Matrix Credit Card vs. Surge

December 28, 2016, Written By Jason Steele

When you have bad credit, it can be extremely difficult to get approved for a new credit card. But if you are able to open a new account, and manage it responsibly, you can rebuild your credit.

Continental Finance offers several credit cards that you can qualify for, even if you have a limited credit history, or bad credit. Two of those card are the Matrix credit card and the Surge card. Let’s take a look at both of these cards, and see which one is right for you.

The Matrix Credit Card

matrix-card-artWhat is the Matrix? No, not that Matrix! This card has nothing to do with the Keanu Reeves science fiction movie trilogy, rather it’s just a label given to one of Continental Finance’s credit cards designed for applicants with poor credit or a limited credit history. In fact, all credit types are welcome to apply. Nevertheless, the card is black with a series of zeros and ones, evocative of the films. I’m sure it’s just a coincidence.

First, this card features a fast and easy application process, with results provided online. As part of the MasterCard payment network, this card is accepted at any merchant that displays the MasterCard logo.

New applicants will receive an initial credit line of $500, subject to available credit. And depending on your creditworthiness, you may be offered a standard card or secured version of this card. If you are offered the secured card version, then you must submit a refundable security deposit before your account can be opened. The amount of your security deposit will then become your available credit. However, a secured card account works just like a regular, unsecured card. You will receive a statement each month, and you must make a payment. And if you choose to carry a balance, then you will incur interest charges at the standard rate.

The standard interest rate is 30.24% APR, which is a variable rate based on the Prime Rate. However, your payment due date will be at least 25 days after the close of each billing cycle. By paying the statement balance in full and on-time, interest charges will be waived.

To begin using your card, you must pay an annual fee of $125 for the first year, and $96 each subsequent year. There is also a monthly maintenance fee of $10, or $120 per year. The amount of these fees will be deducted from your available credit. For example, if you have a credit line of $400, and you owe an annual fee of $125, then you will have a credit line of $275 until you pay the annual fee.

Other fees include a one-time, additional card fee that may apply to some accounts. There is a cash advance fee of $5 or 5% of the advance, whichever is greater.

There is a foreign transaction fee of 3% imposed on all charges processed outside of the United States. There is also a late payment fee of up to $37 and a returned payment fee that’s also up to $37.

The Surge Credit Card

surge-1The Surge credit card is also offered by Continental Finance to applicants with any credit profile, including those with a limited credit history or poor credit.

Like the Matrix, this card features a fast and easy application process, with results provided online. The Surge card is also part of the MasterCard payment network, so like the Matrix card, it is accepted at any merchant that displays the MasterCard logo.

Similarly, new applicants will receive an initial credit line of $500, subject available credit. This card is also offered a standard card, or secured version of this card, which requires you to submit a refundable security deposit before your account can be opened. Likewise, the amount of your security deposit will then become your available credit.

In addition, all of the rates and fees of the Surge credit card are identical to the Matrix credit card. This includes a standard interest rate is 30.24% APR, which is a variable rate based on the Prime Rate. The Surge card also has an annual fee of $125 for the first year, and $96 each year after that. There is also a monthly maintenance fee of $10, or $120 per year.

And just like the Matrix card, the Surge card also has a one-time, additional card fee that may apply to some accounts. There is also a cash advance fee of $5 or 5% of the advance, whichever is greater.  Like the Matrix card, there’s a foreign transaction fee of 3%,  a late payment fee of up to $37, and a returned payment fee that’s also up to $37.

So what’s the difference?

The Surge card has an entirely different graphic on the front of it, albeit using the same colors as the Matrix card. Otherwise, these cards appear to be completely identical. If you are going to apply for either the Surge or the Matrix card, then all you need to do is decide which graphic you like best.



The information contained within this article was accurate as of December 28, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.