The OpenSky Secured Visa Card is one of the most popular secured credit cards out there. It is issued by Capital Bank and comes with an intricate blend of features that make it a fantastic option for building your credit up, such as the no credit check policy. You’re almost guaranteed to get approved for this card. Aside from not triggering a hard inquiry into your credit history or any credit check policy whatsoever, you don’t even need a bank account. All you need to do is fulfill the minimal requirements mostly put in place by federal law. It’s a simple, slick, and very useful card that will help you get your credit score back on track, and then some.
Who Is this Secured Credit Card for?
The OpenSky Secured Credit Card is designed for people that have bad credit. It’s the ideal card for building your credit. The acceptance rates are so high that no matter your prior credit score, you’re very unlikely to get rejected. It’s a fantastic option if you’re looking for a good everyday card that will help you rebuild your credit score. You’ll need a credit repair strategy to accompany you with this card, but as long as you’re responsible for your payments, you should be fine.
- 3 credit bureaus reporting
- Fast online application
- No hard inquiries
- Low annual fee
- Additional perks package
- Accepted worldwide
- Slow customer support
- No bonus or rewards
- Can not graduate
What are OpenSky Secured Card Benefits?
- 3 credit bureaus reporting. The OpenSky reports all credit spending to all three major credit bureaus, meaning you can promptly repair your credit score. It also allows you to set your credit limit with your initial deposit.
- Fast online application. A very appealing aspect of this card is the application process. It’s quick, it’s simple, and it’s online – you don’t have to visit a local branch near you to apply for this card, as you can do it from the comfort of your own home in mere minutes.
- No hard inquiries. The OpenSky does not pull your credit when you pre-qualify so applying for it has no negative effect on your score.
- Low annual fee. The OpenSky Secured card comes with a low annual fee, making it a fantastic option for those who aren’t in the best place financially.
- Additional perks package. Aside from this, this card comes with auto rental insurance, zero liability against fraud, and all the standard VISA benefits.
- Accepted worldwide. The OpenSky Visa is accepted everywhere across the world. As long as a merchant accepts Visa, they’ll accept your OpenSky credit card without any issues. However, keep in mind that it has an international transaction fee.
Are there Any Disadvantages?
Nothing good in life comes without its fair share of bad, and neither does the OpenSky Secured Visa.
- Slow customer support. The first thing to note is the slow customer service that can only be reached via snail-mail.
- No bonus or rewards. Cardholders will not receive rewards or bonuses for using this card. It’s solely designed to build credit not to get rewards for purchases.
- Can not graduate. You can’t upgrade it to an unsecured card. You’ll have to close the account and open a new one if you want an unsecured card, which could wind up hurting your credit score in the long run.
Should You Use the OpenSky Card?
Having a card like this in your credit fix arsenal is virtually mandatory if you want to ensure you’re doing the best job possible at the fastest possible rate. It can be a fantastic choice for a credit repair credit card as its fees are tolerable, its acceptance rates are sky high, and its flexibility makes it ideal for most consumers. It’s a card built around your unique needs, meaning that you can set your own credit limit and use it the way you want. The only important thing to remember is to use the card if you want to avoid the inactivity fee. If you’re over the legal age, have the necessary documentation, and need a card to help you rebuild your credit, the OpenSky Secured credit card is the right option for you.
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Frequently Asked Questions
If you want to improve your credit score as fast as possible, make a substantial initial deposit. A bigger deposit will give you a larger credit limit and a healthy boost to your credit score.