Last updated on July 27th, 2020
There are lots of credit cards on the market for people with bad credit or no credit. One of the more popular options, however, is the OpenSky Secured Visa from Capital Bank. What is it about this card that potentially makes it a better choice than others? Here are seven reasons why you should consider the OpenSky Secured Visa credit card:
No Credit Check
Perhaps the best reason to consider adding the OpenSky Visa credit card to your wallet is that it requires no credit check. Most credit cards – including secured cards – require a credit pull. These credit checks can keep applicants with bad credit from getting approval – even for a secured card.
OpenSky, on the other hand, only requires some necessary information to decide an applicant’s eligibility. This information includes:
- Full name
- Current address
- Contact information, such as email and phone number
- Social Security Number
- Financial information, including income and monthly housing payments
No credit check dramatically improves the odds of being approved for the OpenSky Card, making it an ideal option for those who struggle to find an issuer willing to extend a line of credit.
Simple Application Process
The application process with the OpenSky Secured Visa is straightforward and takes just a few minutes. Approval is equally quick, making the entire process as painless as possible.
Set Your Credit Limit
Secured cards allow applicants to set their own credit limits through the security deposit these cards require. With the OpenSky Secured Visa, the minimum deposit is $200, while the maximum deposit is $3,000. This allows applicants to put as much – or as little – money into their deposit as they’d like within the specified range, letting them decide how much credit they’d like to have.
Quickly Repair Your Credit
Secured cards are an excellent way to raise your credit score. With on-time payments and only using the card for smaller purchases, users can put their bad credit days behind them and build a positive credit history. Repairing credit isn’t an overnight process. That said, with continual practice and smart use, the OpenSky Secured Visa can help users boost their credit score significantly in as little as three months.
Increase Your Credit Limit
While security deposits won’t appeal to everyone, the deposit, plus no credit check, make the OpenSky Secured Visa card an excellent option for people with average credit who want to boost their credit score quickly. Thanks to no hard inquiry on their credit report, a person on the cusp of a “good” credit score can open an OpenSky Visa account, make a large deposit, and instantly increase their available credit. This new credit line will also significantly reduce their credit utilization, raising their credit score with no adverse effects.
Free Educational Tools
Part of repairing damaged credit is learning the skills to use credit properly. OpenSky is great in this aspect, as they provide cardholders with free access to their knowledge base.
The OpenSky knowledge base offers a range of articles on building credit. These topics include how to receive a free copy of your credit score, how credit scores are calculated, and tips on boosting credit.
OpenSky also provides a collection of inspirational stories to help boost morale – and confidence – of those with imperfect credit. While this feature may seem like a bit of a gimmick, for those who feel that their credit history will never improve, a confidence boost can go a long way.
Use It Anywhere
Even though it’s a secured card, the OpenSky Secured Visa Card is a genuine Visa credit card. The Visa payment network is the largest in the world, currently accepted in over 200 countries. This means that wherever your travels take you, your OpenSky Visa will likely be accepted.
Related Content: OpenSky® Secured Visa® Review
OpenSky® Secured Visa®
- Regular Purchase APR 18.14% variable based on the Prime Rate
- Cash Advance APR 18.14% variable based on the Prime Rate
- Annual Fee $35
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Poor , No Credit Required
- Processing Network Visa
- No credit check to apply and find out instantly if you are approved
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- *View the cardholder agreement
- Regular Purchase APR: 18.14% variable based on the Prime Rate
- Cash Advance APR: 18.14% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $6 or 5% of the amount of each cash advance, whichever is greater.
- Annual Fee: $35
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $200
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.Join today!