Canada's Top Secured Card for Credit Building | Refresh Financial

BUILD YOUR
CREDIT SCORE
-FAST-

with a Secured Card from Refresh, available in two speed packs.

What's a Secured Card

Build credit while spending money.

Guaranteed approval with deposit!

How quickly do you want to build credit?

Find a pack and speed that’s right for you

Credit Builder Loan

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Size

$1,250      $2,500      $5,000
$10,000      $25,000

APR

19.99%

Unlike a Personal Loan, no money is provided up-front with a Credit Builder Loan. You make payments into a secured account that you can access at any point. Your payments are reported to the credit bureaus, which may help improve your credit score.

Secured Card

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Credit limit

$200 - $10,000

Interest rate

17.99%

Annual fee

$12.95

Maintenance fee

$3/month

Unlike a credit card, no credit is provided up-front with a Secured Card. You set your credit limit with a required deposit then it functions like a regular credit card. Now all your everyday purchases report to the credit bureau, which may help improve your credit score.

Black Tier

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Get access to

the ultimate credit building experience

The ultimate credit building experience. View your credit report, run simulations, and improve your financial education - all in one place!

Four easy steps

Time investment: 20 minutes or less

1

Tell us about yourself

2

Verify Email

3

Choose your Pack

4

Finalize your documents

Personal Info

Why do we need this information?

We use your name and contact info to keep all your details in one single file, and so we can contact you in the event that your application is interrupted. We also use your province of residence and date of birth to determine what products we're legally allowed to offer you.

Get started with your credit building journey

Please enter your first name
Please enter your last name

Personal Info

Why do we need this information?

We use your name and contact info to keep all your details in one single file, and so we can contact you in the event that your application is interrupted. We also use your province of residence and date of birth to determine what products we're legally allowed to offer you.

Please enter date of birth
Please select valid Province

The Secured Card is offered in but not the Credit Builder Loan.

Do you still want to proceed?

No, thanks Yes, proceed

The Credit Builder Loan is offered in but not the Secured Card.

Do you still want to proceed?

No, thanks Yes, proceed

Personal Info

Why do we need this information?

We use your name and contact info to keep all your details in one single file, and so we can contact you in the event that your application is interrupted. We also use your province of residence and date of birth to determine what products we're legally allowed to offer you.

Please enter your email
Please enter your phone number
You must agree to the important disclosures

Credit Score

Why do we need this information?

Your credit score is one of the elements we use to determine your custom credit building solution. We need an accurate idea of where you are starting and where you want to get to.
Don't worry - this isn't a credit check; it doesn't affect your credit score, and there's no minimum score required to apply.

Use the sliders to select your current and ideal credit score

1. What’s your current credit score?
No minumum score is required to proceed

To help you get where you want to be, we need to understand where you are now. This will help us offer a credit building solution to your specific circumstances.

550 Critical

300

750+

2. What’s your ideal credit score?

We can't help you reach your goals if we don't know what your goals are. Once we understand what kind of improvement you're looking for, we can offer a credit building solution that will help you get there.

750 Good

600

900

Budget to build credit

Why do we need this information?

Everyone's financial priorities are different, and you can build your credit as fast or as slow as your budget allows. In order to help you reach your financial goals, we need to know what your credit building budget is so we can offer a credit building solution that will suit your needs.

What is your monthly budget to build credit?

Think carefully. Your credit building budget should be large enough that you can make progress, but not so large that it causes you hardship. We recommend that you stay within 10% of your total monthly income.

This will help us recommend a credit building solution that fits your budget. We suggest choosing an amount that is equal or less than 10% of your total monthly income

$150

$50

$1000

Refresh doesn’t provide upfront cash, instead we’ll help you build credit using the money you already have.

By registering your interest, you agree to be bound by our Terms of Use and Privacy Policy. Click here to read some important disclosures.

Learn more about secured credit cards

  • What is a Secured Card?

    A secured credit card is similar to a regular credit card with one major difference. Before any credit is given, a deposit must be put down on the secured credit card. In some cases the deposit is equal to the amount of credit requested, whereas other times the deposit is only a percentage of the credit limit. The purpose of the deposit is to secure the credit card and protect the lender in case the borrower does not pay back the credit used.

  • How do secured credit cards work?

    Secured credit cards work in the same way as regular credit cards. After the deposit has been paid, the secured credit card is used to make every day purchases, whether in person or online. Just like a regular credit card, the balance is due after the 21-day grace period. If the full balance is not paid, interest accrues on the outstanding balance. The payments made towards a secured credit card are reported to the credit bureaus. Secured credit cards are suitable for anyone. However, Canadians with low credit scores that struggle to be approved for an unsecured credit card will find this type of credit card particularly beneficial.

  • How does the Refresh secured card compare to other secured credit cards?

    Refresh Financial’s Secured Card has been designed with building a positive payment history and credit history in mind. Like other secured credit cards, the Refresh Secured Card can help build your credit score, as payment history is reported to both credit bureaus. Our key advantage is that our Secured Card comes with no credit check and a lower interest rate than many other secured credit cards.

  • Does the secured card by Refresh help build credit?

    Refresh Financial's secured card can help you build payment history and credit history just like other secured credit cards. Every payment made is reported to both credit bureaus, which can help you build a history of positive payments. We have also built several tools that help with your credit building journey, such as our credit utilization calculator which shows how your spending and repayment behaviour will impact your credit score.

  • How fast will the Refresh Secured Card help me build credit?

    If you make your repayments on time and keep your balance below 30% of your available credit, PLUS stay on top of all your other bills, you could expect to see your credit score start to increase within a few months. How fast you will build credit with the Refresh Secured Card is ultimately impacted by your financial habits. Once your credit score reaches 550 to 650, you could potentially be approved for an unsecured credit card.

  • What are the requirements for a Refresh Secured Card?

    To be approved for a Refresh Financial Secured Card, you must meet the following requirements:

    • Be at least the age of majority in your province or territory of residence
    • Reside in a province or territory where Refresh offers the secured card
    • Be able to provide security funds of at least $200 to Refresh

  • How do I apply for a Refresh Secured Card?

    You can apply for a Refresh Secured Card by completing our online application. There are 4 steps to complete the application form:

    1. Your custom info: This step involves submitting your personal information (name, phone number, address) and describing your financial goals to helps us determine the right product we can offer you
    2. Verify your email: Once you’ve submitted your information, you’ll receive an email to verify your application.
    3. Choose your credit building pack: We’ll recommend credit building solutions that match your needs.
    4. Upload your digital documentation: To complete your application, you’ll need to upload and submit a few documents so we can verify your identity.

    Here are the documents you will need to apply for a Refresh Secured Card:

    • Government-issued ID: Any copy of a government ID that has your address on it will work
    • Your banking details: You will need the institution, transit, and account numbers for your bank. If you do not know them, these numbers can be found on the bottom of a cheque
    • Proof of your address: We accept government-issued mail (such as a letter from the CRA) or a utility bill addressed to you
  • What happens to my deposit when I cancel my Refresh Secured Card?

    If you decide to cancel your secured card, we recommend that you pay your balance owing in full so that your account can be reported to the credit bureaus as closed and paid in full. We will then refund your full security deposit. If you cannot - or choose not to - pay the balance owing on the card we will use part or all of your deposit to cover the balance and return the remainder to you. Provided you are not over your limit after cancellation, we can still report your file as closed and paid to the credit bureaus.

How to Build Credit
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What other features does the Secured Card have?

While there are several companies that offer credit cards to build credit, we make your credit score our priority. We have a feature with the Secured Card that shows how your spending and repayment behaviour is impacting your credit score. This is called your utilization rate and is the second highest weighted metric that makes up your credit score.

For example, for optimal credit building you should keep your secured card balance below 30% of your available limit. We will let you know when you hit that point so you can make a payment to your account, ensuring your credit score is not impacted.

Calculate your credit utilization rate
for optimal credit building

Find out how your spending and payment behaviour is impacting your credit score.

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