Plastk Secured Visa Credit Card Review

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Plastk Secured Visa Credit Card Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood

Updated September 10, 2021

Plastk Secured Visa Credit Card Review

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Credit Card Review Secured Credit Card

One of the biggest perks to having a credit card — besides being able to shop online — is the ability to collect rewards points with every purchase you make. While not all credit cards allow cardholders to earn points, many of them do. Once you’ve accumulated enough points, you can redeem them for travel purchases, merchandise, and other products and services.

Getting approved for a credit card can be tough if you don’t have the income nor the credit score needed to qualify. Luckily, there are secured credit cards available that work very much like a credit card, except, you’re required to top up the card with your own money before you can shop with it. 

There are some drawbacks to secured credit cards; namely, they don’t typically come with a rewards system that allows you to collect points with every expenditure. That is until the Plastk Secured Credit Card came around. 

With this secured credit card, you can easily get approved regardless of your credit score while taking advantage of points collection and redemption.

Let’s take a closer look at Plastk to help you determine if this is the right type of secured credit card for you.

What Is The Plastk Secured Visa Credit Card?

Plastk is a secured Visa credit card. With a secured card, cardholders must fund the account with a certain amount of money before it can be used.

While the average secured credit card does not offer much in the way of rewards, Plastk is the only secured credit card that offers cardholders a premium rewards program. With every purchase made, you can earn points that can later be redeemed. 

At the same time, you can build your credit score with every timely bill payment you make since your payments are reported to the major credit bureaus and noted on your credit report. Over time, this can help establish and build your credit score, and eventually, you may be able to qualify for a traditional unsecured credit card. 

The Plastk Secured Credit Card is ideal for those who are having a tough time getting approved for a conventional credit card due to bad credit or low income. Students and new Canadians may also find Plastk a good option for similar reasons. 

Every dollar you spend earns you at least 1 point, which can be redeemed toward any of the following:

  • Merchandise
  • Travel 
  • Exclusive Events
  • Gift Cards
  • Charities

Plastk Secured Credit Card At A Glance

Purchase interest rate17.99%
Cash advance rate21.99%
Balance transfer rateN/A
Sign up bonus5,000 points
Annual fee$48
Monthly maintenance fee$6

Benefits Of Plastk Secured Visa Credit Card

The Plastk Secured Credit Card comes with a slew of benefits, including the following:

  • Bad credit accepted. Plastk doesn’t have a credit score requirement, which means it’s much easier to get approved for compared to conventional unsecured credit cards. In fact, this card was designed specifically for individuals with bad credit
  • Helps build credit. Payments are reported to the credit bureau like Transunion and Equifax. Payment history plays a key role in your credit score. More specifically, it accounts for 35% of your credit score, so every timely payment you make will positively impact your credit score. 
  • Monthly credit score update. You can access information about your credit score every month through Plastk to see how much progress you’re making with every timely payment. 
  • Cash back. Plastk is the only secured credit card in Canada that allows you to earn points and offers Cash Back for these points
  • Low-interest rate. For the first 3 months, you’ll pay 0% APR. The rate increases to 17.99% after that, which is still a competitive rate compared to other credit cards. 
  • Sign-up bonus. Earn up to 5,000 bonus rewards points after signing up for the Plastk card.
  • Zero Fraud Liability. If someone steals your Plastk Secured Credit Card and uses it, the Visa Zero Liability policy will cover you, so you’ll never have to pay anything for any fraudulent activity.
  • Interest-free grace period. Get a 25-day interest-free grace period on purchases and a 3-day grace period on cash advances.

Drawbacks Of Plastk Secured Visa Credit Card

Before you apply for the Plastk Secured Credit Card, it’s important to consider some of its drawbacks as well:

  • Monthly fee. In addition to the annual fee, there is also a monthly fee of $6 that you will have to pay. 
  • Expensive penalties. If you miss 2 payments in a row, you’ll be subject to a default interest rate of 29.99%. 
  • High foreign transaction fees. Most credit cards charge a foreign transaction fee of around 2.5%, but with Plastk, that rate increases to 4.5%. 

Tired of secured credit cards? Make the switch and get a regular credit card.

How To Apply For The Plastk Secured Visa Credit Card

Applying for the Plastk secured card is easy and requires you to follow 4 simple steps:

  1. Complete the online application form 
  2. Supply personal information, including your name, birth date, social insurance number (SIN), and email address
  3. Submit the application
  4. Deposit funds to your Plastk account via e-transfer

Eligibility Requirements Plastk Secured Visa Credit Card

In order to be eligible for the Plastk Secured Visa credit card, you’ll need to meet the following criteria:

  • Be a Canadian citizen or permanent resident
  • Be the age of majority in your province
  • Have an adequate amount of money to fund your account

Plastk Secured Visa Credit Card FAQs

Will I get back my security deposit if I close my account?

Yes, any security funds deposited will be returned within 60 days after cancelling your card.

What is the minimum and maximum security deposit?

The minimum security deposit is $300, and the maximum credit limit is $10,000.

How long does it take to get approved for the Plastik Secured Credit Card?

You can get approved for the Plastk Secured Credit Card in as little as 24 hours. After you’re approved, you’ll receive email instructions on how to send your security funds, and your card will then be mailed to you.

Final Thoughts

If you have poor credit and are struggling to get approved for a traditional credit card, then the Plastk Secured Credit Card may be perfect for you. Not only will it allow you to spend as if you have a traditional credit card, but it can also help you build credit while earning rewards points at the same time.

*Visa International and Digital Commerce Bank do not provide any of the services or benefits related to the Plastk rewards program. The terms and conditions applicable to these services or benefits are contained in the agreement between you and Plastk Financial & Rewards Inc.

All credit Issued by Plastk Financial & Rewards Inc. This card is owned and issued by Digital Commerce Bank, pursuant to license from Visa International. Use of the card is governed by the agreement under which it is issued. The Visa Brand is a registered trademark of *Visa International.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers. She specializes in personal finance, mortgages, and real estate. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. She enjoys sharing her knowledge and experience in real estate and personal finance with others. In her spare time, Lisa enjoys trying funky new recipes, spending time with her dog, and of course, revelling in the joy of family.

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