The Refresh Financial Secured Visa is a guaranteed-approval secured credit card issued by Refresh Financial, a Canadian fintech company focused on credit building and financial wellness products. It requires a security deposit (starting as low as $200), charges a monthly or annual fee, and reports to both Canadian credit bureaus — the three elements that define a useful credit-building product. Refresh Financial also offers credit education tools and resources alongside the card.
Quick Verdict
Best for: Canadians who need guaranteed credit card approval regardless of credit history — those with no credit, poor credit, prior bankruptcy, or who have been declined by other card issuers.
Not ideal for: Those who qualify for an unsecured card — the $49/year fee and deposit requirement provide no advantage when unsecured no-fee rewards cards are available.
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | ~$12.95/month (~$48.95/year) — verify at refreshfinancial.ca |
| Security deposit required | Yes — minimum ~$200 (verify at refreshfinancial.ca) |
| Credit limit | Equal to security deposit |
| Purchase interest rate | Verify at refreshfinancial.ca (typically 17.99–19.99%) |
| Cash advance rate | Verify at refreshfinancial.ca |
| Foreign transaction fee | 2.5% (typical) — verify at refreshfinancial.ca |
| Credit check required | Not required (deposit-secured) |
| Guaranteed approval | Yes (for eligible Canadian residents with deposit) |
| Network | Visa |
| Rewards | None |
| Reports to credit bureaus | Yes — Equifax Canada and TransUnion Canada |
Card terms, fees, interest rates, and deposit requirements are subject to change. Verify all current details at refreshfinancial.ca before applying.
Credit Building: The Refresh Financial Model
Refresh Financial is explicitly a credit-building company — the Secured Visa is its flagship product. Beyond the card itself, Refresh may offer:
- Credit coaching and education resources — financial literacy content specifically for credit rebuilding
- Credit score monitoring — tracking your score progress over time
- Savings programmes — some Refresh products bundle a savings component
The focus on the full financial wellness journey (not just providing a card) distinguishes Refresh from traditional bank secured cards.
Fee Analysis
The Refresh Financial fee structure is worth understanding clearly:
| Fee Type | Estimated Amount |
|---|---|
| Monthly fee | ~$12.95/month |
| Annual total (12 months) | ~$155 total if monthly (verify) — OR ~$48.95/year if annual plan |
| Setup / activation fee | Verify at refreshfinancial.ca |
Important: Refresh Financial’s fee structure may be monthly rather than a single annual charge. Verify whether you are comparing the monthly fee plan (~$12.95/month = ~$155/year) or an annual plan (~$48.95). The cost structure affects whether Refresh is competitive versus other secured cards — at $12.95/month, the annual cost ($155) is higher than Peoples Trust ($59) or Neo Secured ($0).
The Lower Minimum Deposit Advantage
Where most Canadian secured cards require $500+ deposits:
| Card | Minimum Deposit |
|---|---|
| Refresh Financial Secured Visa | ~$200 |
| Neo Secured Mastercard | Verify at neo.ca |
| Home Trust Secured Visa | ~$500 |
| Peoples Trust Secured MC | ~$500 |
The $200 minimum deposit makes Refresh more accessible for those with limited savings — you need less capital to start building credit.
Fees and Rates
| Fee | Amount |
|---|---|
| Monthly fee | ~$12.95 (verify at refreshfinancial.ca) |
| Annual equivalent | ~$48.95–$155 depending on plan (verify) |
| Security deposit | ~$200 minimum (verify) |
| Purchase interest rate | Verify at refreshfinancial.ca |
| Cash advance rate | Verify at refreshfinancial.ca |
| Foreign transaction fee | Verify at refreshfinancial.ca |
Refresh Financial Secured Visa vs. Canadian Secured Card Alternatives
| Card | Annual Fee | Cash Back | Min. Deposit | Guaranteed Approval |
|---|---|---|---|---|
| Refresh Financial Secured Visa | ~$49–$155/yr | None | ~$200 | Yes |
| Neo Secured Mastercard | $0 | Yes (partners) | Verify | Yes |
| Peoples Trust Secured MC | $59 | None | $500 | Yes |
| Home Trust Secured Visa | $59 | None | $500 | Yes |
| Capital One Guaranteed MC | ~$59–$79 | None | None | Yes (no deposit) |
Key takeaway
At $0 annual fee with cash back, the Neo Secured Mastercard is the strongest secured card for most applicants. The Refresh Secured Visa’s advantages are: lower minimum deposit ($200), Refresh’s credit education ecosystem, and potentially lower barrier to entry for certain applicants. However, if the fee is $12.95/month (~$155/year), the cost is significantly higher than alternatives.
Who Is the Refresh Financial Secured Visa Best For?
Ideal cardholders:
- Canadians with very bad or no credit who want guaranteed approval and comprehensive credit education
- Those who have been declined by other secured card issuers (though most secured cards are accessible)
- Those who can only provide a minimal deposit ($200 vs. $500 minimum elsewhere)
- Those who value the credit coaching and financial wellness resources Refresh Financial provides
Less suitable if:
- The monthly fee structure results in a cost above $59/year — competitors offer more at lower cost
- You qualify for the Neo Secured Mastercard ($0 fee, cash back) — Neo is clearly superior financially
- You want a deposit-free card — Capital One Guaranteed Mastercard requires no security deposit
Credit Building Best Practices (Any Secured Card)
| Action | Credit Score Impact |
|---|---|
| Pay on time, every month | 35% of your credit score — highest impact |
| Keep utilization under 30% | 30% of credit score |
| Don’t close old accounts | 15% of credit score (length of history) |
| Don’t apply for many cards at once | 10% of credit score |
| Monitor your credit report | Catch errors that hurt your score |
Free Canadian credit monitoring: Borrowell (Equifax score), Credit Karma Canada (TransUnion score).
Bottom Line
The Refresh Financial Secured Visa delivers on its core promise — guaranteed approval for Canadian credit-building regardless of credit history. The lower minimum deposit ($200) and Refresh’s credit education ecosystem are genuine differentiators. However, before applying, verify the exact fee structure: if fees total $155/year (monthly fee model), competitors like the Neo Secured Mastercard ($0 annual fee, cash back) or Peoples Trust ($59/year) are more cost-effective.
If Refresh’s annual plan is genuinely ~$49/year, it is a competitive option. If monthly fees total over $100/year, Neo Secured or Peoples Trust are better choices for most applicants.
Card terms, fees (monthly or annual), deposit requirements, and interest rates are subject to change. Verify all current details at refreshfinancial.ca before applying.