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Plastk Secured Visa Credit Card Review 2023 ($25 Offer)


Fact Checked

The Plastk Secured Credit Card is designed to help you rebuild your credit score and earn rewards while doing so.

A secured credit card functions like a regular credit card for the most part. However, after opening an account, you pay a cash or security deposit equivalent to your credit limit, and this serves as collateral to limit the risk faced by the lender.

If you have a bad or no credit score and are having difficulties qualifying for credit, a secured credit card could work for you.

Your transactions activity is reported to the credit bureaus, which helps you build or rebuild your credit as long as you make payments on time.

Also, when you close your account, your security deposit is refunded if your account is in good standing.

This review of the Plastk Secured Visa* Card covers its benefits, fees, welcome offer, and why it is one of the best secured credit cards in Canada.

Plastk Secured Credit Card – At a Glance

  • 6,250 bonus points ($25 value)
  • Annual fee: $48
  • Monthly maintenance fee: $6
  • Purchase Interest: 17.99%
  • Cash advance APR: 21.99%
  • Free monthly credit score
  • Minimum security deposit: $300
  • Maximum security deposit: $10,000
  • Offers rewards points on everyday purchases
  • Grace period: 25 days for purchases; 3 days for cash advances
  • The mobile app is available on the App Store and Google Play
plastk credit card

Who is Plastk Financial?

Plastk Financial Inc. is a financial technology company founded by Motola (Mo) Omobamiduro in 2019.

The company aims to revolutionize the credit card rewards market and recently launched Canada’s first and only secured credit card with a rewards program.

Plastk is a preferred partner of the Vancouver Canucks.

Plastk Secured Visa* Credit Card Benefits

Build Credit Score: With the Plastk Secured Credit Card, you can build or rebuild your credit score and improve your finances simultaneously. A very good to excellent credit score enables you to qualify for lower interest rates when you apply for a personal loan, mortgage, and other credit facilities.

Free Credit Score: As part of your Plastk package, you get a free credit score check every month. This makes it easy to track your progress.

Earn Plastk Rewards Points: Users earn rewards points on purchases made using this card. You can redeem your points for merchandise, hotel and travel purchases, gift cards, charitable donations, or as a statement credit to pay your balance.

Welcome Bonus and Offer: You receive 6,250 bonus points after being approved for a Plastk Secured Visa* Card (limited-time offer). Since 2,500 points are equivalent to $10, the sign-up offer is worth $25. You can redeem the bonus after 3 months if your account remains in good standing. Also, new cardholders enjoy 0% APR on purchases for the first 3 months.

Acceptable Worldwide: The card is accepted anywhere Visa is accepted worldwide – at more than 200 million merchants and retailers.

Mobile Convenience: The Plastk App makes using your card, earning rewards, and monitoring your credit score a breeze.

Easy Approvals: Bad credit score? No problem. This secured card caters to all types of credit profiles.

plastk promotion

How It Works

After you apply for a Plastk Secured Visa* Card and are approved, you will need to provide a security deposit.

The minimum security deposit is $300; however, you can request a credit limit of up to $10,000. You can easily send your security funds using Interac e-Transfer.

After meeting all the requirements, you can expect to receive your card within 10-15 business days.

Your payment history is reported to the credit reporting agencies every month.

Downsides of the Plastk Secured Visa Card

Some things to note when applying for this card include:

The fees. It has a $48 annual fee, and $6 monthly maintenance fees also apply. In total, you will pay $120 in standard fees for 1 year.

While you will get your security deposit back when you close an account that is in good standing, it usually takes between 7-10 business days or longer if a foreign transaction has not been settled.

If you are planning on using this card to make purchases abroad, its foreign transaction fee is 3.50% which is a bit higher than the average 2.50%.

Lastly, this card is not currently available in Quebec.

Is The Plastk Secured Credit Card For You?

The Plastk Secured Credit Card is on my list of the best bad credit score card offers available right now in Canada.

If your credit score needs a tune-up and you are having difficulties qualifying for an unsecured credit card, this card could be useful.

Add on its rewards program, access to free credit scores, and a versatile mobile app, and this card is worth checking out.

Alternatives to the Plastk Secured Card

The Neo Secured Card is a good alternative to the Plastk Secured Visa Card. Here’s what it offers:

Neo Secured Credit

Best secured credit card for bad credit

Annual fee: $0

Rewards: Earn up to 15% cashback on first purchases at eligible partners, 5% cash back at partner stores, and 0.5% unlimited cashback on everything else.

Welcome offer: $25 bonus

Interest rates: 19.99%-22.99% for purchases, 22.99%-28.99% for cash advances.

Minimum income requirement: None

Recommended credit score:



On Neo Financial’s website

  • Earn up to 15% cashback on first purchase at eligible partners.
  • Earn 5% unlimited cashback at partner stores.
  • Earn 0.5% unlimited cashback on everything else.
  • Create Subscription Bundles to get extra cashback, insurance, or subscriptions.
  • Choose your own credit limit.
  • Minimum security fund requirement of $50.
  • No overlimit fees.
  • Use auto-pay to avoid missing payments.
  • Guaranteed approval and no hard credit checks.

Earn up to 15% cashback

Good rewards for a secured card

No annual fee or overlimit fees

Guaranteed approval

High-interest rate

Few additional perks

If you have a bad credit score or no credit history, the Neo Secured Mastercard gives you a way to start improving your score while earning up to 15% cashback. We also like that it has no annual or monthly fees and offers guaranteed approval.

*Visa International and Digital Commerce Bank do not provide any of the services or benefits related to the Plastk rewards program. The terms and conditions applicable to these services or benefits are contained in the agreement between you and Plastk Financial & Rewards Inc. All credit Issued by Plastk Financial & Rewards Inc. This card is owned and issued by Digital Commerce Bank, pursuant to license from Visa International. Use of the card is governed by the agreement under which it is issued. The Visa Brand is a registered trademark of *Visa International.

Best Credit Offers in December 2023

Enjoy up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

Earn unlimited average 5% cash back at 10,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card with 600+ credit score.

Get this guaranteed approval credit card for any credit score ($25 bonus)

Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first purchases.

Earn up to 5% cashback while growing your balance + $20 bonus

Best free prepaid reloadable Mastercard with $20 bonus (after adding $50+).

Earn up to 5% unlimited cash back at over 10,000 stores.

No credit check and free budgeting app with automatic savings features.

Earn 2.25% interest on your entire balance.*


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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19 thoughts on “Plastk Secured Visa Credit Card Review 2023 ($25 Offer)”

  1. Gravatar for Rob M

    Plastk is not yet established for credit bureau reporting. So while a secured credit card can help you build credit in general, a secured Plastk credit card won’t accomplish that goal. At least not yet (see below).
    Hi Robert,

    Thank you for contacting Plastk! Thank you for contacting Plastk! At this time, we have sent all our customer files over to Equifax and are in the final stages of implementation. We know you have been waiting patiently and it has been a long time coming, but we are almost there as our customer credit files are now with Equifax. We’re just asking that our customers please give us a little more time to be able to get the reporting live so all your credit history with Plastk will hit your credit report.

    We will be reporting to both Equifax and Transunion.

    Once reporting commences it will be monthly reporting.

    Hope this helps!

    Client Success Team
    Email: [email protected]

  2. Gravatar for Bryan

    I received the same message from Plastk as well. If I have known about that beforehand I would have considered and applied for secured cards of other companies instead. Now I am am not sure what to do, and have no idea when my credit score will be updated after using it for almost a year.

  3. Gravatar for Tania

    Don’t get a card from this company! Their service is terrible, they charge your card for items they refuse to disclose to you, every monthly statement you get will be filled with errors and miscalculations and they will never return your full security deposit. Their customer service is dirt, they ignore customer inquiries for weeks and steal your money.
    They engage in illegal activity by openly breaching cardholder contracts. I closed my account with them in good standing, and they never returned my full security deposit. They ignored my messages, calls and emails for weeks and never responded. Worse yet, they don’t even report to TransUnion, they only report to Equifax, and the card does nothing for your credit score. Plastk isn’t even rated on the BBB. Save your time and go with a reputable provider like Capital One or Refresh Financial.

  4. Gravatar for Ron

    If you want a secured card to repair your credit, DON’T GET A PLASTK VISA.
    They don’t report to the credit bureaus.

  5. Gravatar for Jamie

    This comany refuses to report to any of the bureaus. its been 11 months and not one single trade line… This has been a colossal waste of time. Steer clear of this if you’re in the market for a secured card. They give the same story every month when I contact them

  6. Gravatar for Misbah Hussain

    This card right here is definitely the best I have ever owned for traveling and financial relief. My priority was to sign up for a card that offers less interest rate but is accepted worldwide. And, thankfully, I found one in the form of this Plastk Visa card. The interest rates are low, the benefits are high, and it works everywhere! If anyone is looking for such benefits, he must go for this card.

  7. Gravatar for Josh Walker

    They accept the application on a low payment to easily build it up to a higher limit by building your credit score slowly but continuously. I started with $400 on a 500 score, and now my credit limit is almost $100 with an improved credit score.

  8. Gravatar for amelia

    Good company with helpful customer service
    Plastk helped me when I had no other options left! I always thought I would never be able to fix my conditions due to my bad score. I read several reviews about their service but was worried. So, I talked with their customer support, and they were coordinating. They are allowing me to make a new start for my credit score, and that’s precious than anything!

  9. Gravatar for Matthew Mark

    I appreciate the daily free rewards and look forward to receiving them every day. The Plastk team has worked with me diligently on what I could do to make my credit score go up and my bad credit history down.

  10. Gravatar for michael

    No unnecessary details
    The process of applying for a card is quick and easy. They sent it immediately. I feel relieved as they don’t send me unnecessary emails and details every now and then but only the essential credit reports I demand. So happy with this card, I would definitely recommend it.

  11. Gravatar for Elaine

    I recently started receiving my Equifax monthly credit reports. So finally, I can keep a check on my score and see what needs to be improved. Great service Plastk!

  12. Gravatar for Jacqueline

    I never had any problem with this card. Honestly, I never even had to call customer service because everything just works right for me, I guess. Altogether, great service!

  13. Gravatar for Amelia

    The easy-to-use app, low fees, standard approval, and a low starting limit with lots of reward points. Good card, overall.

  14. Gravatar for Sophia Mia

    If you are trying to rebuild your credit card with a low annual fee and poor or average score, this card is for you. Having Plastk Visa Card is beneficial in many ways, but you have to show them that they can trust you. I started with a 643 score with some late payments that I missed. And, now 1.5 years later, I can say I am almost close to having a decent credit score without any inquiry or missed payments. Going to use this card for a long time to see how much more I can improve my score.

  15. Gravatar for josiah Partin

    Great card! I like it because it’s simple and easy to use. No complicated application process and no long questions to get approved.

  16. Gravatar for Michael M

    I have a Plastk Credit Card and they have only reported once in three months and only to Equifax. They have yet to show up on a TransUnion report. They didn’t report last month at all.

  17. Gravatar for Michael M

    I’ve been waiting for 122 days for my deposit to be returned despite their policy stating it would be returned in 60. I get nothing but excuses and apologies from their sales team, nobody in management seems to be available and they aren’t in any hurry to resolve the complaint – or quite frankly even respond with an estimate of when I can expect it back.

    I would recommend staying well away from this company.

  18. Gravatar for Natalie M

    I’ve had my Plastk card for about 2 years with minimum issues, but when I did have an issue, it was a HUGE problem. I expected to use the card to make travel purchases which left me stranded at airports, car rental agencies in different cities due to “power outages” or “service disruptions”. Contacting them for a rush response was impossible. I was on hold for hours sometimes in home country, sometimes in other countries which was very frustrating. This has happened probably 10 times in the past 2 years. Now it’s March 2023 and happening again.

    My most recent problem is trying to make an e-transfer payment to the card and it rejects my payment. I’ve been trying the whole week to pay and increase my limit and Plastk rejects the funds due (again) to “power outages” or “service disruptions”. Extremely irritated at this point…

  19. From what I was told recently they still do not allow credit limit increases as I’ve been getting told for two years now they’re back in team is working on it. I finally close my account. It took a lot of fighting and I was told I would have my security deposit back After the cooling off. Well, I’m past that now and they still haven’t returned my money. They are the worst company in Canada honestly and they need to be shut down their business license needs to be revoked. There is nothing but bad reviews all over the Internet on this company with the exception of those little blurbs that are obviously paid for by Plastik to anybody reading. This do not deal with this company again they only quite a bit of money in a refund I am waiting for and it’s been nothing but a fight to try and get that back.

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