Refresh Financial Secured Visa Card Review for April 2021 l Finder Canada
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Refresh Financial Secured Card Review

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Build up your credit score and control your monthly spending with the Refresh Financial Secured Visa.

With a monthly fee of $3 and an annual fee of $12.95, you can focus on rebuilding your credit score while getting access to a monthly credit limit between $200 to $10,000.

17.99%

Purchase Interest Rate

$12.95

Annual Fee

Details

Product NameRefresh Financial Secured Card
RewardThe Refresh Secured Card has no credit check, a low annual fee and guaranteed approval once you secure your card with anywhere from $200 - $10,000.
Welcome OfferNo available introductory offer.
Required Deposit$200 - $10,000
Purchase Interest Rate17.99%
Cash Advance RateN/A
Balance Transfer RateN/A
Interest Free Period Up to 21 days
Minimum Credit Limit$200
Apply now
More Info

30-second take

  • Get this card if you have poor credit or want to control your monthly spending.
  • Pick something else if you’re looking for rewards points, cash back or insurance coverage.
  • This card doesn’t require a credit check.

The basics

The Refresh Financial Secured Card lets you build up your credit score and control your monthly spending by allowing you to determine your own credit limit based on the amount of security you offer upfront. Monthly credit limits sit between $200 to $10,000, which means you can get access to as little or as much credit as you need.

In addition to providing your security fund upfront, the Refresh Financial Secured Card comes with a monthly fee of $3 and an annual fee of $12.95.

Aside from allowing you to set your own credit limit, the Refresh Financial Secured Card is perhaps best for those looking to improve their credit scores. Making timely repayments can help you build up your credit score over time, which means you can look forward to getting a card that rewards your spending in the future.

The perks

  • No credit check approval.

    The Refresh Financial Secured Card is a secured card which means no credit check is required since you must offer up a security deposit in order to determine your monthly credit limit. If you have a poor credit score but need access to a credit card, a secured card may be beneficial since your credit report won’t play a role in your approval.

  • Interest rate of 17.99%.

    This secured card offers an interest rate of 17.99%, which is typically lower than most cards offered in Canada. If you’re looking for a low interest rate card, this could potentially be an option.

  • Chance to build up your credit score.

    With a secured card, you’re offered the chance to work on improving your credit score. Making timely repayments will be reported to the credit bureau, which means you can improve your score over time and graduate from a secured card to an unsecured card that offers rewards for your spending.

You’ll also like …

  • Access to free financial education.
    Refresh Financial offers access to free educational financial training on their online portal called Refresh f.i.t. This free training provides customers with information regarding finances and money, as well as tips on building up your credit score.
  • You control your credit limit.

    The amount of security deposit you offer up will determine your monthly credit limit, which means you can control whether you have a high or low credit limit. Credit limits starts from a minimum of $200 to a maximum of $10,000.

What to watch out for

  • The monthly inactivity fee.

    There is a $2 charge per month if you don’t use your card. This means you will want to charge at least something to your card account each month to avoid this fee.

  • The annual and monthly fees.

    The Refresh Financial Secured Card costs $12.95 a year, however there is also an additional fee of $3 per month for the card. Factor this into the annual cost of the card, which is $48.95 instead of $12.95 a year.

  • It hurts to pay late.

    Paying off your balance in full means you can avoid interest rates. If you don’t pay in full, you’ll be looking at an interest rate of 17.99%.

Consider other cards if …

  • You have good credit.

    Since this card is a secured card, it is designed for people looking to improve their credit scores or curb their spending by setting their own credit limit based on the amount of money they can offer up as security for the card. If you have good credit, an unsecured card will likely serve you better since you’ll be able to earn rewards and won’t have to offer a security deposit for the card.

  • You want to earn rewards.

    This secured card doesn’t offer access to rewards like points per dollar spent, insurance coverage or cash back. If you’re looking to reap the rewards of your spending and you have fairly good credit, applying for a different credit card will likely be a better idea.

  • You travel frequently.

    Taking the Refresh Financial Secured Card abroad will incur overseas ATM fee charges as well as a foreign currency conversion fee. Not to mention you won’t receive any points per dollar spent or insurance coverage for your trip. If you travel frequently, a travel rewards credit card will likely be better suited.

What should I know before I apply?

To apply for the Refresh Financial Secured Card, you will need to meet the following criteria:

  • Be at least 18 years old, or the age of majority in your province or territory.
  • Don’t have an existing Refresh Financial Secured Card or account or a pending application for one.
  • Haven’t applied for a Refresh Financial Secured Card or account in the last 30 days.
  • Don’t have a Refresh Financial Secured Card or loan account that hasn’t been in good standing in the last year.
  • Provide a security fund of $200 – $10,000 once approved for the card.

What credit score do I need?

There is no credit check required to get the Refresh Financial Secured Card so there is no minimum credit required.

Required documents and information

  • Your full name and contact information.
  • Your social insurance number and date of birth.
  • Your employment details.
  • Your financial information, including any debts and assets.

What do customers say about the Refresh Financial Secured Card?

Customers that use the Refresh Financial Secured Card generally say positive things about the card, citing that it’s a great way to improve your credit score. The card has been praised for its relaxed eligibility criteria and easy approval process.

On the flip side, customers don’t say anything about the customer service team, so it’s difficult to speculate on the level of customer service offered. In addition, the card usually takes two to three weeks to arrive, which is longer than cards offered by banks and credit unions.

How to apply for the Refresh Financial Secured Card

  1. Click ‘Go to Site’ at the top of this page to be directed to the Refresh Financial Secured Card application.
  2. Complete the application with information including your full name, home address, income and employment details.
  3. Review and submit your application.

How long will it take to get my Refresh Financial Secured Card?

Filling out the online application takes about 15 minutes. You will need to provide your personal and financial details, as well as some documents. From there, you will need to provide a deposit in order to receive your secured card.

Once your application has been approved and your deposit has been received, you’ll typically receive your card in the mail within two to three weeks.

I got the card. Now what?

  • Make your repayments.
    Register for an account on the Refresh Financial website to pay your balance online and enroll in autopay. Failing to pay off your entire balance each month will result in an interest rate of 17.99%.
  • Avoid fees.
    Similar to other cards, there are certain fees that you need to be aware of such as overlimit and ATM transactions fees. Being mindful of these fees will help you adjust in using your card to completely avoid paying these fees.
  • Contact Refresh Financial.
    If you’re unable to find what you need on the Refresh Financial website, call 1-800-746-4840 to speak with a customer service representative.

Compare other credit cards

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
American Express Cobalt Card
45,000 points
Up to 5 points per $1 spent
19.99%
$120
Min. recommended credit score: 700
Earn up to 45,000 bonus Membership Rewards points in your first year as a new Cobalt Cardmember. Apply by May 5, 2021.
Tangerine World Mastercard
Balance transfer offer
Up to 2% cash back
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Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
BMO Preferred Rate Mastercard
Balance transfer offer
N/A
12.99%
$20
Min. recommended credit score: 660
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Scotiabank Value Visa Card
Balance transfer offer
N/A
12.99%
$29
Min. recommended credit score: 650
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by July 1, 2021.
SimplyCash Card from American Express
1.25% cash back
Up to 2.5% cash back
19.99%
$0
Min. recommended credit score: 700
Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back).
Choice Card from American Express
12,500 points
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn 12,500 Bonus Membership Rewards points within the first 3 months as a new Cardmember. Apply by May 5, 2021.
Tangerine Money-Back Credit Card
Balance transfer offer
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
HSBC +Rewards™ Mastercard®
30,000 points
2x points per $1 spent
11.9%
$0 annual fee for the first year ($25 thereafter)
Min. recommended credit score: 680
Earn 30,000 Points ($150 travel value), plus get a full annual fee rebate for the Primary Cardholder for the first year ($25 value). Apply by April 19, 2021. Conditions Apply. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
Refresh Financial Secured Card
N/A
N/A
17.99%
$12.95
Min. recommended credit score: Any score
Take advantage of a low annual fee, with no credit check and guaranteed approval once you secure your card with some funds.
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Compare up to 4 providers

Name Product Balance Transfer Rate Balance Transfer Fee Purchase Interest Rate Annual Fee Min. Credit Score Description
Tangerine World Mastercard
1.95% for the first 6 months (then 19.95%)
3%
19.95%
$0
Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO CashBack Mastercard
1.99% for the first 9 months (then 22.99%)
1%
19.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
BMO Preferred Rate Mastercard
3.99% for the first 9 months (then 12.99%)
1%
12.99%
$20
Min. recommended credit score: 660
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Scotiabank Value Visa Card
0.99% for the first 6 months (then 12.99%)
N/A
12.99%
$29
Min. recommended credit score: 650
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by July 1, 2021.
Tangerine Money-Back Credit Card
1.95% for the first 6 months (then 19.95%)
3%
19.95%
$0
Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO Rewards Mastercard
1.99% for the first 9 months (then 22.99%)
1%
19.99%
$0
Min. recommended credit score: 725
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021 . Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO AIR MILES Mastercard
1.99% for the first 9 months (then 22.99%)
1%
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Min. recommended credit score: 660
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BMO AIR MILES Mastercard For Students
1.99% for the first 9 months (then 22.99%)
1%
19.99%
$0
Min. recommended credit score: 660
Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash). Get a 1.99% introductory interest rate on balance transfers for 9 months. A 1% fee applies to balance amounts transferred.
BMO CashBack Mastercard For Students
1.99% for the first 9 months (then 22.99%)
1%
19.99%
$0
Min. recommended credit score: 660
Get up to 5% cash back in the first three months (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers for 9 months (with a 1% transfer fee).
Scotia Momentum Visa Card
2.99% for the first 6 months (then 22.99%)
N/A
19.99%
$39
Min. recommended credit score: 650
Earn 7.5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 2.99% introductory rate on balance transfers and a 0% balance transfer fee for the first 6 months. Apply by May 2, 2021.
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Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
American Express Cobalt Card
45,000 points
Up to 5 points per $1 spent
19.99%
$120
Min. recommended credit score: 700
Earn up to 45,000 bonus Membership Rewards points in your first year as a new Cobalt Cardmember. Apply by May 5, 2021.
Choice Card from American Express
12,500 points
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn 12,500 Bonus Membership Rewards points within the first 3 months as a new Cardmember. Apply by May 5, 2021.
HSBC +Rewards™ Mastercard®
30,000 points
2x points per $1 spent
11.9%
$0 annual fee for the first year ($25 thereafter)
Min. recommended credit score: 680
Earn 30,000 Points ($150 travel value), plus get a full annual fee rebate for the Primary Cardholder for the first year ($25 value). Apply by April 19, 2021. Conditions Apply. This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
BMO Rewards Mastercard
10,000 points
Up to 2 points per $1 spent
19.99%
$0
Min. recommended credit score: 725
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021 . Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
BMO World Elite Mastercard
30,000 points
Up to 3 points per $1 spent
19.99%
$0 annual fee for the first year ($150 thereafter)
Min. recommended credit score: 760
Get up to 30,000 points and the $150 annual fee waived in the first year. Apply by October 31, 2021
Brim Mastercard
Up to $200 worth of bonuses
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.
American Express Aeroplan Card
15,000 points
Up to 2x points per $1 spent
30% annual interest rate applies to balances not paid in full each month
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Min. recommended credit score: 700
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BMO eclipse Visa Infinite
40,000 points
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$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Get up to 40,000 points and the $120 annual fee waived in the first year.
American Express Business Edge Card
42,000 points
Up to 3 points per $1 spent
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Min. recommended credit score: 700
Earn up to 42,000 Membership Rewards points in your first year.
American Express AIR MILES Platinum Credit Card
2,000 Miles
Up to 1 Air Mile per $5 - $10 spent
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Min. recommended credit score: 700
Earn a Welcome Bonus of 2,000 AIR MILES within the first three months. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.
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Name Product Welcome Offer Cash Back Rate Purchase Interest Rate Annual Fee Min. Credit Score Reward Description
Tangerine World Mastercard
Balance transfer offer
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
SimplyCash Card from American Express
1.25% cash back
Up to 2.5% cash back
19.99%
$0
Min. recommended credit score: 700
Earn 1.25% cash back on all eligible purchases.
Tangerine Money-Back Credit Card
Balance transfer offer
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
SimplyCash Preferred Card from American Express
10% cash back
2% cash back
19.99%
$99
Min. recommended credit score: 700
Earn 2% cash back on all eligible purchases
BMO CashBack World Elite Mastercard
Up to 10% cash back
1.5% cash back
19.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Earn 1.5% cash back on all eligible purchases.
Shell CashBack Mastercard from BMO
$50 in cash back + 1% cash back
Up to 1.5% cash back
19.99%
$0
Min. recommended credit score: 660
Get 1.5% cash back at participating Shell locations in Canada (up to a maximum spend of $2,500 in any monthly billing period), and get 0.5% cash back everywhere else.
BMO Cashback Business Mastercard
10% cash back
Up to 1.75% cash back
19.99%
$0
Min. recommended credit score: 650
Earn 1.5% cash back on eligible gas purchases, office supplies and on cell phone and internet recurring payments, earn 1.75% cash back at participating Shell stations, and earn 0.75% on all other eligible card purchases.
BMO CashBack Mastercard For Students
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Earn 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.
Shell CashBack World Mastercard from BMO
N/A
Up to 3% cash back
19.99%
$79
Min. recommended credit score: 760
Get 3% cash back per $1 spent at Shells stations, 1.25% cash back on all other spend.
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Compare up to 4 providers

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
Tangerine World Mastercard
Balance transfer offer
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
SimplyCash Card from American Express
1.25% cash back
Up to 2.5% cash back
19.99%
$0
Min. recommended credit score: 700
Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back).
Choice Card from American Express
12,500 points
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn 12,500 Bonus Membership Rewards points within the first 3 months as a new Cardmember. Apply by May 5, 2021.
Tangerine Money-Back Credit Card
Balance transfer offer
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
BMO Rewards Mastercard
10,000 points
Up to 2 points per $1 spent
19.99%
$0
Min. recommended credit score: 725
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Apply by October 31, 2021 . Plus, get a rate of 1.99% on balance transfers for 9 months. A 1% fee applies to transferred balances.
Home Trust Secured Visa
N/A
N/A
14.90% - 19.99%
$0
Min. recommended credit score: Any score
Choose from three card options: No Annual Fee ($0 annual fee, 19.99% purchase rate), Low Interest Rate ($59 annual fee, 14.90% purchase rate) or a Low Monthly Fee ($5 monthly fee, 14.90% purchase rate).
Brim Mastercard
Up to $200 worth of bonuses
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.
Shell AIR MILES Mastercard from BMO
800 Miles
Up to 3x Air Miles for every $25 spent
19.99%
$0
Min. recommended credit score: 660
Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash).
Shell CashBack Mastercard from BMO
$50 in cash back + 1% cash back
Up to 1.5% cash back
19.99%
$0
Min. recommended credit score: 660
Get $50 in cash back bonuses once you charge your first eligible purchase to your card. Plus, earn 1% cash back for the first 6 months on all eligible purchases.