Would you like to explore comprehensive details about the OpenSky Secured Credit Card? Responsible Economy provides an in-depth overview of the key features of the OpenSky Secured Credit Card, covering fees, interest rates, minimum deposit, and all the essential information. Additionally, we’ll provide you with a comparison of the leading secured credit cards available in the market. Let’s embark on this exploration!
Features
In this section, we will go through all the features one by one.
Fees
Fees play a significant role in assessing financial products, and credit cards are no exception. The OpenSky Secured Credit Card comes with an annual fee of $35. Undoubtedly, this is a notable downside, as there are many secured credit cards available without annual fees.
APR
Opting to defer payments comes with a relatively elevated interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases with the OpenSky Secured Credit Card is 22.39%, which is a factor worth considering. It’s worth mentioning that while certain cards offer an initial 0% interest rate, the OpenSky Secured Credit Card does not fall under this category.
Cash back
The OpenSky Secured Credit Card does not offer any type of cash back for purchases made. This is certainly a negative feature, as many secured credit cards provide cash back rewards for purchases.
Minimum deposit
In order to open an account with the OpenSky Secured Credit Card, you will need to provide a minimum security deposit of $200. The credit limit assigned to you will be determined by factors such as the size of your security deposit, your income, and your ability to effectively manage the established credit line. This structure promotes responsible credit usage and supports your ongoing financial improvement.
Welcome bonus
Unlike numerous credit cards that entice with appealing welcome bonuses, potentially reaching up to $800, it’s important to highlight that the OpenSky Secured Credit Card does not offer any welcome bonus incentives.
Summary table
We have created a table summarizing all the features:
| Features | OpenSky Secured Credit Card |
|---|---|
| Fees | Annual fee of $35 |
| APR | 22.39% on balance for deferred payments |
| Cash Back | No cash back rewards for purchases |
| Minimum Deposit | Minimum security deposit of $200 |
| Credit limit based on deposit, income, and management | |
| Welcome Bonus | No welcome bonus incentives |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of OpenSky 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 Secured Credit Card:
| Advantages | Disadvantages |
|---|---|
| No credit check required to apply. | $35 annual fee. |
| Option to build or rebuild credit. | Relatively high APR of 22.39% on carried balances. |
| Minimum security deposit of $200. | No cash back rewards on purchases. |
| Flexibility in choosing the deposit amount. | No welcome bonus offered. |
| Opportunity to increase credit limit. | No introductory APR benefits. |
| Card activity reported to credit bureaus. |
Requirements
To be eligible for the OpenSky Secured Credit Card, you need to fulfill the following minimum requirements:
- Reside in the United States: This card is specifically available for individuals who live in the United States.
- Age Requirement: You must be at least 18 years old to apply for this credit card.
- Employment Verification: Providing proof of your employment is important to showcase your capacity to handle the card responsibly.
- Social Security Number: A valid Social Security Number is necessary for identity verification and assessing your credit history.
Frequent questions
Now we’re here to address any questions you might have about the OpenSky Secured Credit Card:
Conclusion and opinions
After conducting our analysis, our opinion is that the OpenSky Secured Credit Card is not a competitive credit card option. It comes with annual maintenance fees, lacks any cash back rewards for purchases, does not offer welcome bonuses or introductory APR offers. On the positive side, it provides a relatively lower interest rate compared to other secured credit cards and is easily attainable.
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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