The OpenSky® Secured Visa® Credit Card is an excellent option for individuals looking to build or rebuild their credit history. This secured credit card is designed for those who may have trouble qualifying for a traditional credit card due to a low credit score or a lack of credit history. With its straightforward application process and responsible usage guidelines, the OpenSky card can be a vital tool in enhancing your financial profile.
Key Features of the OpenSky Secured Visa Credit Card
1. No Credit Check Required
One of the most appealing features of the OpenSky Secured Visa Credit Card is that it does not require a credit check for approval. This is particularly beneficial for individuals with a poor credit history or those who are new to credit. The card issuer focuses on the security deposit you provide rather than your credit score, making it accessible to a broader audience.
2. Low Annual Fee
The OpenSky card charges an annual fee of $35. While some secured cards have higher fees, this relatively low cost makes it a more economical option for consumers who are looking to build credit without incurring high costs.
3. Security Deposit
To obtain the OpenSky Secured Visa, you will need to make a security deposit, which will serve as your credit limit. The minimum deposit is $200, and it can be as high as $3,000. This deposit is held in a separate account and will be refunded to you if you close your account in good standing.
4. Credit Reporting
OpenSky reports your payment activity to the major credit bureaus (Experian, TransUnion, and Equifax). This means that responsible use of the card—such as making payments on time and keeping your balance low—will positively impact your credit score. Regular reporting helps you build a solid credit history, which can lead to better credit options in the future.
5. Flexible Spending
Unlike some secured cards that require you to spend only a portion of your credit limit, the OpenSky card allows you to use your full credit limit based on your security deposit. This flexibility enables you to manage your expenses more effectively while still building your credit.
6. Online Account Management
OpenSky offers an online platform for easy account management. You can track your spending, make payments, and view your account balance anytime, which can help you maintain financial discipline and stay on top of your credit utilization.
7. No Foreign Transaction Fees
For those who travel internationally, the OpenSky Secured Visa does not charge foreign transaction fees. This makes it a viable option for consumers who want to use their card abroad without incurring extra costs.
How to Apply for the OpenSky Secured Visa Credit Card
The application process for the OpenSky Secured Visa Credit Card is straightforward and user-friendly. Here are the steps you need to follow:
1. Visit the OpenSky Website
To begin your application, visit the official OpenSky website. Here, you will find comprehensive information about the card, including its features, terms, and conditions.
2. Fill Out the Application Form
Once on the website, click on the “Apply Now” button. You’ll be prompted to fill out an online application form. Be prepared to provide personal information such as your name, address, Social Security number, and employment details.
3. Choose Your Security Deposit
During the application process, you will need to select the amount of your security deposit. Remember that this deposit will determine your credit limit. It’s advisable to choose an amount that you can comfortably afford.
4. Review Your Application
After completing the application form, review all the information you provided to ensure accuracy. Double-check your deposit amount and any terms that you need to accept.
5. Submit Your Application
Once you are satisfied with your application, submit it. You should receive a decision within minutes, though it may take longer in some cases.
6. Make Your Security Deposit
If approved, you will need to fund your security deposit before receiving your card. The deposit can usually be made via bank transfer, credit card, or check.
7. Receive Your Card
After your deposit is processed, you will receive your OpenSky Secured Visa Credit Card by mail. Once you activate the card, you can start using it to make purchases and build your credit.
Benefits of Using the OpenSky Secured Visa Credit Card
- Building Credit: The primary benefit of the OpenSky card is the opportunity to build or rebuild your credit score. With responsible use, you can see a significant improvement in your credit history.
- Ease of Use: The card’s design and features make it user-friendly for individuals new to credit. The online management tools simplify tracking expenses and making payments.
- Control Over Credit Limits: By adjusting your security deposit, you have control over your credit limit, which can help you manage your spending effectively.
- Rewards Potential: While the OpenSky card does not offer rewards like cashback or travel points, the primary goal is to help you establish credit. As your credit improves, you can transition to rewards cards in the future.
Conclusion
The OpenSky® Secured Visa® Credit Card is a valuable resource for anyone looking to establish or rebuild their credit. With its no credit check policy, low annual fee, and the ability to report your credit activity, it provides an excellent opportunity to enhance your credit profile. By following the application process outlined above, you can take the first steps toward a stronger financial future.
