Plastk Secured Credit Card Review

Sign Up Bonus Points
Terms and conditions apply*
Annual Fee
($48/annual fee + $6/maintenance fee per month)
Purchase APR
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
New customers who sign up for a Plastk Secured Credit Card can earn 5,000 Plastk Bonus Reward Points (≈ $20.00) redeemable after 3 months*. Terms & Conditions Apply. + Receive 0% Interest Rate on purchases for the first 3 months.

For the most part, secured credit cards offer users a great way to rebuild credit but don’t always have much in the way of exciting perks or benefits. It seems as if earning rewards and cash back are reserved for credit cards with higher annual fees or income requirements. That’s not the case with the Plastk Secured Credit Card, which allows you to have your cake and eat it too.

If you’re looking into getting a secured credit card or you’re looking for ways to up your credit score, keep reading to see if this tool is a feasible option for you.

Apply for the Plastk Secured Visa Card

What Is Plastk?

Plastk App

ImageSource: Plastk

Founded in 2019, Plastk Financial is a proudly Canadian company that offers credit cards to people with lower income or those who are working on building their credit. The idea was born when the founder, Motola Omobamiduro, worked in the vehicle industry and noticed that many people struggled to get credit to finance their purchases. The idea of an accessible credit card for everyone was born, as was attaching a rewards program so that people building their credit don’t miss out on getting great perks too.

Pros & Cons


  • Helps you build a credit score from scratch or strengthen your existing score
  • Earn rewards on every purchase redeemable for merchandise, gift cards, statement credit, and more
  • Quick application process with approval within 24 hours
  • Can apply and get approved even if you have bad or no credit
  • 0% APR for the first 3 months, and 17.99% after that


  • A deposit is required before you can get your card, which means providing cash upfront
  • Annual fee of $120 ($48/annual fee + $6/maintenance fee per month)
  • The foreign transaction fee is higher than average at 3.5%, compared to around 2.5% on most other cards
  • Can take up to 60 days to get your cash deposit back when you close your account

How Does the Plastk Secured Credit Card Work?

Since it’s a secured credit card, the Plastk Secured Credit Card works a little differently than other credit cards you might be used to. In order to use a secured card, you need to send a cash deposit as collateral to the credit card provider before you receive your card. The amount you deposit usually becomes your credit limit. For example, if you deposit a total of $1,000 to Plastk, you’ll have $1,000 as your credit limit on your Plastk Secured Credit Card. The minimum amount you need to deposit to be eligible for a Plastk Secured Credit Card is $300, and the maximum you can deposit is $10,000.

One of the main benefits of using the Plastk Secured Credit Card is that it helps you build up your credit. This is a great solution if you have a low credit score, you’re new to Canada, you’re a student, or you’re simply trying to rebuild your credit. Plastk reports to one of the two main credit bureaus, Equifax, every month, and you can even request a free monthly credit score from Equifax to track your progress.

The second major selling point of this card is its rewards system, which isn’t common for most secured credit cards. You’ll earn cash back rewards on every purchase you make, so not only are you repairing your credit, but you’re getting something in the process.

Plastk App 1

ImageSource: Plastk

There’s also a Plastk app you can download on Apple or Android devices that will allow you to monitor your credit score, keep track of your points, check your balance and available credit, and pay your bills. You can also apply for the card through this app and then track the progress of your application.

Welcome Bonus

When you sign up for Plastk, you’ll get 5,000 Plastk Reward Points after 3 months of having the card* if your account remains in good standing. Terms and conditions apply. That’s equivalent to ≈ $20.00 that you can redeem as statement credit or to spend on other rewards like events, merch, or travel rewards. All new Plastk customers also get to take advantage of 0% APR for the first 3 months of having the card.

Apply for the Plastk Secured Visa Card

How to Earn & Redeem Rewards

Plastk App Rewards

ImageSource: Plastk

Unlike many other credit cards, which offer tiered rewards schemes or specific purchase categories where you can earn points, the Plastk Secured Credit Card gives you rewards every time you swipe your card. For every dollar you spend, you earn 1 point. 250 points equal one dollar in rewards, and once you’ve reached at least $10 worth of points (or 2,500 points) you can redeem them in a number of ways, including:

  • Cash back: apply your points for credit towards a statement
  • Merchandise: trade your points for merch from brands like Apply, Sony, and LG
  • Travel rewards: use your points to book flights
  • Gift cards: get a gift card for your points at retailers like Nike, Amazon, and Tim Hortons
  • Charitable donations: donate your points to a select charity
  • Exclusive events: trade your points for tickets to concerts, the theatre, or for restaurants

Costs & Fees

The Plastk Secured Credit Card comes with a $120 ($48/annual fee + $6/maintenance fee per month) annual fee, the same as many other rewards credit cards that come with better perks. However, if you’re unable to apply for other credit cards due to limited income, a low credit score, or no credit history, then $120 ($48/annual fee + $6/maintenance fee per month) isn’t the worst deal if it means you can build up your credit without having the FOMO on perks and rewards.

Eligibility Requirements

Unlike other credit cards with more stringent requirements such as a minimum annual or household income and a minimum credit score, Plastk doesn’t have much in the way of requirements that will be obstacles to your eligibility. In order to apply for a Plastk Secured Credit Card, you need to meet the following requirements:

  • You’re a Canadian citizen
  • You’ve reached the age of majority in your province
  • You can provide a cash deposit of at least $300 to open your account

How to Apply

Plastk How to Apply

ImageSource: Plastk

Applying for the Plastk Secured Credit Card can be done on the Plastk website or through the Plastk app in just a few steps. The application is a very straightforward form that’s completed in just one page, so you won’t need to spend a lot of time collecting and entering information. Here’s a breakdown of how you can apply. This breakdown is for the website, but the process is the same on the app:

  • Step 1: From the Plastk homepage, click on any “Apply Now” button to begin your application.
  • Step 2: Once on the form page, you need to first select whether you want to apply for the Plastk Secured Credit Card or the Canucks Plastk Secured Credit Card. Both cards are the same, but since Plastk is partnered with the Vancouver Canucks, you can choose to get a card with a Canucks logo to show your support.
  • Step 3: Enter your personal information like your title, name, contact details, address, employment information, and basic financial information such as your requested credit limit and your annual income.
  • Step 4: Click on “Submit Application” and Plastk will get back to you within 24 hours.
  • Step 5: If you’re approved, you’ll need to send in your security deposit via e-transfer before your card is mailed out to you. You can do this by transferring funds to an email address that Plastk will provide to you. After you send the e-transfer, you can check the status of your transfer on the Plastk app or online portal.

Final Word

The Plastk Secured Credit Card is an exciting option for those with no credit history or a low credit score who want to start improving their credit score without missing out on rewards options. Still, this card isn’t ideal for everybody. If you have poor credit, there are other credit cards available for bad credit if you want something with a lower interest rate or lower annual fees. You might not even have as low of a credit score as you think, in which case you can apply for a credit card for an average credit score. However, if you’ve had trouble applying for an unsecured credit card before, then the Plastk Secured Credit Card can be a great way to get your credit score back on track.

Apply for the Plastk Secured Visa Card

Author Bio

Alicia Schneider
Montreal-born Alicia Schneider is a digital nomad that specializes in freelance content and travel writing. She has experience writing about financial topics such as invoicing and accounting as well as business technology and software. When she's not writing, she's exploring a new destination that most likely includes sun and a beach. You can see more of her work at

Article comments

Linda Smith says:

WORST SCAMMERS. PLASTK.CA ARE NOT THE BEST SECURED CREDIT CARD. Guaranteed TO SCAM YOU AFTER approval even with bad credit. They do not build your credit and they take your money
and you do not receive your secure funds back. It is gone forever. DO NOT GET CREDIT CARD FROM

Daniel from GreedyRates says:

Hi Linda,
Thanks for the word of caution. That’s unfortunate to hear that your experience with their service left such a poor impression. Hope that you’re able to find a service that better suits your needs.

Tania says:

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 aren’t even rated on the BBB. Save your time and go with a reputable provider like Capital One or Refresh Financial. They’re terrible! I’ve never had a worse credit card provider.

Daniel from GreedyRates says:

Hi Tania,
Thanks for sharing. Must have been a frustrating experience and one, unfortunately, that we’ve been seeing more frequently. Appreciate the suggestions and hope that one of those are working better for you.

Abbot says:

Do not sign up for this ? card. It’s a pure scam. Stay away…..
They report nothing to any credit bureaus and everything about them sucks… Stay awayyyyyy.

Daniel from GreedyRates says:

Hi Abbot,
Thanks for sharing your experience and the warning. Hope that you’re able to find a service that best meets your needs.

Annabel says:

I’d say stay away from Plastk. I gave it a go to test it out.

Customer service is slow and awful to deal with. Call centre is almost non existent esp when you have an issue. Seem unprofessionally managed. When you do close the account, there is a 45 days cooling period. Which then they send the request for the funds to be released back to you that takes another few days. So.. it all takes 60 days for your funds to be returned. Quite an unusual long process.

Stay away.

Daniel from GreedyRates says:

Hi Annabel,
Thanks for sharing your experience and feedback. While it wasn’t a positive outcome, I’m glad to see that you’ve worked a process to test out new financial tools before committing and adding them to your toolbox. If you’re still looking, here’s our take on some other secured credit cards that can help build credit.

Ron says:

I’ve had this card since February and it’s done absolutely nothing to improve my credit rating.
Nothing has been reported to Equifax or Transunion.

Daniel from GreedyRates says:

Hi Ron,
That sounds incredibly frustrating. Does their customer service have anything to say about that? If there isn’t any record of Plastk on your credit report and there aren’t any tangible signs of improvement, it might be time to consider a different service. Here’s our take on the different tools available to help improve your credit score. Hope your situation turns around soon.

Ron says:

I contact their customer “service” every month to find out what’s happening with the credit reporting, and they insist that all of their customer files have been sent out to Equifax and they are waiting for those files to go live.
They’ve been giving me that same story since last spring.
I googled the company address and it looks like they are actually running this business out of an apartment building.
Not impressed.
I’ve just applied for the Hometrust secured card as I know they are a reputable company.

Daniel from GreedyRates says:

Hi Ron,
Frankly, that’s unacceptable if you’ve been waiting for something to kick in since spring. Here’s hoping you have better success with the Home Trust Secured Card.

Ron says:

They’ve finally got their reporting going with the credit bureau.
I just got 10 months of timely payments reported at once which bumped up my credit score by 34 points.
That’s a good sign, hope they keep it up.

Daniel from GreedyRates says:

Hi Ron,
Really great to hear that they’ve got their act together and you’ve got 10 months worth of valuable information reporting into the credit bureau. Definitely that continues to be the case. Out of curiosity- did you double up with the Home Trust Secured Card as well?

Ron says:

I did double up with Hometrust as well.
They had my info reported to the credit bureaus by Nov.8.
( I applied for their card on Oct.15th.)…so that was pretty quick and bumped up my score by an additional 20 points.

Daniel from GreedyRates says:

Hi Ron,
While the customer service aspect of your Plastk situation here definitely left more to be desired, I’m glad that your story ended up with a happy ending. It sounds like the turn around and impact to your credit score was much quicker with Hometrust- an valuable data point for those debating between the two options. Really appreciate you sharing this!