Matrix Credit Card vs. Surge
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 cards are the Matrix credit card and the Surge card. Let’s take a look at both of these cards, as well as the Fit Mastercard, to see which one is right for you.
What 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.
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.
Surge Mastercard® 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 Mastercard is also part of the Mastercard payment network, so like the Matrix card, it is accepted at any merchant that displays the Mastercard logo.
This card is offered as a standard card, or secured version of this card, which requires you to submit a refundable security deposit before your account can be opened. The amount of your security deposit will then become your available credit.
The standard interest rate on the Surge Mastercard is high and is a variable rate based on the Prime Rate so you’ll want to look at the rates and fees before applying. 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 first pay an annual fee. There is also a monthly maintenance fee associated with the card. The amount of these fees will be deducted from your available credit.
Other fees include a one-time, additional card fee that may apply to some accounts.
If you are approved for the Fit Mastercard, your initial credit limit could be up to $400. But there is an annual fee on this card which is charged upon approval. This lowers your credit line during the first month of being a cardmember. In addition, there is a one-time processing fee which is assessed to your account. This processing fee is replaced in year two by a monthly maintenance fee. The card also has one of the highest APRs in the credit card industry.
So what’s the difference?
The Surge Mastercard has an entirely different graphic on the front of it compared to the Matrix card, 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 Mastercard® Credit Card or the Matrix card, then all you need to do is decide which graphic you like best. The Fit Mastercard® Credit Card is another card option if you are struggling with building or establishing your credit. All of these cards have fairly high fees and interest rates, so be sure to pay off your entire balance each month in a timely manner.