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Member
esburns
Posts: 11
Registered: ‎12-02-2012
0

Help!!

So I recently applied and was approved for the Matrix Discover Credit Card.

 

Well, I didn't read the fine print and I thought there weren't any fees associated with the card.

 

The card arrived and I realized there is a $75 yearly fee...

 

My question is: If I don't activate the card, the account automatically closes. Will I still be responsible for the $75?? 

 

Thank you!!

CURRENT FICO: 691 [DISCOVER IT FICO]
[PREVIOUS FICO: 648-10/22/14]

DISCOVER IT $8500 | CHASE AMAZON VISA $4000 | CHASE FREEDOM $2000 | AMERICAN EXPRESS EVERY DAY $3200 | AMAZON STORE CARD $3500 | PAYPAL MASTERCARD $4500 | MENARDS $3500 | WELLS FARGO LOC $14000

CURRENT UTIL 49% | GOAL UTIL 10%

GARDENING UNTIL 10/22/2015 [probably longer.]

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Help!!


esburns wrote:

So I recently applied and was approved for the Matrix Discover Credit Card.

 

Well, I didn't read the fine print and I thought there weren't any fees associated with the card.

 

The card arrived and I realized there is a $75 yearly fee...

 

My question is: If I don't activate the card, the account automatically closes. Will I still be responsible for the $75?? 

 

Thank you!!


Close it anyway.   If you contact them straight away, you shouldn't have to pay the fee.  But, at least according to this, a very shady operation:

 

http://www.nerdwallet.com/blog/2012/matrix-credit-card-afraid-afraid/

 

 

Frequent Contributor
brother7
Posts: 380
Registered: ‎02-06-2009
0

Re: Help!!

Go to the Terms and Conditions page, select your state and read the terms. I put in CA and read this...

 

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.

 

Still, I would call and make your intention known. As I learned in highschool Algebra, don't ASSUME... it will make an A** out of U and ME


11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
12/08/2014 Current - TU 823 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 09/07/2014
Member
esburns
Posts: 11
Registered: ‎12-02-2012
0

Re: Help!!

Thank you for the replies! I called and cancelled the card and I plan on calling again in a week and making sure it's closed. The reviews I have read about the Matrix card are awful! And scary!!
CURRENT FICO: 691 [DISCOVER IT FICO]
[PREVIOUS FICO: 648-10/22/14]

DISCOVER IT $8500 | CHASE AMAZON VISA $4000 | CHASE FREEDOM $2000 | AMERICAN EXPRESS EVERY DAY $3200 | AMAZON STORE CARD $3500 | PAYPAL MASTERCARD $4500 | MENARDS $3500 | WELLS FARGO LOC $14000

CURRENT UTIL 49% | GOAL UTIL 10%

GARDENING UNTIL 10/22/2015 [probably longer.]

Frequent Contributor
brother7
Posts: 380
Registered: ‎02-06-2009
0

Re: Help!!

I noticed that you're new here. WELCOME! myFICO forums is the place to be if you wanna learn just about anything re: credit.

If you're rebuilding (which I'm guessing you are if you applied for the Matrix Discover), take a look at the Rebuilding Your Credit forum here. Lots of helpful people and good advice there.

 

A journey of a thousand miles begins with a single step. You're heading in the right direction. Keep going :smileyhappy:


11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
12/08/2014 Current - TU 823 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 09/07/2014
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: Help!!


esburns wrote:

So I recently applied and was approved for the Matrix Discover Credit Card.

 

Well, I didn't read the fine print and I thought there weren't any fees associated with the card.

 

The card arrived and I realized there is a $75 yearly fee...

 

My question is: If I don't activate the card, the account automatically closes. Will I still be responsible for the $75?? 

 

Thank you!!


Never pay other people to give you credit card. Took me 4 years to learn that... This year I closed FP and CreditOne.

 

If I can go back, I would do secured credit card instead or sub sub sub I mean sub prime.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Member
esburns
Posts: 11
Registered: ‎12-02-2012
0

Re: Help!!

Thank you! I actually fell into the Matrix because I currently have the capital one secured card and I had the misconception that I was paying the yearly $29 fee unnecessarily. And I am trying to build my credit :smileyhappy: I made some epic fail decisions when I was younger with credit cards so I'm trying to do better and get myself out of debt. Plus my crap credit as affecting my parents super NOT crap credit (they cosigned my student loans).

With that said I am going to go check out the Rebuilding forum :smileyhappy:
CURRENT FICO: 691 [DISCOVER IT FICO]
[PREVIOUS FICO: 648-10/22/14]

DISCOVER IT $8500 | CHASE AMAZON VISA $4000 | CHASE FREEDOM $2000 | AMERICAN EXPRESS EVERY DAY $3200 | AMAZON STORE CARD $3500 | PAYPAL MASTERCARD $4500 | MENARDS $3500 | WELLS FARGO LOC $14000

CURRENT UTIL 49% | GOAL UTIL 10%

GARDENING UNTIL 10/22/2015 [probably longer.]

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Help!!


esburns wrote:
Thank you! I actually fell into the Matrix because I currently have the capital one secured card and I had the misconception that I was paying the yearly $29 fee unnecessarily. And I am trying to build my credit :smileyhappy: I made some epic fail decisions when I was younger with credit cards so I'm trying to do better and get myself out of debt. Plus my crap credit as affecting my parents super NOT crap credit (they cosigned my student loans).

With that said I am going to go check out the Rebuilding forum :smileyhappy:

The Capital One secured card is a good card for rebuilding and the $29 AF is very reasonable.      Just that 1 card and time will help a lot.  With good usage and payment history, you can usually get a unsecured card from them as well as part of your rebuild

 

Accounts are open when they approve you.    Activating the card has no effect on opening or closing an account, although many people think they do. .  

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Help!!


esburns wrote:
Thank you! I actually fell into the Matrix because I currently have the capital one secured card and I had the misconception that I was paying the yearly $29 fee unnecessarily. And I am trying to build my credit :smileyhappy: I made some epic fail decisions when I was younger with credit cards so I'm trying to do better and get myself out of debt. Plus my crap credit as affecting my parents super NOT crap credit (they cosigned my student loans).

With that said I am going to go check out the Rebuilding forum :smileyhappy:

 

If you are in default on student loans; there is this neat thing called rehab now! Check out the student loan forum for more info. Otherwise; some student loans are receptive to goodwill letters which you can learn more about on the rebuilding your credit forum...

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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