OpenSky Credit Card Review

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Applying for a credit card is not an easy task when you have bad credit, or you simply do not have a credit history.

This is reasonable, because the providers of this service do not have any proof that you pay your bills on time, and the same happens with the different types of loans.

In order to obtain a credit card, you need to apply for a secured card, that is, you make a deposit that will be the limit of your card.

The OpenSky credit card provides an easy-to-obtain card that will help you improve or build your credit.

Reasons to Use OpenSky

Normally people with bad credit rating cannot get traditional credit cards. To satisfy this need the best option is a secure credit card like OpenSky.

The first advantage of this provider is that it sends a monthly report to the three major credit rating agencies (Experian, Equifax, and TransUnion).

Thanks to that measure, as long as you keep your payments on the credit card, you can significantly improve your credit score, or in any case, build your history, so it is an equally attractive option for those who start to work their finance.

Since you can significantly upgrade your credit availability with this card, owning it is very useful, since good credit ratings bring better credit opportunities in the future, as well as the possibility of saving money by obtaining lower interest rates than when obtains a loan – personal, mortgage, among others –with a poor credit score.

They also do not look at your credit rating to pass, so it does not matter how many points you have, even if they are 300, or if you do not have credit (ideal for young people and students) or if you turned to bankruptcy. –Regardless of your credit situation, you can and probably should apply.

Security

You should never underestimate the security of your bank accounts, credit cards, users on internet sites or anything you can imagine, that is why this issuer always recommends logging off and then closing the browser after login, as well as not sharing your user data with nobody. Never give information to third parties through telephone calls.

In addition, Open Sky has used encryption of confidential information with Secure Socket Layer (SSL) of 128 bits, thus, only the entities endorsed by them can have access to your personal information.

Benefits

Unfortunately, this card does not offer any kind of rewards for using it, but despite not giving you money or other prizes, it rewards you by helping you improve your credit rating.

To achieve this, send a monthly report of your activity to the three major rating agencies (Experian, TransUnion, and Equifax), an important step is to make a higher initial deposit, as well as keep your debt low.

Regarding the annual fee, we can mention that moderately low, it is true that there are insured cards without an annual fee, this card is $ 35, while other similar cards charge $ 50 or up to $ 75 over higher APR.

In addition, the annual percentage rate or APR is low in relation to other similar cards, being only 19.64% while the others average between 20% and 25%. We must mention that all the people who apply can opt for this percentage, so you will not risk reaching the upper end of a range.

How to Get Your Card

Initially, you must make sure you meet the minimum requirements to approve:

  • Be over 18 years of age
  • Provide a valid social security number or a taxpayer identification number.
  • Be a US citizen or permanent resident.
  • Your monthly income must be higher than your expenses, having room in the budget to pay your debt.
  • You must not have applied for a Capital Bank credit card 4 or more times in the last 60 days.
  • You cannot have 2 or more credit cards with Capital Bank.
  • If you had a credit relationship with Capital Bank, it must have concluded on good terms.

If you meet the requirements then you can make a request online, through a process that they divide into 4 steps.

You will have to provide personal information, contact information, room address, monthly income and what you spend to pay your other debts and, finally, indicate that you agree with the terms and conditions.

Remember that it is a secure card, which means that to have credit on your card you must make a payment, which you can do with Visa or MasterCard credit cards.

In case you prefer you can click on the option to make the deposit later, obtaining a maximum of 5 days to pay. The safe deposit is a minimum of $ 200 and can reach a maximum of $ 3000 if you want to cancel your application or the card your deposit will be returned in a check.

Rates and Fees

You can obtain more information about this directly at the time of application, the rates applied in part are the following:

  • Annual percentage rate (APR) applied to purchases of 19.64%.
  • The annual rate of 35%.
  • If you withdraw money at ATMs, they charge 5% or $ 6, whichever is higher.
  • Penalty up to $ 38 for late payments
  • Minimum charge for interest: $ 1
  • Returned payment: up to $ 25
  • Foreign transaction fee: 3%

In case you do not use your card for more than a year you will start paying an inactivity fee of $ 10 each month after the year. In case you use the card just to improve your credit score, avoid this monthly penalty by using the card to make minor payments and keep the debt low. Other rates are:

This card has a very specific range as a credit limit, the minimum deposit is $ 200, while the maximum limit is $ 3000, and nowhere is it indicated if this is the maximum limit of the card or if you can opt for a higher increase.

If you are a member of the military or dependent on one, you can benefit from important protections provided by federal law.

As a general rule, this protection indicates that such persons cannot pay more than 36% in fees or fees in transactions with the credit card, among other business periods.


Savings Builder

At the End

The Open Sky secured credit card has been designed for those who wish to improve their credit score, but have had difficulty obtaining a credit card due to a low credit score or lack of credit.

Due to this same feature, it does not offer a reward system of any kind.

Do not forget that you must avoid a period of inactivity of one year to avoid having to pay the monthly fee of $ 10 if you no longer need to cancel it and in a few days you will have received the amount for which your card is insured. Choosing this product is a great choice if you aspire to improve your credit in order to qualify for other products, such as mortgages, business loans and more.

Consider all the advantages and disadvantages before applying, carefully read the terms and conditions and, if you are satisfied, make your secure deposit, this card is associated with Capital Bank.

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