Secured credit cards are usually a “last resort” type of card that you get solely to increase your credit score. Apart from offering low credit individuals with a vehicle to improve credit, they don't come with many perks and features.
The Plastk Secured Visa card changes that. It is the first secured credit card in Canada to offer a premium rewards program, and an attractive welcome bonus for new cardholders.
In this article, we'll take a look at the pros and cons of the Plastk Secured Credit Card, who should get one, and an overview of their rewards program.
Plastk Secured Credit Card
on Plastk's website
Credit limit: Minimum $300, Maximum $10,000
Welcome Offer: 5,000 bonus points ($20 value), 0% APR for the first 3 months
Earn Rate: Earn 1% on all purchases, unlimited rewards
Annual Fee: $48 with $6/month maintenance fee = $120/year
Min. Income Required: None
Here's an overview of key features of the Plastk Secured Visa.
- Earn 1% points on all purchases, 250 points is equivalent to $1.
- 17.99% interest rate, which is one of the lowest in the market
- 25 day grace period with no interest
- Monthly credit score update. Powered by Equifax*
- Zero Fraud Liability
- $48 Annual Fee
- Instant Balance Payment via Interac e-transfer
- Points on everyday purchases
- Quick and easy application process
- Simple way to pay
- Cash advances
- Worldwide acceptance
- Easy access to premium rewards
Improve your credit score
What is a secured credit card? A secured credit card works the same as any other credit card. However, your credit limit is dependant on how much you deposit into your card. If you deposit $300, your credit limit will be $300.
Being a secured credit card, the most important feature for cardholders is the ability to improve their credit scores.
Plastk reports to Canada's major credit bureaus (Equifax and Transunion) and will be submitted as early as the first date you become approved as a cardmember.
You'll also get 0% APR for the first 3 months to help you get kickstarted on your credit building journey, as well as a 25 day grace period with no interest.
Plus, as long as you pay off your balance, your security deposit will never be used.
What is the credit limit with Plastik's Secured Visa?
The minimum deposit is $300. That means you'll have a credit limit of $300 on your card. You can request a credit limit up to $10,000.
Earn points on purchases
Secured credit cards don't normally come with a rewards program. But with the Plastk Secured Visa, you can earn rewards points on every purchase you make with the card, with no limit on how much you can earn.
Plastk offers 1% rewards points on all purchases.
How much are Plastk points worth? 250 points = $1. You can pay your balance with points easily
Sign up bonus
When you apply and get approved for the Plastk Secured Visa card, you'll get 5000 points as a welcome bonus (equivalent to $20).
Note: You can redeem your welcome bonus after 3 months of being a cardholder. The account must be in good standing to redeem the bonus.
The annual fee for the Plastk Secured Visa card is $48/year. However, the card also comes with a maintenance fee of $6/month.
$6/month maintenance fee = $72 year
$48 annual fee + $72 maintenance fee = $120 total annual fee.
This is higher than typical secured credit cards, like the Refresh Financial Secured Card which has a total annual fee of $48.95. However, keep in mind the other features and perks that come with this card that other secured cards do not offer.
Plastk offers a $20 value welcome bonus. You also get access to free credit reports every month. And you earn points on purchases, which is a first for the secured credit card market.
Who should get the Plastk Secured Visa card?
If you're a newcomer without much credit history or need to rebuild your credit score, and want the premium rewards that are usually only offered with premium rewards credit cards, the Plastk Secured Visa card is perfect for you. It is the only secured credit card in Canada to come with a rewards program, welcome bonus, and referral program.
Plastk also offers a suite of credit education. As a cardholder, you'll get access to educational videos, podcasts, and tutorials on how to improve your credit score.