OpenSky Secured Visa – How to apply
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This credit card is perfect for those who want many benefits and enjoy all related advantages.
If you’re trying to build or fix your credit, the OpenSky Secured Visa could be a good choice. It doesn’t require a credit check to apply, which makes it easy for those with no credit or bad credit to get started.
The application process is quick, and it’s a simple way to help improve your credit score. Keep reading to find out how this card works, its benefits, and what to watch out for before applying!
OpenSky Secured Visa
Easy cashback Easy applicationHow does the OpenSky Secured Visa work?
The OpenSky Secured Visa is an easy way for people to build or rebuild their credit. It works by requiring a security deposit that sets your credit limit.
For example, if you put down $200, your credit limit is $200. If you deposit $3,000, your limit will be $3,000. This deposit acts as a safeguard for the bank, reducing its risk in case you can’t pay your bill.
One thing that makes the OpenSky card different is that it doesn’t require a credit check when you apply. This is great for people with no credit history or those who are working on fixing their credit. With this card, as long as you provide the deposit, you can get approved without worrying about your credit score.
Once approved, you can use the card for everyday purchases like groceries, gas, or shopping online.
Main benefits of the OpenSky Secured Visa
The OpenSky Secured Visa offers several key benefits to help you build or improve your credit:
- No Credit Check: One of the best features of this card is that it doesn’t require a credit check to apply. This means that even if you have no credit or bad credit, you can still get approved as long as you make the required deposit.
- Reports to All Three Credit Bureaus: The OpenSky card reports your payment history to all three major credit bureaus: Experian, Equifax, and TransUnion. This is important because it helps you build your credit score as long as you make your payments on time.
- Flexible Credit Limit: You can start with a low deposit, like $200, and increase your credit limit by adding more to your deposit. The card allows a maximum deposit of $3,000, which gives you a higher credit limit than many other secured cards.
- No Surprise Fees: The OpenSky card doesn’t have hidden fees. You’ll pay an annual fee of $35, but you won’t have to worry about fees for balance transfers or cash advances. This makes it easy to manage your finances and plan your payments.
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Cons of the OpenSky Secured Visa
While the OpenSky Secured Visa has some great features, there are a few things to keep in mind:
- Annual Fee: The card comes with a $35 annual fee, which is fairly standard for a secured card. However, it’s something to consider since other cards.
- No Rewards: The OpenSky card doesn’t offer any rewards or cash back on purchases. If earning rewards is important to you, this card might not be the best fit.
- Foreign Transaction Fee: If you plan to travel abroad, be aware that the OpenSky card charges a 3% foreign transaction fee. This can add up if you use the card for international purchases, so it’s something to consider if you travel frequently.
APR and Fees
The OpenSky Secured Visa has a 24.89% variable APR for purchases. This is on the higher side, so if you carry a balance from month to month, you’ll end up paying more in interest. To avoid this, it’s best to pay off your balance in full every month to avoid interest charges.
In addition to the APR, the OpenSky card charges a $35 annual fee. While not unusual for a secured card, it’s worth keeping in mind when deciding if this card fits your budget. There’s also a 3% foreign transaction fee, which can be an inconvenience if you plan to use the card for purchases abroad.
The good news is that there are no fees for balance transfers or cash advances, so as long as you’re careful with how you use the card, these fees shouldn’t add up quickly.
How to apply for the OpenSky Secured Visa
Applying for the OpenSky Secured Visa is easy and can be done online in just a few minutes. Since there is no credit check, the application process is fast, and you don’t have to worry about a hard inquiry affecting your credit score.
To apply, you’ll need to provide some basic personal information, such as your name, address, and Social Security number.
You’ll also need to make an initial deposit for your security account, which will determine your credit limit. The minimum deposit is $200, and the maximum is $3,000. This deposit is refundable if you decide to close the account, as long as your balance is paid in full.
Once you’ve completed the application, you should receive a decision quickly—often within minutes. If you’re approved, your card will be mailed to you, and you can start using it right away.
