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.
Easy qualifying – Credit Line Increases without additional deposits.
Reports monthly to the 3 major credit bureaus.
Start with a security deposit and credit line as low as $200.
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.
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 minimum credit limit is $200.00 and the maximum credit limit is $3,000.00. Your limit is determined by your ability to pay and your security deposit and the deposit is FDIC-insured.
Reports to Major Credit Bureaus
Your payments are reported to all three major credit bureaus, Experian, Equifax and Transunion.
The APR is 17.64% variable on purchases and cash advances. Cash advances have a transaction fee of 5 percent. There is no monthly maintenance fee and just about anyone can qualify for this secured credit card. They make it very easy to get your foot back in the credit door. With on-time payments and good credit management Capital Bank may offer cardholders credit limit increases without requiring additional security deposits.
There is an annual fee of $35 and the card lacks 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.
$0 liability for unauthorized charges means you will not be liable for unauthorized charges on your account.
Tips to Manage New Credit
When improving your credit score make sure you keep your account balances low. Maintaining a low credit utilization ratio by using no more than 30% of your available credit limit can help improve credit scores.