Smart Borrowing – How to Prosper Financially

Best High Interest Savings Accounts in Canada

August 4, 2022 by Ben Leave a Comment

All of us have long term financial goals. Everybody has something a little more expensive they’ve had their eye on and want to save up for. Sometimes you may just want to grow money that you have but aren’t spending. A high interest savings account is one of the best ways to do this. High interest savings accounts are risk and hands free, all while earning you interest on your money to help you do whatever you can dream.

With the current worldwide economic situation improving as we near the end of the global pandemic, interest rates are rising at many Canadian banks. This means that it is a great time to put your money somewhere where it can appreciate. There are things you have to watch out for though. Many banks’ marketing strategies involve a tactic which temporarily boosts the interest rate of a given HISA (High Interest Savings Account) to make it more desirable. After the first few months the rate decreases to the usual and comparatively miniscule interest percentage. As long as you know that the normal interest rate is still good, you won’t be unpleasantly surprised.

You may be asking yourself why people have regular savings accounts if the high interest counterparts earn more interest. High interest accounts oftentimes have some drawbacks or conditions when compared to normal savings accounts. These can include a limited amount of monthly withdrawals or a minimum account balance.

TD High Interest Savings Accounts

TD has two accounts that fall under high interest. The first offers an interest rate of 0.05% as long as your balance is over $5000. The second account is called the ePremium savings account. It offers 0. 5% but your balance has to be double at $10,000. If you have the ability to maintain such a balance, this account could work for you. The account offers unlimited free online transfers to other TD accounts. Although transaction fees are high with the regular high savings account, if you plan on keeping the money there and not spending it too much, it can work just fine.

RBC High Interest eSavings Account

RBC’s eSavings account offers an interest rate of 0.5%. This is the same as TD’s ePremium account. Both accounts have no monthly fees but RBC has the big advantage of not requiring a minimum account balance. Transfers to other RBC accounts are free and you even get one ATM withdrawal per month, free of charge. If you sign up by August 31 2022 you can get a promotional interest rate of 3.0% for the first three months.

BMO High Interest Savings Accounts

BMO has a fairly simple account called the BMO smart saver account which has similar features to TD’s simpler account. It has the same interest rate of 0.05% and no monthly fees but it beats out TD as it does not present a minimum balance. There is a higher interest option available: The BMO savings builder account has an interesting mechanic. Although it offers a going interest rate of 0.1%, you can earn the bonus rate of 0.6% as long as you invest $200 into the account every month. There is no minimum account balance and as with most accounts mentioned in this article you have one free outgoing transfer per month, every other one costing you $5.

Scotiabank Momentum Plus Savings Account

The Scotiabank savings account is a special type of account. It is a tiered-interest account, which simply means that depending on how long you hold money in the account for you will earn more interest. The tiers start with a 0.35% interest rate. If you leave the money in the account untouched for 90 days then the rate jumps to 0.85%. For 180 days you get 0.9%, for 270 days you get 0.95%. If you wait a full 360 days, you get an even 1%. There is one important thing to note. This offer of increasing interest rates is up to one year and after that period you will only earn a base 0.85%. The account has no monthly fees but it also has no free transactions. Every single one will cost you $5. However, if you are signing up for this account you are likely looking to let the money build unspent so that you can accumulate interest rate during the one year period.

CIBC eAdvantage Savings Account

The CIBC savings account has an interest rate of 0.35% and no minimum balance. It also has a similar gimmick to BMO’s savings builder account. If you deposit $200 every month you get an additional 0.25% of interest. Once again there are no monthly fees. Like with Scotiabank every transaction you make will cost you $5 dollars.

Tangerine High Interest Savings Account

Tangerine’s savings account has a fairly competitive interest rate of 0.1%. This comes at the cost of no monthly fees too. Until October 13^th 2022 new clients can get a promotional interest rate of 3.25% for the first five months. As usual moving money to and from other Tangerine accounts is free of charge. All this makes the Tangerine savings account a good option. However, although they are an online bank, they do not offer interest rates that are as high as their other exclusively digital competitors.

Neo Money Account

Almost all the banks listed above are established big banks in Canada. They offer fairly similar and low interest rates on their Canadian high interest savings accounts. If you are looking for something with higher interest rates, digital finance is your answer. Companies like Neo offer comparatively astronomical interest rates on their savings accounts. The Neo money account has an interest rate of 1.8%. It also has no minimum balance and entirely free transactions. This account is flexible and has attributes of both a chequing and a savings account. If you are in Canada and looking for a no fee account with a great interest rate Neo might be worth your time.

The Verdict

There is no one account that is superior to all the others. Every single one has its own advantages and drawbacks. Tiered accounts like Scotiabank’s momentum plus are fantastic for the first year where interest rate grows and even after that, their rate of 0.85% is quite competitive. If the only thing you are looking for a high interest, then Neo could be your answer. There are other factors too of course, such as transaction costs. Most typical high interest savings accounts will allow for one free transaction per month, charging after that. Once again, Neo presents an advantage in this category, as they have completely free transactions. However, you may already be a client of another bank. This may make it more convenient to setup a high interest savings account with the same bank to allow for free transactions to and from your accounts.

Pros and Cons of Debit Cards

July 14, 2022 by Ben 3 Comments

Understanding more about debit cards can help you make better decisions to do with your finances. Debit cards have many upsides to them which make them useful in a wide variety of situations. Not everybody knows the right way to use them though. They are great for anybody and are accepted near everywhere making them convenient. However, according to worldwide data debit and credit cards are used at a near equivalent rate. This shows that credit cards must have some advantages over debit cards. In this article we will breakdown all the benefits and drawbacks of debit cards to help you be informed and decide when to use them.

The pros of a debit card

Debit cards are very convenient. Being declined very rarely, they are great worldwide and can be used to withdraw money from widely available ATMs without a service fee. Withdrawing cash with debit cards means that the money is immediately removed from your account. Because of this fact, you do not end up garnering a balance that you have to pay off. This balance comes with owning a credit card, and you could end up having to pay interest upon it, a problem that debit cards come without. Debit cards are interest-free.

Another advantage of debit cards over their credit counterparts is that in most cases they do not carry any annual fees. This factor is key for it makes them easier to afford. You won’t have to pay or use your debit card to keep it activated. You can make as few or as many purchases without worrying the card’s functionality. Accounts associated with debit cards like chequing accounts do sometimes charge monthly and/or annual fees.

With credit cards, it is quite easy to overspend in the short-term. This is not an issue with debit cards because the money you spend gets withdrawn instantaneously from your account. Your limit is capped at whatever you have stored in your account, though keeping track of your accounts status should be enough to make you weary of purchasing large items you might want. With credit cards you can keep buying and overspending without keeping tabs, which can have grave consequences when the time to pay the stack of bills comes around. Debit cards are also comparatively painless to acquire. Credit card application typically involves a hard credit check to understand more about your history and whether you are eligible. They also require a certain credit score but with debit cards all you need is a chequing or savings account to attach to the card and you’re all set to bank away.

The cons of a debit card

Though they have their upsides, debit cards come with a set of attributes that aren’t all that great. One of their biggest downsides is that in some circumstances they simply aren’t as safe as credit cards. Fraud protection with debit cards can be somewhat insignificant. The Federal Trade Commission dictates that if you notify your bank within two days of it being stolen, you are liable for up to $50 is charges that are fraudulent. If you miss that window of two days you can be held responsible for up to $500. In the worst case scenario where you only let your bank know after 60 days, you could end up paying all of the fraudulent charges. Banks simply cannot ensure total safety, especially with online retailers. Knowing this, it is suggested to use other payment methods when making purchases online. This can help you stay safer from cyber fraud which is rampant in today’s internet, even if you have antivirus software and a secure network.

Wherever and however you choose to spend your money, know that with debit cards your limit is equal to the funds in your chequing account. That means debit cards are better suited to more manageable purchases as opposed to expensive impulse items whose purchasing depends on whether you have the available funds in your chequing account. It is still an option to exceed your chequing account balance. If you do go over you will be charged overdraft fees. You can stop authorizing your bank to charge you these fees but you may end up having your debit card decline when going over your chequing funds.

Despite their similarities, one of the biggest differences between debit and credit cards is also one of the biggest disadvantages of debit cards. It is credit score and how debit cards have no effect on it. With a credit card you can build your credit score by making all your statement payments in full and on time. Debit cards cannot help you achieve this. Of course, credit cards also put you in danger because if you leave your card unpaid or pay late, you can accrue overwhelming debt and you will end up with bad credit. If you owe a lot on your credit cards with high interest, you can roll it over into your mortgage, by borrowing on your home equity line of credit. This will help you repay your credit card loans faster and in a less costly manner. Credit cards also often have strong rewards programs and perks that allow you to automatically accumulate points from use, or give you cashback. Debit cards don’t have programs like these. There are occasions where banks have their own specific rewards for debit cards but it is rarer.

Knowing all this information, you still might not be completely sure when and how to properly use a debit card. Essentially, debit cards are best to use for anything small and routine. This could be a fair list, including things like groceries or monthly entertainment service fees. This is because all the money is directly withdrawn from your chequing account, so you can monitor it easily, making sure you don’t run out. Overtime, this practice will lead to great established spending habits, making you more confident and comfortable with your money. Avoid the purchases carrying more hefty amounts as they are better suited to credit cards. The downsides are not too many, but you should be aware of them. Problems with fraud and the inability to improve credit score are two of the biggest issues.

Neo Financial MasterCard – Standard and Secured Credit Cards for Canadians

July 2, 2022 by Ben 7 Comments

The Neo Financial MasterCard is a secured credit card offered in Canada by Neo Financial. Founded in 2019, Neo is a Canadian company brought to you by the creators of SkipTheDishes. By being entirely digital, they allow you to comfortably control your finances from anywhere. Neo is partnered with and backed by MasterCard, ATB Financial and Concentra Bank who guarantee complete security as well as being recognized worldwide. Neo offer a good range of products with low costs and high rewards. For example the Neo Money Account offers unlimited free transactions with one of the highest interest rates in Canada at 1.8%. They also offer Neo Mortgage, Neo Invest, and the Neo Financial MasterCard.

The Neo MasterCard comes in a secured format and a regular unsecured version. Both variants are low cost and high reward.

Neo Financial MasterCard Review

The Neo Financial Mastercard is an intriguing option considering its many upsides and few and minor negatives. Neo’s Card is available across Canada and can be controlled and managed digitally from the Neo Financial App. The Neo Credit Card is meant for all Canadians. From those who want to save some money, to those who have a larger appetite for spending, anything is possible while building your credit score. To cater to these different audiences, the Neo Card has three different levels. The only distinguishing factor between the tiers is the average cashback rewards and their monthly fees. Moving through the tiers can be easily done through the app. It only costs the monthly fee of the given tier you are switching to, allowing flexibility to find the best level for you.

The Neo Standard Card is the base tier at $0 in monthly or annual fees with an average of 4% unlimited cashback at thousands of Neo partners.
Right above that you have the Neo Plus Card, averaging 5% cashback at partners with a monthly fee of $2.99.
At the top is the Neo Ultra Card. This level is considerably more expensive at $8.99 per month, however it comes in at an average of 6% unlimited cashback.

There are general rewards that go for all tiers as well. The Neo Credit Card guarantees a minimum 1% cashback across all purchases made. This basically means that if your cashback happens to fall under the 1% margin, Neo themselves will step in and push you up to that line. Other rewards include the 15% cashback on your first purchases at participating Neo partners. Applying for the Neo MasterCard is very easy and can be done through the Neo Financial App. Approval is instant as long as your credit score is 600 or above.

A physical Neo Card will then be sent to your door within a week or two. However, the app is absolutely enough to do everything including purchases, with notifications that notify you about your account live. The Neo Financial Mastercard is backed by Mastercard’s zero liability protection. In essence, you are completely safe from unauthorized payments at all times. Neo’s Credit Card only comes with a few downsides being that it does not include insurance. The other more noticeable downside is the higher Purchase Credit Rate of 19.99%-24.99%. With many rewards and the option of no monthly or annual fees, the Neo Financial Credit Card is fantastic and fresh competition to the usual Big Bank Credit Cards.

Neo Financial Secured MasterCard Review

For anyone who is struggling with their credit score, is new to credit or is entirely new to Canada, Neo provides the Neo Secured Card. Neo’s secured card comes with no monthly or annual fees. This is just one of the reasons that it can work for anyone. With the secured card, the only fee you’ll encounter is a one-time security deposit of only $50. As the card is secured, no hard credit checks are performed so that your approval is guaranteed. As well as being assured, your approval is instant so that getting started is immediate and hassle free.

Just like with the Neo Credit Card, everything can be controlled from the Neo Financial App. From increasing credit limits by adding security funds to freezing cards, the Neo app can do it all. Unlike other secured cards, Neo has fantastic cashback opportunities. You can earn an average of 5% unlimited cashback with their secured card. If you ever decide to close your account, your security funds will be returned as long as the balance has been paid in full. The secured card has the same Purchase Credit Rate as its unsecured counterpart and is once again without insurance. As can be seen, Neo’s Secured Card comes with many upsides and caters to a wide audience. It is quite rewarding and doesn’t have many drawbacks.

Neo Financial MasterCard Partners

Neo is partnered with Mastercard, meaning that both the Neo Credit Card and the Neo Secured Card are valid anywhere Mastercard is accepted. As previously mentioned, they fall under Mastercard’s zero liability policy, keeping you safe from unauthorized payments. Neo is also partnered with Concentra Bank, which grants Neo clients absolute security along with Mastercard. Neo’s clients earn an average of 5% cashback at thousands of partners which is automatically redeemed. The range of partners is great too with Netflix, Amazon, Loblaws, Walmart, Sport chek and many more in Neo’s lineup.

A Neo Financial Card is worth it for many reasons. For starters, everything can be managed digitally and is designed for convenience. The Neo cards are low cost, presenting no monthly or annual fees. This doesn’t prevent them from rewarding their customers though, with great cashback rewards everywhere. Their products are innovative and should be considered by anyone as they challenge the often archaic tenets of major Canadian banks for your benefit. For a limited time only, new Neo customers who get approved for the Neo Credit Card receive a $25 voucher.

Legal Disclaimer

^* See Merchant web site

Best Secured Credit Cards in Canada

June 8, 2022 by Ben 13 Comments

Credit cards are useful in that they help build good credit, book hotel accommodation, rent cars, and purchase goods and services online. Interest rates have been low since the onset of the Covid-19 pandemic but some people with bad or tarnished credit may not qualify for regular cards. This is where secured cards come handy in allowing users to build good credit and shop in-store or buy products online.

Best Secured Credit Cards for Canadians

Major banks no longer offer secured credit cards which means that choices are more limited for Canadians. Still there are some good offers to look into if you have no or blemished credit like the cards that Home Trust and Refresh Financial feature.

Neo Secured Credit Card

The first secured credit card from Neo Financial is made for those who want low cost way to build their credit. Neo charges no monthly or annual fees and does not run credit checks. This means that anyone is eligible for this secured card. The only fee that comes with the card is the modest $50 security deposit. Approval is instant and guaranteed, just like the 1% cashback across all purchases. In addition to the 1% guaranteed, you can earn an average of 5% unlimited cashback at thousands of Neo partners. At participating partners, you can even earn 15% cashback on your first purchase. Neo’s secured credit card is a great option, whether you are looking to repair your credit or just starting out.

Interest rate: 19.99%-24.99%
Annual fee: $0
Cashback: 1% minimum, average 5% at partners

Refresh Secured Card

Refresh Financial offers a secured card that helps users to get a credit boost by making timely monthly payments. There is even a feature that allows you to get an idea how your repayment and spending patterns affect your credit rating. You can use their handy online calculator to check your utilization rate. For example, if the balance is $100 and the limit $600, then you have an optimal credit utilization rate (17 percent). There are other benefits for users, one being that payments are reported to both bureaus. Another is that the higher your credit score is, the lower your interest rate.

Interest rate: 17.99 percent
Maintenance fee: $3/month
Annual fee: $12.95
Credit limit: $200 – $10,000

Home Trust Secured No-Fee Visa

Also a good choice to fix your score fast, the Home Trust Secured No-Fee Visa has been voted 2020’s Best Credit Card for Rebuilding Credit. You will not only benefit from a zero annual fee but you only pay interest on your outstanding balance. The card allows you to make purchases and pay online up to your deposit limit. Home Trust also allows you to choose a deposit limit that works for you, and it can be as low as $500 and as high as $10,000.

Purchase interest rate: 19.99 percent
Annual fee: none

Home Trust Secured Visa

This is a low interest option to rebuild credit as long as you keep your account active and make timely payments. There are many benefits for holders such as the option to set your limit, set accounts online, pay utility bills, and make purchases online. The card also comes with purchase security coverage so that all eligible purchases are insured against damage or theft for 90 days. You can use the card to make payments in more than 200 territories and countries and with merchants that accept Visa cards.

Interest rate on purchases: 14.90 percent
Fee: $5 per month or $59 annual fee

What Is a Secured Credit Card?

Secured cards work much like standard ones in that they allow holders to build a positive credit history and make purchases, whether they buy groceries, book flights or cruises, or repay other outstanding balances. The most common varieties are American Express, MasterCard, and Visa. Whatever the brand of choice, users have to make a deposit which is used as a safeguard by the issuer as to cover any outstanding balances in case of missed or late payments.

Are Secured Credit Cards for You?

If you have bad credit and can’t qualify for a standard unsecured card, this is a good option to rebuild credit by making small purchases and paying the balance in full and on time. Using the card responsibly also means that you won’t incur interest payments. Interest rates are higher on average, and paying more than the minimum will save you a lot of money.

Benefits of Secured Credit Cards

The main benefit of secured cards is that they offer the chance to rebuild credit and apply for a wide variety of products with preferential terms and affordable rates. Your account history is forwarded to the major bureaus and goes toward your credit report. Not only this but you can use the card to shop online and make secure payments. Some issuers also offer added incentives such as upgrading and rewards points.

Security Deposit, Credit Limits, and Card Fees

When you get approved for a secured card, you will be asked to make a cash deposit which is equal or larger than your credit line. This means that credit limit is based on the deposit made. Some issuers offer the option to increase the credit line after a certain period provided that you use the card responsibly. Secured cards typically come with annual fees but there are some issuers that advertise zero fees.

Alternatives to Secured Credit Cards

If you can’t get a secured card, one option is to apply for a prepaid card that you can use to pay for services and goods. It is not linked to a credit, checking, or savings account and allows you to keep cash for later use. A major drawback is the fact that your payment history will not be reported to the credit bureaus. Still, they offer some benefits such as ease of use and safe and secure payments. Prepaid cards are easy to reload, and there are different ways to do this – in person, online, by direct deposit, or via bank account transfer.

Getting an unsecured card for bad credit is also an option, albeit the choice is more limited. Some issuers offer unsecured cards to Canadians with fair and good credit, regardless of their annual income. Added benefits for customers are low annual fees and interest rates, no fees for supplementary cardholders, and zero fraud liability.

A third option to look into is payday loans, and there are some benefits to consider such as fast and easy application, borrowed amount based on income level, and no credit check guaranteed approval. Still, getting a payday loan can be risky because of the very high interest rates and short terms that finance providers offer.

Other alternatives that financial institutions offer include guarantor and short-term loans, secured loans, overdrafts, and debit cards. The choice of product depends on your credit score, income, occupation, and financial circumstances.

In general, getting a secured card is a good choice for customers with little or no credit exposure, including young people and newcomers to Canada. It is also an option for borrowers with blemished credit who are refused a loan or credit card because they have past delinquencies, recent missed or late payments, or for any other reason. Borrowers with low or no income and high balances on cards and loans are also likely to get their application denied. A secured credit card is a good alternative for borrowers with a tarnished credit history who need a fresh start and a card to make daily purchases. We all know what having poor credit means – higher home and auto insurance premiums, difficulty securing a home lease, higher loan rates, and even strained personal relationships. A secured credit card offers users the chance to master good money management skills by borrowing responsibly.

Refresh Financial – Improve Your Credit Score with Secured Credit Card

May 22, 2022 by Ben 8 Comments

Refresh Financial offers a range of products, services, and tools, including AI-enabled product recommendations, automated credit coaching, credit report and score monitoring, and secured credit cards. By offering financial literacy programs, Refresh helps customers to improve their money management and savings skills to make better financial decisions and achieve their long-term goals. Common situations in which financial literacy helps are using credit cards, managing debt, investing, reducing expenses, purchasing a home or car, sticking to a budget, and saving for retirement.

Refresh Financial and Borrowell Acquisition

Refresh Financial takes a new approach to consumer financing. The company offers loans and credit cards to customers with poor or no credit to aid their credit improvement efforts. Established in 2010, Refresh has offices in Ottawa, Kelowna, and Hamilton. As of January 2021 Borrowell closed the acquisition of Refresh Financial and raised $25 million in funding. All-equity financing was secured by a group of new investors, among which iA Financial Group, BDC Capital, and Kensington Capital Partners. Existing investors such as Equitable Bank and White Star Capital also provided funding.

One of the largest financial tech companies in Canada, Borrowell specializes in digital wealth management, digital banking, and alternative lending solutions. Their online lending platform utilizes AI-powered technology to offer customers product recommendations, free credit scores, predictive cash advances, bill alerts, money management and monitoring solutions. Founded by Andrew Graham in 2014, Borrowell offers a wide range of financial tools and products, including mortgages, credit cards, and personal loans. The platform is backed by a network of mortgage brokers, investment funds, and institutional lenders such as FirstOntario Credit Union and Portag3 Ventures.

Canadian Market for Secured Credit Cards

Refresh Financial and Home Trust are among the few Canadian financial service providers that offer secured credit cards. Targeting subprime borrowers with average and poor credit scores, secured cards function much like standard ones, the only difference being that customers pay upfront cash deposit. The deposit serves as a guarantee for financial institutions should the borrower miss a payment. Issuers can keep the cash deposit when borrowers default on payments.

Essentially, a secured credit card can be a helpful tool to build or rebuild credit. Using a debit or prepaid card or cash to make purchases or pay bills will do nothing in terms of credit score improvement. That is because payments are not reported to the major bureaus. When used wisely, a secured credit card enables borrowers to reestablish credit and demonstrate responsible management to the reporting agencies and financial institutions. Once approved, borrowers can use the card for things like making purchases, paying everyday expenses, or booking a vacation.

Consumers who use their card responsibly build credit over time. Common reasons why this is not happening include having one type of credit only, errors on the customer’s credit report, missed payments, and a utilization rate above 35 percent.

Refresh Financial Products Offerings

Refresh offers a credit builder loan and a secured card, along with a suite of tools for responsible debt management. In addition to reporting customer payments to TransUnion Canada and Equifax, it also features useful financial tools such as score simulators, credit alerts, debt calculators, and goal managers.

Refresh Secured Card

This card is backed with a security deposit which determines the credit limit. The limit can be as low as $200 and as high as $10,000 depending on how much the borrower is willing to put on hold. The deposit aside, this card by Refresh works just like a standard card, allowing users to make in-store and online purchases while gradually rebuilding credit.

This secured Visa by Refresh Financial is a good choice for borrowers with no or bad credit who are turned down by brick-and-mortar banks. Virtually all applicants get approved as there is no minimum income requirement. This card is a particularly good fit for customers who want to make a small deposit and for people with a history of delinquencies and bankruptcies.

Refresh also offers a handy online calculator to help customers check their utilization rate. Customers with a credit limit of $1,000 and a balance of $400, for example, have a utilization rate of 40 percent. The optimal rate for credit building is 30 percent and should not exceed 35 percent.

Cardholders who pay the balance in full avoid interest charges. There are two options to make payments toward the card balance – either through online banking or via pre-authorized debit. Once the payment has been received, it is first applied to any interest due and then to cash advance, annual card, and other fees.

Interest rate: 17.99 percent
Maintenance fee: $3 per month
Annual fee: $12.95

Credit Builder Loan

This financial product by Refresh Financial is nothing like a traditional loan. Instead of borrowing a lump sum and paying the principal and interest over the loan term, customers are charged monthly fees plus interest. Basically, this is a form of installment credit whereby customers pay back the full amount in equal installments. The best part is that payments are reported to the major bureaus as proof of responsible debt management.

Customers are free to cancel their loan at any time by logging to their Refresh Dashboard. Once the loan has been cancelled, it cannot be reactivated. Clients are free to withdraw their available funds, and the money will be deposited in their bank account within 10 – 15 work days.

There are two package options for customers to choose from – apply for a credit card and cash loan or take a loan first and get a secured card later. With the first option, customers have access to two lines of credit and enjoy spending flexibility. The main benefit of having two lines is that responsible use shows financial institutions that the borrower can manage both.

Interest rate: 19.99 percent
Loan amount:
$25,000
$10,000
$5,000
$2,500
$1,500

There are further benefits to taking a credit builder loan, one being that customers are assigned a dedicated relationship manager. Relationship managers act as a single point of contact and help borrowers to build a financial plan to meet their long-term goals. The goal is to make the customer’s banking experience more convenient and smoother by bringing expertise across a range of financial solutions. With experience and knowledge of personal banking, borrowing, and credit management, dedicated financial managers offer clients finance-related recommendations based on their needs.

Summing Up

Overall, Refresh Financial is a good choice for borrowers who got the short end of the stick and need to rebuild credit. Each of their products, the Refresh Secured Visa and credit builder loan are meant to help consumers, with payments being reported to the credit bureaus. Qualifying for a loan or credit card is simple and boils down to the customer’s ability to meet future payments, including product fees and interest charges.