Published on December 4th, 2016 | by William Charles13
Matrix Mastercard Review – This Card Is Terrible
The Matrix Mastercard is a card design for people with bad credit. This card is filled with hidden fees and high interest rates, so let’s take a look at what this card really offers.
- Annual fee of $125 the first year, then $96 annually
- Monthly maintenance fee is $120 annually (billed $10 per month and waived the first year)
- APY of 30.24%
Ok so in the first year you’ll pay $125, year two onwards you’ll pay $216. To reward you for paying these massive fees, they charge you an APY of 30.24%.
This is really a secured card with a maximum credit limit of $500 (although they do say you’ll be reviewed for an unsecured product). The card has no rewards program at all. In my opinion this card focuses on people with bad to poor credit that believe they don’t have many options, they are also the least likely to be able to comfortably afford these fees.
There are so many better options out there that people don’t realize for example:
- Discover offers a secured credit card with no annual fee, that can graduate to an unsecured product after only 7 months and also has a rewards program.
- You can get some store credit cards with no credit check using the shopping cart trick.
- Here’s a list of the easiest credit cards to get.
- You might be eligible for better cards than you expect, check online for pre-approved offers.
It’s my sincere hope that somebody that is considering apply for this card reads this short review before doing so and realizes that there are a lot more options out there than high fee products such as this. One of the reasons we don’t use credit card affiliate links is so that we can be brutally honest about sub par offerings such as this.
Here are some other terrible credit cards:
- A New Contender For The Worst Credit Card: Verve Credit Card Review
- Surge Card By Celtic Bank Review – Taking Terrible Credit Card To A New Level
- The Worst Credit Card That Exists