Key takeaways
- The OpenSky® Secured Visa® Credit score Card is an effective secured bank card for these able to rebuild their credit score.
- The OpenSky Secured Card means that you can deposit as much as $3,000 for an identical credit score restrict (topic to approval) and has a decrease APR than another common secured playing cards.
- A $35 annual payment and $200 minimal deposit are required.
The OpenSky® Secured Visa® Credit score Card is a stable choice for constructing or rebuilding your credit score. The cardboard requires a versatile, refundable deposit of $200 to $3,000 and reviews to all three main credit score bureaus, permitting you to step by step enhance your credit score rating by way of a historical past of on-time funds.
As a result of the OpenSky Secured Visa doesn’t require a credit score test, even debtors with poor credit score or no credit score historical past in any respect can qualify. The cardboard comes with a $35 annual payment and doesn’t supply a lot when it comes to extra bells and whistles, which suggests it’s not the best choice for shoppers with truthful or higher credit score.
However when you’re unable to qualify for one more secured bank card, or when you’re keen on avoiding a credit score test, setting your personal credit score restrict or receiving a relatively decrease variable APR, the OpenSky Secured Visa could also be a sensible choice.
When is the OpenSky Secured Visa Credit score Card value it?
The OpenSky Secured Visa Credit score Card may be best for you within the following conditions:
You might have poor credit score
This card doesn’t require a credit score test or credit score inquiry, which makes it a horny choice for debtors with a poor credit score rating who might have been rejected from different playing cards. As an alternative, the cardboard requires a refundable money deposit.
You might have a brief or no credit score historical past
Even debtors with no earlier credit score historical past can qualify for this card. This implies it may very well be a great choice for younger people who find themselves new to credit score and people who are underbanked or unbanked however need to begin constructing credit score.
You desire a greater credit score restrict — or to set your personal
In contrast to some secured bank cards, the OpenSky Secured Visa affords a comparatively excessive potential credit score restrict, so long as you’ve sufficient money for the deposit. The OpenSky Secured Visa permits debtors to deposit as much as $3,000, topic to approval.
You’re on the lookout for a decrease variable APR
In comparison with the opposite secured bank cards available on the market, the OpenSky Secured Visa has a low variable annual share charge (APR) of 25.64 % — which is the rate of interest you’re charged when you carry a stability. Related secured playing cards cost greater variable APRs, such because the Capital One Platinum Secured Credit score Card at 29.99 %.
When is the OpenSky Secured Visa Credit score Card not value it?
The OpenSky Secured Visa won’t be the perfect match for debtors who can qualify for an unsecured bank card or one which earns a wide range of rewards and advantages. Listed here are some occasions when it’s best to skip the cardboard:
You don’t need to present a money deposit
It’s simpler to qualify for secured bank cards over conventional bank cards, however secured playing cards include a worth. To open this card, you have to present a refundable money deposit of a minimum of $200. This can be lower than ultimate for debtors who’re tight on money or who merely don’t need to tie up their financial savings in a secured bank card in the meanwhile.
If you happen to’re desirous to keep away from a secured card, search for bank cards designed for debtors with less-than-stellar credit score or no credit score historical past, just like the Petal® 1 “No Annual Payment” Visa® Credit score Card*. The Petal 1 doesn’t cost an annual payment and options entry to a card-linked supply program referred to as Petal Perks — however its greater variable APR ranges from 25.24 % to 34.74 %.
You need to keep away from an annual payment
The OpenSky Secured Visa bank card comes with an annual payment of $35. Whereas not excessive, the payment can add up for debtors on a finances. No-annual-fee playing cards just like the Capital One Quicksilver Secured Money Rewards Credit score Card and Uncover it® Secured Credit score Card could also be higher choices for debtors who qualify. Each playing cards are designed for individuals with no credit score historical past and earn money again rewards.
You need to earn rewards
This card doesn’t earn a ton of rewards, which is pretty widespread for credit-building secured bank cards. Nonetheless, debtors ought to test to see in the event that they qualify for a card with rewards-earning potential.
The Capital One Quicksilver Secured Money Rewards Credit score Card earns 1.5 % money again on all purchases, plus a heightened 5 % charge on accommodations and rental automobiles booked by way of Capital One Journey. Additional, the Uncover it® Secured Credit score Card earns 2 % money again at gasoline stations and eating places (on as much as $1,000 in mixed purchases every quarter, then 1 %) and 1 % again on all non-category purchases.
The OpenSky Secured does supply a decrease 25.64 % variable APR in comparison with these two playing cards — which provide a variable 28.24 % for the Uncover it® Secured Credit score Card and variable 29.99 % for the Quicksilver Secured. So, that’s one thing to bear in mind do you have to anticipate to hold a stability.
Do you have to get the OpenSky Secured Visa Credit score Card?
When you have poor or no credit score historical past and are keen on a relatively low variable APR, avoiding a credit score test or gaining the flexibility to set your personal credit score restrict, the OpenSky Secured Visa Credit score Card will be value it.
That mentioned, when you’re extra keen on incomes ongoing rewards in your purchases or are useless set on avoiding an annual payment, different secured playing cards can higher suit your wants. It comes all the way down to what card perks are most vital to you, given many secured playing cards have related approval necessities.
The underside line
The OpenSky Secured Visa is designed for debtors who need assistance increase their credit score rating, and it admirably serves that goal. The cardboard reviews to all three credit score bureaus, so debtors who constantly repay their stability every month can enhance their rating.
If you happen to’re having bother qualifying for different playing cards and are on the lookout for a method to begin enhancing your credit score, the OpenSky Secured Visa may very well be a sensible choice.
Nonetheless, if it’s rewards or different perks you’re after, you simply would possibly discover a higher match in your life-style and finances in our listing of the perfect secured bank cards available on the market.
*Details about the Petal® 1 “No Annual Payment” Visa® Credit score Card has been collected independently by Bankrate. Card particulars haven’t been reviewed or authorised by the cardboard issuer.
