Refresh Secured Visa
Annual Fee
$12.95*
Interest Rate
17.99%
Balance Transfer
-
Cash Advance
17.99%
Credit Score
No Credit
Rewards
-
- Free financial education: with Refresh f.i.t, you get access to online courses that teach you about money management.
- Boost your credit: using your VISA will help build your credit history and put your financial goals within reach.
- No credit checks, just a deposit and you’re approved.
- You must be a Canadian resident
- You must be the age of majority in your province/territory of residence.
Summary
The Refresh Secured Visa offers the flexibility of a credit card without going into debt. Plus, this card offers you free financial education that teaches you about money management!
Our Review
Refresh Secured Visa
The Refresh Financial Secured Credit Card allows its holders to build or rebuild their credit, no matter their credit history. This card is secured, meaning you must put down a security deposit which becomes your credit limit, but you can choose to put down anywhere from $200 to $10,000. This card is super accessible: the minimum security deposit of $200 is lower than other secured cards, and no credit checks are required for approval. One key benefit to this card is the free financial education that is included: you will have access to online courses that teach you about money management. This card boasts an annual fee of $12.95, which seems attractively low. However, this card also charges a monthly fee of $3, which adds up to $48.95 in total annual fees. All in all, this card could be a great option for you if you’re looking to build credit, or rebuild it after bankruptcy or other financial issues, and though the total in annual fees may be rather high, most of that is broken up into bite-size monthly payments. However, if you already have good credit, this card offers no insurance, rewards or other perks and would be a bit redundant for you.
As per our rating system, this card scored 0/25 on rewards, 19/25 on interest rates and balance transfers, 7/25 on perks and insurance, and 20/25 on annual fees. Therefore, the total smart score of this card is 46/100.
Pros
- Free financial education: with Refresh f.i.t, you get access to online courses that teach you about money management.
- Boost your credit: using your VISA will help build your credit history and put your financial goals within reach.
- No credit checks, just a deposit and you’re approved.
- The security deposit can be as low as $200 and up to $10,000.
- A somewhat low interest rate of 17.99% on purchases and cash advances.
Cons
- This card doesn’t offer any rewards or insurance.
- Though this card boasts an annual fee of $12.95, there is an additional monthly fee of $3, making the total in fees $48.95 annually.
- You must pay a security deposit of a minimum $200 dollars.