The OpenSky Secured Visa bank card will not be one among Investopedia’s high rated secured playing cards. Please see our record of the most effective secured bank cards for what we take into account to be higher choices.
Full Assessment of OpenSky Secured Visa Credit score Card
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Greatest For
- Cardholder Expertise
- Safety Options
- Charges to Watch Out For
- Ultimate Verdict
Execs
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Checking account not required
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No credit score examine required
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Reviews to all three main credit score bureaus
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You set your credit score restrict, topic to approval
Cons
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Can’t improve to an unsecured card
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Expenses an annual price
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Should meet eligibility necessities
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No bank card rewards
Execs Defined
- Checking account not required: Different secured playing cards could require a checking account earlier than you possibly can open an account. This card doesn’t, though not having a checking account could make it difficult to pay your bank card invoice.
- No credit score examine required: When you haven’t any credit score or broken credit score, it may be tough to get permitted for a lot of bank cards. The OpenSky Secured Visa bank card, nevertheless, doesn’t examine your credit score while you apply. Even so, it’s doable to be denied the OpenSky Visa card for different causes.
- Reviews to all three main credit score bureaus: Your cost and utilization info can be reported month-to-month to Equifax, Experian, and Transunion. This provides you the power to begin constructing or rebuilding your credit score, so long as you follow good credit score habits, equivalent to paying your invoice by the due date every month. It is extraordinarily essential to pay your payments on time and to keep away from excessive credit score utilization.
- You set your credit score restrict, topic to approval: Your credit score restrict can be equal to your refundable deposit, topic to approval by the corporate. The minimal deposit quantity (and subsequently the credit score line) is $200. It’s doable to have a restrict of as much as $3,000.
Cons Defined
- Can’t improve to an unsecured card: Secured bank cards usually provide the choice to graduate to an unsecured bank card after proving your self a worthy credit score threat. The OpenSky Secured Visa bank card doesn’t have that choice. You’re locked into the secured bank card so long as you determine to maintain your account open. Having a longstanding credit score account is taken into account a plus in figuring out your credit score rating. However in the event you plan to keep up this card as your oldest credit score line, you might be caught paying the annual price for years.
- Expenses an annual price: This card costs a $35 annual price, which isn’t outrageous for a secured bank card. That stated, it’s doable to search out secured bank cards with no annual price.
- Should meet eligibility necessities: With a purpose to be eligible for the OpenSky Secured Visa bank card, you have to be a minimum of 18 years outdated; have a legitimate Social Safety quantity or Particular person Taxpayer Identification quantity; be a U.S. citizen or everlasting resident; not have utilized for a Capital Financial institution bank card 4 or extra instances within the earlier 60 days; not have two or extra bank cards open with Capital Financial institution; be in good standing with Capital Financial institution in case you have or beforehand had a relationship with the financial institution.
- No bank card rewards: This card doesn’t provide bank card rewards, which is true for many secured bank cards. There are uncommon exceptions, such because the Uncover it Secured Credit score Card and the Money Again Secured Credit score Card from Financial institution of America, that assist you to earn money again in your purchases.
Who This Card Is Greatest For
The OpenSky Secured Visa bank card could also be a very good choice for individuals who need to construct or rebuild their credit score. Specifically, it gives a credit score alternative for many who can’t entry credit score as a consequence of unfavourable info on their credit score report. This card doesn’t examine your credit score as a part of the appliance course of.
The flexibility to pick out your credit score restrict, topic to approval, based mostly on the quantity of your refundable deposit might help you retain your credit score utilization beneath management. That, together with making on-time funds, could assist you set up a very good credit score rating.
Cardholder Expertise
Capital Financial institution N.A., the financial institution that points the OpenSky Secured Visa bank card, was not rated within the J.D. Energy 2022 U.S. Credit score Card Satisfaction Examine.
There’s an OpenSky app that you need to use to handle your account. Nonetheless, the OpenSky web site doesn’t make it simple to search out contact info, which can be a worrisome signal of the standard of customer support. That contact info is proscribed to mailing addresses. You must have the ability to contact customer support by calling the cellphone quantity on the again of your card.
Safety Options
The safety features for this card are customary for the business.
Charges to Watch Out For
The OpenSky Secured Visa bank card costs a $35 annual price. Since you possibly can’t improve to a no-fee unsecured model of this card, take that under consideration earlier than making use of.
Ultimate Verdict
The OpenSky Secured Visa bank card could also be a very good match in the event you’re searching for a secured bank card that doesn’t pull your credit score while you apply. As a result of the cardboard experiences to all three main credit score bureaus, utilizing this card responsibly could assist you set up a constructive credit score historical past. Moreover, the power to pick out your credit score restrict, topic to approval, by making a refundable deposit of between $200 and $3,000 provides you the pliability to make use of the cardboard whereas sustaining an inexpensive credit score utilization ratio.
This card does cost a $35 annual price, doesn’t present bank card rewards, and doesn’t provide an unsecured card that you would be able to improve to sooner or later. Even so, the cardboard could also be worthwhile till your credit score profile permits you to get a extra helpful bank card.
