People with a good credit score can apply for the best credit cards in the world (at least if they want to). If you’re above the average credit score, congratulations! You enter this group. But, what if you’re just starting to build your score? In that case, getting a credit card could be tricky. Fortunately, there is secured credit cards, such as the OpenSky Secure Visa card, which will give you access to a great financial tool (even if your score is at the bottom of the credit score table). We tell you everything on the subject!
- 1 OpenSky Secured Visa Secured Card: Full Review
- 1.1 OpenSky Secured Visa at a quick glance
- 1.2 How does the OpenSky card work?
- 1.3 Characteristics of the secured card OpenSky Secured Visa
- 1.4 Benefits and disadvantages of the OpenSky Secured Visa card
OpenSky Secured Visa Secured Card: Full Review
In fact, precisely this parameter is what makes it a excellent option for young people who do not yet have a score or people who are in the process of credit repair. Even immigrants who cannot make their credit score valid outside the US could access it to start building credit from scratch.
OpenSky Secured Visa at a quick glance
What makes the OpenSky credit card unique? What is your added value? We leave you the main characteristics of the card in a small list as a presentation:
How does the OpenSky card work?
OpenSky Secured Visa is just like any other secured credit card: In order to obtain it, the applicant, in addition to completing the application, must leave a security deposit that will serve as a guarantee. If you pay your card payments every month (without missing or late payments), you can raise your credit score fast.
The credit line of the card, in this case, will be equal to the guarantee deposit. The OpenSky Secured Visa card requires a $200 minimum deposit and allows up to $3,000 maximum.
Characteristics of the secured card OpenSky Secured Visa
The main characteristic of the Visa OpenSky credit card coincides with that of other secured cards: it does not require a credit check. Therefore, their approval processes and requirement lists are quite easy to follow. Even a person who decided to declare bankruptcy could access it without problems.
This is good news for those consumers who don’t have the credit life they would like because they get a secured card that, handled properly, could turn into a classic credit card (in 6 or 12 months) and, on the other hand, hard credits are avoided on your credit report.
Of course, there are other aspects to highlight about the OpenSky cardsuch as the annual maintenance fee, security deposit, interest rate, and some associated fees. Let’s take a look at each of them:
Affordable annual fee
The annual fee for the OpenSky Visa credit card is $35, an amount that is neither that expensive nor that cheap. Arguably, in fact, it’s a poor credit life-adjusted amount and doesn’t seem like a lot of money for the benefits it offers (increasing your credit score).
Now, we cannot ignore that there are other secured cards on the market that do not have an annual fee. Of course: to access them, a credit check may be required.
Moderate minimum deposit
The OpenSky credit card maintains a line of credit equal to the amount of the security deposit, which, in this case, can be as low as $200 or as high as $3,000. This amount will be refundable once it is converted to a classic credit card.
The good thing about the range of security deposits is that reduces consumer risk, making approval odds quite high. In addition, it adapts to different pockets. Those who have more money to spend could leave $3,000 as collateral with no problem.
APR similar to other options
The annual percentage rate (APR) of the OpenSky Secured Visa is 17.39%, something common in cards of this type. However, it’s not worth the risk of paying the APR on a credit card that’s designed to raise or improve your credit score—it’s better to pay off your bill in full month-to-month to avoid over-indebtedness.
The OpenSky card does not accumulate points or rewards redeemable for balance, products or cash. Rather, it sticks with a list of perks that are not out of the ordinary, such as:
- Credit Card Fraud Protection
- Rental Vehicle Collision Coverage
- Roadside assistance for own or rented cars
The OpenSky Secured Visa card has other charges in addition to the maintenance fee: it charges a 3% for foreign transactions and $6 or 5% (whichever is greater) for cash advances. These fees, although normal in credit instruments of this type, raise the cost of the card.
Benefits and disadvantages of the OpenSky Secured Visa card
The OpenSky card doesn’t offer as many benefits as other options, like Discover it Secured; a secured card with no annual fee and a cash back rewards program. But nevertheless, it’s easier to obtain (and that could be a deal breaker for many). We leave you its pros and cons in a small list:
|Benefits of the OpenSky Secured Visa Card|
|No credit check required||3% fee for foreign transactions|
|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|
|Relatively attractive APR for a consumer with a low score||Little offer of associated benefits|