The OpenSky Secured Visa Credit Card helps individuals build or rebuild credit without a traditional credit check.
This article explains the application process, key benefits, interest rates, and fees. Get the essential details to decide if this card fits your financial needs.
What is the OpenSky Secured Visa Credit Card?
This secured credit card requires a refundable deposit to set the credit limit, making it accessible for those with low or no credit.
It helps build credit by reporting payment activity to major credit bureaus each month. Unlike traditional credit cards, approval doesn’t depend on a credit check.
How Secured Credit Cards Work?
Secured credit cards require a cash deposit that acts as collateral and sets the card’s credit limit. They function like regular credit cards, allowing purchases and requiring monthly payments.
Responsible use can improve credit scores by demonstrating on-time payments and responsible spending.
What Makes This Card Different?
This card offers key advantages that set it apart from other secured credit cards:
- No credit check is required for approval.
- Reports to all three major credit bureaus (Experian, Equifax, and TransUnion).
- Refundable security deposit starting at $200.
- It can be used anywhere a Visa is accepted.
Why It’s Easy to Get Approved?
This card is designed for those with limited credit history or past financial issues. The approval process is straightforward since it doesn’t rely on traditional credit scoring.
- No credit check, making it accessible to almost anyone.
- Approval mainly depends on providing a security deposit.
- There is no need for a bank account to apply.
Key Features to Know
Understanding the main features can help you decide if this card meets your needs.
- Flexible credit limit based on deposit, ranging from $200 to $3,000.
- Reports monthly to all major credit bureaus to help build credit.
- Online account access for payments and balance tracking.
- Refundable deposit when the account is closed in good standing.
How to Apply for the OpenSky Secured Visa Credit Card
The application process is simple and does not require a credit check. You only need basic personal and financial details and a security deposit.
Step-By-Step Application Process
Applying online takes just a few minutes. Follow these steps to complete your application successfully.
Visit the Official Website
Start by visiting the card’s official website to begin the application.
- Go to the OpenSky website using a secure browser.
- Click on the “Apply Now” button to access the application form.
- Read the terms and conditions before proceeding.
Complete the Online Application Form
The form requires basic personal and financial details to verify identity and process approval.
- Enter your full name, date of birth, and Social Security number.
- Provide a valid email address and phone number for communication.
- Ensure all information is correct to avoid delays.
Provide Personal and Financial Information
Specific details are necessary for identity verification and account setup.
- Include your residential address (P.O. boxes are not accepted).
- Indicate your employment status and income source.
- Confirm your financial ability to cover the required deposit.
Make the Required Security Deposit
A refundable security deposit is required to open the account.
- Deposit a minimum of $200, which becomes your credit limit.
- Higher deposits up to $3,000 increase your spending power.
- Funds must be transferred using a debit card, bank transfer, or money order.
Required Documents and Information
Some documents may be needed for verification to process the application smoothly.
- Proof of Identity: A government-issued ID such as a driver’s license or passport is required.
- Proof of Income: This may include pay stubs, tax returns, or bank statements to verify financial stability.
- Address Verification: A recent utility bill, lease agreement, or bank statement can be used as proof of residence.
Security Deposit Details
The deposit acts as collateral and determines the credit limit. The deposit is fully refundable if the account is closed in good standing. Refunds are processed after the final balance is paid, with no outstanding fees.
OpenSky Secured Visa Credit Card Rates & Fees
Understanding the rates and fees helps you manage costs and avoid unnecessary charges. This section breaks down the APR, fees, and payment terms to remember.
Interest Rates (APR)
This card has a fixed APR, meaning the rate stays unchanged regardless of market changes. Knowing these rates helps in managing interest costs on purchases and cash advances.
Purchase APR: 19.64%
Purchases made using the card are subject to a 19.64% APR. Interest applies if the balance is not paid in full each month. Paying off balances on time helps avoid extra costs.
Cash Advance APR: 19.64%
A cash advance allows cardholders to withdraw money but comes with a 19.64% APR. Interest starts accruing immediately, with no grace period. This makes cash advances an expensive option compared to regular purchases.
Balance Transfer APR: 19.64%
Transferring a balance from another card is charged a 19.64% APR. This can be useful for consolidating debt, but interest applies right away. Consider if the savings outweigh the interest costs before transferring.
Fees
Understanding the fees helps avoid unnecessary charges. Some fees are avoidable, while others are mandatory for cardholders.
Annual Fee: $35
A $35 annual fee is required to keep the account active. This amount is automatically billed once per year. Unlike some cards, there are no waivers or reductions for this fee.
Late Payment Fee: $38
Payments made after the due date result in a $38 late fee. Timely payments help avoid extra charges and keep credit scores in good standing. Setting up automatic payments can prevent missed due dates.
Returned Payment Fee: $38
If a payment is returned or declined, a $38 fee is charged. This happens when insufficient funds are in the bank account used for payment. Ensuring funds are available prevents unnecessary penalties.
Foreign Transaction Fee: None
This card does not charge a foreign transaction fee. It can be used internationally without extra costs. This is beneficial for travelers and online purchases in foreign currencies.
Overview of Payment Terms and Due Dates
Payments are due on the same date each month, as shown on the billing statement. Carrying a balance results in interest charges, but paying in full avoids extra costs. Keeping track of due dates prevents late fees and credit score damage.
Contact Information
For inquiries, you can reach OpenSky at 1-800-225-7561. The official address of the bank is 10700 Parkridge Blvd., Suite 180, Reston, VA 20191-5429. For correspondence, you may also use P.O. Box 9224, Old Bethpage, NY 11804-9224.
Disclaimer: The information provided here is accurate at the time of writing but may change over time. Always refer to the official website for the most up-to-date details and terms.
Final Thoughts on the OpenSky Secured Visa Credit Card
The OpenSky Secured Visa Credit Card is a practical option for those looking to build or rebuild their credit. With no credit check required and a simple application process, it provides an accessible solution for many.
By offering reporting to all three major credit bureaus, it helps users improve their credit scores with responsible use. Consider the fees and deposit requirements carefully to decide if it’s the right choice for your financial goals.
