Plastk Secured Visa Credit Card Review

  • 4 min read

The Plastk Secured Visa Credit Card provides clients with credit problems the opportunity to use a credit card, as well as gain access to credit insights, and reward points. Plastk was created in 2018 by Motola Omobamiduro. As a pre-owned car dealership owner, Motola knew too well that getting financing for a car purchase was a “make or break” situation when it came to the sale. Too often, many potential buyers found it challenging to improve their credit rating due to past decisions or mistakes. He also saw the challenges that new immigrants and students faced when it came to building their credit.

In addition, Motola recognized an opportunity to introduce a rewards component to a secured credit card, something lacking in the market these days. As it stands, the best credit card rewards programs are geared to only an exclusive few. Motola’s vision was to create a credit card product that not only offered a way to build or rebuild credit, but one that came with premium perks.

The Plastk Secured Visa Credit Card is like a normal credit card; however, it is “secured” with a deposit by the account holder. The card limit is the security amount that the cardholder places on the card, and once the deposit is received, the card can be issued. For example, if the security amount placed on the Visa is $500, the cardholder has a limit of $500 to spend on the card. Plus, with a secured credit card, most clients can gain approval, even those with a less favorable credit score. It’s important to note that a customer’s deposit is only used if payments have defaulted. Clients charge items and pay off balances as with a regular credit card unless minimum monthly payments are not made. The deposit is like a safety net for the borrower.

Still, the best part is about this secured Visa is that there’s also a rewards component to it. Clients can earn points every time they use their credit card. The sign-up bonus for the Plastk Secured Visa is 5,000 points that can be redeemed after the first three months of opening the credit card account. This “welcome offer” equals out to a value of $20. There’s also an introductory 0% interest rate on charges made within the first three months the credit card is opened. After that, clients are charged 17.99%, a comparably low-interest rate when looking at other reward-based Visas across the board.

Reward points collected through the Plastk Secured Visa credit card can be used to pay off balances, for merchandise (with retailers that include Coach, LG, Sonny, Apple, and more), travel and accommodations, exclusive events, gift cards (e.g. Tim Horton’s, Amazon, Nike), as well as make donations to certain charities. The  opportunities to redeem these points are quite extensive.

Clients can earn added rewards, through Plastk’s referral program. Referring a friend earns customers 2,500 bonus points, which equals out to $10 cash back. Five friends referred earns 10,000 points ($40), meanwhile, 10 individuals referred earns clients 50,000 points ($200). There are three easy steps to all this, which include sharing the Plastk’s Visa link with a friend (or 10), and once each gains credit approval, points are paid to the referring cardholder.

Lastly, Plastk offers an app for tablets and smartphone devices, which can be downloaded from Google Play and the Apple Store. Customers can check their credit card balances, available credit, review Plastk points earned, check out statements, recent transactions, and make payments on the app. It also offers cardholders the opportunity to establish clear budgets by reviewing their spending habits on the card.

Lastly, Plastk Secured Visa customers are given a free credit score monthly via Equifax, to help them to know where they stand, and to improve these scores as time goes by.

The annual fee on the credit card is $48, and a $6 maintenance fee is added monthly. The Plastk Secured Visa has Zero Fraud Liability on the card, and clients can also take cash advances when needed. There’s also peace of mind with this credit product, knowing that it can be used anywhere worldwide where Visa is accepted.

For more information on the Plastk Secured Visa, or to apply for one, visit Plastk Secured Visa Credit Card.

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.