Oportun Visa Credit Card Review: No SSN Required, Up to $1,000 in Starting Credit Limit

By :

Annual Fee = $0 - $49
APR = 24.90% - 29.90%
Credit Limit = $300 - $1,000
No Foreign Transaction Fee
Automatic reviews for credit line increases
Accepts those with no credit, no SSN or fair credit history
$100 credit limit increase 30 day after card activation if you link bank account

Pros	Cons
No or Low Annual Fee	No Rewards Program
Accepts No Credit History
No SSN needed
No Checking Account needed
Accepts Previous Bankruptcy
Automatic Review for Credit Line Increases
$100 credit limit increase if you link bank account

At A Glance: For Those with Little Credit History OR Fair Credit

The Oportun Visa is a credit card that targets those with no credit history or those with fair credit scores. At first glance, it resembles other unsecured credit cards targeting these two segments of the market with it's low annual fee ($0 to $49) and decent starting credit limit ($300 to $1,000). However, Oportun's distinguishing feature is their ability to underwrite credit for those without a US credit history by looking at other factors like income and cash flow. In fact, Oportun does not even require a social security number or banking account and will accept other forms of ID including drivers license, passport and even Matricula Consular. This is a great card for immigrants in the US who have no credit history, have not gotten their social security number or even a bank account. For others, a credit score of around the 650 area and above seems to be the sweet spot. What Oportun is really interested in is your income and most applicants have to provide a proof of income either via W2, 1099, or even social security income or by linking their bank account.

Requirements

For those with no credit history, especially for immigrants, you do not need to provide common things like social security numbers or ITIN. Rather, Oportun is looking at the following:

For identity purposes - Driver's License, Foreign Passport, US Passport, US State/City ID, Matricula Consular
Proof of Address - Utility bills, cable bills
Proof of Income - W2, 1099, Social Security Income Statements or link of bank account

In fact, if you link your bank account (which provides proof of income, identity and address), you will probably not need to provide other documents.

For those of you with a credit history, here are Opportun's requirements:

Credit Score of 650 and above
Discharged bankruptcy
Proof of Income

Card Details

Annual Fee	$0 to $49
Regular APR	24.90% to 29.90%
Foreign Transaction Fee	0%
Cash Advance Fee	Greater of $10 or 3% of cash advance
Late Payment	Up to $35

Annual Fee - $0 to $49. This is a very reasonable range of annual fee and you have a chance of having to pay no annual fee at all.

APR - 24.9% to 29.9%.

Starting Credit Limit - $300 to $1,000. The starting credit limit is pretty standard for cards in this space. What is more important is that Oportun credit card periodically reviews your card for credit limit increases.

$100 Credit Limit After 30 days if you link bank account - If you link your bank account during the application process for proof of income rather than uploading W2s etc, you will be given an extra $100 in credit lines after you have activated your card for 30 days. Oportun uses PLAID to link to your bank account and you have to bear in mind that some banks do not link to PLAID at all.

Competition

Card	Annual Fee	APR	Starting Limit
Mission Lane	$59	29.99%	$300 - $1,000
Merrick Bank Double Your Line	$59	29.99%	$550 - $1,350
Oportun Visa	$0-$49	24.9% to 29.9%	$300 - $1,000
Petal	$0	12.99% - 29.49%	$500 - $10,000
Jasper Mastercard	$0	15.49% - 24.99%	Up to $5,000

The key features of the Oportun credit card are that they will accept applicants with no credit history or fair credit history, and that they only charge an annual fee with no monthly fees. So we will be comparing Opportun with other cards with similar features.

Compared to cards which also accepts those with no credit and fair credit

The main card that is quite similar to Opportun is the Petal credit card. Petal target customers are the same as Oportun. Just like Oportun, Petal is able to offer those with no credit scores a credit card by looking at their ability to pay your bills and income. Unlike Opportun, Petal has no annual fees and offers a cash back program as well. Petal's starting credit limit ranges from $500 to $10,000 (which is a wider range than Oportun). For those with a credit score, Petal will definitely accept your application if it is above 700 and those with high 600s will have a decent chance of getting approved.

Another card that offers applicants either no credit or fair to good credit history is the Jasper Mastercard. Jasper is really meant for international workers who are arriving to the US on a working Visa (like H1B for example) and do not have a credit history. They will look at factors like income and bank accounts to approve such applicants. For those with a US credit history, you will need to have fair to good scores to get approved. Jasper has no annual fee and comes with a starting credit limit of up to $5,000.

Compared to other cards targeting those with fair credit

Oportun also competes with other cards solely targeting those with fair credit. One such card is the Merrick Bank Double Your Line credit card, which comes with a $0-$72 annual fee range and a starting credit limit of between $550 and $1,350. After paying your first 7 minimum payments on time, Merrick Bank will double your credit line to between $1,100 and $2,700. In terms of annual fee range and starting credit limit range, it appears that both these cards are quite similar. But Merrick Bank will definitely double your credit line after 7 months of timely payments, a feature that Oportun does not have.

Another card to compare with is the Mission Lane Visa Credit Card. The annual fee is $59, higher than Oportun credit card though their starting credit limit of $300 to $1,000 is the same as the Oportun Visa. The Mission Lane Visa however, accepts applicants with score of 550 and up. So those of you with slightly poorer scores should check this out rather just the Opportun Visa.

Pros: What We Like

Low and Reasonable Annual Fee - The annual fee range of between $0 and $49 is very reasonable for cards that serve those with thin or no credit history and those with fair credit. Applicants have a chance of a no annual fee card.

Good Starting Credit Limit - The starting credit limit of between $300 to $1,000 is pretty decent.

Periodic Evaluation for credit limit increases - Oportun Visa will periodically evaluate accounts for credit limit increases.

Accepts those with past bankruptcy - Oportun accepts applicants with previous discharged bankruptcy.

Accepts those with no credit history - Oportun accepts those with no credit history or profile by using other means like looking at your income and bank statements. They do this primarily through PLAID - which is a SAAS that can access your bank account and look at your cash flow history.

Additional $100 in credit limit if you link your bank account - If you link your bank account with Oportun, $100 will be added to your credit limit 30 days after you activate your card

Can pay via debit card and Moneygram - Oportun allows you to pay via debit card and even Moneygram. You can also pay via the usual means, online via bank account, check via mail. You can also set up automatic payments

Cons: What we don't like

Does not allow authorized users - At this time, Oportun does not allow authorized users for your card.

Our Take

Oportun started off an a fintech loan provider and one of their key features as a company is that they are able to read your bank statements (via PLAID or by you sending them your bank statements) and from your cash flow determine your credit worthiness rather than simply relying on just your FICO scores. In fact, folks at Opportun have told me that if they can access your bank account via PLAID, they do not even need your social security number because your bank account proves you are a legitimite applicant. They have taken this approach to the Opportun Visa credit card.

Using their existing AI underwriting process, they are able to offer those of you with no credit profile or very thin credit profile a decent credit card with a low annual fee and a decent starting credit limit. However, if you have a credit history and have a fair credit score just below prime levels (ie between 650 and 699), the the Oportun Visa Credit Card is card you should definitely consider if you are either looking to move from secured credit cards to unsecured credit cards, or if you are looking to ditch your high fee credit card to one that has a lower annual fee with no monthly fees.

They do face competition from other similar cards targeting those with fair credit scores. For example, the Merrick Bank Double Your Line Visa has near the same range of annual fee and credit limits, but they will double your credit limit after 7 months if you pay your minimums on time.

One of the neat features of the Oportun Visa is that you have to go through a pre-approval process. This involves a soft pull and does not affect your credit score. If you get an offer, then you can proceed to apply if you are happy with the terms. In fact, I would suggest to go through a few pre-approvals at the same time and apply for the card or cards which gives you terms that you are happy with.

To sum up, after reviewing and evaluating the Oportun Visa credit card, we have decided to give it a 3.9 star out of 5 rating for it's reasonable annual fee and it's ability to offer those with no credit history or thin credit profiles a shot of getting approved. Most who do get approved tend to have their credit score fall in the mid 600 range. If you are no or little credit history or have fair credit and are looking for credit card with a reasonable annual fee, then you should definitely consider the Opportun credit card. You have to be aware that Oportun is likely to ask for proof of income and you should be ready to send them a copy of your W2 or 1099 or link your bank account. If you are comfortable with linking your bank account to Oportun, you will have an additional $100 in credit limit 30 days after you activate your card.

Below are some reader comments about this card.

I got approved for this card instantly and received an automatic credit limit increase after 7 months with a 660 credit rating and a recent bankruptcy. My starting credit limit was $500. You should definitely get this card if you are rebuilding your credit.

I was approved with a 645 credit score with no questions asked with a credit limit of $400.

I had a credit score of 650 and was approved instantly for $500. Im happy they gave me the chance to start building my credit. Will review again once i see how their reporting to credit agencies

I applied with a credit score of 610. I was originally declined but I linked my bank account information to the credit card and was then approved me for $300 credit limit.

How to apply?

Let me take you now through the online application pages for the Opportun credit card. If you have had an offer code, you can fill it in the box that says "offer code". If you do not have an offer code, you simply check the box that says "Start without offer code".

This will then take you to a page where you will fill in your name, date of birth, address, identification type, SSN or ITIN, your phone number and how long you have had your phone, email address, and whether you want to receive future communications in English or Spanish. You then have to press the big GREEN "Continue" button.

The next page requires that you fill in some financial information. You will first be asked if you have a bank account. Then you have to list your primary source of income (there will be a drop down menu with the usual items like "job, self-emplyed" etc). You will then be asked to fill in the company name and industry. You will also have to fill in your monthly income and monthly housing expenses. You will then have to press on the big GREEN "continue" button again.

The next page is where you are shown the terms and conditions and you have to accept the disclosure terms. Then you hit the GREEN "submit" button.

Just before you complete your application, you have to upload 3 documents. Firstly, you have to verify your identity. If you have chosen for example a drivers license earlier in the application, you have to upload a front and back copy/scan of your drivers license. You then have to upload a proof of residencd which can include water and utlity bills. You then need to upload proof of your income. You can either upload your W2 or 1099 or link your bank account. If you do decide to link your bank account, you will get an additiional $100 30 days after you activate your card. You also have to verify your mobile or phone number. Finally, you can complete your application.