Plastk Secured Credit Card Review

If you have a poor credit score and can’t seem to get approved for a credit card anywhere, you will definitely want to consider the Plastk Secured Credit Card. If you already have a decent credit score and could get approved for other options, please visit our other credit card reviews to find a card that could be way more beneficial for your situation.

This card is best suited for building up a better credit profile when your current credit score is poor or fair. It allows you to enjoy the perks of owning a credit card, such as shopping online, without having to worry about being denied approval. As long as you a small amount of savings set aside, you can get yourself a Plastk Secured Credit Card. With many mixed Plastk reviews online, we want to bring you an honest and unbiased overview of what you can expect from this card.

Plastk Secured Credit Card Key Features

  • Annual Fee: The annual fee for this card is $48.
  • Monthly Maintenance Fee: Very uncommon among credit card providers – Plastk charges a surplus of $6 per month in maintenance fees. This means you will end up paying $120 per year in fees.
  • Welcome Offer: Plastk has two decent welcome offers that you can benefit from. The first one is enjoying a 0% APR for the first 3 months. The second perk you get at signup is receiving 5,000 bonus points (the equivalent of $20). Conditions do apply, so make sure to read the fine print to ensure you get these benefits.
  • Cash Back Rewards: Plastk does offer a nice point system that allows you to pay off your balance faster. For every dollar you spend, you will earn one Plastk point. 250 points equal $1 and you can redeem your points every time you reach 2,500 points. They can be put towards your credit card balance or you can redeem them for products, travel destinations or even make donations to charity.
  • Easy Approvals: Plastk is among the easiest cards to get approved for. Since you’ll need to send money to Plastk before using the card, there is no risk to them. Think of this card as being similar to a prepaid credit card, yet it provides the benefits of a real card.
  • Great for Improving Credit Scores: Plastk reports to both TransUnion and Equifax, making this a great card to build up some positive credit history. Just make sure you make all your payments on time or you’ll end up with negative notes in your credit report.

Minimum Approval Requirements

The good thing about the Plastk Secured Credit Card is that it’s incredibly easy to get approved for. You don’t need any minimum income requirements and most credit scores will be approved even if you’re as low as 500. The goal of this card is to provide everyone with the ability to use credit, allowing you to rebuild your credit score.

  • No minimum income requirements
  • Credit scores as low as 500 can get approved
  • Must have funds to cover the initial deposit (minimum of $300)

Getting approved is almost instant after you fill out their online form. Most people get approved as long as you can pay the initial deposit, which as a minimum of $300. This amount can be higher depending on the amount they approve you for and the amount of savings you have to cover the deposit.

How Credit Works with the Plastk Secured Card

Since Plastk Secured Credit Card is not like traditional cards, it works a little bit differently. You have to make an initial deposit in order to begin using your card. Most cards provide you with access to funds that you do not already have. Plastk’s Secured Card on the other hand provides you with access to funds that you already sent them.

Example, you send $300 on the card’s balance – you now have access to $300 on the card.

This allows you to build up your credit score by having access to a credit card that reports to the major credit bureaus even if you’re not approved for traditional card providers. The maximum amount of money you can send on the card is $10,000.

How the Point Rewards Work

Plastk offers a nice point system of 1 point per dollar spent. This means if you spend $1,000, you will get 1000 points in return. 250 points equal $1, so for every 2,500 points you accumulate, you get $10 back that can be used to pay off your balance.

Here is an example of the points you could get:

MonthAmount SpentPoints EarnedReal Value

Plastk’s point system is far from being the best when compared to standard credit cards. However, when compared to other secured card providers, their point system is a nice perk to have. Unfortunately, the annual fees come up to $120 though, which means you would need to earn 30,000 points just to cover the annual fees ($30,000 in credit card expenses per year or $2,500 per month).

Additional Facts You Should Know

Plastk’s Secured Card comes with decent interest rates of 17.99%. This is lower than the industry standard, but make sure you pay your bill on time. If you miss 2 payments, the interest rate climbs up to a massive 29.99%.

Cash advance fees are also something to be cautious about. While everyday purchases get you a 17.99% APR, cash advances are charged with a 21.99% APR. It’s better to avoid them whenever possible.

Plastk provides card holders with a free monthly credit report update powered by Equifax. This is a great way to keep an eye on your credit score at all times.

They offer a generous grace period of 25 days for everyday purchases and 3 days for cash advances. This means you don’t start paying interest before the grace period is up. If you repay your card’s balance quickly, you could avoid paying interest fees altogether.

Final Thoughts

Overall, the Plastk Secured Credit Card is a solid option for people with poor credit scores who can’t get approved for traditional credit cards. Their secured card allows almost anyone to start rebuilding their credit score and growing their credit history in a positive way.

The reward points are a nice bonus, but don’t expect to make a ton of money with them. You’ll need to spend $30,000 per year on your card just to pay back the hefty annual fee of $120.

A lot of people ask “Is Plastk credit card legit”, and the answer to that is yes. However, it’s not the best option if your credit score allows you to get approved for other, more standard type cards. If you can’t get your hands on traditional credit cards and have the ability to cover the initial deposit, this card is a great option for you, otherwise, take a look at our other credit card reviews.

David Lebrun
David Lebrun
David Lebrun is a trusted lending expert with over 12 years of experience in financial research & education. David educates readers on making smart financial decisions by writing about personal loans, business loans, home loans, car loans and credit cards.

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