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Refresh Financial Cartoon Header - Man and woman leaning uo against giant sized visa with thumbs up ok hand gesture

Guaranteed approval
– With Secured Deposit –

Purchase Interest Rate • 17.99%

Annual Fee • $48.95

No Credit Check • No Minimum Income

Guaranteed approval
– With Secured Deposit –

Purchase Interest Rate • 17.99%

Annual Fee • $48.95

No Credit Check

No Minimum Income

Are you having trouble with any of the following?

  • Bad Credit
  • No Credit
  • Filed for bankruptcy
  • Past foreclosure
  • Students trying to build credit for the first time
  • Immigrant status with no credit history
  • Recently rejected for mortgage application.
  • Denied loans and credit cards

If you are, then keep reading because Refresh Financial might just have the solution that you’re looking for.

Written by :                                                                                                                   

Rate Raiders

Last Updated

May 20th,  2020

Written By:

Rate Raiders

Last Updated

May 20th, 2020

We’ve all taken those life-challenging, below-the-belt blows. Be it a nasty divorce, having our personal belongings confiscated in collections, a victim of online identity theft, recent filling for bankruptcy or perhaps on the verge of losing our job.

Whatever your reasons were for cultivating bad credit, you’re now at zero hour, and you’ll need to decide how you’re going to dig yourself out of this hole.

What can Refresh credit card do for you?

Having a Refresh Financial Secured Visa in your wallet offers one possible solution for those who are indeed trying to reestablish credit or perhaps build credit for the very first time after being turned down for several credit applications.  Their goal is to help you re-open some of those doors that have now found their way shut.

So, how does a secured card work exactly?

With a secured credit card, you provide a security deposit and in turn they supply you with a credit card. The card’s spending limit is equal to the value of your security deposit.

For example, if you pay a security deposit of $500, then you have access to $500. With Refresh, you get the benefits that come with having a visa, all while simultaneously improving your credit score.

The Refresh Secured Visa works not unlike a revolving line of credit. All payments made to your account are reported to both major Canadian credit bureaus daily. This has a positive effect on your credit score, driving it upwards just as quickly as you can provide payment.

Is there really no credit check?

Yes, that is absolutely correct!

Refresh Financial does not require a credit check or minimum personal income making the application process a cinch. This allows for a virtually guaranteed acceptance, so long as you supply previously mentioned deposit for security purposes.

Are there any qualifications for approval?

All applicants require the following:

  • Have a verified Canadian bank account
  • Be of legal age in the province or territory in which they reside
  • Show proof of citizenship upon acceptance.
  • Provide the minimum security deposit of $200 up to a maximum of $10,000

At A Glance

Annual Fee:

$12.95 + $3/month in maintenance Fees = $48.95/year

Purchase Rate:

17.99%

Credit Check:

None

Minimum Income:

$0

Security Deposit:

Yes

Minimum Security Deposit:

$200

Improve Your Credit Score Today

With no credit checks and no minimum income, you’re guaranteed to be approved!

With no credit checks and no minimum income, you’re guaranteed to be approved!

How to Get the Most out of a Secured Credit Card.

1. Spend Wisely.

Now that you have a Refresh Financial Secure Visa you’ll need a game plan. 

You know that every month you’ll need to spend money on necessities. Items that you absolutely need to function. Whether its groceries, school supplies, daily transportation costs, pharmaceuticals and medications etc.  You get the idea.

The catch is to not use Interac nor cash.

Pay for these items with your Refresh Financial Secured Visa. Then, pay it off straight away.

2. Use Online Banking and Add Refresh to Your Payee List.

Pay that balance off as soon as you leave the store.

If you have an app on your smartphone and access to online banking, then go in and knock off a quick payment through your online portal. Make sure you’ve added them in your list of payee’s through your primary banking institution.

Do it before you forget or silently mumble, “Meh, I’ll do it later.”

Be savvy. Pay it off A.S.A.P.

3. Keep an Eye on Your Credit Score Using Black Tier.

Your credit score is capable of shifting just a little bit every day. Each time you are quick to the draw, not only do you avoid paying the interest rate at 17.99%, but you also give your credit rating a slight nudge in the right direction.

With Refresh’s launch of their recently developed “Black Tier” dashboard, cardholders can closely monitor their credit report and see what lenders see. This includes unlimited access to their score and a complete list of payees, as well as recently applied payments.

Go about making your daily purchases as you normally would, always checking in with Black Tier every few days to see how your purchases, and more importantly how your punctual payment unequivocally affects your report.

Remember, your main objective of utilizing such a card is to re-establish good credit. Paying off your entire balance before the twenty-one day grace period virtually guarantees improvement.

Be smart. Save yourself from unwanted service fee's.

We’ve compiled a short list of do’s and don’ts to avoid unwanted fees while using your Refresh Financial Visa. It’s very important that you read through the entire list. By understanding how to use this card intelligently, you’ll guarantee a positive experience all while building a solid credit.

Do’s

Dont’s

Do pay off your entire balance every month.

To avoid paying interest charges at 17.99% you should get into the habit of paying off your entire balance before the 21 day grace period. Even better, add Refresh Financial Visa to your payee list from within your primary banking institution portal.

Do not use this card for cash advances.

 Not only will you be charged a $5.00 service fee for each advance but you will be also charged the 17.99% APR.

Be aware of what you’re trying to accomplish with this credit card. It’s a vehicle for improving your credit. That should be its sole purpose. Cash advances are better left to your primary bank debit card or other institutions with lower APR‘s and who offer lower fees per transaction.

Do make at least one purchase every 30 days.

That could be a trip to the gas station, a pack of gum at the convenience store, or some supplies at your local hardware depot. Otherwise you’ll get hit with a $2.00 service fee for monthly inactivity. This fee might seem counterintuitive, but you can think of it as a blessing in disguise. It’s a way to remind yourself that the more you use this card the greater the benefit.

Do not go over your limit.

If you do, expect to find a $5.00 charge added to your account. Going over the limit for a second time will result in the cancellation of your card. If your goal is to improve your credit score, then you should make it a high priority to maintain a worthy status with Refresh and not abuse these limits.

Do take advantage of the Refresh Academy and the Black Tier Dashboard.

Use these tools supplied by Refresh to empower you while rebuilding your credit. Take the credit calculators for a test run. See what interest rates would be available to you if applying for a mortgage or an auto loan using different credit scenarios. Check out the skill-building quizzes or watch one of the interactive educational videos. It’s fun and available to you 24/7.

Do not use this card while travelling overseas.

All international transactions will be subject to a 3.50% surcharge and a $5.00 POS (point-of-sale) fee, per transaction. In light of this, we wouldn’t recommend making any purchases during your stay abroad. However, in emergencies, if no other form of payment is possible then by all means utilize the card in this situation. Just be aware of the charges that will be present when you check your next monthly statement.

The Refresh Academy and Black Tier: Your personal finance coach with exclusive credit report access.

Refresh Financial offers an online educational and interactive guide exclusively available to members only. This includes Refresh visa cardholders and clients with a specialized credit builder loan. They call it the Refresh Academy.

Users are granted access to a video library providing helpful tips and tricks that encourage responsible money management practices. It teaches members various ways to save money, and avoid common pitfalls or credit traps. In addition it allows users to learn how to grow wealth and build a personal nest egg.

Furthermore, cardholders gain access to a portal of tools such as credit building calculators all within the newly designed Black Tier Initiative – the ultimate credit building experience. Refresh has teamed up with Borrowell – one of Canada’s top credit bureau’s – to allow members direct access to their credit reports through the Black Tier mobile app.

With each payment you make towards your Refresh Account, you can positively impact your credit score. Using the Black Tier App you are able to track your score week by week and closely monitor your full report. This allows you to be actively involved in improving your personal file and see what the lenders see.

When you feel like you’ve made a significant improvement, then you’ll be ready to reapply for that mortgage, auto loan, or preferred credit card. knowing that it comes with a great low rate.

It’s all within your reach and Refresh can get you there.

How do I make payments or add security deposit funds onto the card?

We’ve had some people asking about making payments and how it’s done.

Some were wondering if they are able to make payments online or do they need to write a check or send cash?

Yes, of course, you can make payments online, however, it’s a little bit different than your regular financial institution. Instead of adding Refresh Financial to your payee list, you want to add them as an “e-transfer recipient” otherwise known as interact e-transfer on some banking platforms.

This screenshot is taken directly from the Refresh Financial page.

Image #1

We're going to walk you through an example.

If the above screenshot still seems a little bit confusing or vague, we’re going to walk you through it step-by-step.

One of our employees here at Rateraiders.ca (Cheryl from our accounting department) was kind enough to snap some screenshots as she was going through the process, using her personal RBC online banking account.

If you use a different financial institution then the process might be slightly altered, but you can use the following screenshots and instructions to help get you started.

1.

Log into your primary financial institution bank account – this would be whoever you have an existing chequing or savings account with.

In our case, it is RBC.

2.

Find your way to the add Interac e-transfer recipient or similar.

Image #2

3.

Add the appropriate email addresses as shown from the Refresh Financial screenshot above.

There are 3 choices so be sure to choose the email that best suits your payment needs. You may have to enter 2 emails if you have a Refresh Financial Visa. For Credit Builder Loans there is only one email necessary.

The 2 emails for the visa are:

For the “name” field, since Refresh didn’t specify what to enter, Cheryl just put in Refresh Financial.

It doesn’t so much matter as much as the email address. Make sure you get that spelling correct!

4.

After you click “Continue” you will be asked to “Confirm Details” Click confirm and you’re done you’ll get a “√Confirmed” notification on the page.

Image #3

Screenshot asking to confirm details of adding Interac e-Transfer recipient

Image #4

Screenshot of successful adding of Interac e-Transfer Recipient confirmation.

That’s all there is to it.

Now that you’ve added Refresh Financial as a recipient, making payments is a snap.

Just make sure that when you go to make a payment, you add the correct question and password. (Image #5)

In addition, add your full name  and postal code in the “memo” field. (Image #6) If you use RBC as Cheryl does, then it’s labelled as the “Message” field as shown at the bottom of Image #6.

Make sure you use your proper name in place of “Bobby Canada”.

That was us just having a little fun. 

Image #5

Screen shot of adding question and password when sending funds to Refresh Financial

Image #6

Now for some good news.

In just a few short months after using your Refresh Visa, you should start seeing some upward trending changes in your credit score. All your hard work and dedication towards improving it will have paid off. You will have significantly improved your odds of approval when applying for your next credit card or loan application.

Not only this but you will have access to much lower APRs offered by the bank of your choice.

You’ll be back in the driver seat. 

2 Important Questions for Those Applying

1.

Have you submitted an application for any Refresh Financial credit card within the last 30 days?

2.

Have you missed a payment for any other Refresh credit card within the last year?

If so, then any current application will be subject to approval.

If not, then you are good to go.

Other than this, the process is fairly straightforward, and generally speaking most clients are approved under normal circumstances.

After you fill out the application you can expect to get your card in the mail within 2-3 weeks.

The Low Down

With a competitively low APR of 17.99% in conjunction with an annual fee of $48.95, and a guaranteed approval, the Refresh Financial Visa offers a unique opportunity to put a stop to one denied application after another.

Don’t let yourself be at the mercy of creditors. There’s no better time than the present to start taking steps in the right direction. Stop letting your finances push you under. 

Take control back and take your life back. Put a Refresh Financial Secured Visa in your wallet today!

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