OpenSky Secured Visa Credit Card
The OpenSky® Secured Credit Visa® Card is geared for an individual who has a recent bankruptcy. This credit card is also an attractive credit card for people that have less than perfect credit or no established credit. CreditFast has listed both the pros and the cons of the OpenSky Secured Credit Card.
Pros and Cons of The OpenSky® Secured Credit Visa® Card
Pros: The Benefits of the OpenSky Secured Credit Visa Card
Just like all secured credit cards, the OpenSky Visa Credit will report to all the major credit bureaus; they are Trans Union, Experian, and Equifax. The clear benefit to OpenSky cardholders is that they have an opportunity to build positive credit history. Despite any fee paid to acquire this credit card, cardholders will receive a direct benefit that outweighs the fees.
In as little as six months of on-time payments, cardholders will begin to see their credit scores improving. Over time, these new improved credit scores will result in lower interest rates on installment loans such with an auto loan.
The interest rate for the OpenSky credit card is also lower than many secured credit cards at 18.14% (variable). CreditFast has found that most competing banks will charge the maximum interest permitted by law. We found this 18.14% (variable) truly fair for a secured credit card, and this especially helps those of us who are revolvers.
The annual fee as of the date of this article is $35.00. This annual fee is lower than many competing secured credit card offers.
best feature of the OpenSky® Secured Credit Visa® Card
One feature that has created a lot of excitement is that with the OpenSky Visa there is no credit check. Recently CreditFast reviewed The Discover it® Secured Credit Card. The one thing which we did not like is that Discover will do a hard pull. A credit inquiry, unfortunately, will appear on your credit report. A hard pull is a result of most secured credit card applications.
Cons of the OpenSky Secured Visa Credit Card
You will want to make sure to make on-time credit card payments. OpenSky takes missed payments seriously. After Missing a payment, you will incur a higher apr. So to avoid this penalty, you must always make your payments on-time. On time payments should be an easy one. After all why else is a person acquiring a secured credit card if not to improve their overall credit score?
The OpenSky® Secured Credit Visa® Card being a secured credit card makes this a con or negative for many people. You will need to make a security deposit to obtain a credit line. For most secured credit cards the security deposit is equal to the credit line.
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