Everybody knows it; it’s difficult to get any credit if your credit score is low or you’ve got no credit at all. But of course, life is filled with second chances- so is the world of credit.
You already know that one of the ways to prevent getting locked out or disqualified from taking credit or loans in the future is to use an excellent secure card. There are tons of them in the market.
The first thing you should know about the refresh secured card is that you won’t earn any reward on purchases by using it. So, if you’re looking to earn reward points or possibly cashback with this secured card, the refresh card won’t give you that- you might want to look into other secured cards if that’s your primary goal.
Nevertheless, hang around a little more to unravel the entire essence of the refresh secured card. Let’s explore some of the benefits that make this card stand out among its peers.
Benefits for Card
Everyone deserves a fresh start, especially when it comes to building your credit score and entering the good books of loans and other credit companies.
Lucky for you, that’s what the refresh secured card is about- giving people second chances to redeem their credit image. The refresh secured card dishes out second chances in the form of the benefits it offers its end-users. Keep reading.
- Zero barriers, guaranteed approval: As somebody with bad credit or no credit history at all, it is difficult for credit companies to issue you any credit card to bail you out of certain expenses you might not have the financial capacity to shoulder.
Frankly, if you eventually get a company that’ll still issue you a credit card, you’ll realize that your hands would practically be tied as they would offer you the card with alarmingly high-interest rates.
Aside from that, the terms won’t be favourable. But don’t worry, the refresh card won’t hold a grudge against you for having a bad credit score or no credit, as it doesn’t determine your creditworthiness based on your credit history.
So, if your credit score is at the rock bottom of 300, you’ve got nothing to worry about. You’ll get a refresh secured card as long as you meet the requirement and eligibility criteria. Now, you can breathe easily.
- Low fee and Interest rates: When it comes to the annual fee of this card, you don’t need to get nervous as it is affordable compared to other secure cards on the market. You’ll only be charged a total of $48.95 per annum.
Here’s a quick breakdown. You’ll start by paying an annual fee of $12.95. Then, you’ll be charged a monthly fee of $3. When you add it up, it’ll equal the total cost of $48.95.
Clearly, that’s fair compared to what other cards offer. Let’s not forget about the interest fee where it gets interesting. As a new refresh cardholder, you’re awarded a 21-day interest-free grace period.
That implies that if you can’t pay your credit card balance within the stipulated time, you’ll have the grace of a 21-day extension to pay back what you owe without paying the $17.99% interest.
- Security Deposit: Before you are issued any secure card, you’ll be required to make a deposit prior to the card sign-up. The common trend among most secure card issuers is that you’ll need to make a $500 deposit.
Without it, you automatically are not eligible. But of course, refresh financial steps in and gives you a shot at owning a secure card with as low as a $2oo deposit.
The best part is that the interest rate you’ll be charged won’t be determined by the deposit amount. With a maximum deposit of $10,000, the only thing that could be affected by your deposit amount is the credit limit you’ll get.
Guess what? Refresh financial would give back your deposit if you ever decide to terminate your relationship with them.
Details and Eligibility
As earlier stated, Refresh financial won’t carry out a credit check on you. But while Refresh Financial is interested in helping you build a better credit future, there are specific requirements that you must meet to get the coveted refresh secure card. If you wish to qualify for the card, you must;
- Be a Canadian citizen.
- Be 18 or 19, depending on the legal age in your province.
- Pay a $200 deposit- comes in handy when you default payment
- Have not applied for the refresh secured card earlier in the same month or have a refresh account already.
- Have zero debt on your refresh account if you had a previous account with refresh financial.
If you meet these criteria, the rest of the application process becomes easy. Once you are through with the prerequisites, proceed to apply for the credit card and start correcting your credit future.
At the moment, Refresh Financial provides no insurance coverage with their secured card. However, the other perks this card offers make up for this as there aren’t many cards like this one.
Refresh Credit Card FAQ