Whether you’re an inexperienced borrower or have a questionable credit history, a secured credit card is a great credit-building option.
A feature of the OpenSky® Secured Visa® Credit Card is that no credit check is required to apply. This means borrowers with bad credit or short credit histories are also eligible. As a secured credit card, the OpenSky Sponsored Visa requires a refundable cash deposit of at least $200 to $3,000.
The card has a $35 annual fee and doesn’t offer many other benefits, so some borrowers may qualify for a better option. But for those who are struggling to fix their balance and are looking for a starting point, this card could be a good choice.
Below you’ll find out how the card works and how to get the most out of it.
Features of OpenSky Secured Visa Credit Card
Features of OpenSky Secured Visa include no credit checks on applicants, reporting to all three major credit bureaus, access to educational resources, and more.
No credit check
One of the most attractive features of this card is that it does not require a credit check.
Poor credit could deter many consumers from opening a credit card, as lenders see it as more risky. But even if your credit history is questionable, you may still be eligible for an OpenSky Sponsored Visa.
Limited or no credit history can also affect your ability to open a credit card. Whether you’re new to credit or have never had a bank account before, an OpenSky Sponsored Visa can be an important first step in building a responsible lending history.
Credit Report
The OpenSky Sponsored Visa comes with credit reports from all three major credit bureaus. So if you use the card responsibly—paying at least the minimum amount on time each month and maintaining a low balance—a positive credit history will show up on your credit report. (Remember that any missteps, such as missed payments or high balances, will also be reported.)
Educational Resources
OpenSky offers a variety of educational resources to help borrowers better understand how loans work and how to improve their credit scores. This includes a solid library of credit-building and personal finance content, including real-life stories about how using the card has helped borrowers improve their credit scores.
High potential credit limit
The card has a flexible credit limit, depending on the size of your deposit. Amounts range from $200 all the way up to $3,000, so you can have a small or relatively large line of credit as long as you have sufficient funds secured.
FDIC Insured Deposit
Your refundable bond is insured by the FDIC. This means that the funds you use to secure your line of credit are protected from bank failure.
Other Benefits of Visa Credit Cards
As a Visa card, OpenSky Secured offers various related benefits beyond those offered by OpenSky itself. These include global acceptance, fraud protection, lost or stolen card reporting, roadside assistance, and more.
Quick and easy application process
According to OpenSky, applying for the card only takes a few minutes. There are only four steps to the application process – and since no credit check is required, borrowers may be approved immediately.
Maximize OpenSky Secured Visa Credit Cards
To get the most out of your OpenSky Secured Visa Credit Card, here are some things to consider
First, it’s best to pay off your credit card balance in full and on time each month to avoid interest. This will also improve your credit score over time, as payment history and credit utilization are the two most important factors in the FICO scoring model.
The OpenSky Sponsored Visa is best seen as a stepping stone to a bigger and better card. This is great for building credit, but ultimately you can benefit from cards that earn rewards or offer perks.
Остаточний результат
The OpenSky Secured Visa Credit Card is a worthwhile option for borrowers who may not qualify for other cards. No credit check is required, and applying will not affect your score – even applicants with poor credit may be accepted for this card.
While the OpenSky Secured Visa Card doesn’t offer many other benefits, it’s still a great option for borrowers who primarily want to boost their scores.
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