IMPORTANT UPDATE: Due to ongoing legal actions against DC Bank, Plastk has encountered challenges in service activity, which has led to a disruption in the functionality of its credit card.
If you are looking for a secured credit card, we recommend the Neo Secured Credit Card instead.
What is Happening with Plastk Credit Card?
Digital Commerce Bank (DCBank) indicated that all Plastk Visa cards issued by them will be cancelled at 11:59pm MT on August 31, 2023. If you hold a Plastk Visa Card, you will be unable to use it after that time. You will need to contact Plastk for any information regarding your account history, to make a payment or for the return of your security deposit.
Keep in mind that Plastk is the lender, while DCBank provided credit card issuing services to Plastk. DCBank does not provide you with any credit or hold any security deposits.
If you have any questions or concerns regarding your account or security deposit, you must contact Plastk directly at 1-855-485-0102 or firstname.lastname@example.org.
On the other hand, the following is a screen grab of a pop-up on Plastk’s website (Plastk.ca), taken on Aug 31, with Plastk’s update:
Plastk Secured Card Not Returning Deposits
A CBC Go Public investigation found out that people closing their Plastk secured credit card accounts aren’t getting their security deposits back.
Plastk owner/founder and CEO (Motola Omobamiduro) blames the bank he partnered with (DCBank), saying it is holding the money. DC Bank, on the other hand, says it does not hold security deposits for customers, and Plastk has to pay the customers back.
The following is a screen grab of Google reviews, taken on Nov 9, which shows a few of the many online complaints from Plastk customers who say they are waiting for refunds.
The following is Plastk response to the Google reviews:
“Dear Valued Customers,
We deeply regret informing you about the recent disruption to your credit card services. On August 31, 2023, DC Bank terminated our credit card program, causing an interruption in card functionality. We sincerely apologize for any inconvenience this has caused. Please refrain from using your DPID or transferring funds to accounts formerly held by Plastk with DC Bank until further notice.
We are actively working on transitioning to a new processing platform to ensure the long-term reliability and stability of our services. Your patience and understanding during this transition are greatly appreciated.
Rest assured, we will update you on our progress and provide information on restoring your card services as soon as it becomes available. If you have immediate concerns or need assistance, please contact our dedicated customer support team at email@example.com.
Thank you for your continued trust in Plastk Financial & Rewards Inc. We are committed to serving you with the excellence you deserve.
Sincerely, Plastk Client Success Team”
How To Protect Yourself When Getting A Secured Credit Card
1. Research your credit card issuers: Unfortunately, there is no federal agency in charge of these kinds of secured credit cards in Canada.
2. Limit your security deposits
The Secured Credit Card We Recommend → Neo
With what is going on with Plastk, we’d like to take this opportunity to mention the secured credit card we recommend → Neo Secured Card.
✅ Perks: Instant, Unlimited Cashback
✅ Guaranteed and Instant Approval
✅ Welcome Bonus: Exclusive $25 sign-up offer plus earn up to 15% cashback on first-time purchases at over 10,000 Neo partners
✅ Annual Fee: $0
✅ Credit Check: N/A
About Plastk Financial Inc.
The Plastk Secured Credit Card is a product of Plastk Financial Inc., a Canadian fintech.
They began operations in 2019 to make it easy for people with bad or no credit to get a credit card in Canada.
More on Secured Credit Card, Canada:
- Best Guaranteed Secured MasterCard in Canada
- Best Secured Credit Cards in Canada
- Neo Financial Secured Credit Card
- Plastk Secured Credit Card
- Refresh Financial Secured Credit Card
Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
Learn More >> About Page
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