OpenSky^® Secured Visa^® Credit Card Review

Who is the OpenSky^® Secured Visa^® Credit Card for?

If you’re new to opening a bank account or trying to establish credit, this could be the fit you’ve been looking for. This card is one of the best cards for new and inexperienced consumers. This card has the rare “no credit line” policy, meaning they won’t take your credit score into account when deciding whether or not to approve you for the card.

When you have this card, you don’t need any required bank accounts, have a lower ongoing APR, and a banking company that reports to all three of the major credit bureaus (TransUnion, Equifax, and Experian). These three things give card owners a lot of flexibility in what they can do with their spending. This is truly one of the few cards that all people look towards to build a larger line of credit and have great flexibility offerings.

Rewards Rate

The OpenSky^® Secured Visa^® Credit Card offers up to 10% cash back rewards.

Benefits and Credits

One of the great features of the OpenSky^® Secured Visa^® Credit Card is its APR. The purchase APR of 24.64% (variable) is relatively low compared to a lot of other credit cards. For those looking to make any big purchases, this should be very appealing.

The no credit check that this card offers is another huge bonus. With no need to worry about bad credit or non-existing credit, getting approval for this card is relatively easy. If you’re a recent college graduate looking for work, this card is great to start out with. If you’re currently in college and looking to get a head start on your finances of the future, opening a credit card connected to the three major credit bureaus would be a positive start to future personal finances.

One of the more interesting things about this card is its refundable deposit within the credit line limit. When first opening your account with this card, you must make a first deposit. This first deposit then becomes your credit line limit for this card (for those who don’t know what a credit line is, it’s the amount of money you can borrow from your bank if you need to take out a loan of some kind). You are able to deposit as low as $200 or as much as $3,000.

Welcome Bonus

While this card has no welcome bonuses, it is still a great starter card for those with lower credit scores.

Annual Fee

There is a $35 annual fee for owning this card which is never ideal, but with the other benefits this card offers, this $35 is spent on a great use.

Conclusion

If you have established credit and aren’t looking for anything to upgrade your credit score, this probably isn’t for you. If you’re someone who wants to get into a better credit score standing, either because you’ve never had one or because of some untimely purchases, this could be the card to set you on the right path.

You can apply for the OpenSky^® Secured Visa^® Credit Card online here.