OpenSky® Secured Visa® Credit Card Review
Secured credit cards are usually issued by banks to customers who already have deposit accounts with them. This is great for people with bank accounts, but it leaves the unbanked without an easy way to improve their credit.
The OpenSky® Secured Visa® Credit Card solves that issue by allowing you to get a secured credit card without a bank account. It’s the best card for unbanked consumers who need to improve their credit.
The OpenSky® Secured Visa® Credit Card Doesn’t Need A Bank Account for Security Deposits
Secured credit cards often require you to have a bank account. The bank account tells the lender that you have a financial account that can be used to pay your monthly credit card balance and it can fund your security deposit. But what happens if you don't have a bank account?
That's where the OpenSky® Secured Visa® Credit Card comes in. It doesn't require a bank account, a credit check, or a check into your banking history. All you have to do is apply and submit a security deposit via one of the options below:
- Wire transfer
- Western Union
- Mailed check/money order
- Prepaid debit card
It's that simple. A great solution for anyone who doesn't have a bank account and wants to improve their credit.
There are Many Ways The OpenSky® Secured Visa® Credit Card Helps Build Credit
Many credit cards offer things like cash bonuses and travel rewards to entice new customers. However, since secured credit cards are designed to build credit first and foremost, most don't come with these types of incentives. The same is true with the OpenSky® Secured Visa® Credit Card.
However, for a card that is meant to help you improve your credit, this one does what it's meant to do. Here are a few ways the OpenSky® Secured Visa® Credit Card can help you build credit:
It Doesn't Pull Your Credit History
A pull on your credit report can have an effect on your score, which is why it's advised not to apply for too many credit accounts at one time. However, you don't have to worry about that at all with this card.
When you apply for the OpenSky® Secured Visa® Credit Card, there is no pull on your credit. That means you won't take a hit and a low credit score won't hurt your chances of being approved.
It Reports Monthly to All Three Credit Reporting Bureaus
Many secured credit cards may report to only one or two of the three major credit reporting bureaus. This can lead to discrepancies in how each bureau rates your creditworthiness. (If a lender checks a bureau that hasn’t received full information on your credit activities, you could be denied credit without a good reason.) Because the OpenSky® Secured Visa® Credit Card reports to every bureau, you can be confident that your responsible credit behavior is being recognized by all the bureaus.
You Can Choose Your Own Credit Limit
Like many secured credit cards, you can raise your credit limit if you want the ability to spend more with your card. More importantly, a higher credit limit can help boost your credit score if you keep your balance low. This type of credit card behavior shows that you can be responsible with access to large amounts of credit (responsible meaning that you don't rack up a high balance).
Pros and Cons to the OpenSky® Secured Visa® Credit Card
There is an Annual Fee
The OpenSky® Secured Visa® Credit Card charges a $35 annual fee. The fee is close to the fees charged by other secured cards. The perks and flexibility that the card offers may make the fee worth it for people looking to build their credit.
You Get Standard Visa Protections
The OpenSky® Secured Visa® Credit Card is a Visa card and comes with all the protections that Visa offers to cardholders. Cardholders are protected by the Visa Zero Liability Policy.
If your card is ever used for an unauthorized transaction, Visa will replace your card and refund you for the charges. You’ll never have to be responsible for unauthorized charges made on your card.
Final Verdict: Is the OpenSky® Secured Visa® Credit Card Right for You?
The OpenSky® Secured Visa® Credit Card offers the unbanked a chance to build credit. That means, if you have an account with a bank that offers a secured card for a lower annual fee, then you might be better served that way. Banks are often more flexible their existing customers and you can utilize your loyalty to get your bank to work closely with you to help you build credit.
If you don't have a bank account and you want to improve your credit score, the OpenSky® Secured Visa® Credit Card could be the card for you.