Unlike most credit cards, this does not require a credit check during the application process.
This means that problems with your credit record. Like overdue bills or even bankruptcy – won’t stop you from getting the card.
However, you will need to pay a deposit and an annual fee of $35.
OpenSky Credit Card
No credit check required Best perksOpenSky Benefits
No credit check required
When you open an OpenSky account. The company does not do a credit check to see if you are eligible for the card. Instead, you will pay a security deposit between $200 and $3,000. You can get your deposit back if you close your account after paying everything in full. Your deposit reduces the lender’s risk, which is why he doesn’t need to check your creditworthiness with a quick tug.
Set your own credit limit
OpenSky Visa allows you to set how much you can spend per month. With a maximum of $3,000 (a much higher limit than many other guaranteed cards). Your credit limit is based on the amount you deposit into your account. If you start with a deposit of less than $3,000. You can always increase your limit by adding more money to your OpenSky account.
traditional benefits
Like all entry-level Visa network cards. They come with a curious list of basic Visa benefits, including $0 fraud liability, 24/7 shipping, payment on demand, and 24-hour case assistance. Your card has been lost or stolen and you need a replacement. In case you are concerned about possible identity theft. The ID Navigator tools you obtain can monitor the dark web for your personal information and alert you to suspicious activity.
Best perks
No credit checks required: The special thing about the OpenSky Secured Visa credit card is that no credit checks are performed at the time of ordering. This makes the credit card easier to obtain compared to other secured credit cards. You can open this card if you have very low credit scores, negative points on your credit record, or no credit history. Also, not having a credit check will not hurt your credit score. Applications that require a rigorous credit check will degrade your credit score somewhat.
Reports for all three credit bureaus:All of your OpenSky Secured Visa credit card activities are reported to Equifax, Experian and TransUnion. Assuming you are paying on time and using no more than 30% of your available credit. Your credit score will improve at any major credit bureau.
Fees
The $35 annual fee for the OpenSky Secure Card is higher than most others. As many Secure Cards are not annual fee cards either. However, at 17.39 percent (variable), the APR for purchases is significantly lower than for most other secured cards. Which is slightly above the current average interest rate. Better yet, all cardholders pay the same APR. While many other cards offer a variety of options depending on your creditworthiness.
Other fees to consider include a 3 percent foreign transaction fee, a $6 or 5% cash advance fee, whichever is greater, a $38 late payment fee, and a $25 refund fee. .
Is the annual fee worth it?
The $35 annual fee for the OpenSky Secured Visa credit card is fair. But it’s only worth paying until you improve your credit rating.
Ultimately, the annuity is warranted as it is very easy to obtain. If other credit card companies declined, $35 a year is a decent price to pay to work toward a higher credit score.
Once you qualify for the best credit cards, make sure you get a new one. Since the OpenSky Secured Visa credit card doesn’t offer cash benefits, it doesn’t make sense to pay $35 to keep it for the long term.
Is the OpenSky secure card worth it?
The OpenSky credit card is suitable for cardholders who are accumulating credit or who need to fix bad or damaged credit. And want a reasonable APR or above-average initial credit limit. If you’re concerned about the occasional need to balance your insurance card. Getting the lowest possible APR is a good idea. In addition, it offers a higher initial credit limit than many other secured cards (assuming you can make a large deposit). And no credit checks are required.
Otherwise, this card may not be the best choice on the market because you owe it a $35 annual fee. And cannot make up for it by earning rewards or increasing your credit limit above the maximum guaranteed amount of $3,000.
Benefits
- The variable APR of 17.39 percent is lower than the competition
- High initial credit limit of up to $3,000 (when combined with a deposit)
- No credit check required
Comparing the OpenSky secure card with other secure cards
Two of the more secure cards that rival the OpenSky card are the Platinum Capital One Secured Credit Card and the Discover it Secured Credit Card.
In contrast to the OpenSky card, there is no annual fee. Your APRs are higher, however, whichever is best for you depends on whether you can carry a balance from time to time.
If your finances aren’t the most stable, OpenSky’s $3,000 starting credit limit offers the longest respite of the three. If you want an even higher credit limit right away. The BankAmericard Guaranteed Credit Card offers one of the best on the market if you can deposit it: $4,900.
This can make a big difference when you’re trying to keep your credit utilization low and raise your score faster.
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