Open Sky℠ Secured Visa® Credit Card
- ONE-TIME FEES None
- ANNUAL FEE $29
- MONTHLY FEE None
- REGULAR RATE 17.5% (V)
- GRACE PERIOD 25 days
Open Sky℠ Secured Visa® Credit Card’s Highlights
- Build Your Credit, with monthly updates to all 3 credit bureaus.
- Control Your Finances, start with a security deposit and credit line as low as $200.
- Extra Credit When You Need It, increase your credit line up to $5000.
- Avoid paying interest, no interest charged on new purchases if the balance is paid in full by the due date each month.
- Easy funding options, with 4 ways to fund and NO checking account needed.
- After your Account is open for one year or more Capital Bank will charge you a Credit Limit Increase Fee of $25.00 each time you add Deposit Funds and increase the Credit Limit and a Credit Limit Decrease Request Fee of $25.00 each time you request a reduction in your Credit Limit.
- Apply in less than 5 minutes.
Open Sky℠ Secured Visa® Credit Card’s Additional Info
- MAX LATE FEE $20
- MAX OVERLIMIT FEE N/A
- MAX PENALTY APR 21.5% (V)
- CASH ADVANCE RATE 17.5% (V)
- CASH ADVANCE FEE 5%
Open Sky℠ Secured Visa® Credit Card Reviews
That being said, this looks like a pretty good card if you're looking to build your credit rating, since they already have some of your money. The interest rate is low, and the penalty for late payments is incredibly low compared to other cards. It's also nice that you apparently don't need a bank account, because you can deposit right to the card.
All in all, a good beginner or rebuilder card.… more
So in reality is a secured credit card nothing more than a debit card with a fancy logo? Well sort of. Many of these secured cards will gradually extend limited credit availability, as the cardholder proves responsible with the secured aspects of the card. Capital One Secured MasterCard for instance may offer an immediate limited credit line to certain applicants who qualify. The Open Sky Secured Visa Credit Card does not list that as an available aspect of applying initially, but does state that a cardholder can earn extra credit availability up to $5,000.… more
A secured card through a bank would be a much better option than this credit card at establishing credit, and come without the fees and risks of overindulging.… more
If your credit is in need of fixing, check out your local credit union's options before you resort to a card like this. It will vary by location of course, but you can often find secured credit cards without fees if they're attached to your credit union checking account.… more
it was very hard to understand their statement and website. I've schedule for automated payment but I've got a Late fee of $20 and $1.03 for two accounts and also my interest rate has been increased. I called customer service requested them to waive as a courtesy but they repeating themselves automatic payment effectives after 2 months. 2 months! what kind of system is that? They stated it was in terms when I signed up...........probably it was included in long and tiny letter. I've even requested generousity to Customer service supervisor Mr. Ryan, but he replied back to me 'So, what do you want?' lol I just hung up the call and will pay late fee and close this account after three months and ends up paying $50 annual fee.… more
I am looking for a secured credit card which can be later converted to unsecured in Canada. Can you help?
Also, there are four ways to send a security deposit: a) through an ACH transfer, b) through a wire transfer, c) by visiting a Western Union facility and d) by printing and mailing your application form along with a money order or check.
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Last updated on: Oct 6th, 2014 at 9:28 EDT