Few secured cards offer as many advantages as the Visa Plastk rewards credit card. In fact, the vast majority of secured cards on the market in Canada do not offer rewards points, since this type of credit card is aimed at a particular audience. Without a good credit score, many people do not have access to the best credit cards on the market. Therefore, they turn to secured cards. The Plastk card, however, allows you to both build your credit history and earn rewards. Plastk points can be redeemed to attend music shows, book flights or hotel stays. Please note that the Plastk card is not available in Quebec.
Annual fee: $48
Monthly maintenance fee: $6
Interest rate: 17,99 %
Plastk Visa Secure Credit Card: How it Works
The Plastk Visa secured rewards card is like any other regular credit card, except that it's secured by a cash deposit. Secured cards are specifically designed to help customers build their credit score.
Note that a security deposit must be paid before you can get a secured card and it usually acts as the card's credit limit. For example, if you want a $500 credit limit with the Plastk Visa card, you must deposit $500, which you can only get back when you permanently close your account.
By opting for this card, you will be entitled to a welcome bonus of 5,000 points after 3 months of using the card. It is worth $20.
Plastk points can be redeemed for rewards such as tickets to attend music shows, discounts when you book flights or hotel stays. Please note that all new Plastk customers receive a 0% interest rate for the first three months after joining.
Plastk Secured Card Fees
As with most credit cards, there is a cost to using a Plastk secured credit card. First of all, there is a 17.99% interest rate. This is not the cheapest interest rate we've seen, but there are many other secured credit card issuers that charge more.
There is an interest-free grace period of 25 days on purchases and a 3 day grace period on cash advances. However, you should keep in mind that if you fail to make two payments in a row, the interest rate increases to 29.99%.
Plastk cardholders are charged a $6 monthly maintenance fee, which is not the case with some other secured cards. This maintenance fee is in addition to the $48 annual fee. In addition to this monthly maintenance fee, there are also fees for foreign exchange. They vary depending on the Visa exchange rate applicable at the time the transaction is processed. Finally, when you close your account you can wait up to 60 days to get your cash deposit back.
How to Earn and Redeem your Rewards
Unlike many other credit cards, the Plastk secured credit card offers you rewards on every purchase. When you spend $1, you earn 1 point. Then, 250 points is the equivalent of one dollar in rewards, and once you've reached at least $10 in points (about 2,500 points), you can redeem them in several ways, such as:
Cash Back: use your points to earn cash back.
Merchandise: redeem your points for purchases from brands like Apple, Sony and LG.
Travel rewards: use your points to book flights anywhere in the world.
Donations: use your points to donate to charities that support the causes you care about!
Eligibility Requirements to Get the Plastk Card
Unlike other credit cards with more stringent requirements such as an annual income threshold or minimum household income, Plastk does not have many requirements that will act as barriers to your eligibility.
To apply for a Plastk secured credit card, you must be a Canadian citizen or permanent resident, have reached the age of majority in your province, and provide a cash deposit of at least $300 to open your account.
How to Apply for this Card
Applying for a Plastk secured credit card can be done on the Plastk website or via the Plastk app in just a few steps. You will have to answer a few questions to complete your application.
Step 1: From the Plastk homepage, click the “Apply Now” button to begin your application.
Step 2: Once you are directed to the application page, enter your personal information such as your name, contact information, address, employment information and basic financial information like your requested credit limit and annual income.
Step 3: Click “Submit Application” and Plastk will respond within 24 hours.
Step 4: If you are approved, you will need to send your security deposit via electronic transfer before your card is mailed to you. You can do this by transferring funds from your checking account to Plastk's email address: firstname.lastname@example.org. After you complete the transfer, you can check its status on the Plastk app or website.
Improve your Credit with Plastk Sentinel
Plastk Sentinel allows you to view and monitor your credit. You can access your full credit report provided by Equifax, receive daily alerts on what's affecting your score, and get tips to manage your money from Plastk.
The service is available through a monthly subscription fee of $15.99 charged directly to your Plastk account. You can also choose an annual payment of $149.99. Some prepaid credit cards offer a similar feature at a lower cost.
Is the Plastik Visa Secured Card Worth it?
The Plastk Visa is an attractive option for those with a poor credit score who want to improve their credit score while earning rewards points.
This card comes with more benefits than most other secured cards on the market. However, its fees, which amount to $120 per year, are slightly higher. So if you choose this card, make sure you use it enough to take advantage of its rewards program.
Although choosing a secured credit card can be difficult, don't hesitate to compare credit cards to choose the best one for you!
FAQs about Plastk Secured Credit Card
Yes, it is a secured card. Plastk might ask you to send funds before they send you your card. Make sure you follow the steps.
Yes, your credit report takes into account your payment history with Plastk. You can also pay for the Plastk Sentinel feature to help you build your credit.
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About The Author: Houda Zaoui
Passionnée des finances personnelles, Houda Zaoui est une rédactrice Web chez Hardbacon. Elle choisit ses cartes de crédit en utilisant le comparateur de cartes de Hardbacon, et pour voyager, Houda utilise le comparateur de chambres d’hôtels de Hardbacon afin d’épargner de l’argent. Finalement, elle utilise l’application mobile de Hardbacon pour gérer ses finances à partir d’un seul endroit.
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