Plastk Secured Credit Card Review ($25 Bonus) – Best Secured Credit Card Canada

Plastk Financial Brief Review

The Plastk Secured Credit Card is the first secure credit card in Canada to provide a premium rewards program. Their credit insights provide you with the tools to take charge of your credit and be rewarded for it. Mo has spent a lot of time working in the automobile market, where discussions on financing solutions were less.

In this PLASTK secured credit card review we will see how Mo saw that many people were having problems reforming their credit rating because of earlier mistakes and that beginners require a practical method for obtaining a credit card while establishing their credit record from scratch. Mo noticed in 2019 that the finest rewards programs were kept for a select number of high-net-worth individuals. He foresaw a credit card that would not only help people restore or build credit, but would also offer premium perks that were not accessible with the other credit line products.

Eligibility Requirements for Plastk Secured Credit Card

Unlike the other credit cards that have more severe conditions such as a minimum yearly or family income and a minimal credit rating, Plastk does not have any plastk secured credit card limit that will prevent you from being approved. To qualify for a Plastk Secured Credit Card, you have to meet the following criteria:

1. You are a Canadian national.
2. You’ve achieved the legal age in your province
3. To open your account, you must make a cash minimum deposit of $300.

Costs and Fees of Plastk Secured VISA Credit Card

The Plastk credit card review shows that it comes with a $48 annual fee + a $6 monthly maintenance fee, similar to many different rewards credit score playing cards that include more increased perks. However, if you’re not able to use different credit score playing cards because of denied income, a low credit score score, or no credit score history, then cumulating $120 isn’t an imperfect deal if it is a method for you to build up your credit score while not missing out on perks and rewards.

Plastk Secured Card Features and Benefits

• Premium Rewards: According to the Plastk secured visa card review, one can earn up to one point for every $1. They can save points for shop credit, products, generous donations, gift cards, trip awards, and premier events.
• Great Welcome reward: New customers who sign up for a secured Plastk credit card can earn up to 5,000 Plastk Bonus Rewards points after being a customer for 3 months.
• Flexible Cash Deposit: Deposits range from approximately $250 to a maximum of $10,500.
• Lower interest rates – 17.99% annual interest rate for purchases and 21.99% annual interest rate for cash advances.
• Generous Grace Period – This Plastk secured card review also shows that for purchases, one has a grace period of 25 days, and for cash advances, one has a grace period of 3 days.
• Free Credit Score Updates – Cardholders get access to free monthly credit score updates from Equifax.
• Fees – The annual fee for the Plastk Secured Credit Card is $48 + a $6 monthly maintenance fee.

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Pros and Cons of Plastk VISA Credit Card

Pros of Plastk Card

1. Helps you construct a credit score rating from scratch or give a boost to your current rating.
2. Earn rewards on each buy redeemable for merchandise, present cards, an assertion credit score, and more three. Quick software manner with approval within 24 hours.
3. Can follow and get authorized even when you have a horrific or no credit score.
4. 0% APR for the primary three months, and 17.99% after that.

Cons of Plastk Credit Card

1. According to the Plastk secured visa review, a security deposit is required before receiving the card. This means you have to pay in cash in advance.
2. Foreign transaction fees are above average at 3.5% compared to around 2.5% for most other cards.
3. If you close your account, it may take up to 60 days to collect your cash deposit.

How Does the Plastk Secured Credit Card Work?

Being a secure credit card, the Plastk Secured Credit Card is a little different than the other credit cards you are used to. To use a secure card, you must send a cash deposit to your credit card issuer as security before receiving the card. Normally, the amount you deposit will be your credit limit. The minimum amount you must deposit to qualify for the Plastk Secured Credit Card is $300 and the maximum amount you can deposit is $10,000.

One of the main benefits of using a Plastk Secured Credit Card is that it helps you build credit. This is a great solution if you have a low credit score, have just arrived in Canada, are a student, or are simply trying to rebuild your credit. Plastk reports monthly to credit units and you can even request a free monthly credit score from Equifax to track your progress. It’s a reward system that’s not common on credit cards. You can receive cashback rewards for each purchase, so you can not only repair your balance but gain something in the process.

Conclusion Plastk Secured Credit Card Review

When you sign up for Plastk, you’ll receive 5,000 Plastk Rewards points after owning the card for 3 months and if your account is healthy. Terms apply. This is worth $20.00 and can be redeemed as a statement or used for other rewards such as events, merchandise, and travel rewards. Every new Plastk customer benefits from her APR of 0%  for her first 3 months of card ownership.