Here to answer your every question
Struggling with any problems on PlusCredit?
Is PlusCredit really 0% interest?
Yes. Every PlusCredit product charges 0% interest, on every balance, at all times. This is not a promotional rate and it does not expire.
How is PlusCredit able to offer zero interest?
Most card companies earn the majority of their revenue from interest on balances that customers carry. We chose a different model. The Secured Card has a flat monthly fee, the Prepaid Card is free, and neither depends on you falling behind or carrying a balance.
What does each card cost?
The Prepaid Card is free. The Secured Card is $7.99 per month. Your security deposit is separate from that fee, and the deposit is what sets your credit limit.
Are there other fees I should know about?
Our pricing page lists every fee in full. Learn more at pluscredit.ca/pricing
Why do I pay $7.99 a month on the Secured Card if there is no interest?
The fee covers reporting your activity to Equifax, the card itself, and the tools that come with your account. It is the same amount every month, so you always know what the card costs before you use it.
What is “The Interest Tax”?
It is our name for what an average finance company card costs you in interest and yearly fees. Our free calculator shows how that compares with PlusCredit’s flat monthly fee, based on how much you spend and how long you take to pay it back.
What is PlusCredit?
PlusCredit is a financial platform for people who want to build a credit history without taking on debt. It includes two cards, budgeting tools, savings jars, rent reporting, and Equifax-powered credit monitoring, all in one account.
Which card is right for me?
You can have both, and it depends on what you want the card to do. The Prepaid Card is for spending with control. You load your own money, spend only that amount, and pay nothing for the card. It does not report to Equifax.The Secured Card is for building a credit history. You place a security deposit that sets your limit, and your payments are reported to Equifax.
Do I need a credit score to apply?
No minimum credit score is required. PlusCredit looks at your identity and residency, not your credit history.
I am new to Canada. Can I get a card?
Newcomers are one of the main groups PlusCredit was built for. Canadian credit bureaus generally do not carry over credit history from other countries, so a strong record abroad does not appear in your Canadian file. That is not bad credit. It is no credit, and starting a file with PlusCredit can be the first step.
I am a student or I am just starting out. Is PlusCredit for me?
Yes. If you have never had a credit card, you have run into the loop where lenders want a credit history before they will help you build one. PlusCredit is designed to get you out of that loop without asking you to borrow.
I had credit problems in the past. Can I still use PlusCredit?
Yes. Because there is no minimum score, past missed payments or a consumer proposal do not automatically rule you out. What PlusCredit can offer is a way to add new, positive activity to your file going forward.
How does the Prepaid Card work?
You load money into your account, and you directly spend the balance. When the balance runs out, the card stops working until you add more. There is no credit limit, no borrowing, and nothing to repay.
What do I get with the Prepaid Card?
The Prepaid Card is free and includes 0.25% cashback, member-to-member transfers, and savings jars you can use to set money aside for specific goals.
How does the Secured Card work?
You place a security deposit which is held by our financial partner, and that deposit becomes your credit limit. If you deposit $500, your credit limit is $500. You use the card like any other card, and your repayments are reported to Equifax. Your limit can go up to $10,000.
What is a security deposit, and do I get it back?
A security deposit is money you provide up front that secures your card. It protects against the card going unpaid, which is why no credit score is needed.
Where can I use the cards?
Anywhere Mastercard is accepted in Canada and online, including groceries, transit, subscriptions and school supplies.
What happens if I try to spend more than I have?
On the Prepaid Card, the purchase is declined. There are no overdraft charges and no debt. On the Secured Card, purchases are limited to your credit limit, which is set by your deposit.
Does PlusCredit report to the credit bureaus?
The Secured Card reports your payment activity to Equifax. The Prepaid Card does not report to the bureaus.
How long before my activity shows up on my report?
Reporting follows your statement cycle, so it can take a full billing period or more before activity appears.
Will this help me get an apartment, a loan or a mortgage?
That decision belongs to the lender or landlord. A longer record of on-time payments is one of the things they may look at, but we cannot promise any outcome, and PlusCredit is not a substitute for what a specific lender requires.
Can opening or closing an account affect my score?
Yes. Opening a new account can affect scores, and so can closing one. This is true of any credit product, not only ours. Check your report before you make changes so you know what a lender will see.
What is credit utilization?
Utilization is the portion of your credit limit you are using at a given time. It is commonly cited as a factor in credit scores, and lower use is generally viewed more favourably. Spending a small share of your limit is a common approach.
Does PlusCredit support rent reporting?
Yes. Rent reporting lets your monthly rent payments be reported to the credit bureaus, so a payment you already make can appear in your file.