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Plastk Credit Card Review 2023

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Most consumers use secured credit cards to build, strengthen, or repair their credit.

Plastk Secured Credit Card

Plastk Secured Credit Card

Rated 4.1/5 stars.

  • Welcome Offer 0% APR for 3 months and 5,000 bonus points
  • Annual Fee $48
  • Interest Rates 17.99% on purchases and cash advances
  • Recommended Credit 300-559

Although these cards don’t usually offer cashback or perks, there’s now a secured card that offers rewards as well as the chance to improve your credit score: the Plastk Secured Credit Card.

Before going into the details of what this card offers, you may be wondering what the difference is between secured credit cards and how regular credit cards work.

A secured credit card is similar to a regular card in the way that you can use it for making purchases, you’ll pay interest if you carry a balance, and there’s a limit on how much you can spend.

However, the limit on a secured card is based on the amount of money you provide in the form of collateral (usually called security funds) to the credit card issuer.

Basically, you’re paying the issuer to use the card by providing it with a refundable security deposit. With a regular credit card, in contrast, your limit is based on your credit rating.

Plastk Credit Card: Overview

The Plastk Secured Credit Card differs from other secured credit cards by offering a signup bonus, referral program, and a 0% interest rate for the first three months.

(If you’re a Vancouver Canucks fan, you can even have the team’s logo on the card!)

If you download the Plastk app (available on both iOS and Android devices), you can check your card balance, statements, and transactions, how many points you’ve earned, and your spending habits as well as being able to make payments.

The card also provides you with a monthly credit score update powered by Equifax and the ability to make instant balance payments with Interac e-Transfer.

As a limited-time offer, you’ll get 5,000 welcome points (value of $20 and redeemable after three months) once you’re approved for the card.

Plastk Card: Rewards

Unlike most credit cards, the Plastk card has a referral program. When you share your referral link with your friends and they get approved for a card, you’ll earn points.

Here’s how it works:

  • Get 2,500 points for the first person you refer
  • Get 10,000 points for referring five people
  • Get 50,000 points for referring 10 people

Points can be used to pay down your balance, buy merchandise or gift cards, pay for hotels and flights, or can be given away to various charities.

You must deposit a minimum-security fund of $300, but you can get a credit limit of up to $10,000. That also means you need to deposit $10,000.

Every $1 spent earns you one point. And since the value of 5,000 points is $20, that means one point is equal to $0.004.

Plastk Card: Interest Rates and Fees

The interest rate is 0% for your first three months but rises to 17.99% after that. If you don’t carry a balance after the introductory rate ends, you won’t need to pay any interest.

The interest rate on cash advances is 21.99% plus a $10 fee if it’s made in Canada, or $15 if outside of the country.

There is an annual fee of $48 along with a monthly fee of $6, adding up to $120 a year.

Plastk Card: Qualifications and Requirements

In order to apply for the Plastk Secured Credit Card, you need to be the age of majority in your province or territory. And unfortunately, the card isn’t available for anyone living in Quebec.

Since the card is aimed at those trying to improve or rebuild their credit, it’s easier to be approved for this one than for regular credit cards.

Plastk Card Pros & Cons

There are pros and cons with every financial product, which is why you should weigh up which features are important according to your personal needs and preferences.


  • Points system for rewards

  • 3-day grace period on cash advances

  • Visa cards accepted in most places where credit cards are accepted

  • Bonuses for referring friends

  • Spending limit up to $10,000

  • 0% interest rate for first three months

  • Lower interest rate than Capital One and Home Capital’s no-fee card


  • Higher total yearly fee ($120) than secured cards by Capital One ($59), Refresh Financial ($48.95), and Home Trust ($0 or $59)

  • Interest rate is not as fair as other cards considering the annual fee

  • Value of a point ($0.004 ⁠— and no, that’s not a typo) is much lower than most rewards cards with fees of around $120 (typically $0.01)

  • 4.5% foreign transaction fee is higher than the typical 2.5% on credit cards

  • $4.75 fee per international POS transaction on top of the foreign transaction fee

  • $10 cash advance fee in Canada and $15 outside of the country

  • $5 fee for each Interac e-Transfer you send

  • $35 late payment fee if you don’t make the minimum payment on the due date

Our Final Thoughts

Plastk’s secure credit card does have some great features that similar cards don’t offer.

However, the annual cost of having this card is $120, which is about the same as most rewards cards.

In order to break even in the first year (including the signup bonus of 5,000 points), you need to spend $25,000. After that, you need to spend at least $30,000 a year on the card just to cover the cost of the annual fee.

On top of that, the fees for late payments, cash advances, Interac e-Transfers, foreign transactions, and international POS transactions are quite high and can add up very quickly.

Despite the perks, the Plastk card probably isn’t worth it compared to other secured cards if you’re not going to use it regularly or spend a large amount annually.

Frequently Asked Questions

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