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The Refresh Financial Secured Credit Card is one of the best credit cards for improving your credit score. If you have bad credit or no credit history, it’s worth the bet.

It functions like a regular credit card. However, you will need to make a security deposit of $200. This will set your credit limit.

Only a few secured cards offer such a low minimum deposit. Because of the low minimum limit, you’ll be able to save more money while improving your credit score.

The low spending limit is also a good offer if you wish to spend small amounts gradually and avoid overspending. Another great thing about this card is getting your deposit back when you close your account.

On top of establishing or improving your credit history, you can keep track of your monthly spending. You’ll have access to credit management and tracking tools courtesy of Refresh Financial.

The Refresh Financial Secured Credit Card has guaranteed approval. Since you provide a security deposit, your chances of approval are much higher than for a regular credit card. Apart from its simple qualification requirements, you’ll benefit from the monthly reports sent to two of Canada’s credit bureaus.

Refresh Financial is also one of a few credit-building lenders that provide free financial education. This training is available through the Refresh online portal. The financial training course covers everything from credit score improvement to basic personal finance education and guidance.

Essential Information

Network

Visa

Provider

Refresh Financial

Card Type

Secured

Key Features

The Refresh Financial Secured Credit Card has the following features.

• Refresh Financial’s automatic credit score management and tracking. This allows you to monitor your credit score and receive alerts about changes in your credit report. These tools will help you stay on top of your credit rating as you work to improve it.
• Access to Refresh Financial’s credit utilization rate calculator. This tool will help you determine how your spending and payment habits affect your credit score.
• A minimum security deposit of $200. The maximum you can deposit for your security deposit is $10,000.
• Guaranteed approval for the card if you put down a security deposit.
• Free financial education is available through the Refresh online portal.
• No credit check is required to be approved for the card. Therefore, you don’t have to worry about your credit score getting in the way of your application.
• Payments are reported to both credit bureaus. This helps you build a positive payment history reflected on your credit report.
• Worldwide acceptance thanks to the Visa network. Therefore, wherever you go, you can use your Refresh Financial Secured Credit Card to make a purchase.
• Fast and easy e-transfer payments.
• Security deposit refund upon card cancellation.
• A low annual fee and interest rate on purchases.

Costs and Fees

• Annual fee: $12.95
• Maintenance fee: $3 per month
• The annual interest rate on purchases: 17.99%
• Overlimit fee: $5.00 (The card is charged once, then canceled a second time)
• Foreign POS transactions: $3.50
• The interest-free grace period on purchases: 21 days