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If you have poor credit or no credit and want a credit card, the OpenSky® Secured Credit Visa® may be a good choice.
Every person has different credit card needs, though, so read my OpenSky® Secured Credit Visa® review to see if it’s right for you.
Consumers with bad credit often have trouble getting a credit card, but the OpenSky® Secured Visa makes it easy.
There’s no credit check, they report to all three credit bureaus, and you only need a $200 security deposit.
If you have bad or no credit, most credit card companies won’t give you a credit card, but a secured credit card is often a viable option, which the OpenSky® is – a secured credit card with decent benefits.
If you have no or bad credit, this Visa® helps you build credit. Your security deposit is equal to your credit line, so however much you can put down is how much credit you’ll receive.
The OpenSky® Secured Credit Visa® Card is a standard secured credit card. You make your deposit, and they give you the credit line.
You may use the credit line like any credit card. You use the credit card to make purchases and pay the bill when it arrives.
You have the option to make just the minimum payment but be careful because you’ll pay 17.39% interest on your purchases.
The point of a secured credit card is to use the credit responsibly (making purchases and paying the bill in full) so you get good credit.
The longer you have a secured credit card, the faster you’ll build better credit.
A secured credit card helps you build credit in a few ways:
If you have little to no credit, the OpenSky® Secured Credit Visa® is a great option. It helps you build credit without allowing you to go overboard since your credit line is equal to your security deposit.
It’s also a great option if you’re trying to fix your ‘bad’ credit score. With a positive payment history and regularly charging no more than 30% of your credit line, you could build your credit score fast.
The OpenSky® Secured Credit Visa® is good for people who need a credit card and don’t have great (or any) credit.
It does have its downfalls, including an annual fee and high APR among a whole slew of fees, but if it’s what helps you build credit, it could be a good temporary option.
OpenSky isn’t forthcoming with its procedures for increasing your credit limit. Most secured credit card companies let you increase your limit by adding to your security deposit, but OpenSky doesn’t offer this option.
If you want to increase your credit limit, you must submit a request to customer service, who does something behind the scenes to determine if you qualify.
There’s no guarantee that they’ll increase your credit line even with a higher security deposit.
Capital Bank is the bank behind the OpenSky® Secured Credit Visa®. Capital Bank is FDIC insured and has many typical bank products.
You can use the OpenSky® Secured Credit Visa® anywhere Visa is accepted, including ATMs for a cash advance but watch out for the 5% cash advance fee.
If you have a great history using your OpenSky® Secured Credit Visa®, Capital Bank may increase your limit with a higher security deposit, but they must approve it first.
It usually takes around 2 weeks to receive your OpenSky credit card once you make your security deposit, and it clears with Capital Bank.
Yes, the OpenSky® Secured Credit Visa® is legit, but like any credit card, always read the fine print and know the fees.
Make sure the $35 annual fee is worth it, which it usually is if you don’t qualify for an unsecured credit card.
Capital Bank reports your OpenSky® Secured Credit Visa® account to the credit bureaus, which is how you build credit.
It’s a safe way to build credit since you can only charge up to your security deposit amount. If you are worried about overspending, keep your limit low by making a low-security deposit.
If you need help building credit and to work your way up to an unsecured credit card, the OpenSky® Secured Credit Visa® is a great option.
While it costs $35 a year, you shouldn’t need it for more than one year if you use it for what it’s worth – building credit by using the credit card the right way.