OpenSky® Secured Visa® Credit Card
Build Your Credit. This secured credit does not require a minimum credit score, so even if your credit score is below 500, you may still qualify. Works everywhere Visa® is accepted. Deposit funds are FDIC-Insured.
Credit Score Needed
There is no minimum credit score required. Your security deposit secures the credit card. The deposit can be as low as $200 up to $3,000. After your account is established you may increase your credit limit to a maximum credit line of $5,000 with additional deposits.
Benefits of the Credit Account
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.
Credit Bureau Reporting
Payments are reported all three major credit bureaus — Transunion, Experian and Equifax. Good management of your account will help increase your credit scores.
Why I Recommend this Card
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.
Drawbacks of the Card
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 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.
- 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>