The OpenSky® Secured Visa® Credit Card is what a consumer should opt for if rebuilding or setting up their credit in the year 2024 is what they aim for. This is a secured credit card. Thus, you can expect to have to put down a refundable security deposit that acts as your credit limit. No credit check is required to open an account, and with this, the OpenSky card is made accessible to those persons who may have poor or no credit history at all. But is it the best available credit-building option? Read on for information you need to know.
Key Features
No Credit Check Is Required One of the most attractive things about the OpenSky is that there’s no credit check when you apply. It accepts people with low or no credit scores and gives them a chance to improve their credit score without fear of rejection in the application process.
- Reports to All Three Major Credit Bureaus. By all accounts, the first benefit of taking a secured credit card such as OpenSky is the opportunity to obtain a credit score over time. OpenSky reports your payment history to all three of the major credit bureaus: Experian, Equifax, and TransUnion. Making on-time payments and managing credit responsibly can slowly improve the level of your credit score.
- Refundable Security Deposit Aside from opening the account, a refundable security deposit must be paid. Its amount ranges from $200 to as much as $3,000. This will make the credit limit equal to that amount, implying that the more a consumer deposits, the higher the credit limit will be. The security deposit is refunded if the account is closed in good standing or upon promotion to an unsecured card.
- Reasonable Annual Fee While most secured credit cards charge a pretty penny in fees, the OpenSky Secured Visa doesn’t, with a mere $35 annual fee. Of course, when compared to no annual fee, that is somehow at a disadvantage, however for those that can’t get approved elsewhere, the payoff of broad accessibility and no credit check may be worth it.
- No Bank Account Required Yet another feature that differentiates the OpenSky card is that it doesn’t require a bank account to apply. This also helps people who may not have other avenues for banking services such that the OpenSky card is more inclusive.
Pros and Cons
Pros:
No credit check is required. It’s quite easy to be approved.
Reports to all three major credit bureaus to help you build credit.
You can set flexible deposit amounts, so your credit limit will be whatever you choose.
No bank account is necessary, so it’s easier to get.
Cons:
- $35 annual fee is not right for those looking for a card with no annual fee.
- No rewards or benefits beyond credit-building.
- Variable APR is pretty high, so interest charges balloon if you carry a balance. Is It Right for You?
- The OpenSky® Secured Visa® Credit Card makes it ideal for persons who are literally interested in building up or rehabilitating credit, especially in an event that a poor credit history makes the approval of any credit card a hard nut to crack. No credit check will also permit those with worse or no credit to readily apply. Moreover, the ability to keep control over your credit limit through the refundable security deposit makes it a more attractive option, especially by those who are interested in properly managing their finances.
However, there are the annual fee and also the card’s very high APR. The only people who can really make good use of this card are those paying their balance in full each month without interest charges accumulating. After all, there are no rewards to be claimed, but this is probably the main rationale for using this card-to help you build a good credit record which may well act as a means into other, even better credit cards in the future.
OpenSky® Secured Visa® Credit Card In short, the OpenSky® Secured Visa® Credit Card is a decent credit builder or rebuild in 2024. Frills aside on an unsecured credit card, the OpenSky, after all of the fees, remains pretty affordable and helps you report to the credit agencies.