Open sky secured visa credit card

A secured credit card is an excellent approach to establish credit or to rehabilitate credit and improve your credit score. You can improve your credit score over time by putting down a security deposit, making some charges, and paying your bills on time each month. There are numerous reasons why you might require a protected credit card. You may have just filed for bankruptcy, owe back taxes, or simply made mistakes in the past, skipped payments, and seen your credit score plummet. The most basic explanation is that you have never had credit before and so do not have a credit score. The OpenSky® Secured Visa® Credit Card stands out among the competition since it is accepted without a credit check or even a bank account. Many other secured credit cards will not approve you if you have bankruptcies or owe back taxes, so this is extremely beneficial. You can get back on track with the OpenSky® Secured Visa® Credit Card, no matter what your past looks like.

This needs your Attention!

• No credit check or bank account needed to apply
• $35 annual fee
• $200 to $3,000 initial deposit required
• Your credit limit is equal to your deposit
• Reports to all three major credit bureaus
• 3% foreign transaction fee

Advantages-

• Other secured cards may require that you have a bank account in order to open an account with them. This card does not have that restriction, yet not having a bank account can make paying your credit card bill more difficult.
• No Credit Check: It might be tough to obtain approved for many credit cards if you have no credit or have damaged credit. When you apply for the OpenSky Secured Visa Credit Card, however, your credit is not checked in any way. Even so, the OpenSky Visa card could be refused for a variety of reasons.
• All Three Major Credit Bureaus Receive Reports: Equifax, Experian, and Transunion will receive your credit card information on a monthly basis. As long as you follow excellent credit practises, such as paying your bills on time each month, you will be able to start developing or rebuilding your credit. Negative credit information will be recorded at the same time, making it critical to pay your bills on time and avoid high credit utilisation.
• Your Credit Limit is Set by You, Subject to Approval: Your credit limit will be equivalent to the amount of your refundable deposit, subject to the company's approval. The credit line, as well as the minimum deposit, is $200. It is possible to set a limit of $3,000 or more.

Disadvantages-

• You won't be able to upgrade to an unsecured card in the future: Secured credit cards generally allow you to graduate to an unsecured credit card with the same firm after demonstrating that you're a credit risk worth taking. That option is not available with the OpenSky Secured Visa Credit Card. As long as you keep your account open, you're stuck with the secured credit card. If you intend to use this card as your first or oldest credit line, you'll have to pay an annual fee to keep your oldest credit line active in the future. (Having a long-term credit account is an advantage when calculating your credit score.)
• Charges a yearly fee: The annual fee for this card is $35, which isn't exorbitant for a secured credit card, However, secured credit cards with no annual fee are available.