If you’re looking to build or rebuild your credit, a secured credit card can be a helpful tool. The OpenSky® Secured Visa® Credit Card is one option to consider, with features like no credit check and the ability to set your own credit limit.
Learn more about this card and whether it might be a good fit for your financial goals.
What is a secured credit card?
A secured credit card is a type of credit card that requires a security deposit to be put down in order to open the account. This deposit acts as collateral for the credit card company, and typically determines the credit limit for the card.
Secured credit cards are often used by people who are looking to build or rebuild their credit, as they can be easier to obtain than traditional credit cards and can help establish a positive credit history.
How does the OpenSky® Secured Visa® Credit Card work?
The OpenSky® Secured Visa® Credit Card works by requiring a security deposit to be put down in order to open the account. This deposit will determine the credit limit for the card, and acts as collateral for the credit card company.
The card can be used like any other credit card, and payments are reported to the major credit bureaus to help establish or rebuild credit.
The card also has no credit check requirement, making it a good option for those with poor or limited credit history.
What are the benefits of the OpenSky® Secured Visa® Credit Card?
The OpenSky® Secured Visa® Credit Card offers several benefits for those looking to establish or rebuild their credit.
First, there is no credit check requirement, making it accessible to those with poor or limited credit history.
Second, the card reports to all three major credit bureaus, helping to establish a positive credit history.
Third, the security deposit required to open the account also acts as collateral, making it a low-risk option for both the cardholder and the credit card company.
Fourth, you can start with a refundable security deposit as low as $200.
Fifth, there is no credit check necessary to open the card.
Sixth, Two-third of cardholders receive a 48+ point improvement after making 3 on-time payments
Finally, the card can be used like any other credit card, allowing for flexibility in spending and payment options.
What are the fees associated with the OpenSky® Secured Visa® Credit Card?
While the OpenSky® Secured Visa® Credit Card offers many benefits, it’s important to be aware of the fees associated with the card.
- Annual fee of $35, which is relatively low compared to other secured credit cards.
- Foreign transaction fee of 3%
- Late payment fee of up to $38.
It’s important to read the terms and conditions carefully before applying for the card to ensure that it’s the right choice for your financial situation.
Is the OpenSky® Secured Visa® Credit Card right for you?
The OpenSky® Secured Visa® Credit Card can be a great option for those looking to build or improve their credit score. With a low annual fee and the ability to set your own credit limit, it offers flexibility and control.
However, it’s important to consider the fees associated with the card, such as the foreign transaction fee and late payment fee, before making a decision.
Be sure to read the terms and conditions carefully and evaluate your financial situation to determine if this card is the right choice for you.
APPLY NOW
