OpenSky Secured Visa benefits can help you stay on track as you build credit that lasts. Find out which perks you get with this card and how to maximize them.
There are many reasons to sign up for a secured credit card, the most important of which is giving yourself the chance to build or improve your credit. While secured credit cards require a cash deposit as collateral, the fact that they report to the three credit bureaus – Experian, Equifax and TransUnion – is a major bonus. This reporting can help you prove your creditworthiness which, in turn, can help boost your credit score over time.
The OpenSky® Secured Visa® Credit Card can help you build or repair your credit in just this way, after you put down a security deposit of $200 or more. This card also offers a few additional perks, which can help make up for the $35 annual fee. If you’re considering this card as your starter credit card, read on to learn about OpenSky Secured Visa benefits and how they work.
OpenSky Secured Visa card benefits
First, you should note that secured credit cards tend to come with fewer perks than unsecured credit cards – particularly rewards and travel credit cards. Here are the OpenSky Secured Visa benefits you can look forward to as a cardholder:
No credit check required
One of the most unique features of this card is the fact that you can apply and get approved without a credit check. This means virtually anyone can qualify for this card regardless of their credit score – even if you have a bankruptcy on your profile or no credit at all.
Security deposit as low as $200
While you have to put down collateral to carry the OpenSky Secured Visa Credit Card, your security deposit can be as low as $200. This deposit will make it possible to have a line of credit in your name in the same amount, which can pave the way to improving your credit through responsible use.
Reports to the three credit bureaus
The OpenSky Secured Visa Credit Card also reports your credit movements and payments to the three credit bureaus. Ultimately, moves like on-time or early payments, and keeping your balance low, can help improve your credit score with each passing month.
Access to the OpenSky mobile app
The OpenSky mobile app makes it easy to monitor your account and your progress using your favorite mobile device. With the app, you can keep track of purchases and payments, search for transactions, check your next due date and more.
Join the OpenSky Facebook community
Finally, the OpenSky Secured Visa Credit Card offers something you just don’t find with other credit cards – its own Facebook community with well over 35,000 people. Since consumers use the OpenSky Secured Visa to build credit that lasts, this community of people can serve as a powerful resource when it comes to getting support, so you can stay on track with your goals.
Maximizing the OpenSky Secured Visa Credit Card
Because you signed up for the OpenSky Secured Visa Credit Card to build credit, you’ll want to make sure you’re doing your best to maximize this opportunity. For the most part, this means making sure each of your monthly payments is made early or on time. After all, your payment history is the most important factor that makes up your FICO credit score.
You’ll also want to try to pay off your balance every month if you can. Doing so will help you keep your credit utilization as low as possible, which is also a determining factor of your FICO credit score. Ideally, you’ll never carry a balance that makes up more than 10% of your available credit limit, or 30% of your available credit at most. With a credit limit of $200, that would mean carrying a balance below $20 (or $60 at the absolute maximum).
Really, though, you should be trying to pay off your balance in full each month regardless. If you don’t, you’ll be stuck paying off your balances at this card’s relatively high APR (currently a variable rate of 18.14%).
At the end of the day, a secured card like the OpenSky Secured Visa Credit Card can help you build credit you can use later on. However, you should make sure you have a plan to use credit responsibly, and that you don’t wind up repeating bad credit habits you had in the past.
For best results, use your card to make purchases you can afford to pay off, then pay your balance in full every month. From there, all you have to do is rinse and repeat until your credit is in a better place, and you can move up to a better credit card. OpenSky Secured Visa benefits can help make the process easier as you relearn how to use credit in a way that benefits you.