Open Sky℠ Secured Visa® Credit Card
Limited History, Bad
- 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 PENALTY APR 21.5% (V)
TRANSACTION FEE 3%
- SMART CHIP No
RATE 17.5% (V)
Open Sky℠ Secured Visa® Credit Card Reviews
Pros: The annual fee is low, as fees go, but there are many better cards out there with no fees at all. The 17.5% apr and max 21.5% penalty are also okay - not great, but assuming you pay on time, you could do worse. I also like the 25 day grace period on late payments. $20 is a really low late fee, too. However:
Cons: You're paying $29 a year for a card that will basically charge you for having good credit and paying attention. $25 every time you increase (or decrease) your credit line? That's RIDICULOUS. They're nickel-and-diming you. If you're looking for a Visa or a capital one, there are many cards out there that have no fees and don't charge for credit adjustments. Their penalties are generally higher, but this card gives you so little flexibility that it doesn't seem worth it at all.
The things I do not like about the Open Sky Secured Visa Credit Card are the high percentage rates on the cash advance option and the max penalty APR. They could lower those a bit!
The Open Sky Secured Visa Credit Card is all in all a pretty decent card to start out with! I give it 5 stars!… more
They say this is a "secured credit card", but it really is a prepaid card and I probably would have been better off with a Walmart prepaid card. So I contacted an attorney, paid a rather small fee, and they instructed me on how to cancel the card. Before applying for this card, just go look at their website that's straight out of 1999. With all the security breaches these days, you're really just sending all your confidential information to a small company of probably 10 people that don't give a damn about security. And that's not their Corporate website, like you may see at capitalone.com (I do like that card, despite the interest rate). Search for "Open Sky", but what you're really looking for is "Capital Bank", a rather generic bank name that ensures they are rather hidden. This did nothing to build my credit (it's not even on my TransUnion credit report!?) and it did nothing but charge me and cause headaches.
STAY AWAY FROM THIS ONE!… more
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
I would like to apply for this card but I want to know a little bit more about the credit increase grant. Is it a yearly or quarterly thing? Can I deposit any amount of money each time? for example $200 each year are quarter? Will the increase rate always be $25?
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: Mar 25th, 2015 at 10:22 EDT