OpenSky® Secured Visa® Credit Card Review: Empowering Credit Growth

Features

• Minimum Deposit: $200, establishing your credit line, fully refundable.
• Purchase APR: 25.64% Variable, aligning with secured card standards.
• Annual Fee: $35, a nominal charge for credit-building capabilities.
• Cash Back Rewards: Up to 10% on everyday purchases, a new and enticing feature.
• Credit Check: None required, making it accessible regardless of credit history.
• Credit Score Impact: Minimal, with no credit inquiry to apply.
• Credit Building: Reports to all three major credit bureaus: Experian, Equifax, and TransUnion.
• Mobile Wallet Compatibility: Apple Pay, Samsung Pay, and Google Pay are supported for convenience.

Benefits

• Accessible to All: No credit check ensures availability to a wide audience, including those with no or low credit.
• Credit Improvement: Historical data shows a significant average credit score increase among cardholders.
• Rewards Program: Rare among secured cards, offering cash back on purchases.
• FICO Score Access: Free monthly FICO score tracking through the mobile app aids in financial management.
• Flexible Funding: Security deposit can be funded over 60 days, easing the initial financial burden.
• Payment Flexibility: Option to choose a due date that suits your financial schedule.

Drawbacks

• Annual Fee: While competitive, the $35 fee is an additional cost to consider.
• High APR: Carrying a balance can be costly due to the variable APR.
• Deposit Requirement: Initial funding is necessary, which may be a barrier for some potential users.

Product Summary

The OpenSky® Secured Visa® Credit Card stands as a beacon for those aiming to build or rebuild their credit, distinguished by its absence of a credit check and its innovative rewards program. Offering up to 10% cash back on everyday purchases, this card not only aids in credit improvement but also rewards fiscal responsibility. Reporting to all three major credit bureaus, OpenSky® provides a solid foundation for credit growth, evidenced by the significant increase in cardholder scores. The card’s integration with major mobile wallets and the flexibility in funding and payments further enhance its appeal. Despite its annual fee and high APR, the OpenSky® Secured Visa® Credit Card offers a compelling value proposition for those on the path to credit recovery or establishment.