If you have bad credit or no credit at all and are finding it difficult to get a credit card, then the Refresh Financial Visa Secured Credit Card is an excellent option to consider. With a base annual fee of $12.95 and a minimum deposit of $200, the Refresh Financial card is among the easiest to get and cheapest credit card in its category. The card is a great way to repair your credit history and it offers several benefits offered by a Visa credit card.
The Refresh Financial card is very easy to qualify for compared to other credit cards and the approval for the card is guaranteed as long as you can provide the minimum security deposit. Apart from the security deposit, the Refresh Financial card works like any other credit card and while you can make both offline as well as online purchases using the card, it also helps you build your credit score.
To apply for a Refresh Financial card, there is no requirement of your credit history and you can apply for the card even if you do not have a credit history or are currently or have previously faced bankruptcy. This makes the Refresh Financial card amongst Canada’s most accessible cards. There is no credit check for the card to be approved and the eligibility criteria for the card are fairly easy to meet.
To apply for the Refresh Financial Visa card, you should:
- Be a major in the territory or province where you reside.
- Not have a Refresh account or credit card.
- Be able to provide the required minimum security deposit.
- Not have defaulted on payments due on a Refresh Financial credit card or account in the last 1 year nor applied for a Refresh Financial credit card more than 1 time in the last 1 month.
If you are applying for a credit card, usually, most credit card companies require your credit score to be good or very good before you are approved for a card. However, the best part of applying for the Refresh Financial Visa card is that there is no credit check and even if you have bad credit or have a history or are currently bankrupt, you will get guaranteed approval as long as you meet the basic eligibility requirements.
You will get a Refresh Financial Visa card as long as you pay a security deposit, which starts at a minimum of $200 to a maximum amount of $10,000. This means that if you make a minimum payment of $200, you can apply for the card and begin the process of repairing your credit score. Your credit limit is determined by the amount of deposit and the minimum deposit of $200 is the lowest among all of the other secured credit card options in Canada.
Compared to other credit cards in the same category, the Refresh Financial credit card charges a fairly low annual fee of $12.95. Apart from the annual fee, you need to also pay a fee of $3 per month. Typically, people use the Refresh Financial credit card to build their credit score and then apply for an unsecured credit card. Hence, the annual payment for the Refresh Financial credit card is structured in a way that you don’t have to pay the entire amount if you use the card only for part of the year. You need to pay interest at 17.99% if you don’t pay the credit card balance within the grace period of 21 days, which is interest-free.
Each time you pay towards the Refresh Financial Visa card balance, it is reported as revolving credit to two of the major credit bureaus. And, with every report showing responsible management of debt, both your good credit history and your credit score will grow.
What’s better? With Refresh Financial Visa card, you can earn extra cash by referring family and friends. If you refer a person and they sign up with Refresh Financial Visa card, you will get $100 and there is no limit to the number of people you refer.
Refresh Financial offers free of cost financial education via Refresh f.i.t. (Financial Intelligence Training), a financial toolkit that enables you to understand and learn all about money, finances, credit cards, building credit and money tips and tricks. The Refresh f.i.t. is available online and you can watch videos on various topics at home, when you’re on the move, or anywhere at all.
The Refresh Financial Visa card has a rather low purchase rate of interest of 17.99%, plus $12.95 annual fee and a per month fee of $3. This is ideal for people wanting to give the Refresh Financial card a try without paying the annual fee upfront. However, the annual and the monthly fees add up to $48.95 over the year. The Refresh Financial card offers a 21-day grace period for payment that is interest-free, which is better than several other cards that charge you interest soon after a transaction is processed.
The Refresh Financial card has a fairly low declined transaction fee of $0.10. Apart from this, the card charges $5 when you use it at an ATM or for cash advance in Canada and anywhere across the world. Refresh Financial card also charges $2 as inactivity fees for each month that you do not use the card. While this is quite low, if you are keen on improving your credit score, then it is a good idea to charge small, inexpensive items to your Refresh Financial card.
The Refresh Financial Visa Card has a low purchase interest rate and along with the low fees, this card is ideal for people who plan to use the card for making purchases only. The card is suitable for anyone looking to repair/build their credit; however, it particularly ideal for people having a history of bankruptcy and those who want a secured credit card by paying only a nominal deposit.
In conclusion, the Refresh Financial Visa Card is an excellent card if you are looking to improve your credit score or want to apply for a card that does not need a credit check. Although you have to pay a security deposit to get the card, the card can help in building or repairing your credit score and also control your spending. However, if you want a card that will offer rewards on your spending or you want to transfer balances, then you may have to consider some other credit card. Also, the Refresh Financial Visa Card is specifically designed with people having poor/bad credit and so, if you already have a good credit score, then this card may not benefit you greatly.