Refresh Financial Secured Visa Reviews (2024): Credit Card to Build or Rebuild Your Credit

UPDATE: Refresh Financial does not offer the Secured Visa Card anymore. We recommend the Neo Secured Credit Card instead. Alternatively, check out Refresh Financial Credit Builder Loan.

For Canadians looking to establish or rebuild their credit, the Refresh Financial Secured Visa card is a great option.

This card requires a fully secured deposit, so while it doesn’t offer rewards, it can help you build up your credit history and give you access to the same benefits as traditional cards.


In this guide, we’ll take an in-depth look at what makes the Refresh Financial Secured Visa stand out when compared to other secured credit cards and how you can use it to build (or rebuild) or boost your credit.

Refresh Financial Secured Credit Card

✅ Guaranteed Approval with no credit check required
✅ Bankruptcy or consumer proposal will not cause you to be declined
✅ No cash advance fee
✅ Interest Rate: 17.99% (the lowest in the secured credit card market)
✅ Credit Check: No
✅ Credit Bureau Reporting: Yes – Equifax & Transunion

Key Features

  • Security Deposit / Credit Limit: $200 – $10,000
  • Annual Fee: $12.95
  • Maintenance Fee: $3 monthly
  • Approval: Guaranteed with a security deposit
  • Welcome Bonus: N/A
  • Credit Check: N/A – No hard credit check is required
  • Interest Rate: 17.99 % 

The Refresh Financial Secured Credit Card was designed with beginners and newbies in mind, and here’s how we know.

Upon signing up, you’ll get access to free credit reports and credit education to enlighten you on how to build and manage your finances. 

The Black Tier experience of the Refresh self-serve dashboard, gives you access to Refresh Financial Intelligence Training (FIT).

Aside from that, there won’t be a credit check. So, you don’t have to drench yourself in panic while you sit by your phone or refresh (pun intended) your email, wondering if your application gets approved. 

More so, you can get a Refresh Financial secured card with as low as a $200 minimum security deposit.


  • Build your credit score and knowledge of finance with their courses
  • 21-day interest-free grace period
  • Payment reported to both credit bureaus
  • Choose your credit limit with a security deposit


  • You can’t upgrade to an unsecured credit card

UPDATE: Refresh Financial does not offer the Secured Visa Card anymore. We recommend the Neo Secured Credit Card instead. Alternatively, check out Refresh Financial Credit Builder Loan.

Comparing Refresh Financial Secured Credit Card vs Alternatives

Refresh Secured CardNeo Secured CardHomeTrust Secured Card
Guaranteed ApprovalYes*Yes*No
Minimum Security Deposit$200$50$500
Credit Limit$200-$10,000$50-$10,000$500-$10,000
Annual Fee$12.95$0$0-$59
Purchase Interest Rate17.99%19.99%-24.99%19.99% or pay a $59 annual fee to get a purchase interest rate of 14.90%
Additional Features• No cash advance fee
• Financial Intelligence Training (FIT) 
• 15% cashback sign-up bonus ($25 value)
• Unlimited 5% cashback
Get Started →Not AvailableGo To Site

*Must be a resident of Canada, be the age of majority in your province or territory of residence, and provide the required security deposit.

Refresh Financial Secured Visa vs Neo Secured Credit Card

The Refresh Financial Secured Visa is designed for Canadians who need to build their credit score. Unlike the Neo Secured Card, though, this secured credit card does not offer any rewards programs – which may make it less attractive for those who want to earn rewards while building their credit score.

With the Neo Secured Card, you’ll get access to exclusive rewards with over 8,000 partners, which lets you earn cashback on everyday purchases that can be redeemed for gift cards, merchandise, and more.

The biggest difference between them is that the Refresh Financial card requires a higher minimum security deposit ($200) than the Neo Secured Credit card ($50).

Additionally, The Refresh Secured Card has a $12.95 annual fee, whereas the Neo Secured Credit card does not have an annual fee.

Both the Refresh Financial Secured Visa and the Neo Secured Credit Card are great options for Canadians who are new to credit, with no credit history or have bad credit.

The choice between them will ultimately depend on whether or not you’re interested in taking advantage of rewards programs and perks (in which case the Neo Secured Card would be better) or if you’d prefer a secured card with a low-interest rate and no cash advance fee (in which case the Refresh Secured Credit Card would be better).

Whichever one you choose, just remember that using either one responsibly can help you rebuild your credit score quickly and easily!

Other Credit Builder Options

1. Secured Personal Loan » Refresh Credit Builder Loan

Refresh Credit Builder Loan is a unique financial product that helps Canadians increase their credit score and benefit from financial education tools.

Unlike traditional loans, no funds are provided upfront in this case – instead, they are put into a secured account and will become available to you at a later date.

By paying the monthly installments on the loan, you are able to improve your credit rating, which in turn can help you access other financial products such as mortgages or personal loans.

With Refresh FIT (Financial Intelligence Training), you will have the opportunity to gain knowledge on money management and make informed decisions that can impact your future financial well-being.

An interest rate of 19.99% applies to the Refresh Credit Builder Loan. However, the long-term benefits can be great if harnessed properly by the borrowers.

All in all, Refresh Credit Builder Loan is an excellent option for those seeking to improve their credit score.

Use Refresh Credit Builder Loan to Build Your Credit History

2. Secured and Unsecured Personal Loans » LoanConnect

LoanConnect is an industry-leading platform that offers Canadians a simple and secure way to apply for personal loans.

By providing access to a variety of trusted lenders across the country, LoanConnect helps borrowers find the best loan terms for their individual needs.

Consumers can easily complete one free online application, which will not impact their credit score, and be pre-approved in minutes from up to 22 alternative available lenders.

With LoanConnect, there are no hidden fees or long queues – applicants get personalized loan offers quickly, so they can confidently make an informed decision.

The platform also ensures competitive rates from as low as 6.99% APR, with flexible payment terms ranging from 6 to 60 months and up to $50,000 available instantly!

Good or Bad Credit? LoanConnect Can Help You Find a Loan!

3. Unsecured Personal Loan » Mogo Loan (‘Mogo Money’)

If you are looking for a loan, then MogoMoney is an ideal option. Their process is as simple as it gets, with pre-approval granted in just three minutes – without impacting your credit score.

With MogoMoney, you’ll gain access to free monthly credit score monitoring with the Mogo Visa* Platinum Prepaid Card and a personalized dashboard which will show you your payment amount, progress, and more.

Plus, when you make consistent payments, you may have the opportunity to access lower interest rates or higher loan amounts.

Get your no-obligation loan pre-approval in just 3 minutes!

Final Thoughts: Boost Your Credit with The Refresh Secured Card

Refresh Financial’s Secured Visa Card is an incredibly helpful tool for Canadians looking to build their credit score and establish a strong financial future.

With guaranteed approval, accurate reporting to two major Canadian Credit Bureaus, and a low annual fee, this secured card is an invaluable asset for anyone in need of help establishing good financial health!


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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