Build Credit with the OpenSky Credit Card Secured Visa

Build Credit with the OpenSky Credit Card Secured Visa
Taylor Gordon
on June 6, 2018
Read in 2 min

Are you having trouble qualifying for a credit card?

The Open Sky credit card, or OpenSky® Secured Visa® Credit Card, is one option issued by Capital Bank N.A. to check out.

That’s because the Open Sky credit card requires no credit check!

Like other secured cards, the OpenSky Secured Visa card requires an initial refundable deposit to open your account.

The deposit can be as low as $200. The deposit you make to open your card acts as your initial credit limit.

You can request a credit limit increase at any time.

But you may have to deposit additional funds to raise your credit limit unless otherwise noted.

The Open Sky Credit Card Details

OpenSky Secured Visa Credit Card payments are reported to all three credit bureaus — Equifax, Experian, and TransUnion.

This is a huge benefit for cardholders because on-time payments reported to the credit bureaus can help you build a positive credit history.

After building positive credit history, you can eventually qualify for unsecured cards, auto loans, and personal loans.

Here are the terms and costs of this credit card:

  • Interest rate – 18.64% APR
  • Annual fee – $35
  • Foreign transaction fee – 3%
  • Late fee – up to $27
  • Credit limit – $200 to $3,000

The OpenSky Secured Visa Credit Card does not have a rewards program.

But you can look forward to savings with this card if you pay off the balance in full each month to avoid interest charges.

Deposit Refund and Other Credit Card Details

The deposit to open the account will be refunded to you if you close the account and your balance is paid in full.

The OpenSky Secured Visa Credit Card is the most ideal for people who need tools to rebuild credit.

The card website has helpful credit building resources.

The account comes with email alerts for payment reminders.

You can also get a reminder when you’re getting close to your credit limit.

Setting up recurring payments can make it so you never miss a payment.

The main drawback of this credit card is the annual fee, but $35 a year is hardly cost-prohibitive.

However, it doesn’t have an application fee.

It’s not entirely unusual for a secured credit card to have an annual fee so keep that in mind when you’re looking for options.

You can always cancel this card after building credit to apply for a card without a fee when your credit improves.

On the bright side, you’re able to get this credit card without a credit check, which makes this card unique vs. other consumer cards that do check your history.

Another highlight of this credit card is the interest rate because it’s relatively competitive.

Final Word

You need access to credit to build credit – this is where some consumers run into trouble.

Few creditors are willing to take a chance on you when you have no credit or poor credit.

The OneSky Secured Visa Credit Card is one solution to credit problems.

Learn more about the OneSky Secured Visa Credit Card and apply for it here.

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Taylor Gordon Finance Journalist

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a frugal lifestyle blog on entrepreneurship and hacking your way to an abundant savings account.

Taylor has contributed to The Huffington Post, GoGirl Finance, Madame Noire, The Write Life, and more.

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