What the Matrix Credit Card Is

The Matrix Credit Card is a secured credit card issued by Pathward, N.A., a bank that specializes in cards for people building or rebuilding credit. With a secured card, you put down a cash deposit that becomes your credit limit — typically between $300 and $2,500. You use the card like any other credit card, and your payment history gets reported to the three major credit bureaus (Equifax, Experian, and TransUnion).

The card charges an annual fee and a variable interest rate. Unlike some secured cards, the Matrix does not require you to maintain a minimum balance in a savings account beyond your deposit. Your deposit stays in a separate account and is not touched unless you default on payments or close the account.

Pathward typically reviews your account after 12 to 18 months of on-time payments to decide whether to convert it to an unsecured card and return your deposit. This is not automatic — you do not have to request it, but approval depends on your payment record and account activity during that period.

Key Takeaways

  • Your cash deposit becomes your credit limit, so a $500 deposit gives you a $500 spending limit.
  • The card reports to all three credit bureaus, which means your payment history affects your credit score.
  • You pay an annual fee upfront, plus interest on any balance you carry month to month.
  • After 12 to 18 months of on-time payments, Pathward may convert your account to unsecured and return your deposit.
  • The card has no rewards program, so you earn no cash back or points on purchases.

How to Get the Card and What You Need

You can open a Matrix account online through Pathward's website or by phone. The process takes about 15 to 20 minutes. You will need a Social Security number, a valid government-issued ID, and a current mailing address. Pathward will run a soft credit pull (which does not affect your credit score) to verify your identity.

Once approved, you choose your deposit amount. The minimum is typically $300, and the maximum is $2,500. Your deposit must come from a checking or savings account you own — you cannot fund it with a credit card or a loan. Pathward will ask for your bank account details to transfer the money electronically.

After your deposit clears, your card ships within 7 to 10 business days. You can set up online account access when ready and begin using a temporary card number for online purchases while you wait for the physical card to arrive.

Fees and Interest Rates

The Matrix card charges an annual fee of $35, which is deducted from your account when you open it or on your card anniversary. This fee is higher than some competing secured cards, so compare before you decide.

The interest rate (APR) is variable and typically ranges from 18% to 24%, depending on your creditworthiness at the time of approval. This rate is higher than unsecured cards offer, but lower than many other secured cards. If you carry a balance, interest accrues daily on the unpaid amount.

There are no late fees, over-limit fees, or foreign transaction fees listed in the standard terms. However, if you miss a payment by 30 days or more, Pathward may report it to the credit bureaus, which will damage your credit score.

Building Credit With the Matrix Card

The main reason to use a secured card is to build a positive credit history. Pathward reports your account activity to Equifax, Experian, and TransUnion every month. This means on-time payments, low balances, and responsible use all show up on your credit report and help raise your score over time.

To maximize your credit-building potential, keep your balance well below your limit — ideally under 30% of your credit limit. A $500 limit means keeping your balance under $150. Pay your full statement balance on time every month, or at minimum pay more than the minimum payment due. Missing even one payment can set back your progress significantly.

Do not close the account when ready after Pathward converts it to unsecured. Keeping the account open and active (even with small purchases) helps your credit score because it shows a longer credit history and a lower overall credit utilization ratio.

When the Matrix Card Makes Sense

A secured card is most useful if you have no credit history, a very low credit score (below 550), or a recent negative event like a bankruptcy or collection account. If you already have a credit score above 650 and access to unsecured cards, a secured card is usually not necessary.

The $35 annual fee and higher interest rate mean the card costs more to use than an unsecured alternative. If you can get approved for an unsecured card, that is almost always the better choice. However, if unsecured options are not available to you, the cost of building credit through a secured card is often worth it.

The card also works well if you need a small credit limit ($300 to $2,500) and do not want to risk overspending. Because your limit is tied to your deposit, you cannot borrow more than you have set aside.

Alternatives to the Matrix Card

Other secured cards exist with lower annual fees or better terms. The Capital One Secured Mastercard, for example, charges a $39 annual fee but may offer a path to unsecured status faster. The Discover Secured Card charges no annual fee and reports to all three bureaus. Compare the annual fee, APR, and conversion timeline before you decide.

If you have a thin credit file but not a damaged one, you might also look at unsecured cards designed for people with limited credit history. These cards often have higher APRs but no deposit requirement. A credit counselor or your bank can help you determine which route fits your situation.

If your goal is straightforward to build credit without using a card, becoming an authorized user on someone else's account (with their permission) can also help, though it carries less weight than your own account history.

What Happens After Conversion

Pathward typically reviews your account between 12 and 18 months after opening. If you have made all payments on time and kept your balance low, the bank may convert your account to an unsecured card automatically. You will receive a notice in the mail explaining the conversion and confirming that your deposit is being returned.

The return of your deposit usually takes 3 to 5 business days after the conversion is processed. Your credit limit on the unsecured card may be higher or the same as your original deposit amount — Pathward does not may provide an increase, but some customers see their limit raised.

If your account is not converted after 18 months, it does not mean you have failed. It may mean Pathward wants to see more time or more account activity. You can contact customer service to ask what would help move the account toward conversion, or you can straightforward continue using the card as a secured card.

Frequently Asked Questions

Can I use the Matrix card right away, or do I have to wait for the physical card?

You can use a temporary card number for online and phone purchases as soon as your account is approved and your deposit clears. The physical card arrives within 7 to 10 business days. You cannot use the card in stores until the physical card arrives and you set up it.

What happens to my deposit if I close the account?

If you close the account in good standing (no missed payments or outstanding balance), Pathward returns your deposit within 3 to 5 business days. If you have an unpaid balance, the bank may use part or all of your deposit to cover it before returning the remainder.

Does the Matrix card have a rewards program?

No. The Matrix card does not earn cash back, points, or miles on any purchases. If rewards are important to you, consider an unsecured card once your credit score improves enough to may have access to.

Will the Matrix card hurt my credit score when I open it?

Opening any new credit account results in a hard inquiry, which may lower your score by a few points temporarily. However, the long-term benefit of on-time payments and a positive account history outweighs this short-term dip. Your score typically recovers within a few months.

Can I increase my credit limit without adding more money?

No. With a secured card, your credit limit is always equal to your deposit. To raise your limit, you must deposit additional money into your secured account. Pathward allows you to increase your deposit up to the card's maximum of $2,500.