We generally only recommend Matrix Credit Card if you have at least a 630 credit score (otherwise known as a "fair" credit score). The reason being you can get a relatively high APR if you have a low credit score, plus it will be much harder to get approved.
Is Matrix Credit Card a good credit card for me?
Every situation is different, so it's hard to give a blanket recommendation on whether or not Matrix Credit Card is the right card for you.
However, they are known to be relatively generous with their reward points & other perks, so it may be worth it. Keep in mind you may have to acquire a minimum amount of points before you are able to redeem them.
Is Matrix Credit Card worth it?
There are 100s of different credit card options that are best suited to a wide range of situations. Which makes it hard for us to honestly answer whether or not Matrix Credit Card is worth it for you.
We recommend considering the following when looking into getting any credit card (as a starting point at least):
- Are you a responsible spender? You can quickly get yourself into too much debt if you're not responsible with your credit card
- Are there are signup bonuses available with this card?
- What annual fees does it have?
- Are there penalty APRs?
- Does it have an interest free period, and if so, how long is it?
- How does it's APR compare to other cards?
- How does the rewards/points system work?
What are the approval odds for Matrix Credit Card?
The approval odds are going to be heavily dependant on your credit score, income & expenses.
If you have a credit score of 750+, you can basically get approved for most credit cards, including the Matrix Credit Card. But if you have a "poor" credit score, it's going to be a lot more difficult.
What credit score do I need for Matrix Credit Card?
A general rule of thumb is if you have a "good" credit score (670-739) or above, then you're approval odds are relatively high.
Anything below that and the odds go down, you may be able to get approved with a "fair" credit score, but if you have a "poor" score, then it is extremely unlikely you'll be approved (unless the card is secured).
Improve your credit score BEFORE applying for Matrix Credit Card
If your credit score is preventing you from qualifying for Matrix Credit Card, we recommend you call one of our friendly credit experts for a free consultation. We'll review your credit report with you (in real-time), and see if there is anything we can do to help your score.
Once we've improved your score for you, you'll be in a much better place to apply & get approval for Matrix Credit Card. Not to mention all the other benefits that come with a great credit score!
How to Maximize the Benefits of Your Matrix Credit Card
If you're using a Matrix Credit Card, you can enjoy a plethora of benefits that can help you save money and earn rewards. Here are some tips to take advantage of these benefits:
- Sign-up bonus
Do not miss out on the sign-up bonus offered when you first open an account. Ensure to meet the spending requirements to earn the bonus.
- Rewards
Every dollar you spend using Matrix Credit Card earns you rewards, so it is essential to use your card for all your purchases to maximize the rewards.
- Pay off balance monthly
It is necessary to pay off your balance in full each month, keeping you away from interest charges, and it also ensures you maintain a good credit score.
- Large purchases
Buying eligible items using your Matrix Credit Card offers extended warranty protection. You can save money on repairs or replacement costs by using your card for large purchases.
The Benefits of Having a Good Credit Score
Maintaining a good credit score is vital for your financial well-being. Here are some of the perks of having a good credit score:
- Lower interest rates
A good credit score may qualify you for lower interest rates on credit cards and loans, saving you significant amounts in interest charges throughout the loan term.
- Easier credit approval
Acquiring credit approvals for credit cards, car loans, and mortgages, among others, can become more accessible once you have a good credit score. A good credit score could help you achieve your financial objectives with much ease.
- Better insurance rates
Insurance firms regularly utilize your credit score to determine your insurance rates. A good score can lead to a lower insurance rate, helping keep your financial outflow to a minimum.
- Superior negotiating power
A good credit score can provide you an upper hand in negotiations concerning interest rates, loan terms, and financial products of all kinds, helping you secure the best available deals.