My Review of The Matrix Secured Credit Card: Thumbs Down

Update – September 9, 2013: On the application page for The Matrix credit card, I get this message: “We are not currently accepting credit card applications. Please check back periodically” when I click on the “Apply Now” link. At this time, I don’t know if this is temporary or permanent. 

Update (again!) – June 28, 2015: There’s still a photo of the Matrix card on the website, but when I clicked on “Apply Now,” I landed on the page for Surge, their latest credit card offering. But this issuer tends to be vague about things like this, so if you’ve recently applied for Matrix, please let me know in the comments section below. I try to stay on top of cards like this so I can help you protect yourself from expensive cards. Oh, and let me know if you applied online or received a mailed offer. Thanks in advance!

Even if you aren’t a fan of the movie, the name of this card conjures up an image of something cool. I admit it took me about three tries to get through The Matrix (the movie, not the card), but I still came away from it intrigued by the concept and special effects.

I wish I could say that The Matrix Credit Card is as intriguing as the movie, but after looking at the details, I have to say that the only thing cool about this card is the name. And believe me, I wanted to like this card because consumers with bad credit need decent options.

I’ve actually gotten a lot of questions about this card because people think it’s issued by Discover. The Matrix Credit Card uses the Discover payment network, but it’s issued by Continental Finance. So that means this card can be used wherever Discover is accepted.

Anyway, I’ll start with the good news: There are no application fees. Okay, that’s where the good news ends. When you click on “Terms and Conditions,” you’ll go to a page where you have to input your state. I tried both California and Florida and got the same terms. But rates and fees could possibly vary, depending upon your state.

The APR is a variable 29.9 percent, which is high even for a secured card. You must deposit $300 into an account to secure the card, but after your $75 annual fee is taken out, you only start with a balance of $225. If that isn’t bad enough, you have to pay a $12 a month ($144 a year!) maintenance fee. (Note: Since I wrote this review, the maintenance fee has been waived for the first year; this card has also  become a “hybrid” card, which means there’s now an unsecured version. See my post about the hybrid version here).

I tried to get the terms and conditions for my state, Georgia, and was told that the card isn’t offered in my state yet. I got redirected to a page that offered me cards from First Premier. Hmmm…I thought the terms of The Matrix (the card, not the movie) looked eerily similar to some of First Premier’s credit cards, which are known for outrageous fees and interest rates.

Even if you think this is the only card you can get approved for, take a look at my list of secured cards, The Best (and Worst) Secured Credit Cards. Focus on the lower part of the middle-tier cards and see if you can find a better option than the The Matrix Credit Card.

156 responses to “My Review of The Matrix Secured Credit Card: Thumbs Down”

  1. Valinda Harris

    I plan on closing this account with Matrix, I have had the worst customer service with this company. I wish I had read these reviews before receiving this card. Thing is I received this card as a Discover card at first before Continental Finance company took over. It was very good at first. Once this company took over it has been nothing but a nightmare. The website not remembering my password, not being able to get through to a live person on the phone. Now, I am trying to pay my bill on a Sunday when it is due and I cannot because the website is down and the customer service is closed so I cannot pay by phone. Now I will get a ping against my credit for this. Thanks! continental finance. I am closing this card and I will make sure the balance is paid in full and closed.

  2. Tone

    Please everyone that’s thinking about getting one these cards DON’T. This card is nothing more than a very over priced prepaid card. It is not a credit card at all. I tried to use it to rent a car and that’s when I found that out. The fees to keep this card is crazy. $12 a month plus interest and $75 a year annual fee. Please everyone stay away far away.

  3. CathyBonner

    Recently i had your card . Paid it off and canceled it . On 10 18 2014 i received a Notice from a Collection company stating i owed 224.00 on your Card ! ! Then why is it you sent me no Bill for this Matrix card that i paid off in full back last Spring and Canceled your card !! Your way of handling things i give a ripe Zero …. if i still have your card why have i not received a Bill from your Company .. the final payment was Drafted from my Checking and canceled your card only worth 300.00 worthless !!!!!

    1. Renee

      I am getting a problem to similar to that. Except, in my case, I wanted to make sure they cancelled it. When I called, they said they would reverse the annual charges (have had the card for 2 years), plus drop the $12 fee they had. They never did, when I checked it. So I paid it so it wouldnt be late and affect my credit score. I now will be calling them back about. They had charged me another $12 this month. This is probably what happened to you. They kept charging you the monthly fee of $12 and then slapped you with late fee’s on top of it…

  4. M 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!

  5. Jeremiah

    I got this card back in July 2012 to have an additional trade line reporting on my credit. Initial offering was a $300 credit limit. I only use it to charge small amounts each month, and then pay them off each month.

    This month marks the 1 year mark on this card, and my credit limit was bumped up $100 automatically, making the available credit $400.

    The first year there were no fees beyond the $75 initial yearly fee, that they wanted to request from you the day you activated the card.

    On the most recent statement they charged the $75 yearly, plus are now charging the $12/month maintenance fee.

    I guess it’s all in how you use the card. I’ve not had any issues, but again just put small amounts on it and pay it off each month. I will make one note though, this card is not allowed to used overseas.

  6. David

    I have recently applied for this card as an unsecured version. However, after reading this I am pretty sure i don’t want it. Once i get it, how do i get rid of it?

  7. lc83

    hi bev I was trying to get the matrix credit card myself after reviewing the terms and condition that is so terrible I had capital one credit card secure card before I screw up on the payments now its closed down so tell me what should I do next cause I really need to rebuild my credit back on track thanks

  8. Nichole


    My husband and I were recently looking for a way to rebuild his credit as well and after doing to research we are wanting to cancel this card before anything gets out of hand for us. We tried to contact them (we have not received any emails only saw a confirmation page that said he was approved) and we cannot get through by phone. How can we contact them, and get this taken care of?

    Thank you!

    – Nichole

  9. Jessica

    I’m now scared, My account is active I have just paid the $75.00 and I see on the terms that if I make payment before due date then I get charged no interest rate. I have not tried to use it because I want it for emergencies only. I am at a 600 beacon score and I am trying to reestablish credit, if there are no charges and I cancel it now, wouldn’t that just hurt my credit?

  10. KLMESQ

    One more thing – if you don’t want to pay to make payments, just set it up with the online bill pay for your bank and have them send the payment to them. Based on your creditor’s information it will give you an estimated date that the creditor will receive the payment and you can schedule your payments in a timely fashion. I refuse to pay to make a payment, so for creditors like Santander (my car note) that’s what I do, just use the online bill pay from my bank for free, instead.

  11. KLMESQ

    I was qualified as having “bad credit” after a tax lien was put on my credit – and those take FOREVER to fall off even after being satisfied. But I was still approved for a regular Capital One unsecured card and the Capital One cash-back card. So I have two credit cards for emergencies and that’s all I need.

  12. KLMESQ

    I just reviewed the terms of the card and while the annual fee of $144 is waived the first year, the “annual fee” of $75 is not. So you’re still initially paying $75 for the first year and then $144 thereafter, so essentially, it’s a secured card, as you’re sending in $219 and more than likely getting a credit limit of $300.

  13. Nick Rorick

    Hey, so this is my first credit card and im very confused. I want to pay my bill online however the only way to do so is by giving them my checking account number and my routing number.. I dont think this is very safe. I have also been informed that the payments online go through western Union. is this card a scam to try to get my personal banking information?

  14. micheal morris

    I recently received a matrix discover card. After reading about the fees on your site I cancelled the card the same day. Now the continue to send me a bill. So I called again to cancelled the card but im still getting billed. I’ve never used the card. It was sent to me a week ago how do I stop this company from bill for a card I no long have and asked them to cancel the day I called to order it.

    1. Jean

      Cut up the doggoned card, and send it back to them with your cancel order. Simple.

  15. JB

    I’ve had no issues with this card. Granted, it only came to start with a $300 credit line, BUT, in recovering from a BK-7, it’s does the job for both online purchases, airline ticket purchases for a cheap getaway airfare, and other purchases at merchants where the Discover logo is present. They will increase your credit limit from time to time throughout the life of the card, about once a year, but it does the job by keeping me inline with my spending issues. Pay the card off every other month, if not each month. Yes, there are fees, BUT, someone who had a low credit score and wants to “broaden” their credit card portfolio, I recommend the card. Yes, they hold a payment to reflect on the credit line for about 5-7 days, but thats just the terms of the card, they arent forcing anyone to use it or apply for it with a gun at their heads! So, some fees, oh well.
    The card works and the customer service is decent, AND, you wont ever get an overseas call center with someone answering the fone with the fake name of Roger or Christina in Malaysia or India like some other credit card issuers. Beware of the Capital One Secured Card for customer service, as you might be taking a trip overseas via telephone with them! This company that issues Matrix Discover is based out of Deleware and they are always helpful. I think It’s ok, and have no issues. As our credit scores climb from devestation, so will the opportunity for a better credit card(s). Thanks.
    JB/ Burbank CA

  16. gary

    i applied for the matrix card on line and got approved but seeing all this mess I dont want the card now , do i have any options Thank you

  17. Sophira

    Why oh why didn’t I do the research first??? I just applied for the Matrix card today and got approved for $300 unsecured. But:

    A card that can’t be used everywhere? (even if they accept discover?)
    Problems reaching customer service?
    Waiting for payments to be processed?
    And… no car rentals?

    Then again, some people seem to have acceptable experiences. I dont know if I should keep this for a year and then cancel, or kill it altogether before I even get the card – if I ever do get it!

    And applying for a card lowers your credit, so I cant apply for another for awhile…

    I dont know what to do.

    Maybe it isnt worth the risk.

  18. kelli thomas

    Hi Beverly,

    I have this card and the only problem I have with it is that I am unable to use it at the gas pump. I received the Matrix card 7 months ago,while I admit I don’t like the 10 extra for online payments,I like the card. My card is not secured, it has been unsecured since I received it with a decent limit,I didn’t have to pay a fee upfront,my card arrived with the correct credit amount minus 0 for any fees.

    1. Jean

      I make all of my payments online, and have NEVER been charged $10.00. They would charge me $10 if I used a person on the phone, so I pay online, for no fee.

  19. Dee


    What would you recommend to someone who cannot get a secured card from Capital One to look at if they are trying to re-establish their credit?

  20. Corrina

    This is a terrible offer…exactly like first premier. Wells Fargo bank offers a secured card with an $18 annual fee and 18.9% apr, and they graduate after a year of proper use. A much, much better option!

  21. Nocona

    I recently was approved for this card (without having read any reviews– SHAME ON ME!) Will I be penalized for not using the card or possibly cancelling it? I just saw that I was instantly approved and went for it. HELP?!

  22. terri mccarthy

    Dear Beverly,

    I applied for an unsecured credit card because they said I was approved and after I filled out the application they wanted $50.00 for a partial unsecured credit card when I read this I quit and decided that they were a bunch of lying thieves and to quit sending people false applications.If I am applying for unsecured credit then it shouldn’t charge me and If they already know my credit situation then they should tell me in the letter that it is only partially unsecured. good riddens to bad rubish

  23. Ree

    Whatever you do…DO NOT GET the Matrix credit card.I have the unsecured version. They will call you before your first payment is due, tack on late fees even if you’re not late, and increase your minimum payments. On top of that, your available credit will not be available after you make a payment for about 10 days. 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, including Capital one- all unsecured. 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.

  24. Sherwood Wilson

    Wow! I have just read all of the comments and experiences about the Matrix card. I just submitted this $300 deposit electronically and received no indication that the deposit was received nor an email confirmation. After checking my bank account, I noticed that the monies were debited. I’m beginning to think that I might have made an unwise decision. At this point, what are my options if I want to cancel this transaction?

  25. Ashley Marie

    I have been trying to figure out ways to get my credit back in line. I decide to open another credit card that way I can show that Im good with paying my bills. Well I ran into the offer of the Matrix card. I applied, gave my $50.00 down payment for the secured card and then boom got the card in the mail. When I started to read ALL OF THE FEES that they charge for using their card, I started to get the feeling I made a bad choice. I remember the website saying if I dont activate the card they will close the account. Thats fine, SERIOUSLY… $75.00 annual fee, $12/month mantinence fee (WHAT!!!), $4.95/month fee for paper statements, $30 fee for increasing my limit. Ok I had enough of just reading all the things that they charge for. I ended up with the capital one secured card. None of the those ridiculous charges that should come with the card. Some of these credit card companies are really doing the most to take peoples well earned money. Stay away from Matrix their one of these companies. I will not be activating my card.

  26. Steve

    Why would anyone use a secured credit card when in fact you are just using your own money…that’s what debit cards are for…

  27. Giovanni

    I applied for a card (September 21, 2012), deposited $300.00, pay the monthly fee of $75.00 and never received a card. Two months went by and I then filed a complaint with the BBB. The company got made at me and closed the account. I have yet to receive a refund. When I called them, the customer service manager was very nasty towards me, told me that I will receive my funds in 30-days, and then hung up on me. Buyer be ware. They are a scam.

  28. Lawrence

    I just was approved for my Matrix Card $300.00 but after all these comments I found more cons than pros, like it does not work in many Discover locations so I will not activate card want to call them right now and tell them to not waste a stamp thank you.

  29. Brian Corbett

    So glad I discovered this blog. At any rate, I applied for the Matrix Discover card weeks ago, and have yet to hear a word from them; either by e-mail or phone, etc. Here it is, appx. 6 weeks later (if not longer), and I thought well, I will apply for it again. Now it keeps telling me that I already have an existing account. Needless to say, I am quite confused. Have NOT been able to reach anyone by phone. Did speak briefly with a customer service rep and, was put on hold, then disconnected. I didn’t give any up-front money, but the application page is saying that I already have an account with Continental Finance. I am trying to repair my credit, and with a score as low as mine was issued a Capital One Rewards Card, 0% APR until May, 2013, no up-front fee’s, and a $300 credit limit that will increase by $200 after I make my next(fifth)payment. If they gave me this card, they will give it to others with poor/bad credit. I was amazed that they extended me the credit.

  30. james Borkowski

    I have used my matrix card every where, its no more a scam than any other credit card company for people who have bad credit, so i say get your card, charge what you need to and pay it off within 6 months and your credit score will definitly increase, but for those of you who have a low credit score to begin with dont expect you score to go from 500 to 800 overnite, it takes years to destroy your credit and it will take years to rebuild your credit in any case.

  31. Marc Meyers

    Thanks so much! I was just about to activate my Matrix card when I read you blog. $12 a month is ridiculous, 29% APR is ridiculous, and $75 a year fee is ridiculous. I thought it was a normal Discover Card. I was going to use it for my final expense marketing campaigns but thanks to you, I cancelled the card this morning.


  32. Dianna

    Matrix customer service NEVER answers the phone. ITS SUCKS dont waste your time!

  33. Fawntaine

    Hi All

    I have not had my discover card any longer then 6 months and I have paid it on time everytime. One statement even said that I did not have a payment that month because I had overpaid. Well as usual I made a payment this month for the requested amount and was told that the account is blocked and that they never received my payment. They also said that they need for me to send in my back statement proving that this is me so that they can unblock my account. I found this to be strange because they had never asked for my banking information in the past. When I asked for another option to get this issue resolved she told me that this is the only way to get the issue resolved and there is nothing else that they can do. The account cannot be used until they receive that information. I will make one final payment and pay these weirdos off and I am closing my account. I cannot believe that these people are carring and using the discover logo on these cards. If you want my opinion do not apply for this card.

  34. Vicious

    Hello Beverly, I don’t know how I couldn’t remember where to find your Blog. But somehow I found it again. So I still have not received this Matrix Card myself yet. I paid $50.00 to somebody online when they said I was approved. Does anybody have a time frame about how long it takes to actually receive the card? Work nights and rest mosof the day so I have had a chance to call the numbers that you passed on to me. I was just wondering a time frame cause it’s been easily a month now. Anything else on this card would help out. Also I checked online for this unsecured Credit One Card that I was also approved on and the online application status said that the card was mailed 2 days ago. So will see whats the happenings with this card. I know we put ourselves in this position But boy are treated like we’re not part of society. Thanks again.

  35. Garza

    My credit score with transunion was a 616 but when I applied for.this matrix CC it dropped to a 586..WTH…not happy at all!

  36. Garza

    Now I’m really scared from hearing all these concerns about this Matrix CC. One, its has nothing to do with discover…and two, looks like many of you having issues with Declined transactions. I was approved for a unsecured 300 CL. Should I active it? I just want to rebuild my credit and up my score. My redit

  37. Nora Dean

    Hi beverly i want to know do you have to pay the annual as fee as i activate the card?

  38. Mary

    Hi. I just received the Matrix Credit Card and I understand all the fees and issues with it. My problem? No one takes it! I tried to buy gas with it, I tried to get a rental car with it, I tried to use it at a restuarant, etc. It’s been pretty embarassing to say the least!!

    1. Fran

      Where can you use this card?

  39. Vicious

    Thanks Beverly, This blog is a good thing. There is not too many people out there that want to help the Bad credit person, this is a great tool. I was wondering if anybody has come across this other problem that I have right now. I made the mistake on opening an email about a loan online. I put all my info on the application and it’s just a merry-go-round. Now I get 1,000 emails a day and 500 phones calls and text. I think it’s the same people just changing their name. Now how do I get them to stop calling all day on all 3 phones I have. Help me if anybody has experienced this.

  40. con

    This is crazy. I just applied for a matrix card and had to deposit $300. It this a prepaid card or a credit card? The money that was deposited is that our limit. Can we deposit more money in?

  41. Vicious

    I got approved for this matrix card about 2 weeks ago paid $50.00 up front and I don’t even have a phone number to call. does anybody have a number to find out what’s the status? I am begining to think they took my $50.00. I also thought it was a discover card. I hope somebody has a contact number for them.


  42. Dora

    I had applied for Matrix and got approved for unsecured $300 limit card. I have not yet activated card and today I get bill for $75. I should have done more research. I did call them and told them I had not activated card nor was I going to activate and I wanted to cancel. The customer service person said she would cancel and $75 fee would be waived. I asked for it in writing and she said I would get another statement showing I owe nothing. After reading all these neg comments I dont trust them at their word. It was almost too easy. Is there anything else you suggest I should do?

  43. RCC

    Beverly do you know if after a certain length of time and on time payment do the convert you to a partially secured and eventually an unsecured card?

  44. Scott

    Hi Beverly. I seem to be in the same situation as most of your readers. I applied for a capitol one unsecured credit card expecting to be declined, but was apprived with a $500 line of credit. After paying for 6 months on time they raised it to a $750 line of credit. I guess that my point is to at least try for the card of your choise and not to get frustrated from the rejection. They apply your payment quick and it is available within 2 business days. I will be saving this site in my favorites, its nice to see someone else looking out for your interestes , ( no pun attended ).

  45. India

    I Just Received My Matrix Credit Card. I Am Surprised I Didn’t Have To Pay Any Deposit Like Others Have Had To. I Was So Happy Opening The Envelope Until I Read These Reviews. I Decided To Keep It Cause I Am Not Planing On Using It Much And Maybe It Will Work Out. I Also Have A Discover Card And A Premier Card Which Thank God I Can’t Really Complain About. Maybe It’s That I Don’t Use Them Much And If I Do I Don’t Charge Much. I Am Very Disappointed That It Didn’t Really Come From Discover. I Appreciate All The Honest Reviews.

  46. Mary


  47. Victor

    Can i cancel this card after I activited? I made the first two transactions and both were denied one day after activation…Both transactions were for under 25 dollars each, so is not like I went over the limit. This is one of the worst credit card I ever applied for. No customer services after business hours, so I have to wait until next day to find out what happened.Imaging if you have an emergency and you counting on this credit card. Or sitting in a restaurant like I was, ready to pay.. how embarrasing. I am glad I did have with me Capital one and HSB

  48. Mo

    Hi Everyone….

    I just applied for the Matrix Discover card and approved for $300. 00 credit line but after reading the reviews I think I am not going to activated the card. So can you tell me if this account will stay open or do I need to call and close it? Please give me some feed back.

  49. Ingrid

    hi i just applied to matrix credit card and i got approved but theyre asking me 200 deposit but i didnt deposit the 200 dollars? do you think theyre still gonna change me for monthly payment?

  50. Chris

    I just got this card and I can say that I am very frustrated with all the spam I’m now getting. I plan to keep this for a year and pay my cell phone, car insurance, and pay it off every month. I’ll also look into some of the other cards you mentioned and try to find something else.

  51. Alexander

    I just got approved on Matrix , no deposit required , this is a unsecured credit card!! Can someone explain where the $300 deposit required

    Thank you

  52. Amanda

    I just signed up for this card and was immediately approved. I paid $100 for the deposit, but after reading what these folks are saying, is there any way I can cancel it?

    I also tried applying for the Capitol One, but was denied. Are there any other credit cards I can try to improve my credit?

  53. lorenzo

    Thanks Beverly for your feedback on Matrix credit card. I think it is kind of misleading to have the Discover credit card logo on Matrix. I don’t really understand how Matrix uses the Discover payment system, is the bank that issues the Discover card the same one that process Matrix payments?


  54. larry

    I got the unsecured Matrix credit card for up to 300 credit limit. No maintenance fees for 1 year. Since it not a Discover credit card I am not going to active it. I thought I was getting a deal from Discover. On top of that, when i tried to active this card you need to call during business hours. How weird!
    Here some others reviews: Credit one has a 99 dollars a year maintenance fee, even after I has been there with 2 years.
    First premier: stay away from this card. Even with funds the card’s transaction is sometimes rejected when you need it the most (just because i was out of the state)
    Capital credit cards: all good so far, have 5 of them.

    Thanks Beverly.

  55. Hannah

    I have the matrix discover card. So far Avis, Budget and Hertz have all swiped the card and said that it is invalid for car rentals. They told me it runs like a prepaid card and it cannot be accepted. They said I could use it after renting to make final payment or use any prepaid card at that time. When I tried to set up Avis Preferred online it went through but when I tried to reserve I was prompted for another card. The message that popped up said it was a credit card from France and could not be accepted in the US. I was able to use my Wells Fargo debit card instead.

    Customer service told me she had heard of that happening with 1 car rental but not so many. She said it has to do with their system and whether or not they use the cvv number when they run the card.

    I am very disappointed!

  56. Matthew

    Thank you for this great review! I was looking for more information about this card and now I can see why I couldn’t find ANYTHING online about the Maintenance Fee and other conditions. I have the Capital One Secured Card which looks like the best card on the market. No annual fees, no maintenence fees, no processing fee, a credit line of $500 and I didn’t need to deposit money into the account. It has interest rate of 24.99% but who cares! No one should have a balance on a secured credit card when you’re building credit anyway.

  57. LC

    I applied and was approved for the card. I should receive it in 3-5 days. Anyways, there is fine print about the $12/month or $144/year maintanence fee and you don’t have to start paying that until after the first year. I’m not sure if that helps but for some of us who have exhausted many other secured card options (my husband has almost no credit and chex systems issues with a few banks) this might be one of the few card options.

    1. dee

      3 to 5 days…I’ve been waiting 3 weeks and counting….

  58. David

    I got the Martix Discover card and I am finding many problems with them. I have paid on time. But they will hold my payment for 8 days before it is applied to my available credit. I am not sure if that is legal or not. I talked to my Bank and they thought that was weird. The card company shows the payment post the day I make my payment. Also when I asked them about closing my account down they said it would take 60 days before I got my deposit back. I am not sure why it would take so long.

    1. Iron

      Just a quick word before I go to bed. Matrix handles their payment like Credit One. When you pay them, it is recognized by the system in 24 hours. So long as the payment is one time and at least the minimum amount, you will be fine.

      You can’t physically see the payment post on your account because it has not posted for you to use yet. They do hold onto the money itself and play with it for a while. I don’t agree with that but, as Beverly stated, it is in the terms. I know it is confusing and takes a bit to get use to.

      Now, if you feel your complaint is valid, then you can always file a complaint with the FTC, your state attorney generals office or the department of consumer affairs.

  59. Emily

    Hey Thanks so much for posting this… I was looking high and low just for their rates and terms and couldn’t find them ANYWHERE. I’m a (new) collage student and DESPERATELY need a (safe) way to get credit. This was one of my top picks, but after reading this NO THANKS I think you saved me a lot of pain and grief!
    Again thanks for the info!

  60. Scotty bourg

    They suck never again.

  61. Robert

    I applied and was approved for this card. Now that I have done a little research I am starting to feel uneasy about it. When they say “Hybrid”, what exactly do they mean? I was under the impression that I got an unsecured 300.00 Credit Line. I am aware of the fees which I accept as part of the deal for rebuilding my credit, but also don’t want to get in with some shady card issuer.

    1. Iron

      If you are approved for an unsecured Matrix credit card, that is what they will tell you after filling out your information. It will also state how much your credit limit is. You will then get an email and in a week your card will be in your mailbox, no further action needed.

      Sometimes ones credit is not good enough for an unsecured card and they will offer a secured card or a hybrid card. In short, a hybrid card allows you to decide which types of purchases come out of a pay now account or a pay later account. Lot’s of card companies are moving to this type of card.

      Don’t let the term hybrid scare you. It only allows you more options. It does not change what an unsecured credit card is. For instance, a regular secured credit card you can spend so much and then you have to “reload” it.

      With a hybrid secured card you can attach an account to it to fund the card when needed so your purchases are not interrupted. For instance, you want to buy an item that is 400 dollars but your regular secured card only lets you spend 300 before needing to reload it. So, no new item for you. But, with a hybrid card, you can fund from another account as well.

      Picture your bank issuing you a credit card that is tied to your checking account. You get to choose how you fund a purchase. Remember, if you don’t want a secured card, don’t offer any banking information and close the browser. Matrix will tell you ahead of time which card you are approved for. Hope this helps.

  62. sandi

    hi i was looking into getting this card for myself. I didn’t see the $300 deposit they asked me for a $100 deposit. does it vary?

  63. Dee

    Hello Beverly, I came across your blog while researching about The Matrix Credit Card. Since you have clarified that The Matrix Credit Card is not own by Discover, I have now dismiss them as an option to obtain another line of revolving credit.

    I am suppose to receive my Capital One Secure Card sometimes next week. However, I am looking for another line of revolving credit to get me going on a path to decent to good credit. I have made some mistake, and realize how significant the 3 digit numbers impact our lives.

    Thanks again for this information.

    1. Bobbie

      Maybe there is a reason the Orchard Card is no longer available. Is it because they couldn’t make money offering such low rates and fees to customers who have high defaults and call the the bank everyday. You should make recommendations for cards that actively try to assist people in rebuilding their credit versus cards no longer around. I have a Matrix card and have had no issues from day one. The customer service area always takes my calls. This card is solid and works every where Discover is accepted. My credit score has increased since I got this card 4 months ago.

      1. BARB Durfee

        I have tried time and again to call them and they just put you on hold for HOURS and you never get to speak to anyone! Also, this card works NOwhere!!. Do NOT get involved with them!! This is no better than a SCAM!!!~

      2. Matrix Crooks and Liars

        There are better products out there for people who need to rebuild their credit. The Terms and Conditions set out for this card are barely legal. They become particularly exorbitant in the second year–when the protections set forth by the Credit CARD Act of 2009 no longer apply. Nobody in the credit card business is in it for charity–but nobody else is as ethically challenged as the crooks behind this Matrix product.

        By the way, “Bobbie,” I know you–you are a diabolical scam artist working for Continental Finance, the issuers of this card.

      3. vaffangool

        Let’s see…

        After paying $30 to accept a $100 increase–on a credit line secured by a $300 deposit (immediately hamstrung by predatory fees)–the $400 ostensibly available to the cardholder has actual purchasing power of only $295.

        Outrageously, that sum still falls short of the original deposit (never mind the full out-of-pocket)–even after accepting an as-represented increase of over 33%.

        These are indefensible practices–as are Continental’s underdisguised attempts to combat the overwhelmingly-negative public opinion expressed on popular forums. When surrounding commenters are otherwise unanimous in their indictment of the consumer experience, the motivation for an incongruously-supportive testimonial is corrupt and self-evident–whether planted by frog-marched employees, out-of-touch executives, or inept consultants.

        I commend you for your willingness to publish a frank look at this ethically-challenged enterprise. Have they–or anyone who wanted to affect the outcome of a review–ever approached you? Can you discuss any such proposals–maybe those you turned down?

        It is less-than-common knowledge that some popular blogs–widely-perceived to be impartial–accept “commercial consideration” from parties that stand to benefit from good reviews. Because full disclosure brings scrutiny upon the honest, the tendency to under-report conflicts of interest is understandable. In any case, we’re not talking about internet reporting as a post-hoc product of financial influence; the reading public can smell a paid endorsement, and even conventional advertising can take on the appearance of positive-press-on-demand.

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