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RefreshTM Secured Visa*

RefreshTM Secured Visa*

Build credit with Refresh’s Secured Credit Card

  • Card Details Details
  • Our Review Review

Card Details


  • Build credit with Refresh's Secured Credit Card

  • Easy Approval – as long as you are the age of majority

  • Security deposit starts at $200 and goes as high as $10,000

  • Low fees and interest

  • All cardholders get free access to (www.refresh.fit) a Financial Education program

  • Get all the benefits of VISA while building your credit

RateSupermarket.ca's Review

Are you a newcomer to Canada, or a young adult looking to build credit? If you are, the Refresh™ Secured Visa is a great option. As it is a secured card, you must first deposit a sum of money, and this deposit becomes your available credit. The advantage of this system is that almost everyone gets approved, enabling people with no credit history to start working towards a good credit score!

 

The interest rate is a relatively low 17.99%, but if you are serious about creating a good credit history, you must pay off at least the minimum balance each month. It is good news if you ever fail to pay off your total balance, though you should strive to do so.

 

This card does not offer any rewards points or cash-back, but it serves a valuable purpose as an accessible first credit card for people who have no credit history. Those who have bad credit and have issues passing a credit check for other cards or loans could also benefit from this secured card. Once you have used this card for a while and built up a decent credit score, you can apply for another card which does offer more perks. Assuming your balance is paid in full, you will get your deposit back too!

Pros

 

  • No credit check is required for this card. As long as you are the age of majority you will get approved.
  • The annual fee is only $12.95 per year.
  • You decide your credit limit based on the security deposit you provide. This deposit can be as low as $200 and as high as $10,000.
  • The 17.99% interest rate is lower than that of most credit cards.
  • All cardholders get free access to a Financial Education program – a helpful tool for newcomers to Canada or young adults who have no credit.

Cons

 

  • There is no rewards program associated with this card.
  • While the annual fee is low, there are no-fee cards out there. Once you have built up a good credit history, you may want to shop around for a better deal.

Rate, product information and rewards estimate are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details

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