OpenSky Secured Visa Card – how to apply and what benefits it has: Credit card applicants with a good credit score can apply for the best credit cards in the world (at least if they want to). Congratulations if your credit score is above average! You are in this group. What if you just started building your credit score? It may be difficult to get a credit card then.
You can take advantage of secured credit cards , such as the OpenSky Secure Visa Card, that will provide you with a great financial tool (even if your score is at the bottom of the credit score table). Here’s everything you need to know!
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OpenSky Secured Visa Secured Card: Full Review
One of the easiest ways to get a credit card in the US is by applying for an OpenSky Secured Visa. As this card, promoted by Capital Bank, does not require a credit report review, it will not matter much what your FICO score or Vantagescore is.
OpenSky Secured Visa at a quick glance
What makes the OpenSky Credit Card special? How do you add value? Here are the main characteristics of the card as a presentation:
- You do not need a credit check or bank accounts in the United States .
- There is a moderately affordable annual fee of $35.
- You will have a credit line equal to the security deposit: between $200 and $3,000.
- Experian, TransUnion, and Equifax report payments to the top 3 credit bureaus.
- International transactions are charged 3%.
Keep Reading: Differences between Visa Signature and Visa Infinite cards
How does the OpenSky card work?
An OpenSky Secured Visa is a secured credit card similar to any other: To obtain it, in addition to filling out the application, the applicant must leave a security deposit that will serve as a guarantee. You can raise your credit score quickly if you pay your credit card bills on time (without missing or late payments).
As a result, the credit line of the card will be the same as the guarantee deposit. The OpenSky Secured Visa Card requires a minimum deposit of $200 and a maximum deposit of $3,000.
OpenSky Secured Visa Card Features
The main feature of the OpenSky Visa credit card is the same as other secured credit cards:
No credit check is required. Because of this, the approval process and requirements are quite straightforward. An individual who declares bankruptcy can still access it without any problems.
For consumers with poor credit histories, this is good news since they can get a secured credit card that could become a classic credit card (in 6 or 12 months) and, on the other hand, avoid Hard Credits.
Affordable annual fee
OpenSky Visa credit cards have an annual fee of $35, which is neither too expensive nor too cheap. Perhaps it’s a poor credit life-adjusted amount, and that doesn’t seem like a lot of money for the benefits it offers ( increasing your credit score ).
We cannot ignore the fact that there are other secured cards on the market without an annual fee. Obviously, accessing them may require a credit check.
Moderate minimum deposit
The OpenSky Credit Card maintains a line of credit equal to the amount of the security deposit, which can range from $200 to $3,000 in this case. Upon conversion to a classic credit card, this amount will be refunded.
There is an advantage to the range of security deposits in that they reduce the consumer’s risk, making the likelihood of approval quite high. Additionally, it is affordable for different budgets. It would not be a problem for those who have more money to spend to leave $3,000 as collateral.
APR is similar to other options
OpenSky Secured Visa has an annual percentage rate (APR) of 17.39%, which is common for cards of this type. However, it isn’t worth the risk to pay the APR on a credit card that’s designed to raise or improve your credit score-paying your bill in full month-to-month will keep you from becoming overindebted.
Standard Benefits
OpenSky cards do not accumulate points that can be redeemed for balance, products, or cash. It rather sticks with a list of benefits that are not extraordinary, such as:
- Protection against fraud when using credit cards
- Collision coverage for rental vehicles
- Roadside assistance for rented or owned vehicles
Additional charges
Additional fees associated with the OpenSky Secured Visa Card include 3% for foreign transactions and $6 or 5% for cash advances (whichever is greater). Despite being a normal fee for this type of credit instrument, these fees raise the cost of the card.
Keep Reading: What banks offer money for opening an account?
The benefits and drawbacks of the OpenSky Secured Visa card
The OpenSky card doesn’t have as many benefits as other options, like Discover it Secured ; a secured card with no annual fee and a cash back rewards program. However, it is easier to obtain (which could be a deal breaker for many). The pros and cons of it are as follows:
| Benefits of the OpenSky Secured Visa Card | |
|---|---|
| Benefits | Drawbacks |
| No credit check required | 3% fee for foreign transactions |
| Relatively attractive APR for a consumer with a low score | Little offer of associated benefits |
| Does not require a prior bank account | Does not offer rewards programs |
| Available for young people, immigrants and people with bad credit | Subject to payment of an annual fee of $35 |
OpenSky Secured Visa Credit Card: Rates and Charges
As we mentioned, the annual percentage rate on the OpenSky Secured Credit Card dropped slightly. This is a good price for a credit card with a deposit.
Annual Percentage Rate: You’ll receive a variable rate of 17.39 percent.
Balance transfers : Not applicable.
Annual percentage rate for cash advances: Currently, you receive the same rate as you do for your purchases, which is 17.39 percent. Transaction fees are 5 percent. Keep in mind that interest on a cash advance is charged immediately.
Penalty rate: The percentage is 21.50 percent. If your payment is late, you will be charged this rate. By setting up automatic payments or reminders, you can prevent such a situation from occurring. It will sabotage all of your rebuilding efforts if you let this happen.
Your annual percentage rate will increase, and if it is late enough, your score will be lowered because it will be reported to the agencies.
Annual fee: It is $35. Unfortunately, this is an increase of $6. However, since there is no credit check, we will let it go.
Foreign transaction fees: The percentage is within the normal range at 3 percent.
Other fees you need to know: A dormant account fee of $10 per month is charged after 12 months of inactivity. So, if you won’t be using the card anymore, pay off the balance and take steps to close it and get your security deposit back.
Security Deposit: There is a minimum of $200 and a maximum of $3,000, depending on approval. We don’t recommend making a large security deposit anyway, but it used to go up to $5,000. Deposits do not earn interest, so don’t put in more than you need in the account.
Credit limit: Your credit limit is determined by your security deposit. A $500 deposit will result in a $500 credit limit. The $35 annual fee will be charged to your account, so your initial available credit will equal your deposit minus the fee.
Credit limit increases: You can request an increase in your credit limit by calling. If approved, an additional deposit will be required. According to the website, you will need to pay a fee to increase the limit. It doesn’t specify how much the surcharge is, but it used to be $25, so use that as a guide.
Keep Reading: How much money can I legally deposit into Chase?
To whom is the OpenSky® Secured Credit Visa® Card a good option for?
A Secured Credit Visa® Card from OpenSky® is the best option for people who are new to credit or working on rebuilding their credit. Getting a new credit card can be very difficult when you have bad credit or no credit. Access to secured cards allows you to apply for a new card, establish or restore your credit on the right foot, and get your finances back on track for a better future.
An unsecured card may be a better option for you if you have good or excellent credit. OpenSky® Secured Credit Visa® Card is designed specifically for people who may have difficulty getting approved for an unsecured credit card.
This may not be the card you’ll keep forever because of its annual fee and lack of rewards. You can use this for a few years while you work on improving your credit. If you’re eligible for cards that offer better benefits and aren’t insured, you should consider upgrading.
However, keep in mind that opening and closing cards can temporarily affect your credit score. A good way to improve your credit score is to keep your accounts open for a long time and pay your bills on time.
You should also use the card at least a few times a year to keep it active. Maintaining a low or zero balance on your credit card and paying it off promptly when you use it will help you to keep costs down and improve your credit score at the same time.
If you don’t like the annual fee on this card or have good credit, you have several other options. It is important to know your credit history, how your credit affects the cards you qualify for, and how you intend to use the card.
- Capital One® Secured Mastercard®: This card is good for those who are concerned about spending more than they should when they are first starting out, but want to use it more frequently.
- Visa® Petal® 2 Credit Card: This card is ideal for people with no credit history, especially if fees are not a concern.
- Indigo® Platinum Mastercard®: If you have poor credit and would like to try an unsecured card, this may be a good option.
OpenSky Secured Visa: Opinion
With our Capital Bank OpenSky Secured Visa card review, we hope to give you all the details you need to know about this secured credit card to start or repair your credit. Please remember that if you have any doubts or questions, you can leave us a comment and we will assist you.
Is the OpenSky Secured Visa credit card worth it? Do you need the insured card OpenSky Secured Visa?
We want to know your opinion. Leave a comment below if you have any experience (good or bad) with this secured credit card, or if you were able to improve your credit score!!
