The Benefits of Signing up for a Refresh Financial Credit Card
Refresh Financial’s credit card options offer some benefits worth considering when shopping around for a new product. The minimum deposit is one of the lowest, at $200, which is relatively easy to provide compared to $500, which many companies require.
The purchase interest rate is reasonable, it’s an easy card to qualify for, and you’ll have access to free courses for financial management. The maximum credit limit is $10,000, standard for comparable credit card providers.
The application process is easy, as it’s done entirely online. When your application is being considered for approval, no credit checks are done so that you won’t risk the impact on your credit rating or score.
There are other great benefits to consider with Refresh, including in-house courses that provide tools and suggestions for financial management and regular reports sent to two credit bureaus so that you’ll have the opportunity to improve your credit score.
Drawbacks of Refresh Financial’s Credit Products
Refresh Financial charges annual fees higher than average, which can be a deterrent for new card owners looking to establish their credit. It’s a good option for people who have previously claimed bankruptcy and don’t want to pay a sizeable minimum deposit.
If you have a previous or existing Refresh Financial account, you won’t be eligible to apply for a new card. If you applied for a Refresh card previously, and there was no approval, you can reapply again after 30 days, and you must not have defaulted on payments in the last 12 months if you have an account that has since been closed.
If you withdraw funds from your Refresh credit card account, there is a fee for every transaction, increasing over time. Ideally, this account is best for anyone who wants to improve bad credit and curb overspending to improve their financial status.
Refresh Financial Credit Cards Summary
Refresh Financial is a good option for new credit card users and anyone rebuilding their credit score for future goals and better financial management.
While the fees are higher than other credit card fintech companies, some notable benefits can help individuals improve their overall credit score and prospects for a mortgage, loan, and other life goals.