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OpenSky® Secured Visa® is ideal for rebuilding or establishing credit.
The OpenSky® Secured Visa® Credit Card emerges as an excellent option for those looking to rebuild or establish their credit, offering an accessible and direct path to improving their credit score.
With the growing need to access credit to make large purchases or even get approved for loans, many people are looking for viable solutions to increase their credit score.
What makes this card so attractive is its hassle-free proposition: it does not require a credit check to sign up, which is a big difference when compared to most conventional credit cards.
OpenSky Secured Visa
Accessibility Late payment feesHow does the OpenSky® Secured Visa® work?
Unlike many conventional credit cards, the OpenSky® Secured Visa® credit card does not require a credit check to apply, which is an interesting option for those with a limited credit history.
The sign-up process is simple, and with a security deposit required, the cardholder has the ability to access a line of credit of up to US$200, without needing a bank account.
Additionally, the OpenSky® Secured Visa® is one of the most affordable options on the market, with a relatively low annual fee of just US$35.
And even for those with bad credit or no credit history, the card offers the opportunity to start building a solid credit score.
Using your card responsibly, with payments on time, can improve your credit score over time, with the added benefit of OpenSky® reporting to three of the largest credit bureaus: Experian, Equifax and TransUnion.
Key Benefits of OpenSky® Secured Visa®
THE OpenSky® Secured Visa® It’s ideal for those who are focused on improving their credit. With it, you can build a positive credit history by making purchases and paying your bills on time.
With it, you can enjoy the accessibility feature of your FICO score for free, a useful tool for monitoring your progress.
You also don’t need a bank account to sign up, making it accessible to a wide range of users.
Another significant benefit is the partial payments feature for the security deposit, which allows you to finance the amount needed to obtain your line of credit over the course of up to 60 days.
And, if you are approved, the card offers the possibility of adding the card to your digital wallet, such as Apple Pay, Samsung Pay and Google Pay, which offers convenience in your daily purchases.
In addition to being a great option for those looking to build or improve their credit, OpenSky® Secured Visa® also offers traditional Visa card benefits, such as fraud protection and travel assistance, bringing greater security and peace of mind to the cardholder.
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Contras do OpenSky® Secured Visa®
One of the main cons is the 3% foreign transaction fee, which can be a limiting factor for those who travel frequently or make purchases in foreign currencies.
This additional cost can increase expenses for international transactions, making it a less attractive option for those looking to avoid extra fees.
Additionally, the card has a $35 annual fee, which, while considered low for a secured card, is still an expense that should be taken into account.
Another point to consider is that although the card does not require a credit check, it still requires a security deposit, which may be a hindrance for some people who do not have the financial resources to make such a deposit.
APR and Fees
The OpenSky® Secured Visa® comes with a variable interest rate (APR) of 24.89%, which is relatively high compared to conventional credit cards.
This means that if you don’t pay off your card balance in full each month, the interest charges can add up quickly, making the card more expensive to use.
In addition to the APR, the card also charges a $35 annual fee, which is an additional expense to consider, especially for those looking for a card with no annual fees.
Additionally, the OpenSky® Secured Visa® charges a 3% foreign transaction fee for purchases made outside of the United States.
How to Apply for the OpenSky® Secured Visa®
Registration for the OpenSky® Secured Visa® It’s simple and can be done in a few minutes through the Capital Bank mobile app.
No credit check is required, making approval easier for those with a limited or no credit history.
The process is completely digital, and you can choose the due date for your invoices, which offers more flexibility in managing your finances.
Once approved, you will need to make a security deposit, which can be done via partial payments over 60 days.
The minimum security deposit required is $200, and this amount will be used to determine your line of credit.
This security deposit is fully refundable, which means that by improving your credit score and following the terms of the agreement, you may be able to get back the amount you deposited.
