OpenSky® Secured Visa® Credit Card

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Picture of OpenSky® Secured Visa® Credit Card
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By : Mr Credit Card
Last Update : Jul/18/2019

 

In this review of the Opensky Credit Card, we will find out

  • Why this is such a popular card with rebuilders (hint: no credit checks)?
  • Why even those with no bank account can open this card?
  • Some fine prints you have to be aware of to make full use of this card.

Introduction
Introduction

The OpenSky® Secured Visa® Credit Card is one of the rare cards (let alone secured card) that does not do any credit checks for it's applicants. That means that if you fill out your details correctly and have the money to fund your deposit account, then you should be good to go. This is perhaps the best appeal for this card (especially for those with really bad credit and baddies on their report) because many secured cards turn down applicants if they have less than perfect scores.

Card Details
Card Details

Annual Fee: $35

APR: 19.64% (Variable)

Reports As: Unsecured

Automatic Upgrade To Unsecured Card: No

Funding Methods: Debit/Prepaid Card, Bank, Western Union, Snail Mail Check or Money Order.

Interest Earned On Deposit: 0%.

Minimum and Maximum Deposit Range: $200 to $3,000.
 

Annual Fee $35
Min Security Deposit $200
Max Security Feposit $3,000
Earn Interest On Deposit No
APR 19.64%
Grace Period 25 Days
Late Fee $38
Foreign Transaction Fee 3%
Cash Advance APR 19.64%
Reports As Unsecured
Graduates No

 
Funding Your Card
Funding Your Card

One of the ways this card is different from other secured credit card is that you can fund the card in a few different ways. The most efficient and quickest way to fund your card is by a debit card (either a bank debit card or just a regular debit card). If you choose to fund it this way, you will get your card sent out to you immediately once the funds go through. Alternative, you could choose wire transfer, check or money order and even Western Union.
 

 

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Peer Comparison
Peer Comparison

For most card reviews, I normally compile a table of relevant comparable cards and list their features side by side. However, I feel that there is no need to do it for this review. If I were to make a list of secured credit cards, there would be over 100 of them. But most secured cards are quite similar. They have annual fees that range from $0 to $45. Their interest rates could go as low as 9.99% to 23.99% (thereabouts). Most require about $250 to $300 as a minimum deposit. Some report as secured while some report as unsecured. Some issuers allow you to graduate to an unsecured card automatically after one year while others do not.

However, what sets this card apart from it's peers is that there is no credit check. This is important because though secured cards are meant to be "secured" in that your credit line is based on your collateral, many issuers have been known to turn down applications due to poor credit scores and dings on your credit report. Many mainstream bank issuers like Wells Fargo and US Bank have been known to turn down applicants with poor credit for their secured card products. Even BK friendly issuers like Capital One have declined folks for their secured cards.
 
Pros and Cons
Pros and Cons

Pros and Cons

Pros

  • Reports As Unsecured

  • To be honest, this is not really a big deal and whether a secured credit card reports as secured or unsecured has little bearing on your credit score. But it is nice to have a secured card report as unsecured.

Cons

Fine Prints
Fine Prints

Fine Prints

There are a few fine prints that you will have to be aware of.

 

FAQS
Application Forms
Application Forms

Below is a screenshot of the application of the Opensky® Secured Visa® Credit Card. It is pretty intuitive. You fill in the usual details like your name, date of birth, SSN, email and phone address. For the part on financial information, you need to fill in your monthly rent or mortgage. When it comes to funding your account, you will be given a choice to fund it now or to wait. As mentioned earlier, when you choose to fund it now, you have to provide your debit card details. This is the fastest way to funding and you will get your card shipped out the fastest. If you choose to fund later, then you have to fund either via bank wire transfer, check or money order or by Western Union.

 

 

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Application Tips
Application Tips

The quickest way to get your card is to fund it with your debit card. After you fill in your details and submit your application, you will get an email to either fund now or later. If you choose to fund now, have your bank debit card ready. Once that is done, your card will be shipped to you. If you choose to fund later, you can either use bank wire transfer, checks or money orders or Western Union. Those will take longer to clear and you will receive your card later.

 


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