This credit card is designed for those who want the best rewards.
If you fall into the category of people who unfortunately have to go through a complex process with regard to their credit history or overall scores, know that you are not alone, as there are cards that make it possible to restructure your credit, in order to condition improvements and bring incredible experiences to customers.
One of the best credit card options for re-establishing your credit is the OpenSky Secured Visa, which offers affordable conditions and prioritizes the customer based on strategies and factors to be inserted back into the credit market.
Want to know more about the OpenSky Secured Visa credit card? Check it out below!
OpenSky Secured Visa
Attractive Rewards High Variable APRHow does the OpenSky Secured Visa credit card work?
The OpenSky Secured Visa credit card works on the basis of features that really help people who need help with their credit history and scores.
So, initially, the credit card offers a security deposit, in which it guarantees the credit measures of the bank and financial institutions issuing the card and gives customers and users alternatives and opportunities to obtain a credit limit based on what has been deposited.
After that, you’re free to use the card, but it’s up to users to be aware that these regulations and payment reports are passed on to the main credit agencies in the United States, which can significantly contribute to your Score, i.e. you need to make payments, fees and so on directly and correctly, so that there are no future problems.
In addition, it’s worth remembering that OpenSky offers an intuitive and modern application for controlling your card, so you can get even more control and access balances, statements, benefits, transfers and payments from the tools and services provided.
We can emphasize that this is not just a digital account that only serves to monitor your card, but it also offers specific functionalities and services for looking after your finances, which can be a great support for your financial life.
Main benefits of the OpenSky Secured Visa credit card
It should be noted that this credit card unfortunately doesn’t offer the same benefits and advantages as other cards, for example, which offer rewards programs and other exclusive conditions, making it a more basic card.
Therefore, its greatest advantages and benefits are the simple and quick approval process, not least because the card aims to simplify and make credit accessible to customers who don’t have or have poor credit scores, hence the lack of selectivity and greater coverage on the part of the issuing bank.
Another factor that can be considered a positive point is that many people’s credit histories have been built up or restructured, contributing to their possible inclusion in the card market and possibly getting you approved for many types of credit you apply for.
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Cons of the OpenSky Secured Visa credit card
Unfortunately, as much as the card is full of support and help, there are also a number of negative points included in this modality, one of which involves the lack of benefits and rewards, which is noticeable from the first contact with the card, since its main focus is very centralized, without taking up too much time with other advantages included.
In addition, we can also highlight the deposit requirement in order to obtain greater credibility from the issuing bank to securitize your credit limit, as this can make it very difficult to access the credit card, and the minimum deposit is $200.
Another factor that weighs heavily against applying for this credit card is simply the fact that it carries annual fees, even though it is a secured card, which is negative in many respects.
APR and fees
One of the most anticipated topics of this credit card is the fees and APRs, which are often found to be unfavorable, especially for people who don’t have a credit history and effective scores due to problems with debts and defaults, late payments, which can make high fees and interest rates a nightmare in the lives of these users.
This highlights an annual credit card fee of basically $35. In addition, there is a variable APR of 22.64%, which we can consider to be competitive among the cards on the market that do not aim to open up to categories with less robust profiles.
How do I apply for an OpenSky Secured Visa credit card?
To secure your OpenSky Secured Visa credit card, simply go to the website or application provided for controlling your card and look for card applications. Then search for the OpenSky Secured Visa card and click on its category. Afterwards, forms will be made available which must be submitted with the required personal documents.
It should be noted that this form is not intended as a credit analysis, but rather as personal identification, which is important for banks that issue credit cards.
Once you have sent in your form, you will be informed that your credit card will be delivered to you. Once it has been delivered, you will be able to activate it and then start using it.
