Open SkySM Secured Visa® Credit Card

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  • No Credit Check for Approva
  • No Checking Account Required
  • Reports to All 3 Major Credit Bureaus
  • All Applications Considered
  • Quick and Easy Online Application
  • 4 Ways to Fund Your Card
  • Accepted Everywhere You See the Visa Logo
  • Choose Your Own Credit Limit from $200 to $3,000
Annual Fee:
$50
Purchase Intro APR:
N/A
Purchase Regular APR:
14.25%
Balance Transfer Intro APR:
N/A
Balance Transfer Regular APR:
14.25%

Details, Rates & Fees

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* See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the 'Apply Now' button, you can review the credit card terms and conditions on the provider's website.

Cash Advance Rate 14.25%
Cash Advance Fee 5%
Late Fee $20
Penalty APR See Terms
Balance Transfer Fee 5%
Foreign Transaction Fee 3%
Return Payment Fee See Terms

Cardholders' Reviews

The following information and reviews are brought to you by Credit Karma and/or its users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.
Most Helpful Positive Review
marsbars24
Use It to Your Advantage
by marsbars24
Helpful to 352 out of 358

Okay so I see a lot of negative reviews that I think mostly stem from Open Sky not clearly communicating the process/when they report to bureaus etc. Here's the deal. If you want a boost in your score quickly, apply for the card around the 15th-20th of the month. Open Sky reports to the credit bureaus on the last business day of the month (then sometimes it takes a week or so after that for the bureau to reflect the change). It takes 3-4 days for your $200 (or whatever) deposit to go through, and for the card to be shipped, after approval. Your account isn't considered open until the date the card is shipped. The card comes with the $35 annual fee already tacked onto the balance and if you ordered your card mid-late in the month, that $35 won't be due until the end of the next month (but it will count towards utilization when reported to the bureus, which is a good thing, as long as you keep utilization under 30%. $35 out of $200 is 17.5%). Each month, your bill is due on the 28th. So to absolutely optimize the credit boost you can get from this card: order it around the 18th of the month. The card will probably ship out around the 22nd. Don't worry about paying the $35 fee the second you get the card - you can activate it with the $35 fee on there. Let the utilization work for you when they report to the bureus on the last business day of the month, then on like the 5th of the next month, pay the $35 off. Now, set up a monthly small charge, like Netflix or something, to come out mid month, and DONT use your card other than that monthly charge. When you get your bill in the beginning of the month each month, pay off the last month's balance in full. I've had the card for a couple months, and that's all I've learned from research/talking to their customer service. It's worked well for me so far!

The following information and reviews are brought to you by Credit Karma and/or its users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.
Most Helpful Negative Review
elbrant
I wish someone had told me...
by elbrant
Helpful to 1119 out of 1155

 

I've had this card a little over a year now. I try to remind myself that it is only a tool in my toolbox. And bearing that in mind, they are very good at reporting your balance and payment data every month. But here are a couple of things that you may benefit from knowing:

1. They report your balance/data near the end of the month (the 28th or so). That's when they do mine. Ask them when they do yours. Make your payment so that it processes through before your reporting date, then don't add anything else to the account until after the reporting date. Your balance will be lower, and your utilization percentage will be it's most favorable, at that time than any other time during your billing cycle. Make sense?

2. The only way to get your secured deposit back is to close the card.

3. The only way to get a credit increase is to deposit more money into your account.

4. If you get frustrated and close your account, it's going to affect your CR in a negative way. Primarily because you have reduced your overall creditworthiness (one less open account). I have one, my son has one. I think once I've accumulated a few other accounts for 2+ years, my CR will be strong enough to take the ding from closing the account.

So, that's what I've learned first hand from having this card. And what I wish someone would have passed on to me. It's a good "last resort" to have in your toolbox, just remember it is a tool and the goal is to get better cards down the line.


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