Credit Score Needed
This secured credit does not require a minimum credit score, so even if your credit score is below 500, you may still qualify for the OpenSky® Secured Visa® Credit Card and start rebuilding or establishing your credit.
Benefits of the OpenSky® Secured Visa® Credit Card
There are no rewards associated with this credit card but the APR is very reasonable. After the first year you can request a credit limit increase but you must pay a fee of $25 each time you increase the funds on deposit. The funds on deposit are FDIC-Insured and fully refunded after all obligations are satisfied.
The only drawback to this secured credit card is the lack of a grace period. Typically credit cards have a grace period which means if you pay your balance in full each month, you will not have to pay interest. Charges on the Open Sky Secured Visa® Credit Card begin to accrue interest from the posting date for purchases and the transaction date for cash advances. There is no period in which you can avoid paying interest.
Payments are reported all three major credit bureaus — Transunion, Experian and Equifax. Good management of your account will help increase your credit scores.
Rates and Fees
The annual fee is $29, which is fair for this type of credit card for bad credit. The APR is 17.50% variable on purchases and cash advances. Cash advances have a transaction fee of 5 percent. There is no monthly maintenance fee. If you want your credit card immediately, there is an Expedited card fee of $50.
Your security deposit can be as low as $200. After your account is established you may increase your credit limit to a maximum credit line of $5,000 with additional deposits. You do not earn interest on your deposit so do not use it as a regular savings account and avoid depositing more money in this account than needed to establish a credit limit. Your money is FDIC-Insured.
- Build Your Credit, with monthly updates to all 3 credit bureaus
- Control Your Finances, start with a security deposit and credit line as low as $200
- Apply in less than 5 minutes, NO credit check necessary
- Avoid paying interest, no interest charged on new purchases if the balance is paid in full by the due date each month.
- Extra Credit When You Need It, increase your credit line up to $5000
- Easy funding options, with 4 ways to fund and NO checking account needed/li>