Are you interested in delving into the comprehensive details of the OpenSky Plus Secured Credit Card? Responsible Economy offers an extensive overview of the major attributes of the OpenSky Plus Secured Credit Card, encompassing fees, interest rates, minimum deposit, and all essential information. Furthermore, we’ll furnish you with a comparison of the top-tier secured credit cards currently accessible in the market. Let’s begin this informative journey!
Features
In this section, we will go through all the features one by one.
Fees
Fees are a critical aspect when evaluating financial products, and credit cards are no exception. The OpenSky Plus Secured Credit Card stands out by not having any annual maintenance fees, a substantial advantage compared to other secured credit cards.
APR
Choosing to postpone payments on the OpenSky Plus Secured Credit Card entails a relatively higher interest rate. The Annual Percentage Rate (APR) for carrying a balance on purchases is 29.74%, which is an aspect to take into account. It’s important to note that while certain cards provide an introductory 0% interest rate, the OpenSky Plus Secured Credit Card does not fall within this category.
Cash back
The OpenSky Plus Secured Credit Card does not provide any form of cash back for purchases. This aspect is considered a drawback, as numerous secured credit cards offer cash back rewards for transactions.
Minimum deposit
To initiate an account with the OpenSky Plus Secured Credit Card, a minimum security deposit of $300 is required. Your credit limit will be determined based on various factors, including the amount of your security deposit, your income, and your ability to manage the established credit line. This arrangement encourages responsible credit utilization and aids in gradually enhancing your financial standing.
Welcome bonus
Unlike many credit cards that tempt applicants with attractive welcome bonuses, possibly totaling up to $1,000, it’s crucial to emphasize that the OpenSky Plus Secured Credit Card does not provide any incentives for welcome bonuses.
Summary table
We have created a table summarizing all the features:
| Features | OpenSky Plus Secured Credit Card |
|---|---|
| Fees | $0 |
| APR | 29.74% on balance for deferred payments |
| Cash Back | No cash back rewards for purchases |
| Minimum Deposit | $300 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of OpenSky Plus Secured Credit Card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the OpenSky Plus Secured Credit Card:
| Pros | Cons |
|---|---|
| No Annual Maintenance Fees | No Cash Back Rewards |
| Access to Visa Discounts | No Welcome Bonus Incentives |
| No Credit Check to Apply | No Introductory APR |
| Opportunity for Credit Line Increase | Limited Additional Features |
| Reports to Major Credit Bureaus | Minimum Security Deposit of $300 |
| Acceptance at Locations Where Visa is Accepted | Relatively High APR of 29.74% |
| Limited Information on Additional Benefits |
Requirements
To qualify for the OpenSky Plus Secured Credit Card, you must meet the following minimum requirements:
- Reside in the United States: This card is exclusively available for individuals residing within the United States.
- Age Requirement: You must be at least 18 years old to be eligible to apply for this credit card.
- Employment Verification: Presenting evidence of your employment is essential to demonstrate your capability to responsibly manage the credit card.
- Social Security Number: A valid Social Security Number is required for identity verification and evaluating your credit history.
Frequent questions
Now we’re here to address any questions you might have about the OpenSky Plus Secured Credit Card:
Conclusion and opinions
After the analysis conducted, our opinion is that the OpenSky Plus Secured Credit Card is not a competitive credit card option. It lacks cash back rewards for purchases, comes with a high interest rate for carrying balances, requires a minimum deposit of $300, and does not offer a welcome bonus. However, on the positive side, the card is completely fee-free and the approval process is straightforward.
More information about Opensky
We have created a table with contact information of OpenSky:
| Contact Information | Details |
|---|---|
| Website | www.openskycc.com |
| https://www.facebook.com/OpenSkyCard/ | |
| YouTube | https://www.youtube.com/c/OpenSkyCard/videos/ |
| https://www.instagram.com/opensky_card/ | |
| [email protected] | |
| Phone | 1-800-859-6412 |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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