OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
- 29.99% (Variable) Regular Purchase APR
- 29.99% (Variable) Cash Advance APR
At a Glance
Building credit without hidden fees is a breeze with the OpenSky® Plus Secured Visa® Credit Card. You can build credit, graduate to unsecured credit, and boost your financial knowledge base while paying $0 in annual fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- New feature! Earn up to 10% cash back on everyday purchases
- No annual fee
- No credit check to apply. Find out instantly if you are approved- Zero credit risk to apply
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
- Monitor your credit progress with free access to your FICO Credit Score.
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Secure your credit line with a refundable security deposit - as low as $300.
- Easy application, apply in less than 5 minutes right from your mobile device
- Offers flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- Now you can make smaller partial payments towards funding your security deposit over 60 days
- Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- *See Rewards Terms and Conditions for more information
- Regular Purchase APR: 29.99% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $0
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $300
- You want a secured credit card but don't want to pay an annual fee
- You have at least $300 available for a security deposit (up to $3,000)
- You are serious about building credit and plan to pay on-time each month
- You want to graduate to unsecured credit
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
- 25.64% (variable) Regular Purchase APR
- 25.64% (variable) Cash Advance APR
At a Glance
The OpenSky® Secured Visa® is a secured credit card that offers requires a low minimum deposit and features no credit checks for approval. The card, issued by Capital Bank, provides an easy route to better credit by offering credit limits as low as $200, a moderate fixed-rate APR, and a reasonable $35 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- New feature! Earn up to 10% cash back on everyday purchases
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- *See Rewards Terms and Conditions for more information
- Regular Purchase APR: 25.64% (variable)
- Cash Advance APR: 25.64% (variable)
- 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 $40
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $200
- You're struggling to get accepted for other secured credit cards
- You don’t have a credit history
- You have bad credit and want to improve your credit score
- You have a large deposit and want a quick pick-me-up for their credit score
- You want access to a useful knowledge base of credit information and resources
What Is Capital Bank?
Capital Bank is a regional bank and credit card company with branches in North Carolina, Tennessee, and Florida. With 300 branches, the bank isn’t the largest but offers a variety of products, including credit cards. One of the most popular products the bank issues is the OpenSky® Secured Visa®, which allows cardholders to boost their credit scores quickly. Also within the OpenSky family is the OpenSky Plus Secured Visa card, which earns cash back on purchases while also featuring the same benefits found in the previously mentioned card.
What Is a Secured Credit Card?
Capital Bank’s OpenSky Secured Visa Card is a secured credit card. Unlike other issuers and financial institutions, like American Express or Chase, OpenSky does not require excellent credit. But what is a secured card?
Secured cards operate in much the same way as any other credit card but differ in that it requires a security deposit. These security deposits are what make these cards “secured.” Applicants must place a cash deposit (usually of $200) with their application to open an account.
The deposit acts as both the credit limit and collateral. If the cardholder fails to pay their balance or defaults, the bank reclaims the deposit to cover the loss.
Secured cards help people build credit with on-time payments – and OpenSky is one of the best at this task. Deposits start as low as $200, with the maximum deposit being $3,000.
No Credit Check Required
One of the best features of the OpenSky Secured Visa is no credit check is needed. This means that applicants can apply for the card without fear thought their credit score taking a hit. How does this work? Instead of using a “hard pull” of an applicant’s credit report, OpenSky instead uses a “soft pull.”
Soft Inquiry vs. Hard Inquiry
Hard pulls, also known as hard inquiries, allow credit card issuers to see a person’s entire credit history. This information gives them a full picture of an applicant’s risk if they receive a card. Hard inquiries appear on a credit report and cause a drop in credit scores. While this hit dissipates in a few months, the inquiry remains on the credit report for two years.
Soft inquiries, on the other hand, allow lenders to see an applicant’s basic introduction. Soft pulls are like employment checks and do not affect a credit score. OpenSky performs a soft inquiry, relying on income information and employment history to judge an applicant’s merit.
Who Is Capital Bank OpenSky Visa for?
Secured credit cards like the OpenSky Visa are ideal for people who want to establish credit for the first time. They are also great for people with bad credit. Because the card doesn’t require a hard inquiry, it’s excellent for those who are afraid of being rejected for another card but want to boost their score.
Credit building takes time, but with regular reporting to credit bureaus, on-time payments can help a FICO score improve considerably in a short period.
The OpenSky Visa Secured is also great for those with a fair or good credit score that want to quickly raise their credit score and apply for a leading rewards credit card. Because applying doesn’t need a hard pull, applying with a $3,000 deposit can instantly increase available credit and lower credit utilization – all without reducing the average age of credit accounts.
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