OpenSky Secured Visa is ideal for building or rebuilding personal credit.
The OpenSky Secured Visa stands out because it does not require a credit check at the time of application.
Additionally, the security deposit cost required to obtain the card is affordable.
The flexibility in payments and the opportunity to earn cashback make it a viable choice not only for people with bad credit.
It also comes with a 24.89% variable payment APR rate and can be managed via Apple Pay, Samsung Pay, and Google Pay.
The possibility of earning cashback of up to 10% on your daily purchases is another attraction for the OpenSky Secured Visa.
The card also offers free access to your FICO score monthly through a mobile app.
Check out the following topics for reasons why the OpenSky Secured Visa card is an excellent option for those looking to build or rebuild credit.
OpenSky Secured Visa
Payment flexibility High APRHow does the OpenSky Secured Visa work?
The OpenSky Secured Visa requires an initial security deposit of just $200 (minimum amount).
This card aims to help people rebuild their credit, so it is easy to approve, as it does not carry out a credit analysis at the time of application.
The card also sends monthly reports to the three major credit bureaus: Experian, Equifax and TransUnion.
Another point to consider is the 10% cashback on all purchases, a great advantage for those looking for an option to use on a daily basis.
The OpenSky Secured Visa also guarantees free access to a monthly FICO score.
In this way, the OpenSky Secured Visa card represents a good advantage for those looking for a card with the purpose of rebuilding credit and also taking advantage of an interesting points program, further increasing their profit.
Key Benefits of OpenSky Secured Visa
One of the most important benefits is the ease of applying for the card, as there is no credit assessment for approval.
Therefore, even those who have low or no credit can have an OpenSky Secured Visa card.
Another point is that the credit limit corresponds to the amount deposited, starting from a minimum amount of $200.
Finally, another advantage is that you can choose a viable payment date, choosing the option that will work great for your payment plan.
Card usage is reported to the three main credit bureaus – Experian, Equifax and TransUnion and the cardholder benefits by strengthening their credit score.
According to data, about two in three OpenSky holders achieved average scores of 41 points in just three months.
The most notable benefit is free access to the holder’s FICO Score monthly, so you can track your progress.
Finally, payment of the security deposit is flexible and can be made within 60 days, in addition to being able to add the card to online payments from your digital wallet (Apple Pay, Samsung Pay, Google Pay).
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Disadvantages of OpenSky Secured Visa
Many pros come with the OpenSky® Secured Visa® Credit Card, but it also comes with cons.
One of the points to improve is the annual fee of US$35.
Furthermore, the initial security deposit may not be a good option for those who do not have good financial conditions.
Likewise, the 24.89% APR is high, especially if you can’t pay the balance in full each month.
Although the card has an interesting points program, it does not have a Welcome bonus, something that would be interesting.
APR and Fees
The OpenSky® Secured Visa® Credit Card has certain fees and APRs. The annual tax that will be charged is $35. A late fee is 24.89%, which applies to purchases that you have not paid in full on time.
The OpenSky Secured Visa Card may charge a $41 late payment fee if you do not pay by the due date.
However, the card does not charge an excess limit fee or balance transfer fee.
How to apply for OpenSky Secured Visa
The OpeSky® Secured Visa® Credit Card can be applied quickly.
To get started, you need to visit the Capital Bank N.A. website and fill out the online application form, which requests personal and financial information.
Your application will not undergo a credit analysis, a big advantage for some.
Once approved, you will need to make a security deposit of $200, which will be your credit limit. The registration process takes 4 minutes and can be completed by clicking the link below.
Once approved, your card will be sent to the address provided, after which you will be able to enjoy all its benefits, building a good financial history in order to obtain future advantages such as loans, financing or a credit card with greater advantages.
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