Open Sky Secured Credit Card Review
Getting the Open Sky Secured Credit Card sounds like a great idea if you have bad credit or even fair credit read this review. It’s always a good idea to find the best secured credit card that can give you the upper hand, and here you have access to all of that. The main advantage in this case is that you have a stellar, powerful credit card solution that’s not only comprehensive, but also very dependable and easy to use at the same time.
Review Of What Should You Know About The Open Sky Secured Credit Card?
The card is secured and it comes with an annual fee of $35. The security deposit is from $200 to $3000 at most. You will need to offer a refundable security deposit, and the issuer will keep this as a collateral. The APR is around 17.39%. Yes, the interest rate is rather high, but it’s still a good option. There are no rewards here, unfortunately, and the foreign transaction fee is 3%. If you need to use the cash advance option, they do have a fee of 5% from the entire amount, which is definitely a thing to consider as much as possible. They do report information to the major credit bureaus too. That means you can build good credit and step away from any credit issues.
Why should you use the OpenSky Secured Credit Card? Are there downsides?
The main advantage if you want to get such a card is that there’s no credit check required. So even if you have bad credit, you can still get this. You do need to show you are an US resident, share the SSN, pay a security deposit and have an income higher than your expenses. However, approval is not guaranteed. Another advantage for this card is that you don’t need to have a bank account. And as we mentioned above, the activity is reported to the credit bureaus, which is very helpful. You will also find a few downsides. There’s no path to upgrade, and you must pay an annual fee. And as you can imagine, there are other options with a lower deposit, which is certainly something that you need to keep in mind. It’s important to note that the security deposit gets refunded when your account is in good standing.
Is OpenSky Secured Credit Card a good option?
It depends on what you need. If you want to build credit, then this is ideal, and the best part is that you can get it even with a low credit score. They don’t go with a credit check, and even if the credit card is secured, your deposit is refunded when your account is in good standing. Do keep in mind that there are some downsides, like not having an upgrade path and the annual fee.Yet if you get past all of that, the OpenSky Secured Credit Card is actually a very good option. It’s a great option for those that want to build credit, while also staying away from credit checks or any other similar things. It’s definitely worth the effort, so try to use that to your advantage.