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This credit card offers convenience, security and financial versatility for all your users.
Whether you’re starting to build your credit or trying to restore a lower score, the OpenSky Card can help you reach your financial goals.
Unlike traditional credit cards, this secured credit card does not require a credit check for application, meaning your credit score is not a deciding factor for approval.
Although there are other secured credit card options on the market, OpenSky® Secured stands out for its simplicity and the absence of a credit check.
OpenSky Secured Visa
Easy cashback Flexible optionsHow does the OpenSky Secured Credit Card Visa work?
THE OpenSky® Secured credit Card It works in a simple and effective way for anyone who wants to improve or start building their credit. The process begins with a security deposit that acts as a credit limit.
This deposit may vary from INS$200 to US$3.000, and the exact amount of your credit limit will be equal to your initial deposit.
When you use the card for everyday purchases, you create a credit history that will be reported to the three main credit bureaus: Experian, Equifax and TransUnion.
And with each payment made, your account history will be updated, helping to build or improve your credit score.
OpenSky® also gives you access to a mobile app where you can track your FICO credit score for free and check your progress over time.
With the OpenSky Secured, you can use your card just like a traditional credit card. Make on-time payments and keep your utilization below 30% to quickly boost your credit score, helping you build a solid financial history.
Main benefits of OpenSky Secured Credit Card Visa
One of the main attractions is the lack of credit checks, which means that people with complicated financial histories, such as bankruptcies or outstanding taxes, can be approved without difficulty.
Additionally, the card offers a relatively low APR of 24.89% (variable), which is a plus for a credit card for people with “bad credit.”
This provides a more affordable rate compared to other secured credit cards that often have higher interest rates. For those looking to use the card as a credit rebuilding tool, this lower APR could mean considerable savings in the long run.
Another interesting benefit of the OpenSky® Secured Visa® is the flexibility in choosing the invoice due date. This allows you to customize your payments according to your routine and makes it easier to pay on time.
And the fact that it is accepted anywhere that accepts Visa also ensures that the card is useful for everyday purchases and emergencies.
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Cons of OpenSky Secured Credit Card Visa
Although the OpenSky® Secured Credit Card Although it has many benefits, it also has some disadvantages that need to be considered. The main one is the 3% foreign transaction fee.
This can be a downside for those who frequently travel abroad, as this fee can add up quickly on international purchases.
Another aspect to consider is the annual fee of US$35. While it’s not an exorbitant fee, it still represents an additional cost that cardholders must pay.
And if your goal is to get a completely free credit card, OpenSky® Secured may not be the best option.
APR and Fees
OpenSky Secured comes with a relatively high APR rate of 24.89% (variable), which is common for credit cards for those with a poor credit history.
That is, if you don’t pay your bill balance in full each month, the interest on the remaining balance can add up quickly.
Therefore, it is essential to maintain control over your expenses and payments to prevent debt from accumulating at high interest rates.
In addition to the APR, the credit card also charges an annual fee of $35, which is relatively low compared to other secured credit cards but still represents a fixed annual cost.
Additionally, the 3% foreign transaction fee may become an inconvenience if you frequently make purchases abroad, as this fee will apply to all international transactions.
However, despite these fees, OpenSky® Secured offers an excellent opportunity for those who need to build or rebuild credit.
If used responsibly, the card can help improve your credit score without excessive costs.
How to apply for the OpenSky Secured Credit Card Visa
In order to apply for an OpenSky® Secured Visa® Credit Card, the process is simple and quick. First, you will need to make a security deposit, which will serve as your card’s credit limit.
This deposit can be made flexibly, with payment options in installments over 60 days, which makes it easier to sign up for the card for those on a tight budget.
Signing up can be done directly through the mobile app, where you fill in the required information and make the initial deposit.
There is no need for a bank account or credit check, which makes joining easier, especially for those who have no credit history or have faced financial difficulties in the past.
After signing up and making the initial deposit, you will receive your credit card and can immediately start using it for purchases and payments.
The OpenSky® Secured Visa® offers fast, hassle-free access for anyone looking to improve their credit score and build a healthier financial future.
