OpenSky® Secured Visa® Credit CardReview

OpenSky® Secured Visa® Credit CardReview: This is not one of the better secured credit cards available. Some secured credit cards pay rewards on purchases—and it’s even possible to get an unsecured credit card if you have bad credit. But if you’re unable to qualify for those offers, the OpenSky® Secured Visa® Credit Card might be worth considering.

OpenSky® Secured Visa® Credit CardReview

The OpenSky® Secured Visa® Credit Card is an admittedly limited credit card. For example, your credit limit will be determined by the amount of your security deposit, and the card offers no sign-up bonus or rewards.

But if your mission is to build or rebuild your credit, the OpenSky® Secured Visa® Credit Card may be the right card for you.

First, OpenSky® Secured Visa® Credit Card does not perform a credit check for qualification purposes. That means you may qualify for the card with poor credit or no credit at all. No credit check is required because you have to make a cash deposit to get the card and that sum functions as collateral. In other words, if you default, OpenSky® Secured Visa® Credit Card can easily get back what it’s owed.

Another reason to consider the OpenSky® Secured Visa® Credit Card is if you have no checking account. Most credit cards for bad credit require you to have a checking account in good standing. OpenSky® Secured Visa® Credit Card is one of the few credit card issuers with no such requirement.

If you apply and are accepted for an OpenSky® Secured Visa® Credit Card, plan on the card arrangement being temporary. Make your payments on time each month, and as you do your credit score should increase. You should think of this credit card as a tool to rehabilitate your credit until you are ready to apply for traditional credit cards.

Features and benefits

‌OpenSky® Secured Visa® Credit Card offers two versions of its secured Visa card: OpenSky® and OpenSky® Plus. Both are secured credit cards, so the credit limit will be determined by the amount of your security deposit. There is no credit check performed when you apply for either card.

The OpenSky® Secured Visa® Credit Card has a variable annual percentage rate(APR) of reg_apr,reg_apr_type and comes with a annual_fees annual fee. The minimum security deposit required is $200 and the maximum is $3,000.

The card_name has a higher variable APR of reg_apr,reg_apr_type but charges annual_fees annual fee. The minimum security deposit is $300 and the maximum is $3,000.

Whichever card you choose, you’ll be evaluated for a credit line increase every six months. Though credit increases are not guaranteed, it’s a real possibility as you make your monthly payments on time. You can manage the OpenSky® Secured Visa® Credit Card either online or using the mobile app. Monthly payments can be made by check or on the online platform or mobile app.

The OpenSky® Secured Visa® Credit Card and the OpenSky® Secured Visa® Credit Card now allow customers to earn up to 10% cash back on purchases at over 40,000 retailers.

Cards fees

The fee structure for the OpenSky® Secured Visa® Credit Card is as follows:

• Annual fee: annual_fees
• Cash advance fee: cash_advance_fee
• Foreign transaction fees: cash_advance_apr
• Late payment: Up to late_payment_fee
• Returned payment: Up to $25

The fee structure for the card_name is slightly different:

• Annual fee: annual_fees
• Cash advance fee: cash_advance_fee
• Foreign transaction fees: foreign_transaction_fee
• Late payment: Up to late_payment_fee
• Returned payment: Up to $40

Alternatives

Is an OpenSky® Secured Visa® Credit Card worth applying for?

‌OpenSky® Secured Visa® Credit Card is a good secured credit card to apply for if you have poor or no credit and want to change that. That’s because the company does not require a credit check and will report your good behavior to the three major credit bureaus.

OpenSky® reports that over 85% of applicants have been approved over the past five years. The main reason for having credit declined seems to be the applicant’s current or previous history with OpenSky.

You must meet the following criteria to qualify for the OpenSky® Secured Visa® Credit Card:

• Be at least 18 years old, and a U.S. citizen or permanent resident alien of the U.S.
• Have a valid Social Security Number or Taxpayer Identification Number.
• Have a monthly income greater than your monthly expenses, which includes the estimated monthly payment on the credit card.
• Must not have applied for a Capital Bank credit card four or more times within the past 60 days.
• Must not have three or more open credit card accounts with Capital Bank.
• A payment history on any current or previous account with Capital Bank that is in good standing.

Frequently asked questions (FAQs)

Will I get my deposit back with the OpenSky® Secured Visa® Credit Card?

Your security deposit will be returned only when your account has been closed and the credit card balance has been fully paid. It can take up to eight weeks for a deposit to be returned, but less than four weeks is reported to be more common.

Can I upgrade the OpenSky® Secured Visa® Credit Card to an unsecured card?

OpenSky® may offer the OpenSky® Gold Visa® Unsecured Credit Card to its secured credit card customers after as few as six on-time monthly payments.

No guarantee is made that the unsecured card will be offered. But if it is, you’ll be qualified based on your payment history with an OpenSky® Secured Visa® Credit Card. No application, credit check, or security deposit will be required.

What’s the OpenSky® phone number for customer service?

Customer contact is indicated on the website as being by mail. However, OpenSky® can also be contacted through the following toll-free phone number: 1 (800) 859-6412.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.