OpenSkyCC Secured visa credit card is a secured credit card with variable APR of 18.39%.This credit card is particularly helpful to those who don’t have a credit history or have a bad credit history. It is designed mainly for those who want to redeem or create a good credit history. Consumers do not need a credit check or a checking account to qualify for it, which makes the process very easy. It has a minimum first deposit of $200 and the 18.39% APR is very competitive and reasonable.

In addition, since the company reports your payment history often to all the 3 main credit bureaus, it gives you a good opportunity to redeem your credit history as long as you use the card responsibly. Nonetheless keep in mind that unlike other secured cards, this card comes with an annual fee of $35.

OpenSkyCC : How the card works

You will have to make an initial deposit before you start using the card. The amount you deposit will become your credit limit and will remain in your bank account for as long as your account is open. You can make your deposit in 2 main ways. First, you can use a debit card, just provide your information and the bank will process your transaction. Secondly you can fund your account via a wire transfer to capital bank. For those who do not have checking accounts, a money order/mail check or western union can do the job too.

The card can be used just like any other credit card and can significantly improve your credit limit when you deposit money into your account. And as mentioned earlier, all payments and account activities are usually reported to the 3 main credit bureaus which can easily help you create a good credit score if you use the card liably.

One of the best ways of using the card to enhance your credit score is to start off with a manageable credit limit and look for any repeat expense you can put on the credit card. This can be utility bills or any other bill and ensure you pay the bill diligently every month. This way when open sky reports to the bureaus you will have a purchase under your name every month which is a good thing for your credit score.

How to qualify

You only need a stable job to qualify for OpenskyCC secured. A job will prove that you have a source of income which is a good indicator that you are accountable and can pay your bills diligently. You will also need a deposit of not less than $200.This amount will be your credit limit which means if you deposit $500,your credit limit will be $500.The application is also fairly easy and you can complete it in less than 10 minutes. They only request for basic financial and personal details and a credit limit that you prefer.

Pros

-No Credit Check

-Low variable APR

-Allows you to easily establish or rebuild credit as they report to all the major bureaus

-Works almost everywhere that Visa is accepted

-Easy online application

Cons

-Annual fee of $35

-Comes with a 3% foreign transaction fee

-Has Maximum deposit of only $3,000 deposit

Conclusion

Although there are many other secured credit cards with higher credit limits, smaller minimum deposits and lower annual fees, Opensky secured Visa credit card has two main advantages that make it outstanding: No need for a bank account and no credit check for applicants.

This basically means that OpenskyCC is accessible to even people who don’t have a credit history, people with low credit scores and people who do not have checking accounts. So if you have been struggling to be approved for credit cards due to nonexistent or bad credit history, this is the card for you.

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