Special Offer: Upon sign up, new Plastk customers get 5000 Reward Points ≈ $20.00 redeemable after 3 months*
This Plastk Review aims to assess this renowned credit card provider’s pros, cons, features, service, and more. While not all credit card companies help you build up your credit score while offering exciting rewards, Plastk Secured Credit Card does. And who doesn’t love a credit card that lets you shop online while earning rewards in return?
Plastk is a Canadian start-up company that strives towards helping its citizens achieve financial freedom. And the Plastk Secured Credit Card is Canada’s first and only secured credit card that offers detailed credit insights. You can use these cards to build up your credit score while earning premium rewards along the way. What’s more, is interest rates are low, and their cards are accepted worldwide.
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Last Updated: Nov 21, 2022
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The company was founded by Motola Omobamiduro in 2018 when he saw that people find it challenging to improve their credit card scores. He created a way of obtaining a credit card while building or rebuilding your credit card history. He made an accessible credit card for everyone, along with an exciting rewards program.
In this Plastk review, we will delve into the products offered by them, the benefits, and disadvantages of their secured credit card, as well as what makes Plastk a popular choice amongst Canadians.
In the first section of this Plastk review, we will discuss why this secured credit card might be the perfect fit for you.
A secure card works similarly to a regular credit card. The only difference is that you need to pay a security deposit equal to your credit card limit while applying for the card. It acts as a security deposit or collateral, limiting your lender’s risk. You can then use this card to rebuild your credit score.
Plastk Secured Credit Card is the only card that offers a premium rewards program to its customers. Every time you shop, you will earn a few reward points. You can collect these points and redeem them later for travel, merchandise, or gift cards.
This secured credit card also helps you build your credit score. Every time you pay your bill before the due date, the credit agencies report the transaction activity to your credit report. Eventually, this will help you establish a good credit score, making it easier to get loans and apply for other credit cards.
Plastk Secured Credit Cards offer the newest and best way to build your credit and get rewarded for it.
Plastk also offers Plastk Sentinel, a program to help you improve your credit score through watching it and monitoring month by month. They even give you educational resources to jump start your progress.
When we talk about a credit card company, weighing and analyzing its pros and cons is necessary. This section of the Plastk review discusses the benefits of the secured credit card and the areas requiring improvement.
|Pros of Plastk||Cons of Plastk|
|+ low-interest rates|
+ monthly credit score update
+ cashback rewards
+ accepted worldwide
+ zero fraud liability
|– additional monthly fee|
– expensive penalties
– mandatory cash deposits
Plastk has many pros listed below when it comes to their secured credit card.
Plastk offers a 0% annual percentage rate to its customers for the first three months. After that, an interest rate of just 17.99% will be charged, which is one of the lowest rates for a secured credit card. When a new customer signs up for the card, they get 5000 reward points as a joining bonus. These points are redeemable after the first three months.
This secured credit card company helps you improve your score each time you pay your bill before the due date. Credit card payments get directly reported to credit bureaus like Equifax and TransUnion. This payment history makes up 35% of your credit score.
The platform also gives you access to monthly information about your credit score, so you can track how it is getting improved with every timely payment.
Plastk is the only Canadian secured credit card that offers exciting cash backs and rewards every time you purchase. These rewards are usually in terms of points collected and redeemed later for merchandise, gift cards, and travel purchases. You earn 1 point for every $1 spent.
The Plastk Secured Credit Card is a Visa card accepted by multiple merchants worldwide. Whoever accepts a Visa card would also take your Plastk credit card. The card gets accepted by more than 200 million merchants and retailers.
The zero-fraud liability option is one of the most exciting features that make these cards stand out in our Plastk review. Visa’s zero liability policy keeps you covered in case someone steals your Plastk Secured Credit Card and uses it. Due to this, you will never have to pay for any fraudulent activity.
As well as there are pros, there are also cons to go over before committing to Plastk.
Most credit card corporations charge an annual fee for maintenance to their customers. However, Plastk charges both an annual and a monthly charge of $48 and $6, respectively. The total cost rounds up to around $120 every year, relatively high compared to other cards.
Missing out on your due date would cost you a good amount of penalty fees. Every time you miss out on a payment, you must pay a $35 penalty fee. If you miss out on two payments in a row, your interest rate will spike up to 29.99%.
This is one of the significant disadvantages highlighted in our Plastk review. The card might not be a perfect fit if you want to use it outside Canada. Plastk Secured Credit Card charges a comparatively high foreign transaction fee of around 4.5%.
Since Plastk is a secured credit card company, you must make a cash deposit before your card gets delivered. This deposit acts as a security for the company if you miss out on your payments.
This security amount cannot pay minimum card payments or settle any outstanding fees. Additionally, when you close your account with the company, it might take up to 60 days to get your security deposit back.
In the earlier sections, we’ve discussed why the credit card company is a good choice for newcomers and people trying to build their credit score. We’ve also highlighted the benefits and drawbacks of the company. In this section of the Plastk review, we will talk about the different products offered by this provider.
|Products of Plastk||Features|
|Secured Credit Card||– Interest rate of 17.99%|
– Security deposit ranges from $300-$10,000
– 5,000 reward points& 0% APR for first 3 months
– Annual & monthly fee = $120
|Plastk Sentinel||– $9.99/month for the first 3 months (80% off)|
– $15.99/month after the first 3 months
– The yearly subscription is billed once every 12 months and costs $149.99
– Subscribing to the annual plan saves you 22%
This section of the Plastk review discusses what a secured card is and its benefits. Plastk Secured Credit Card is like a regular credit card but secured by a cash deposit, which acts as collateral. Your card limit gets determined by the amount of security you deposit.
The platform offers a 25-day grace period to its customers without charging any additional interest fee. Plastk Secured Credit Cards help you build or rebuild your credit score and allow you to monitor changes made every month.
Additionally, the card also offers exciting rewards and cashback offers every time you purchase. Every $1 spent gives you one reward point.
Your Plastk Secured Credit Card limit depends upon the amount of security deposit you pay. You can pay a minimum of $300, and the maximum limit is $10,000. The company charges a comparatively low interest rate of 17.99% to their customers.
However, as a part of their welcoming process, Plastk offers 5000 reward points and a 0% APR for the first three months.
In addition to the interest rate, you also have to pay an annual fee and a monthly maintenance fee which costs around $120.
This section of the Plastk review includes a feature that helps you keep a tab on your credit score. Plastk Sentinel is your financial guard shield, designed by experts, offering you security and protection. The tool helps you track, monitor, and review your credit score. This best-in-class service helps you learn better about your score and what it means for your future.
The tool also offers multiple features and an extensive library to help you understand why your score has fallen. This will also assist you in improving your score to set yourself straight for financial success.
Plastk Sentinel offers a Credit Watch option that lets you monitor all the changes made to your credit score, along with providing daily alerts on what’s affecting the score. The platform also gives you access to your full credit report by the Credit View option.
With Plastk Sentinel’s Credit Education option, you can get relevant credit tips and helpful insights to understand better and improve your credit rating.
Plastk Sentinel offers both a monthly and an annual plan for their customers. The monthly plan costs $9.99/month for the first three months and then $15.99/ month afterward. The yearly subscription is billed once every 12 months and will cost you $149.99.
By subscribing to the annual plan, you can save up to 22%.
Plastk offers an exclusive deal for students, offering them a secured credit card without any annual or monthly fees. It helps students save up to $120 every year, besides building their credit score and offering exclusive offers.
Plastk offers a free mobile application with a user-friendly interface. It allows you to view your account details, track activity, make payments to vendors, and view your overall credit score. You can also make quick and easy bank transfers with Interac e-transfer.
When dealing with a credit card provider, you should always check whether the company is safe and legitimate. This section of the Plastk review will discuss whether this company offers legit credit cards.
Plastk was founded in 2018 by a pre-owned vehicle dealership owner. The company has offered credit cards to hundreds of students and adults looking to build or rebuild their credit card scores in two years.
After checking reviews posted on multiple websites, including Trustpilot, we can confirm the finance company is not a scam. It has helped people get a credit card approved within hours and start their journey to rebuild their financial future.
The one-star reviews posted are from people who did not read the terms and conditions of the company explaining the charges they’ll incur every month. These reviews are a reminder to read and talk to customer support centers before applying for a credit card. This is true not just for Plastk but for all credit card providers.
People have also faced some minor issues in getting their security deposit back. While they wanted their money in a day or two, the company has clearly stated that it can take about 60 days to refund the money to your bank account.
Plastk is a fintech startup headquartered in Calgary, Alberta. Their website, mobile application, and instant customer support add to the company’s legitimacy.
The next section of the Plastk review contains details about all the platform’s exciting deals.
Plastk offers a sign-up bonus to all its new customers. Once your credit card application gets approved, the company will credit your account with 5000 reward points, which equals $20. This amount is redeemable after the first three months. The platform also offers a 0% interest rate on purchases made through the credit card for the first three months.
Plastk also offers an attractive referral program that will help you earn rewards each time you refer the platform to a friend or family member. All you have to do is share your link with them. Once their credit card application is approved, your reward points will get credited to your account.
You’ll be rewarded with 2500 points equal to a $10 cashback for the first person you refer. And for the following five people, you’ll receive 10,000 reward points equivalent to a $40 cashback.
If you successfully refer ten people to join the platform through your link, you will receive 50,000 reward points equivalent to $200.
This Plastk Review also gives you a brief overview of the customer service options provided by the fintech start-up. This secured credit card company offers multiple options to reach out to its customer service executives.
Plastk has a toll-free number available from Monday to Friday between 9:00 am and 7:00 pm MST. You can reach the company between 10:00 am and 6:00 pm MST over the weekends. Plastk also offers a dedicated email service for its customers.
This fintech company also offers a live chat feature, available at the bottom right corner of the screen. You can get online support from their executives between 7:00 am and 11:00 pm MST on weekdays and 10:00 am to 6:00 pm on weekends.
Plastk’s online chat support is quite impressive, and you can expect to have your query answered within a few minutes. Their toll-free number can get quite busy, and you might find it challenging to get a hold of them on call.
Getting a credit card might sound like a hassle. But Plastk has made the process incredibly simple with their online application. This section of the Plastk review will discuss how you can get started with this credit card provider.
Applying through their website is a pretty straightforward process. All you need to do is head to the website’s homepage and then click on the APPLY NOW option. The page will redirect you to an online application. Fill out this application for applying for the Plastk Secured Visa Credit Card.
You will be required to submit your personal information, including your name, email address, birth date, and social insurance number. Once you have filled the application, review it again to check for minor typos, and click submit. Once applied, you will receive a subsequent email with instructions on how to proceed.
Plastk has an instant approval process, and you will hear back from them within 24 hours. They will provide you with information on how to deposit the security funds. Once that is approved, the company will mail you your secured credit card along with your PIN. The card will take around 10 to 15 days to arrive at your location.
This credit card company has essential eligibility criteria to meet for applying for a secured credit card. This section of the Plastk review focuses on the requirements to get your credit card approved.
If you have applied for a credit card and cannot get it approved by Plastk, there are other credit card companies that you can try. These companies work in a very similar manner and offer secured credit cards to their companies. In this section of the Plastk review, we will discuss the alternatives to this fintech company.
Refresh Financial Secured card is an excellent option for students or adults facing difficulty getting their credit card application approved. The platform offers features just like a regular credit card without any credit check. And the company forwards your credit card payment history to major credit bureaus. This ensures that you improve your credit score every time you pay before the due date.
The company offers a guaranteed approval process if you meet the basic requirements and pay the security deposit without any issues. Refresh Financial secured card also charges a monthly interest rate of 17.99%. Alongside, you also need to pay an annual fee and monthly maintenance of $12.95 and $3, respectively, totalling up to $48.95 per year.
Refresh Financial Secured Card is a great alternative, as mentioned in our Plastk review. You can start from a minimum credit amount of $200 and a maximum of $10,000.
Home Trust Secured Visa Card is another popular credit card service in Canada, offering credit options without charging an annual or monthly maintenance fee. Your credit limit would depend upon the amount of security deposit you are willing to pay. The credit amount ranges from $500 to $10,000 per month.
This easy-to-access credit card service forwards your payment history to all the major credit agencies, ensuring that your score improves each month. The company offers a 21-day grace period to pay your bills after generating your monthly statement.
Even though the interest rate is a little higher, standing at 19.99% every month, you can reduce it to 14.90% by paying a monthly maintenance fee of $5 per month. This rounds up to $59 of the maintenance charge, reducing the interest by a large percentage. Home Trust Secured Visa Card is another excellent alternative for secured credit cards, as mentioned in our Plastk review.
While we come to the end of this Plastk review, here is what you should keep in mind about this credit card provider.
Plastk Secured Credit Card is an easily accessible credit card that offers exclusive reward points each time you make payment. The platform is for students and adults looking to improve or build their credit scores. This advanced application helps you keep a tab on your credit score every month, along with educating you with helpful insights to move forward toward financial success.
They have a straightforward application process that you can complete online through their website. However, you should make sure to read the terms and conditions in specific or chat with customer care support if you have any doubts.
This Plastk review has given you a brief overview of the company and its application process. And we examined the pros and cons of getting your credit card approved, as well as alternative service providers.
Plastk is quite a safe bet for all those looking to improve their financial situation and credit score. The company would offer you a credit card within 24 hours and at an interest rate that is the lowest in the market.
That said, it’s essential to remember to pay what is owed on time and to never skip a payment. Doing so will ensure that your credit score steadily builds and improves as you use the card.
If you want to improve your credit score & earn rewards our Plastk review may help. Learn everything & more about this credit card provider.
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Yes, Plastk has a premium rewards program.
When getting approved by Plastk, you will hear back in 24 hours or less.
The benefits of a secured credit card are that the process of approval is fast.
You can contact Plastk at the phone number 1-855-485-0102, or you can email them at email@example.com .
You can make a credit card payment with Plastk by sending an e-Transfer.