Refresh Financial Secured Credit Card Review
Recommended Credit Score:
0 669
Poor or No Credit
Welcome Bonus Value
Annual Fee
Purchase Interest Rate
Min Personal Required
Refresh Financial Secured Credit Card
My Rate Compass Rating: star star star star star_outline (4.2)
Bank Name:Refresh Financial
Network Type:VISA
Awards:Best Credit Card Award Winner
Refresh Financial Secured Credit Card
Welcome Bonus
Annual Fee
Refresh Financial Secured Credit Card
Card Details

This card is no longer o by the provider, check our list of secured credit cards

Refresh Financial's Secured Visa Card helps you establish and rebuild your credit and improve your credit score.

Anyone with little or no credit, bankruptcy and consumer proposals can apply.

All you need is a security deposit to get approved. As you use your card and make monthly payments on time, they are reported to the credit bureaus and this builds your credit score.

The Refresh Financial Secured Card combines the premise of the credit builder loan with the same benefits of a credit card. In this case, you are almost guaranteed approval, which cannot be said for other types of secured credit cards. So while it does work like any other credit card, the main difference is that you have to place a security deposit on the card. This works better for many people compared to the credit builder loan as it allows you to use the credit available on the card. It’s an excellent option if you have bad credit and want a card to make online purchases or say secure a hotel room.

The minimum deposit is $200 which is also a bonus as many other secured cards require $500. You can also slowly increase your deposit which in turn increases your credit limit to up to $10,000. However, for the secured credit card you have to also consider the fees. While the interest rate is lower at 17.99% compared to the 19.99% of the credit builder loan, you also have to pay out the following:

  • An annual fee of $12.95
  • A monthly fee of $3
  • $0.10 for every declined transaction
  • $5 fee to use an ATM/ cash advance
  • A monthly inactivity fee of $2 for every month that you don’t use your card

As far as secured credit cards go, this one tends to come out ahead. It is ideal if you need access to a credit card, can afford the security deposit and intend to pay it back in a timely manner.

  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance NO
  • Flight delay insurance,Baggage Insurance No
  • Vehicle rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
  • Annual Fee: $12.95
  • Additional Card Fee: $0
  • Purchases Interest Rate: 17.99%
  • Cash Advance Interest Rate: 17.99%
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
0 669
Poor or No Credit
Our Rating
My Rate Compass Rating: star star star star star_outline (4.2)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

Easiest approvals

As a secured credit card, there are no credit checks. All you need is a deposit and you are approved!

Lowest fees

When building your credit, start where you are comfortable and scale up when you are ready.

Lowest interest rates

Competitive rates will ensure you keep your payments manageable.

Free Financial Education

With Refresh f.i.t. (Financial Intelligence Training) you have access to online courses that educate you about smarter money management.

Boost your credit

Using your VISA will help build your credit history and put your financial goals within reach.

Editor's Review

Refresh Financial Secured Visa Credit Card Review

The Refresh Financial Secured Credit Card allows users to establish and build credit. You will be required to make a deposit to use this financial product. Whatever amount you make as a deposit will become the credit limit. Refresh Financial has a minimum credit limit of $200 and a maximum of $10,000. The interest rate is 17.99% which is slightly lower than the 19.99% industry standard. The annual fee is $12.95 and the monthly maintenance fee is $3 per month.

The main benefit of using Refresh Financial’s secured card is they provide tools that help you actively build credit. There are tools that show your spending and repayment habits and how they impact your credit score. The focus is the utilization rate. By using these tools, you can establish and build credit faster.

Overall it is a great credit card to establish and rebuild credit. It does not require a credit check, making it the perfect card for those with little or no credit, poor credit scores and bankruptcy history.


Author Bio

Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based in Toronto. He is a former financial services professional who worked at major Canadian financial institutions for many years. He managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor's in Business Administration from the University of Quebec (Montreal) and a Master's in International Business from the University of Sherbrooke (Quebec). He is also the author of the Canadian Credit Card Guidebook.


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