Personal Finance
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It’s possible to get a secured credit card even if you have bad credit or no credit at all. The OpenSky® Secured Visa® Credit Card is one option that may be worth considering. If your main purpose in having a secured card is to improve your credit, the OpenSky® Secured Visa® Credit Card can help you get the job done.
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 Card
OpenSky® Secured Visa® Credit Card
Credit score needed
no credit (bad credit, no credit check)
Rewards rate
Up to 10% cash back on purchases at over 40,000 retailers.
Annual fees
$35
Who is the OpenSky® Secured Visa® Credit Card for?
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 24.89% (variable) and comes with a $35 annual fee. The minimum security deposit required is $200 and the maximum is $3,000.
The OpenSky® Plus Secured Visa® Credit Card has a higher variable APR of 29.24% (variable) but charges None 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® Plus 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: $35
- Cash advance fee: cash_advance_fee
- Foreign transaction fees: 24.89% (variable)
- Late payment: Up to $41
- Returned payment: Up to $25
The fee structure for the OpenSky® Plus Secured Visa® Credit Card is slightly different:
- Annual fee: None
- Cash advance fee: cash_advance_fee
- Foreign transaction fees: foreign_transaction_fee
- Late payment: Up to $41
- Returned payment: Up to $40
Alternatives
| Credit score needed | Fair, Poor, Bad | credit_score_needed | credit_score_needed |
|---|---|---|---|
| Regular APR | 29.99-33.99% Variable | reg_apr,reg_apr_type | reg_apr,reg_apr_type |
| Annual fees | $0 | annual_fees | annual_fees |
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.
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
Credit score needed
no credit (bad credit, no credit check)
Rewards rate
Up to 10% cash back on purchases at over 40,000 retailers.
Annual fees
$35
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.
How fast can I build credit with the OpenSky® Secured Visa® Credit Card?
It really depends on the credit level at which you start. If you have no credit at all, you should expect improvement after making at least six on-time monthly payments. But if you’re looking to repair a bad credit score, it can take a year or longer. To overcome a particularly low credit score, you may need one or two additional credit cards or loans—all of which, of course, must be paid on time each month.
RELATED: Best Loans for Bad Credit
How long does it take to be approved for theOpenSky® Secured Visa® Credit Card?
The company reports average application processing times of between 24 and 48 hours. The credit decision will be provided by email. The card itself will be mailed to you after you’ve made your security deposit. You can expect delivery times of 12 to14 business days.
How can I get a cash advance with my OpenSky® Secured Visa® Credit Card?
You can use your secured credit card to get a cash advance at an ATM that accepts Visa cards. If you do, you’ll need to have sufficient credit available on your account to cover (1) the amount of the advance; (2) the cash advance fee, which is the greater of $6 or 5% of the amount withdrawn; and (3) any fees charged by the owner of the ATM.
Is the OpenSky® Secured Visa® Credit Card legit?
OpenSky® Secured Visa cards are issued by Rockville, Maryland-based Capital Bank. Capital Bank has been in business since 1999 and has a Better Business Bureau rating of “A” (on a scale of A+ to F).
Does OpenSky® run your credit?
No. OpenSky® is one of the few issuers of credit cards for bad credit that does not run a credit report at application. However, it does report your payment history to all three major credit bureaus—Experian, Equifax, and TransUnion.
Can you rent a car with an OpenSky® Secured Visa® Credit Card?
The OpenSky® Secured Visa® Credit Card can be used anywhere Visa is accepted. However, you’ll need to be sure your credit limit is high enough to cover the expected charges on the rental.
Car rental companies commonly add a security deposit at the time you rent the vehicle. Your credit limit will need to be sufficient to cover that security deposit, as well as the expected charges for the rental.
RELATED: Credit Card Rental Car Insurance
Before attempting to use the card for a car rental, you should verify the maximum charge the rental company is likely to place on the card.
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.
The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.
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