OpenSky® Plus Secured Visa® Credit Card Review
If you do not have perfect credit, do not fear. This no-annual-fee secured credit card can help you build your credit with responsible spending so you can graduate to an unsecured credit card option in as little as six months.
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Key Features
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- No credit check to apply. Find out instantly if you are approved!
- Get considered for an unsecured credit line increase after six months - no additional deposit required.
- Monitor your credit progress with free access to your FICO Credit Score.
- The minimum refundable deposit amount of $300 required to open an account may be steep for some applicants.
What are the benefits of the card_name
The main benefit of the CardName is that it’s a secured credit card. In other words, this credit card can help you build your credit history and improve your credit score.
There are a few other benefits to consider.
- While there is a $300 refundable security deposit that you’ll need to cough up, there is no annual fee. You never get an annual fee back, but you’ll typically always get back a security deposit for a secured credit card, as long as you use the card responsibly.
- No credit check is needed when you apply.
- The payment dates are flexible, so you should be able to choose a due date that works for you.
Does the card_name charge an annual fee?
No, there is no annual fee that comes with using the CardName. You will have to pay at least a $300 security deposit (you could pay more for a bigger available credit limit, up to $3,000), but that money is refundable when you eventually close the account or move onto an unsecured credit card with the issuer.
How do you increase your credit limit with the card_name
Increasing your credit limit is an easy and straightforward process. You’ll log into your OpenSky account – either on your laptop, desktop or mobile app. You’ll then select the Request Credit Line Increase option.
If you’re approved, you’ll be sent an approval letter with instructions on how to send an additional security deposit. Because, yes, since this is a secured credit card, you’ll probably be funding the new credit limit. That said, after six months, if you’ve been paying on time, and your issuer feels your spending habits are sound, you may be able to get your credit limit raised without having to offer another security deposit, or you may be eligible to graduate to an unsecured credit card.
You can request a new limit every three months.
What are the potential downsides of the OpenSky Plus Secured Visa Credit Card ?
There are a few potential negatives that you’ll want to mull over before you get this card. For starters, you’ll need to spend at least $300 to start using the card – which is a little higher than some other secured credit. But, again, this $300 is a refundable deposit.
Another thing is that the CardName does not offer rewards. Many secured credit cards don’t, but some do, and so if that’s important to you, you may want to consider another option.
How does the card_name compare to other cards?
card_name vs. card_name
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card_name has a couple subtle but distinct differences with the card_name.
The main distinctions that the card_name has are the following:
- There is a smaller minimal refundable security deposit required to open an account. card_name‘s security deposit is $200. card_name has a $300 refundable security deposit.
- Rewards. Every quarter, with the card_name regular , you can earn 2% cash back at gas stations and restaurants, up to $1,000 in combined purchases. On everything else, you’ll earn unlimited 1% cash back. OpenSky Plus Secured Visa Credit Card has no rewards.
- Easier transition to an unsecured credit card. The potential is there, anyway. After seven months of using the card_name, Discover will start looking at your credit history with them and determine if they can return your deposit and move you to an unsecured credit card. With OpenSky Plus Secured Visa Credit Card, there is an option to possibly graduate to an unsecured card, but there are fewer card options available with OpenSky.
Both cards have no annual fee.
card_name vs. card_name
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card_name is a little different from the card_name in that it isn’t for somebody with bad credit. It’s somebody who has a limited credit history, or no credit history. Citi is a CardRatings advertiser. The information collected about this card has been collected independently and has not been reviewed by the issuer.
If you have bad credit, maybe you’ll be able to get the card, but maybe not. The website says that your credit history will be reviewed, and that "you must not have any bankruptcy history in the last two years." So, it’s definitely not a card for somebody emerging from the ashes of bankruptcy. card_name is designed for people with no credit – or poor credit.
Both secured credit cards have no annual fee.
It’s also worth noting that the card_name has a lower minimum refundable security deposit ($200) than the card_name ($300).
But you can put as much as $3,000 on your OpenSky Plus Secured Visa Credit Card, and you can only put $2,500 onto your Citi Secured Mastercard.
Is the card_name a good card?
The CardName is a good credit card for people with no credit history, a limited credit history or even a history of missed payments and financial destruction in their past.
You might find other secured credit cards that you like better, but this is a good card. It does have a higher minimum refundable security deposit than a lot of other unsecured credit cards, and you may see that as a turn-off, but it also lacks an annual fee, and if used responsibly, it could be a good credit card to get a credit card user on the right financial path.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
For rates and fees for the American Express cards mentioned in this article, please see the following links: card_name (See Rates and Fees); card_name (See Rates and Fees)
