Tuesday, March 21, 2023

What Is Opensky Credit Card

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Do I Need A Bank Account To Apply For Opensky

OpenSky Secured Credit Card Review [Credit Card With No Bank Account]

No, you do NOT need a bank account to apply for opensky.

You will need a bank account to make payments on the card. However, you can set up the security deposit for the account using Western Union, money order, or any debit card. So you can still open the card and build credit, you just wont be able to use the card.

Remember, you dont NEED to use the credit card to build credit. Although, thats probably a good idea that you do use the card regularly and make payments. But, if you just let the card sit there, you still build credit.

Opensky Secured Visa Credit Card Vs Citi Secured Mastercard

Like the secured card offered by Capital One, the Citi® Secured Mastercard® also doesnt have an annual fee and that is a big selling point for the card. Similar to the OpenSky® Secured Visa® Credit Card, your credit limit will be equal to your initial deposit.

One nice feature of the Citi® Secured Mastercard® is that you have the ability to pay your bill up until midnight on the day it is due, either online or by phone.;Some other banks have cut off times as early as 7 or 8 pm on your due date. This midnight deadline can really help if you are waiting for a paycheck or money from another source to come in and dont want to make a late payment.

How Long Does It Take To Get Opensky Credit Card/opensky Credit Card Delivery Time

Probably one of the biggest downsides of this OpenSky credit card review is that it seems to be about 2 weeks before you see your credit card.

I personally applied on November 9th, got approved on November 13th, then received the card on November 21st.

But most people say it takes about 2 weeks to get the card, and there arent really tracking options.

I know most credit card/debit card places will get the credit card to you within 3-5 days, but OpenSky seems to take longer.

Given, OpenSky is a company that isnt making much profit. Their business model is around literally encouraging you to build credit and make timely payments on your card. So they arent a million-dollar company.

But, it is something to keep in mind when you get the card.

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Do I Need Income To Apply For Opensky

Actually, no. You do not need income to apply for OpenSky Credit Card. I didnt have to prove anything to them of my income.

You just need to have money for the security deposit, so youll need money, but you dont need to prove you have a job or anything.

This is great for people like me. Ive been unemployed since COVID-19 started, and just have been writing posts for this website. I basically have no income, but I still wanted to build credit, so OpenSky worked great!

Keep Using Your Opensky Visa Credit Card Account To Build Credit

OpenSky Secured Visa Credit Card 2018 Review  Should You ...

A review of the OpenSky Visa Credit Card determines its a great step to building credit and improving your credit score. With routine use of your OpenSky credit card and consistently making the required payments, you can be on your way to a solid path of credit. One of the benefits of using OpenSky is that OpenSky will report your activity to the 3 major credit bureaus every month, helping you to boost your credit score. With the help of Opensky card services, using your Visa credit card appropriately can lead to a boost in credit every month of the year!

Looking for another OpenSky Visa review? Be sure to see why as one of the best picks for bad credit.

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EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

Taking Action On Your Credit

Hopefully, you found this OpenSky® Secured Visa® Credit Card Review helpful because starting your credit journey can be complicated and confusing.

There is no better time than now to get things started and the sooner you get your card setup, the faster it will hit your reports and start helping you.

Having the card in your wallet is going to feel great, but growing your credit is going to feel even better.;

Start building your credit today with an OpenSky® Secured Visa® Credit Card!

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the authors alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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About Opensky Secured Visa Credit Cards Fees

The fees of OpenSky Secured Visa Credit Card are close to the industrys average fees.

Although you can find other secured credit cards that dont charge an annual fee, the amount of $35 may justify the cause of building credit. Note that there are other similar credit cards with a higher annual fee as well.

Further, the $35 annual fee worth it if you want to use a credit card but you have a poor credit score or no bank account.

Keep Credit Utilization Low

Opensky Secured Credit Card Review and Explained 2020 | Wealth Commit

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your OpenSky® credit card has a $300 limit and you spend $60.

Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.

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Opensky® Credit Limit Increase

One of the downsides to some secured credit cards is that they dont have the ability to increase the credit limit once the account has been opened for the card. For instance, if you opened one of those cards with a $200 limit, you would be locked in to that credit limit for the time that you own the card. As many people use unsecured credit cards to improve their credit score and build a credit history, having a locked in credit limit can be a downside to some cards. However, with the OpenSky® Secured Visa® Credit Card you can increase your credit limit after opening, up to $5,000 with the required deposit.

Can You Increase Your Credit Limit With The Opensky Card+

Yes, you can request a credit limit increase on the OpenSky card. However, since this is a secured card, youll also need to add money to your security deposit in order to increase your credit limit.

If your credit limit increase request is approved, youll receive an approval letter that offers next steps for funding the credit limit increase. Per the cards terms, you can only fund your credit limit increase via check, money order or wire transfer .

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Catalog / Merchandise Account Through Fingerhut

Another great alternative are Catalog/ Merchandise Accounts.

While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.;

Bottom Line: Is Opensky Credit Card For You

OpenSky® Secured Visa® Credit Card Card Review

If you are looking for an easy and quick way to start building credit or rebuilding credit, OpenSky offers a simple solution. The deposit and fees are slightly high. However, there is no credit check or bank account required. Determine your needs, compare them to the pros and cons of the company, and then decide if you want to move forward.

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Who Is The Opensky Secured Credit Visa Card Best For

If you have little to no credit, the OpenSky® Secured Credit Visa® is a great option. It helps you build credit without allowing you to go overboard since your credit line is equal to your security deposit.

Its also a great option if youre trying to fix your bad credit score. With a positive payment history and regularly charging no more than 30% of your credit line, you could build your credit score fast.

There Is No Credit Check But They Do Report To The Credit Bureaus

So when I first applied to my bank to get a credit card, they did a hard inquiry on my credit.

Now, I will never understand why- but hard inquiries make your credit take a hit. To me, that doesnt make sense at all why it should even affect your credit, but it is what it is I guess

Regardless, as youve read in every Opensky Credit Card Review, there is no credit check.

And I mean that. There isnt any hard inquiry on my record from them. And on their website, they tell you that they dont check your credit either.

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Opensky Secured Visa Credit Card Processing

Applying for this credit card takes less than five minutes. Whether or not youll get approved has nothing to do with your credit score or your existing bank balance. Still, to apply, you need to fulfill a couple of requirements.

You need to be a US citizen or permanent resident, and youll need to provide a Social Security number or Taxpayer Identification Number. The other thing that you should have, as mentioned before, is a monthly income that can cover your monthly expenses.

The required $200 security deposit will also play a massive role in getting approved once you apply for an OpenSky® Secured Visa® credit card. The good news is that it will be refunded in full if you decide to close your account, even though closing an account is not recommended if youre looking to build your credit from scratch.

Even though it takes just a couple of minutes to apply, it usually takes up to two days for the company to review and process applications. After the application approval, OpenSky will notify you via email. You can also expect emails if something is missing from your application, giving you time to submit additional documents. Once you are approved, the OpenSky® Secured Visa® credit card will be mailed to you; it might take up to 12 to 14 business days before it arrives at your doorstep.

Bank Americard Secured Credit Card

OpenSky Secured Card Review: Is It Worth It?

The Bank Americard Secured Credit Card offers automatic graduation to an unsecured card.

When you open the card, you have to make a minimum security deposit of $300 . Once you have the card, you can use it like any other card, making your payments each month to start building credit. Youll also get a free copy of your FICO score each month so you can track your progress toward building good credit.

Every so often, Bank of America will review your account. Based on your payment history and improvements in your credit score, you might qualify to graduate to an unsecured card. If this happens, Bank of America will automatically return your security deposit. You dont have to close the account and open a new one.

This card does not charge an annual fee, making it a good choice for people who dont want to pay to rebuild their credit.

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Reports To All Three Major Credit Bureaus

OpenSky reports all of your payments to the three big credit bureausExperian, Equifax and TransUnion. This reporting will help you to build your credit because your on-time payments made on the card will show up on your credit report at each of the different bureaus. Just remember to avoid any late payments, since this can lower your credit score significantly.

Opensky Credit Card Features

The OpenSky® Secured Visa® Credit Card is packed with several features that make it one of the best secured credit cards without a credit check.

The main features of this card include:;

  • No bank account needed to make monthly payments
  • Protection against fraud with Visa Zero Liability policy
  • Easy 4-step application process: no credit check or checking account required
  • Monthly reports to all three major credit bureaus
  • Online credit education and newsletter for cardholders
  • Interest-free grace period for first billing cycle

OpenSky® Secured Visa® Credit Cards help you to establish a solid payment history with no credit check required.

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Low Refundable Security Deposit

One of the hardest parts of opening a secured credit card is building up enough savings to make a security deposit. Some cards require $500 or more before you can open an account.

The OpenSky credit card has a minimum security deposit of just $200, though you can deposit more if you want to have a higher credit limit on your card.

The security deposit is fully refundable. As long as you make the minimum required payment each month, OpenSky will hold the deposit in a separate account for you. When youve built your credit to a sufficient level, and hopefully opened an unsecured account, you can pay your OpenSky card balance in full, close your card and get your security deposit back.

Opensky Secured Credit Card Review Summary

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The OpenSky® Secured Visa® Credit Card is a good credit card for people with a bad credit score who want very high odds of getting approved. The OpenSky does not check applicants credit history, which makes it easier to get than most secured cards, and its annual fee is just $35. This card also reports account information to the major credit bureaus each month, which is the key to credit improvement, along with on-time bill payments.

As a result, the OpenSky is worth it for people who are concerned about getting rejected for another credit card and want to get started building or rebuilding their credit as soon as possible. People with a clean credit report may be able to get approved for a cheaper offer, though.

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Opensky Secured Visa Credit Card Review At A Glance:

Do you have bad credit and you want to improve it or you lack a bank account? Then, you may need to check out OpenSky Secured Visa Credit Card review!

The OpenSky Secured Visa credit card is among your best options if you are looking to obtain credit without a credit check or a bank account! OpenSky has offers reasonable fees and interest rates to those that are considered a high-risk borrower. However, if you have a bank account and fair to good credit, there are probably better options for you.

For example, you can use a secured card that upgrades to a regular unsecured credit card without paying an annual fee. Some, however, do charge an annual fee.

Scroll below to read the full OpenSky secured Visa credit card review.

Annual Membership fee: $35

Initial Credit Limit: $200-$3000

Security Deposit Requirement: $200-$3000

: Variable 17.39%

Access to higher Credit Line: No

Logging In And Managing Your Opensky Secured Visa Card

To access your account, you can either log in to your account online or through the app . From here you can access your monthly bills, set up recurring payments, and enroll to receive paperless statements.

To contact Customer Service directly, call 800-859-6412 or the number listed on the back of your statement.

There are also multiple mailing addresses on the website if you prefer this method, as well.

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How To Start With Opensky Secured Visa Credit Card

Do you want to get an OpenSky Secured Visa credit card?

Then, you can quickly apply through the cards official website by completing 5 steps:

  • Personal info
  • Agreements
  • Security Deposit
  • Since this card doesnt require a credit check or bank account, the chances of approval are high.

    Also, its a strong tool for rebuilding or starting to build credit .

    You start by choosing a credit line and securing it with one refundable on-time deposit. This amount will also be your credit limit. It can be from $200 up to $3,000.

    Your options for funding the deposit are:

    • Using a debit card
    • Money order
    • Mailing a check

    After your card is approved , OpenSky secured visa credit card reports to all three major credit reporting bureaus . Thus, you can start building your credit.

    OpenSky Secured Visa Credit Card has stated that 99 percent of consumers who started without a credit score managed to build a score in only six months!

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