno so they get the money (and it clears my bank) roughly on the 2nd. Even the online part shows that they received the funds on the 2nd.

    So my question is why is it the 7th and I STILL CAN’T USE MY CARD? this is the 2nd month in a row they have done this. I have never been late with a payment.

    good news is my credit is getting far better. I plan on dumping this card ASAP. when they just sit and hold funds when it is cleared for no reason?

    Oh and before people say it. Yeah you can call. What will they do? hassle you on the phone. then eventually they will say fine lets do a 3 way call with your bank (even though they admit they have the money) so they can say it has cleared.

    tired of jumping through hoops to use the card after a payment.

  • Erich Wagenknecht

    It’s not a bad card. sure it had the fee which i understood before i agreed to it. My question is i pay the bill off in full on the 1st of every month. They have my banking ifno so they get the money (and it clears my bank) roughly on the 2nd. Even the online part shows that they received the funds on the 2nd.

    So my question is why is it the 7th and I STILL CAN’T USE MY CARD? this is the 2nd month in a row they have done this. I have never been late with a payment.

    good news is my credit is getting far better. I plan on dumping this card ASAP. when they just sit and hold funds when it is cleared for no reason?

    Oh and before people say it. Yeah you can call. What will they do? hassle you on the phone. then eventually they will say fine lets do a 3 way call with your bank (even though they admit they have the money) so they can say it has cleared.

    tired of jumping through hoops to use the card after a payment.

  • Guest

    I’d had this card for over a year. Unfortunately, I’m rebuilding my credit because of two apartment buildings I own went down in value 60% during the real estate mess years ago, and the banks wouldn’t allow a short sale on either of them, so I ended up givng them back ripping my excellent credit to shreds. This particular card is really not a bad card. As long as you go online set up your account so you don’t get charged for the paper statements, pay ON TME, than you won’t have issues. Oh, and by the way, when I got my credit increase I was not charged 30.00, I was charged nothing. When you credit is bad, unfortunately you don’t have a lot of options, this card reports to all 3 credit agencies so it puts your foot in the door of getting better credit later, I recommend a capital one secured card, as well. More trade lines, the faster you build your score up. As far as interest, transferring balances, of course it’s high, it’s a secured credit card and they make their money this way. I have never done any of those things I just use it here and there, pay the balance, and improve my score over time.

  • Guest

    I’d had this card for over a year. Unfortunately, I’m rebuilding my credit because of two apartment buildings I own went down in value 60% during the real estate mess years ago, and the banks wouldn’t allow a short sale on either of them, so I ended up givng them back ripping my excellent credit to shreds. This particular card is really not a bad card. As long as you go online set up your account so you don’t get charged for the paper statements, pay ON TME, than you won’t have issues. Oh, and by the way, when I got my credit increase I was not charged 30.00, I was charged nothing. When you credit is bad, unfortunately you don’t have a lot of options, this card reports to all 3 credit agencies so it puts your foot in the door of getting better credit later, I recommend a capital one secured card, as well. More trade lines, the faster you build your score up. As far as interest, transferring balances, of course it’s high, it’s a secured credit card and they make their money this way. I have never done any of those things I just use it here and there, pay the balance, and improve my score over time.

  • john J

    I have had this card going on two years now and they have been nothing but nice , the DISCOVER logo part has been dropped and they are now MASTERCARD and I have absolutely no complaints with this card …and when ever I have run into a problem they have always fixed it for me no problem , but its like anything else ….DO WHAT YOUR SUPPOSE TO DO AND YOU’LL NEVER HAVE AN ISSUE. And that’s all I have TO say about that .

  • john J

    I have had this card going on two years now and they have been nothing but nice , the DISCOVER logo part has been dropped and they are now MASTERCARD and I have absolutely no complaints with this card …and when ever I have run into a problem they have always fixed it for me no problem , but its like anything else ….DO WHAT YOUR SUPPOSE TO DO AND YOU’LL NEVER HAVE AN ISSUE. And that’s all I have TO say about that .

  • Guest

    The 12 dollar fee a month for just reporting that you are paying them on time to the credit bureaus is insane! It does hit on the year anniversary on top of the $75 annual fee. This turns into a $47 minimum payment a month for this card. If you have it pay it quickly and close it!!

  • Guest

    The 12 dollar fee a month for just reporting that you are paying them on time to the credit bureaus is insane! It does hit on the year anniversary on top of the $75 annual fee. This turns into a $47 minimum payment a month for this card. If you have it pay it quickly and close it!!

  • Melinda Russell

    They have the worst service! You have to reset your password every month because for some reason, their database will not remember it. When you do that you have wasted 15 minutes. Warning! If you go from paper statements to electronic statements….you won’t get them. I have updated my email address months ago and to this day, no e-statement has ever been received. I checked my spam and junk folder and it’s not in there. I checked under matrix card info name and continental finance (their new name) and to no avail, nothing received. So then there comes a late fee for you not paying on time.

    I just tried to log in with the password I always use and it locked me out saying that I cannot log in for 6 hours. Once you remember that “Oh yeah, it’s been 6 hours” you try again, but you’ll be locked out again unless you re-register your card with their website.

    So then you call customer service to unlock your account. The rep tells you he cannot unlock your account because their IT department is sourced out and they don’t have the capabilities to perform an unlocking of your account, that you’ll have to wait.

    Allz I want to do is pay my bill. I don’t have access to the website now to update to a paper statement ( I asked rep to send me paper statments now, he said he can only send me 1 statement. That I’ll have to log in to update e-statements to paper…… wow!) How can this be done? Through some miracle from God.

    So now I’ll be stuck with a $34 late fee because they have decided to block my access in every way possible.

    I’m closing my card and paying the bill off. It’s only $200 balance, but the monthly and yearly fees and the $34 purposely filed monthly late charges are so not worth the drama of building credit.

    Don’t get this card. It’s a nightmare!

  • Melinda Russell

    They have the worst service! You have to reset your password every month because for some reason, their database will not remember it. When you do that you have wasted 15 minutes. Warning! If you go from paper statements to electronic statements….you won’t get them. I have updated my email address months ago and to this day, no e-statement has ever been received. I checked my spam and junk folder and it’s not in there. I checked under matrix card info name and continental finance (their new name) and to no avail, nothing received. So then there comes a late fee for you not paying on time.

    I just tried to log in with the password I always use and it locked me out saying that I cannot log in for 6 hours. Once you remember that “Oh yeah, it’s been 6 hours” you try again, but you’ll be locked out again unless you re-register your card with their website.

    So then you call customer service to unlock your account. The rep tells you he cannot unlock your account because their IT department is sourced out and they don’t have the capabilities to perform an unlocking of your account, that you’ll have to wait.

    Allz I want to do is pay my bill. I don’t have access to the website now to update to a paper statement ( I asked rep to send me paper statments now, he said he can only send me 1 statement. That I’ll have to log in to update e-statements to paper…… wow!) How can this be done? Through some miracle from God.

    So now I’ll be stuck with a $34 late fee because they have decided to block my access in every way possible.

    I’m closing my card and paying the bill off. It’s only $200 balance, but the monthly and yearly fees and the $34 purposely filed monthly late charges are so not worth the drama of building credit.

    Don’t get this card. It’s a nightmare!

  • CatherineGotBandz

    I have a black card and i am offering purchases on items people want as long as they pay half the cost of the item to me up front and we have an agreement on how they will pay off the rest please i was not born yesterday i understand the dangers of this so no scams

  • CatherineGotBandz

    I have a black card and i am offering purchases on items people want as long as they pay half the cost of the item to me up front and we have an agreement on how they will pay off the rest please i was not born yesterday i understand the dangers of this so no scams