MATRIX MC

[Anonymous]

I understand it is subprime...but right now I have very little option...I got approved for $500 and I tried to search the forums but only come up with old information when it appears that used to be from Discover and now it is from Continental Finance....anyone have any updated experiences with this card or company before I active the card that I got in the mail today.  The fee is high $125 crazy I know but it is the price I am paying for something positive on my report after BK....but they do not require anything upfront like FP does with its $98 up front to open the account and then another $125 in Fees on the card.  Can anything good be said....

[AverageJoesCredit]

Its a mastercard Positive!

Its $500 credit in your name! Positive!

And you got Approved!! Positive!

We gotta start somewhere and as long as you use it wisely, who cares if its a Matrix, an Amex or a Mcdonalds credit card, haha, so long as it swipes and does what its required to do, help rebuild your credit

Oh, and no matter what Matrix is an AWESOME name ( just ask Neo )

[pc01user]

Congrats!

[Anonymous]

Congrats!!!!!

I hate that you feel because it's subprime, it's less than an accomplishment. You have to start somewhere. Treat it right, and in a year, you will be able to close it because of better card offers☺️

Every step is a step towards your goal. 

[Anonymous]

Don't activate it yet. Thre are better options out there, even if they involve fees. Try the pre-qualify Captial One site, try Credit One (fees are a bit less), a secured card will save you money over Matrix. Try the SCT to see if you can a store card. Matrix is a predatory lender. Thats just my opinion. Good luck.

[Datx]

I have the Matrix CC, and I don't mind paying the fee too much. After I was discharged, I couldn't get approved for Cap One (I burned them) and even Credit One. I was thinking of going the secured route, but I got a few cards with fees instead, and figured I am just paying for a tradeline for the year to start rebuilding. Figured after 6 months to a year, those cards would have a history on them and I can apply and be approved for better cards. FYI. I wouldn't use the card for too much though. Probably good for a tank of gas, and then pay it off. They post your payment normally on the same day, but the credit available does not update for 7 days. 

[Burned2manybridgesB4]

Matrix was never a Discover bank product. 

Matrix ran on the Discover/Novus network.

It has always been Continental Finance "bank"

[Burned2manybridgesB4]

Interchange

OP, this'll help to give you an idea of how cards really work. Just because there's an AMEX/Discover logo, it doesn't necessarily mean that's the issuing bank.

[CJ7]

---

@AverageJoesCredit wrote:

... or a Mcdonalds credit card,

---

I want one!

[SouthJamaica]

---

@Anonymous wrote:

I understand it is subprime...but right now I have very little option...I got approved for $500 and I tried to search the forums but only come up with old information when it appears that used to be from Discover and now it is from Continental Finance....anyone have any updated experiences with this card or company before I active the card that I got in the mail today.  The fee is high $125 crazy I know but it is the price I am paying for something positive on my report after BK....but they do not require anything upfront like FP does with its $98 up front to open the account and then another $125 in Fees on the card.  Can anything good be said....

---

Don't do it. Better to get a secured card.