topic Re: Help!! in Credit Cards

Help!!

esburns — Tue, 11 Dec 2012 01:31:28 GMT

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!!

Re: Help!!

Anonymous — Tue, 11 Dec 2012 01:41:26 GMT

@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/

Re: Help!!

brother7 — Tue, 11 Dec 2012 01:49:56 GMT

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

Re: Help!!

esburns — Tue, 11 Dec 2012 01:59:36 GMT

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!!

Re: Help!!

brother7 — Tue, 11 Dec 2012 02:11:46 GMT

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

Re: Help!!

armbenderc — Tue, 11 Dec 2012 02:13:29 GMT

@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.

Re: Help!!

esburns — Tue, 11 Dec 2012 02:16:18 GMT

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 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

Re: Help!!

Anonymous — Tue, 11 Dec 2012 02:24:47 GMT

@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 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

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. .

Re: Help!!

webhopper — Tue, 11 Dec 2012 02:42:20 GMT

@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 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

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...