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Are you looking for an easy way to start building or improving your credit? The OpenSky Secured Visa could be the solution you’ve been searching for.
With no credit check required and a simple application process, it’s a great option for anyone who wants to take control of their financial future. Want to learn more about how it works and whether it’s the right choice for you? Read on to find out!
OpenSky Secured Visa
No annual fee 3% foreign transaction feeHow does the OpenSky Secured Visa work?
The OpenSky Secured Visa is pretty straightforward. To start using it, you’ll need to make a deposit, which determines your credit limit. So, if you deposit $200, that becomes your limit. If you deposit $3,000, your limit goes up to $3,000.
The cool thing is, this deposit isn’t gone forever. If you ever decide to close the account and you’ve paid off your balance, you get the money back.
What makes this card different is that it doesn’t require a credit check when you apply. This is great for people with no credit or those trying to fix their credit.
You won’t have to worry about your credit score being affected when you apply. You can start using the card for everyday things like groceries or gas once you’re approved. As long as you make your payments on time, it will help build your credit.
Main benefits for the OpenSky Secured Visa
There are some solid reasons why people go for the OpenSky Secured Visa. One big advantage is the flexibility in how much you can deposit. You can start with just $200, but if you feel comfortable, you can increase it later. The maximum deposit is $3,000, which gives you a higher limit than many other secured cards.
Another key benefit is that it reports to all three major credit bureaus: Experian, Equifax, and TransUnion. This is important because it helps you build a better credit score over time. If you keep up with your payments, your credit history will improve, which can open doors for other financial opportunities down the line.
Plus, there aren’t a lot of surprise fees. You only have to pay a $35 annual fee, and there are no extra charges for things like balance transfers or cash advances. So, it’s easy to manage, and you won’t be hit with unexpected costs.
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Cons for the OpenSky Secured Visa
On the flip side, there are a few downsides to the OpenSky Secured Visa. First, the annual fee is $35, which isn’t too high but still something to keep in mind. Some people might not love the idea of paying a fee just for having the card.
Another downside is that there are no rewards or cash back options. If you’re looking for a card that gives you something back for your purchases, this one won’t offer that. So, if rewards are important to you, this might not be the best choice.
Lastly, there’s a 3% foreign transaction fee. If you’re planning to travel internationally and use your card, this can add up quickly. It’s definitely something to think about if you travel often.
APR and Fees
The APR on the OpenSky Secured Visa is 24.89% for purchases. This is pretty high, so if you carry a balance from month to month, you’ll end up paying more in interest. The best way to avoid this is to pay off your balance in full each month.
There’s also the $35 annual fee to consider. While that’s not unusual for a secured credit card, it’s still an extra cost that can add up over time. Other than that, there aren’t any additional fees for things like balance transfers or cash advances, which makes it a bit easier to manage.
If you plan to use this card abroad, keep in mind the 3% foreign transaction fee. If you travel a lot, this can be an inconvenience, but it’s something you can manage if you plan ahead.
How to apply for the OpenSky Secured Visa
Applying for the OpenSky Secured Visa is really simple. The whole process can be done online, and there’s no credit check required, so it’s quick and easy. To get started, all you need to do is provide some basic information—your name, address, and Social Security number.
Then, you’ll need to make your initial deposit. The minimum deposit is $200, and the maximum is $3,000. Your credit limit will be based on how much you deposit. The good news is that your deposit is refundable. So, if you close your account in the future and pay off your balance, you’ll get that money back.
Once you’ve completed the application and made your deposit, you’ll usually know if you’ve been approved within a few minutes. If you’re approved, your card will be sent to you, and you can start using it right away.
