Note: The Oportun Visa Credit Card, issued by WebBank, remains available to new applicants, but with some specific conditions. The card is currently accepting new applications by invitation only, as Oportun evaluates strategic options for its credit card portfolio. This card continues to serve as a valuable tool for individuals looking to build or improve their credit, especially for those with no credit history or Social Security number.
When you’re a newcomer to credit nothing is easy. Most credit cards won’t approve of you, loans are incredibly expensive and banks don’t seem to care much. If you’re new to the USA it’s even worse, since you won’t have a social security number to apply for most services. That’s why the Oportun Visa Credit Card gets so much attention.
In the market since 2021, the credit card has the objective of making credit services more available for everyone. This includes people who have no social security number or whose credit scores aren’t the best.
Certainly there are downsides to this credit card, but it’s a good starting point. If you keep responsible use of the card you should get a good initial score which will be very useful in the future. Keep reading to understand everything about the card, main benefits, how to apply and all of the APRs and rates that apply.
Oportun Visa
$0-$49 annual fee No score neededHow does an Oportun Visa Credit Card work?
While there are some credit cards for low scores out there, none of them are quite like the Oportun Visa Credit Card. It was released by WebBank, a fintech that specializes in alternative financial services for all.
You might not know WebBank by name, but it’s very present in American citizens’ lives. Since it issues many co-branded credit cards, the institution has a good history with financial services, making it a lot more reliable. So you shouldn’t worry too much when you decide to apply for this credit card, you’ll be in safe hands.
When it comes to Oportun specifically, it allows people without the minimum requirements to get cards in other companies. But there’s a setback: its APRs and fees are a lot higher than is conventional to make up for it.
That’s why we recommend you research this credit card thoroughly before applying. There are certainly other options for poor credit scores if you already have a social security number or are a permanent resident in the USA.
Main benefits for the Oportun Visa Credit Card
The Oportun Visa Credit Card gives you a chance to get one of your first credit cards ever despite limitations. Since it’s aimed primarily at people with poor scores and who lack the proper documents, there aren’t many other high points to it.
Some of the advantages you might be glad about include:
- No need for a credit history for a successful application;
- You don’t have to have a bank account to apply;
- Credit lines that go up to $1.000;
- Accepted all over the world and in most of the USA;
- Zero fraud liability clause;
- 24/7 online support and account management.
As you can see, there won’t be any robust rewards or cashback here. It offers, however, enough for you to start managing your finances responsibly. Remember that this card also reports to all three major bureaus in the USA. That’s why it’s also considered a score building credit card.
After you get your credit card and start using it you’ll also be able to get a personal loan through the fintech.
APRs and fees for the card
The biggest drawback for this credit card are the interest rates and fees that could be quite high. They include:
- $0 – $49 annual fee, depending on your application data;
- 24,9% – 36% APR.
Other than that, it’s a pretty straightforward card. We recommend you don’t hold a balance, since the APR could make it quite costly. The $49 annual fee that applies for some consumers is also a turn off, since it’ll eat away at your credit limit.
Who should get the Oportun Visa card?
An Oportun Visa Card is a great opportunity for some people and a waste of money for others. It all depends on your personal financial history. If you’re someone who has been having a hard time getting approval for other cards, maybe this is your chance.
One of the reasons many people look for the Oportun Visa is its high initial credit limit. The fintech will analyze your bank statements or earning history to determine your creditworthiness. Afterwards, it might offer you up to $1.000, while similar cards usually remain at about $300 to $500.
You’ll also have to check the credit card’s availability in your state before applying. For now, Oportun isn’t available in Colorado, West Virginia, Washington, D.C., Iowa and Maryland. So if you live in one of these currently, it’s better to look for an alternative.
Other than that, we don’t recommend anyone who has their American documents sorted out and fair scores to get this card. You’ll certainly be able to find a choice with less fees and lower rates through your research.
Is this a secured credit card?
A secured card uses your security deposit that the bank uses as a type of safekeeping for people with poor scores. This doesn’t happen with Oportun, since you won’t have to make any type of deposits, all you have to do is apply and wait for an answer.
However, people with extremely poor credit histories might need to pay a less than comfortable annual fee.
How can you build credit with Oportun Visa Credit Card?
Oportun Visa Credit Card reports to all three major bureaus in the US, Experian, TransUnion and Equifax. This means that every month information about your timely payments reaches these players and improves your score a little bit. Over time, you’ll become eligible for other card options and even loans and insurance.
But we strongly recommend you avoid holding a balance and never miss a payment. Otherwise you’ll have a high utilization ratio for your cards, which has a negative impact on your credit score.
How to apply for the Oportun Visa Credit Card?
The Oportun Visa Credit Card has a fast application through its website that only asks for a few personal information, such as:
- Name;
- Bank account (optional);
- E-mail;
- Telephone;
- Foreign ID (if you don’t have a security number yet);
- Income proof;
- Up to 4 referrals to prove your stability.
After filling out the form, all you have to do is wait for an answer that should come shortly.
Conclusion
The Oportun Visa Credit Card offers a valuable opportunity for individuals with limited credit history, poor credit scores, or those without a Social Security number to begin building their credit. It’s designed to be accessible, with a higher initial credit limit compared to many similar cards. However, it comes with higher fees and interest rates, which can be a significant drawback.
In Summary:
- Pros: Accessible to those with poor or no credit history, higher initial credit limit, no bank account required, accepted worldwide, and provides fraud protection.
- Cons: High annual fees and APRs, not available in all states, and lacks robust rewards or cash back.
If you’re new to credit or face challenges with traditional credit card applications, the Oportun Visa Credit Card can be a useful tool to start building your credit profile. Just be sure to manage it responsibly by making timely payments and avoiding carrying a balance to mitigate the high interest rates and fees.
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