Getting a secured credit card can be a smart move, especially if you have bad or no credit. One option to consider is the OpenSky® Secured Visa® Credit Card. While it may not be the best secured credit card available, it can still help you improve your credit.
Who is the OpenSky® Secured Visa® Credit Card for?
If your main goal is to build or rebuild your credit, the OpenSky® Secured Visa® Credit Card could be the right card for you. Unlike other credit cards for bad credit, OpenSky® does not perform a credit check for qualification purposes. This means that even with poor or no credit, you may still qualify for the card.
Another advantage of the OpenSky® Secured Visa® Credit Card is that it does not require you to have a checking account. This sets it apart from other cards for bad credit that usually have this requirement.
Keep in mind that the OpenSky® Secured Visa® Credit Card should be seen as a temporary tool to rehabilitate your credit. As you make your monthly payments on time, your credit score should increase, allowing you to eventually transition to traditional credit cards.
Features and Benefits
The OpenSky® Secured Visa® Credit Card offers two versions: OpenSky® and OpenSky® Plus. Both are secured credit cards, meaning that the credit limit is determined by the amount of your security deposit. When applying for either card, no credit check is performed.
The OpenSky® Secured Visa® Credit Card has a variable APR, and it comes with an annual fee. The minimum security deposit required is $200, while the maximum is $3,000.
The OpenSky® Plus Secured Visa® Credit Card has a higher variable APR but charges a different annual fee structure. The minimum security deposit for this card is $300, and the maximum is also $3,000.
Credit line increases are possible every six months, although they are not guaranteed. You can manage your OpenSky® Secured Visa® Credit Card online or through the mobile app, and payments can be made by check or online.
Fees
Here is the fee structure for the OpenSky® Secured Visa® Credit Card:
- Annual fee: $annual_fees
- Cash advance fee: $cash_advance_fee
- Foreign transaction fees: $cash_advance_apr
- Late payment: Up to $late_payment_fee
- Returned payment: Up to $25
The fee structure for the OpenSky® Plus Secured Visa® Credit Card is slightly different:
- Annual fee: $annual_fees
- Cash advance fee: $cash_advance_fee
- Foreign transaction fees: $foreign_transaction_fee
- Late payment: Up to $late_payment_fee
- Returned payment: Up to $40
Alternatives
Is the OpenSky® Secured Visa® Credit Card worth applying for? If you have poor or no credit and want to change that, this card is a good option. OpenSky® does not require a credit check, and they report your good behavior to the major credit bureaus.
Over 85% of applicants have been approved for the OpenSky® Secured Visa® Credit Card in the past five years. However, it’s important to note that the main reason for credit decline seems to be the applicant’s current or previous history with OpenSky®.
To qualify for the OpenSky® Secured Visa® Credit Card, you must meet certain criteria, including being at least 18 years old, having a valid Social Security Number or Taxpayer Identification Number, and having a monthly income greater than your monthly expenses.
Frequently Asked Questions (FAQs)
- Will I get my deposit back with the OpenSky® Secured Visa® Credit Card?
- Can I upgrade the OpenSky® Secured Visa® Credit Card to an unsecured card?
- How fast can I build credit with the OpenSky® Secured Visa® Credit Card?
- How long does it take to be approved for the OpenSky® Secured Visa® Credit Card?
- How can I get a cash advance with my OpenSky® Secured Visa® Credit Card?
- Is the OpenSky® Secured Visa® Credit Card legit?
- Does OpenSky® run your credit?
- Can you rent a car with an OpenSky® Secured Visa® Credit Card?
- What’s the OpenSky® phone number for customer service?
Remember, the OpenSky® Secured Visa® Credit Card is just one option. Before making a decision, consider your personal financial situation and explore other alternatives.