The Plastk Secured Mastercard is one of the few secured credit cards in Canada that earns rewards points on every purchase. Designed for Canadians building or rebuilding credit, Plastk offers a path to a positive credit history without a traditional credit check—just a refundable security deposit.
Quick Verdict
Best for: Canadians with poor credit, no credit history, or post-bankruptcy who want to build credit while earning rewards.
Not ideal for: Those who qualify for unsecured credit cards and want to avoid an annual fee, or those looking for high rewards earn rates.
Key Card Details
| Feature | Details |
|---|---|
| Annual Fee | $48 CAD ($6/month) |
| Security Deposit | $300 minimum (equals credit limit) |
| Network | Mastercard |
| Purchase Interest Rate | 17.99% |
| Cash Advance Rate | 21.99% |
| Income Requirement | None |
| Credit Check | No hard credit check required |
Welcome Bonus
Plastk offers 1,000 bonus points for new cardholders upon their first purchase. At Plastk’s standard redemption rate, that’s roughly $10 in value—a modest but appreciated start.
Earn Rates
| Spending Category | Earn Rate |
|---|---|
| All eligible purchases | 1 point per $1 spent |
| Bonus categories (varies) | Up to 3× during promotions |
Points can be redeemed for statement credits (typically at 1,000 points = $10), gift cards, and merchandise through Plastk’s rewards portal.
Building Credit with Plastk
Plastk reports to both Equifax Canada and TransUnion Canada every month. To build credit effectively:
- Pay your balance in full each month before the due date
- Keep utilization below 30% of your credit limit (e.g., spend no more than $90 on a $300 limit)
- Avoid cash advances — they attract higher interest and don’t build credit faster
- Stay consistent — 12–24 months of on-time payments will significantly improve your credit score
Most cardholders see meaningful credit score improvements within 6–12 months of responsible use.
Benefits and Perks
- No credit check required — approval based on security deposit, not credit history
- Rewards points — rare among secured cards in Canada; most competitors earn nothing
- Reports to both bureaus — Equifax and TransUnion
- Mastercard acceptance — use it anywhere Mastercard is accepted in Canada and internationally
- Fraud protection — zero liability coverage on unauthorized transactions
- Online account management — track spending and payments through Plastk’s mobile app
Fees and Rates
| Fee / Rate | Amount |
|---|---|
| Annual Fee | $48 CAD ($6/month) |
| Security Deposit | $300+ (refundable) |
| Purchase Interest | 17.99% |
| Cash Advance | 21.99% |
| Foreign Transaction Fee | 2.5% |
| Returned Payment | $48 |
The $48 annual fee is charged as $6/month rather than a single lump sum, which makes it easier to manage on a tight budget.
Who Is This Card Best For?
The Plastk Secured Mastercard suits:
- Credit rebuilders — anyone recovering from bankruptcy, a consumer proposal, or a string of missed payments
- Credit newcomers — newcomers to Canada, students, and young adults with no credit history
- Reward seekers — secured card users who want to earn something back while building credit
If your credit score is already in the “good” range (660+), you’ll likely qualify for an unsecured card with better terms.
Alternatives
| Card | Annual Fee | Security Deposit | Best For |
|---|---|---|---|
| Home Trust Secured Visa | $0–$59 | $500+ | No-fee secured option |
| Refresh Financial Secured Visa | $12.95/month | $200+ | Lowest security deposit |
| Neo Financial Secured Mastercard | $0 | $50+ | No-fee with cashback |
| Capital One Guaranteed Mastercard | $59 | $75+ | Guaranteed approval |
Bottom Line
The Plastk Secured Mastercard stands out in Canada’s secured card market by actually rewarding you while you rebuild credit. The $48 annual fee is reasonable, the purchase interest rate (17.99%) is below the industry standard 19.99%, and the rewards add real value. For Canadians working to improve their credit score, Plastk is one of the most rewarding tools available.
Disclaimer: Card terms, rates, and reward program details are subject to change. Verify all current details at plastk.ca before applying.