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You are unlikely to get approved for a credit card if you have a poor credit score.
While you should avoid traditional credit cards if you have a habit of misusing them, you still need to use one to prove your financial credibility.
“People with a bad credit score are not alone, contrary to the popular financial wisdom and credit belief.”
Even when your credit history is sinking, your credit score is dropping, and your credit rating is lacking, you can still get a secured credit card in Canada to make things better.
These two reasons are enough to get one:
- Guaranteed/Instant approval of your application even with no credit history
- No credit check to avoid hard inquiries on your credit report
So, if you believe your financial growth has come to a halt due to bad credit, think again!
Why Should You Get A Secured Credit Card In Canada?
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Trusted finance writers like Virginia C. McGuire believe that getting a secured credit card in Canada is preferable for people with poor or bad credit ratings.
The responsible use of the secured card can provide them a chance to change their credit history for good!
- No credit score check (usually)
- No commendable credit history requirement
- No credit length/age needed (Perfect for new Immigrants)
- No complicated approval process
These are the key points that outshine all the other reasons.
Of course, there’s more to a secured credit card when it comes to the convenience, benefits, and ease.
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Credit is an ‘I love debt’ score! - Dave Ramsey |
So, What’s the point of a secured credit card?
The basic concept is to open the account using a deposit amount. The deposit works as security cash for the company if the consumer fails to pay bills.
The deposit is also the main reason why a secured credit card is readily available for instant approval for customers with poor credit scores and history.
Here, watch an expert video to understand secured credit cards better:
What is a Secured Credit Card?
Most Accepted Credit Card In Canada?
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Deciding on the best secured credit card in Canada is a difficult decision to make because there are so many options!
- Some cards are excellent for credit repair and increasing credit score, while others do not require a credit check.
- Some businesses allow customers to make little deposits, while others offer low-interest rates.
- Some cards provide cashback rewards, while others offer new clients a free grace period.
When there are endless benefits, it becomes hard to choose the best card.
But what if we say you can get all these perks in just one card? Sounds absurd, right? Sure, it does!
However, according to the top credit reviewing site, Plastk card has scored a 5-star rating when it comes to credit rebuilding services.
Not just Loans Canada, but also Simple Rate and Financial Post all agree that Plastk is the best credit-building option!
Let’s discuss what the top credit experts have to say about Plastk below:
Plastk Secured Credit Card Over Other Cards: Benefits Based On Top Sites Review
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Plastk, according to Lisa Rennie, is at the top of the best secured credit card Canada list because it is the only firm that aims to help its customers improve their financial situation.
She further says that, in comparison, most secured credit cards on the market aren't particularly beneficial to customers due to their ambiguous terms and hidden fees.
According to the 5-star rating of Loans Canada, here are some reasons why Plastk is the best secured credit card:
1. Guaranteed Approval For Bad Credit Consumers!
Plastk's 'no credit score' criterion, according to Lisa's evaluation, is one of the aspects that makes it stand out in the credit card industry.
Furthermore, our card is designed solely for the Canadians who have always struggled to maintain a good credit score.
Bonus: Click to read 7 easy-to-follow credit-building tips and start your journey to improve your credit score quickly!
2. Offers Lowest Interest Rate!
Plastk offers 0% APR for the first three months to all the new clients, whereas even after the starting months, the interest rate percentage only reaches 17.99%.
And if you have researched the best secured credit card company to get your first card, you must know the offer is quite good!
Bonus: Click to find the easiest guide to understand how you can get approved for the best credit card.
3. Zero Fraud Liability To Get You Covered!
Lisa explains that Plastk has a zero fraud liability service to protect its clients from any credit theft.
To put it another way, if your credit card information was illegally exposed, Plastk will protect you, so you don't have to pay a penny for any fraudulent activity!
Bonus: Click to read a helpful study and find out what to do in case of a data breach!
According to the rating of Simple Rate, here are the features that make Plastk the best secured credit card in Canada:
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1. Unique Consumer Rewards Program!
The simple rate review explains that consumers have loved the new feature of the Plastk.
In fact, no other company has ever introduced such a points-earning program just for its clients.
To put it in simple words, Plastk allows the clients to earn rewards points with each transaction they make using the secured card.
The best part? There’s no limit to the number of reward points you can earn!
2. A Welcome Bonus To Welcome New Clients!
What’s better than a freebie? Yes, nothing! Hehe. :p
Plastk appreciates all its clients, and that’s why it provides 5000 redeemable points to all new customers to celebrate your credit journey!
3. Suitable Card For Everyone!
Simple Rate explains that Plastk secured credit card is best for all the beginner and pro credit users. The reason being:
- Easy to manage credit account
- Credit alerts and notifications
- User-friendly mobile application
- Credit guides and expert advice to rebuild credit score
Not only does the card provide financial security, but it also assists its users in becoming more financially aware.
Lastly, here’s what Financial Post has to say about Plastk:
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1. This Card Doesn’t Settle For A Bad Score!
If your poor credit score is your biggest concern, Plastk is the only credit card you should be using!
This is not what we are saying, but all the top credit reviewing sites like Loans Canada and Simple Rate.
We believe building and rebuilding credit scores is not hard as long as the consumer is willing to try and give it all. Here’s how Plastk can help:
- The company will update the top credit reporting agencies like Equifax, TransUnion, and Experian about your responsible credit nature!
- The company will guide you through all the steps you need to take to improve your credit history and score!
What more do you need from a credit company? Whatever it is, Plastk will go beyond your expectations.
2. Review Your Credit Score Monthly To Amp Up Your Progress!
You can review your credit score in the form of monthly credit alerts generated by the Plastk. Or, you can use the mobile application to analyze your credit situation continuously.
- The monthly credit alert will give you a chance to analyze where you stand financially and what more you need to do for a better future.
However, Plastk won’t leave you at any point in your journey.
Yes, unless your credit rating and credit history aren't in good shape, we'll continue to assist you in achieving your financial goal.
Pro-Tip: Click to read 17 FAQs answered by experts on credit score, credit report, and credit history.
Bottom Line
Secured credit cards are one of the finest solutions for folks who are new to credit or have bad credit.
As long as you show responsible credit behavior, you can effectively utilize a secured card, just like a standard credit card, to help you create a good credit history.
Good news! Top credit experts chose Plastk to help you with your credit!
A Plastk secured credit is best for consumers dealing with the toughest times who can’t afford to pay high-interest rates and card fees to improve their score.
Don’t believe it? Try it for yourself!
