The application and approval process was very simple and fast and was approved in seconds. Best way to get card fast is if you have bank account and you pay your deposit through your account. I received my card in 7 days and when you receive it and open up your online account your 35 yearly fee is already deducted from your card balance. Pay it immediately! Its the price to pay to get back in and play. It takes a while for your payment to clear and get your balance back and also the website is very elementary. Your score will go up but my rule of thumb is to not use anymore than 20% on card and pay it immediately. This is NOT a card for pleasure or for benefits and the card in reality sucks but im not in this for fun...purely business. My goal is to recover my credit post bankruptcy and this card is the tool I am afforded to accomplish that and only option I had. If you have horrible credit and just want to build a new foundation for yourself this card is for you. If you have options with credit cards than this is not the card for you. If you pay your balance off immediately after using it than you should be clear of any interest. Use this card wisely and remember your goal! Hope thus helps.
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $35
- Purchase Intro APR Not Applicable
- Purchase Regular APR 18.14%* Variable
The OpenSky® Secured Credit Visa® Card is a good choice for people who are looking to build their credit without paying too much in fees.
What to Like
The OpenSky® Secured Credit Visa® Card reports regularly to all 3 major credit bureaus, making it useful for building credit. The $35 annual fee is relatively low for a card aimed at people with limited credit history, and there are no other processing, servicing or application fees. There’s no credit check for applicants, and the 18.14% APR is competitive for a card made for low score users.
Look Out For
There’s a slightly higher penalty APR for cardholders who have missed a payment. This is also a secured credit card, meaning you’ll have to put down a deposit equal to your credit line in order to get access to credit.
Most Helpful Positive Review
Most Helpful Negative Review
Yes, it's great to be able to get a secured card and rebuld your credit. Yes, the card application process went smoothly. Just be aware that it takes 6-8 biz days for your payments to be applied to your account and available for your use. This is not disclosed in the card agreement, nor is it stated when you make your payment online.
When you make your payment online the site says it will be credited to your account within 2 business days. Turns out that AFTER THAT the bank puts a 5 day hold on it, which is why you are looking at a 6-8 business day delay.. If you call the card customer service dept. they tell you this has nothing to do with the card but is a policy of the banK and therefore there is nothing they can do about it.
Now in the big scheme of things this isn't horrible. But I was counting on using this card tomorrow (the 5th biz day after making my payment) for a car rental and now have to figure out an alternative. I spoke with 2 customer service reps about the lack of disclosure on this, and their attitude basically was: too bad. They weren't very nice about it, which tells me they probably get this complaint a lot.
When you make a payment, you lose the use of that money for up to 8 business days every month while the bank uses it for free.This is the real reason this secured credit card is offered.
I might have been OK with the policy if I had known about it - which is why I am posting this review so others will not be caught by surprise.
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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.
† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.
‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.