Hidden Matrix Card Info and Tips for New Cardholders

Hidden Matrix Card Info and Tips for New Cardholders
The Matrix credit card is designed to be easy to apply for and has very limited requirements for applicants to meet in order to qualify. Because of this, many people use it to rebuild a lower credit rating or to have access to a credit card when they are struggling with their finances. It offers many benefits and great features, but you should also be aware of some of the fine print wording and details related to this account so that you maximize the benefits it offers and downplay the impact of the negative aspects of this credit card.

The Details of the Matrix Credit Card
The Matrix credit card is available through the Continental Finance Company, and there is no annual fee to have the account open. There are both secured and unsecured versions of this card available, and both have an initial credit limit of $300. A security deposit is required upon application to open the secured credit card. The annual APR is 29.99 percent is assessed on both new purchases and cash advances. There are also numerous other fees that cardholders should be aware of before signing up. The card is available for use under the Discover network, so it is accepted anywhere Discover cards are accepted.

A Closer Look at the Matrix Card Fees
Because the Matrix credit card is generally designed to be used by those who have a lower credit rating, the affordability of using the card should be noted. First, there is a $75 annual fee, which is rather sizable considering the initial credit limit for all accounts is only $300. There is a cash advance fee of five percent for each transaction or a minimum of $5. In addition, if you use the card outside of the United States, a three percent foreign transaction fee will apply. You will be assessed a $30 fee for every additional $100 your credit limit increases, and there is a one-time $30 fee assessed when you add a new user to the account. If you opt for paper billing statements, you will be assessed $4.95 per month. The automatic default setting is for paper billing, so you have to make an effort to opt out of paper billing to avoid this fee. There is also a $25 late payment free each month your payment is late, and this will increase to $35 if you miss a payment six times. A final fee to be aware of is the $35 returned payment fee.

If You Apply for the Matrix Card
The fees associated with the Matrix credit card are rather high in comparison to some of the other credit card offers available, but many who apply for this type of credit card will not qualify for an account with better terms and lower fees. With this in mind, if you do opt to apply for the Matrix credit card, you should take time to fully understand all of the fees, avoid going over the limit and make an effort to pay the balance off in full each month. Payments should also be made well ahead of the due date in order to avoid other fees being charged to the account. You may also consider reviewing your credit rating periodically. This credit card is not a type of account that many will want to use indefinitely. Instead, it can be used as a credit-building tool. After you have improved your credit rating by making an effort to pay your bills on time, you can then apply for an account with more attractive terms.

If you are not aware of all of the fees associated with the Matrix credit card, they can easily add up. This can create a financial burden for some, and all cardholders may want to take steps to avoid having unnecessary fees charged to their account. By understanding what these fees are, you can take the necessary steps to avoid paying many of the fees for this card.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...