Refresh Financial Secured Visa Review

Build a healthy credit history and strong credit score with this secured credit card.

Lisa Rennie
Updated December 4, 2020


Do you have bad credit or are looking for a way to start building credit? Are you unable to qualify for a traditional credit card, but want to be able to take advantage of the perks that having a credit card offers? 

If any of these scenarios apply to you, then you may want to consider a secured credit card, which allows you to make purchases as you would with a credit card, but without requiring the high credit score or income needed to get approved for a regular credit card. 

While there are several secured credit card products available, one that stands out is the Refresh Financial Secured Visa. Getting approved is a cinch, and no credit check is needed. Once you have the card in your hand and have made the required security deposit, it works just like any typical credit card, allowing you to make purchases online and in-store while building up your credit score.

Who Is Refresh Financial? 

Refresh Financial is a Canadian company that offers financial solutions to consumers all across the country. Founded in 2013, the company is dedicated to helping Canadians improve their financial situations and boost their credit profiles to make obtaining credit and loan products in the future a lot easier. 

One way that Refresh Financial is doing this is by offering its secured credit card, which is easy to get approved for and can be the ideal way to start establishing and building good credit. 

How Does The Refresh Financial Secured Visa Work? 

The Refresh Financial Secured Visa is perfect for anyone with bad credit or no credit who finds it difficult to get approved for a traditional credit card. This secured card has easy eligibility criteria compared to other secured card products out there, making it almost impossible not to successfully obtain one.

Rather than using credit, the money you spend using your Refresh Financial Secured Visa is your own. You will be required to make a security deposit first, after which you can use the card and spend funds that you’ve already deposited into the account. In this way, you’re not spending on credit, but rather are spending money you already have. 

Aside from that significant difference, a secured card can be used much like a conventional credit card. You can use the card to shop online and make purchases at point-of-sale terminals in person. 

Every month, you’ll be required to make your monthly payments, which will be reported to the credit bureaus. This is an important point, as timely payments will help you establish and build good credit.

That said, failure to make payments on time can have the opposite effect on your credit. So, be sure that you are financially responsible enough to make payments when they are due in order to keep your credit score up.   

Refresh Financial Secured Visa Details

Credit Limit$200 – $10,000
Interest Rate17.99%
Annual Fee$12.95
Maintenance Fee$3/month
Credit Check RequiredNo
Educational ToolsRefresh F.I.T.

Benefits of The Refresh Financial Secured Visa

  • Guaranteed approval. There’s no need to have a high credit score or a sizable income in order to get approved for the Refresh Financial Secured Visa. As long as you can come up with an adequate security deposit and are the age of majority in your province, you should have a card in your hand in no time. 
  • Low annual fee. Many credit cards tend to come with annual fees that are through the roof. But with the Refresh Financial Secured Visa, you’ll pay a mere $12.95 per year. 
  • Low-interest rate. Other credit cards can charge interest rates as high as 20% or more. But this card comes with a relatively affordable rate of 17.99% on purchases and cash advances. 
  • Low-security deposit. All you need is $200 to meet the minimum security deposit requirements to start using your Refresh Financial Secured Visa.  
  • Build credit. If you can’t get approved for a regular credit card, it can be tough to establish healthy credit. But with guaranteed approval, you can use your Refresh Financial Secured Visa to make timely payments every month, which can help you build good credit from the ground up. 
  • Access to educational tools. Good financial literacy is crucial to ensure that you make sound financial decisions throughout your life. Refresh Financial offers educational tools in the form of “Refresh F.I.T.,” which stands for ‘Financial Intelligence Training’. 

Drawbacks of The Refresh Finacial Secured Visa

  • Maintenance fee. While the annual fee for the Refresh Financial Secured Visa is relatively low, the monthly $3 maintenance fee can add up over the course of a year. 
  • Required deposit. Although there’s a low threshold for the security deposit, you’ll still need to provide a large sum of money upfront if you want a higher limit.  

Requirements to Apply For a Refresh Financial Secured Visa

To be eligible for a Refresh Financial Secured Visa, you’ll need to meet the following criteria:

  • Be the age of majority in your province 
  • Not already have a Refresh Financial Secured Visa or be in the process of applying for one
  • Provide a deposit of anywhere between $200 to $10,000

There’s no credit check required, and Refresh Financial won’t need to verify your income in order for you to get approved for the secured credit card. 

To apply for the Refresh Financial Secured Visa, follow these steps:

  1. Complete the online form by providing your personal information, including your name, date of birth, and contact information 
  2. Verify your email 
  3. Choose one of the following “packs” to help you build your credit according to your current needs: Sprint Pack, Job Pack, or Walk Pack
  4. Provide your digital details to confirm your identity 
  5. Sign the final documents

Who is The Refresh Financial Secured Visa Best Suited For? 

Secured credit cards like the one offered by Refresh Financial are helpful if you cannot get approved for a traditional credit card but need a financial tool to help you build credit. 

This card is also great if you’re on the brink of bankruptcy or have already filed for bankruptcy in the past and don’t have the financial strength to secure new credit products. 

Refresh Financial’s Secured Visa offers guaranteed approval with the appropriate security deposit without a credit check, which is helpful if your current score is very low or non-existent. 

Final Thoughts

If you are looking for a tool to help you build good credit while having the ability to make both in-store and online purchases just like you would with a regular credit card, then the Refresh Financial Secured Visa may be worth looking into. At the very least, you can use this secured card as a starting point to establish a good credit profile, which can help open the doors to other financial products that you may be able to qualify for in the future.