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Plastk Secured Visa Card review

Plastk lets you secure your credit card with your savings to earn rewards whenever you spend money.

Pay no interest on your balance in your first three months of card ownership and earn rewards points with the Plastk Secured Visa Card.
1.5 ★★★★★ (16 reviews) Write a review


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The Plastk Secured Visa Card is a secured credit card, which means you have to place funds with Plastk to secure the limit you hold on your card.

Plastk is also the only secured card with a premium rewards program in Canada, which rewards you for every purchase you make.

This card is a good fit for customers who are struggling with bad credit or can’t seem to qualify for a regular credit card, or for students, new Canadians, parents who want to keep their kids on track and cardholders who enjoy benefits of a premium rewards program.

Find out more about how the Plastk Secured Visa Card works and learn how you can sign up today.

30-second take

  • Get this card if you want to control your spending and you have enough money put away to secure the balance on your card.
  • Choose something else if you don’t want to pay interest or you’d prefer to get comprehensive benefits.
  • This card doesn’t come with a minimum annual income requirement.

The basics

If you’re stuck in a loop of bad credit and can’t seem to qualify for a regular credit card, the Plastk Secured Visa Card could be a good fit for you.

  • Annual fee. You’ll pay an annual fee of $48.
  • Monthly maintenance fee. It will cost you a monthly fee of $6 to maintain your account (on top of your $48 annual fee).
  • Introductory zero-interest period. You won't have to pay interest on your balance in your first three months of card ownership.
  • Rewards program. It’s easy to earn rewards while you shop and you’ll get a bonus of 5,000 points when you sign up (worth about $20).
  • Lower interest rate. You’ll pay a slightly lower interest rate on outstanding balances (17.99%) than you will with a regular credit card (19.99%).

The perks

  • Functions like a regular credit card. You can use this card at any establishment that accepts Visa around the world.
  • Easy to qualify. You should be able to qualify with bad or no credit, as long as you have enough money in savings to secure your credit limit.
  • Premium Rewards. Plastk is the only secured card in Canada which gives Premium Rewards to its cardmembers. The rewards program is comparable to the top non-secured cards in the market.
  • Helps rebuild your credit. Secured credit cards help to rebuild credit quickly by reporting every on-time payment you make to the credit bureau.

What to watch out for

  • Customer complaints. Many customers of Plastk have lodged complaints mentioning that they have yet to see their credit score change. Users have mentioned that Plastk is still in the process of implementing customer files with the credit bureaus.
  • Monthly maintenance fee. You’ll pay a monthly fee of $6 to maintain your account (on top of your $48 annual fee).
  • Balance must be secured by cash. You’ll have to e-transfer money to cover your Plastk balance once you’re approved for a credit card. Also, security funds cannot be used for paying minimum payments, bringing your account current if its past due, or settlement of any outstanding fees.
  • No basic insurance. You won’t get purchase protection, travel insurance, mobile device protection or roadside assistance or extended warranty coverage when you buy consumer goods.
  • High costs for missed payments. You’ll have to pay a default interest rate of 29.99% if you miss two payments in a row, alongside a fee for each payment default.
  • High foreign transaction fees. You’ll be required to pay a 3.5% currency conversion fee on any amount that you spend overseas.
  • Other fees. There’s a laundry list of other fees associated with your account that could end up costing you more money each month.

What should I know before I apply?

Eligibility requirements

To apply for a Plastk Secured Visa Card, you’ll need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
  • Have enough money saved away to cover the balance on your card

You’ll also need to provide the following documents and information:

  • Your name, residential status and contact information
  • Your social insurance number and date of birth
  • Your email address and phone number

How to apply

  1. Fill out the online application form for the Plastk Secured Visa Card.
  2. Provide information such as your name, email address, social insurance number (SIN) and birth date.
  3. Review and submit your application.
  4. Send funds to Plastk via e-transfer to secure the balance of your account.

Bottom line

The Plastk Secured Visa Card is a secured credit card. It’s designed primarily for people with no credit history, students, parents looking to teach their children about credit, new Canadians as well a those with a bad credit score. This card will let you earn rewards when you make purchases and comes with a number of welcome bonuses. It could be a good option for you if you’re having difficulty qualifying for a regular credit card.

Frequently asked questions about the Plastk Secured Visa Card

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