OpenSky Secured Visa Card

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OpenSky Secured Visa Credit Card

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  • No credit check needed
  • Flexible security deposit
  • Free reporting to the three major credit bureau


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  • No credit check needed
  • Flexible security deposit
  • Free reporting to the three major credit bureaus


The Opensky Secured Visa Card Summary

The OpenSky Secured Visa Credit Card is on par with many other types of secured credit cards out there. The lack of a need to run a credit card before receiving this credit card is a nice feature for those who have very limited or no credit.


PROS:
  • No credit check needed
  • Flexible security deposit
  • Free reporting to the three major credit bureaus

CONS:
  • Annual fee
  • Foreign transaction fe


Best Features

A low credit score, or even zero credit, can make life very difficult for people these days. That is why the OpenSky Secured Visa Credit Card is an excellent option for them. This credit card does not require new customers to submit a credit check before applying, thus preventing any impact from happening to their credit score.

Another perk to the credit card is the flexible security deposit a cardholder has. Typically how secured credit cards work is the cardholder submits a security deposit, which is generally refundable, that security deposit becomes their credit limit. Most secured credit card set the limit of this security deposit as a way to protect themselves. In the case of this card, the cardmember can decide between $200 and $3000 on their limit, thus giving them a comprehensive and flexible option regarding their credit limit.


Drawbacks

Despite this being a credit card for those with zero or limited credit, there is an annual fee tied to the card. For some of those who are applying for the credit card, they are doing so because they struggled to make payments on previous credit cards, or have struggled to achieve any credit in the course of their life. By adding a $35 annual fee to the credit card means cardholders will have to worry about another payment to make.

Another downside to this credit card is the foreign transaction fees. For those who like to travel internationally, or plan to live overseas (typically for study abroad programs) they may find this credit card a less than ideal choice for them. Every purchase you are to make not within US soil would be an additional 3% added on, which can add up to a lot of extra money spent over time.


Overall Summary

The OpenSky Secured Visa Credit Card is an excellent choice for those who are either looking to build up their credit or establish some. The biggest perk to the card, the no credit check needed factor, makes this an enticing an ideal choice for many who struggle to find ways to establish any credit for their future.


Who this card is best for

This is a credit card that would be best for someone who is either looking to build up their credit or establish some, to begin with. Perhaps a college student or one who has acquired much debt throughout the course of their life.


 

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