Open SkySM Secured Visa® Credit Card

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.

 I've had PSB since June 2010 and it is a great card. Yes it does have some drawbacks (never coverts to unsecured, and the timely crediting of payments) but I chose it because I wanted a much larger credit line than Orchard or Capital one was offering. I have two cards, one with $2K and the other with $1K. I went through the same frustration of having my payments credited timely even when I paid it through ezcard. My first billing was annual fee which Ipaid immediately, but the next two statements were $400+ and $1300+. which i paid in full and it took day to update my credit line, even afte rmy bank credited the payment. I called and talked to so many CSRs who gave me the spiel about other card holders, blah, blah, blah. FInally a CSR must have slipped and told me any ayment under $100 is credited immediately. (Is everyone listening) So on my next statement i did just that, I paid incremental payment througth excard at $95 at a time. It's a hastle but now when I pay my bill no matter the amount, I have access to my credit limit (MY MONEY) within 48 hours. The first 24 hours shows payment pending and by midnite the next night it shows processed and my credit limit is updated. This was very important to me because I was using the two cards to pay eveything and then would pay off the balance before my paper statements would even arrive. I think PSB is great for rebuilding credit if you can overlook the fact that you will never get any interest nor will it turn into an unsecured card. This card is for serious people who want to swiftly rebuild and still want a higher credit line than the other secured cards. I hafe a Cap One with a $500 credit limit that I alternate to buy gas and that has a automatic line increase ever so many months. My credit karma score is 644 and i just pulled a equifax that was only 1 point higher than CK was. Not moving as fast as I thought I would but that's because I have a discharged chap 13 BK from 2008, and two car payments that were not included in the BK, that I'm in a fight with Suntrust to report paid as agreed. One month it will show correct, then when I oull a report it will be right back to the way it was. Enough of me, get this card if you are serious about rebuiding and if you are making payments greater than $100 do multiple smaller payments of $95 to make your entire months payment. Just make sure it is UNDER that $100 amount.

Good luck and thanks PSB.

Freebie61

Hi Everyone... If you are reading this email and on this site, you and I am more than likely in the same boat of trying desperately to rebuild or credit.  I began with Credit Karma in July with a score of 542....began reading reviews and helpful tips, surfing the web for rebuilding credit, etc.  Once I realized I could rebuild myself without paying someone else, I became more focused. (Not to say I did not reach out for their services, I just didn't sign up)  I began paying off accounts in collections, bringing bills current such as my car note, furniture bill, and a personal loan I have which brought up my score 10 points in 2 months.  I noticed that I needed to establish credit to build credit. Well, I applied for Capital One and was denied.  Wow, another hard pull....Then I came across OPEN SKY...No Credit check, just some minor verifications and it was done......Once I received my card (after approx 3 weeks) I used it only a few times.  My report date falls on the 3rd of the month.(everybody will be diiferent).  When I checked my score it had rose 60 points!!!!!........so now my score is 612....!!!!! talk about happy and ecstatic....I am elated...I am now even more focused to continue my journey. My target goal is 700-750 and now that i know what I need to do, I am sure to get there. Open Sky is awesome!!!  I cant brag enough about it.....I WILL be purchasing my first home within a year....Thank you OPEN SKY for helping me rebuild my credit....!!!!

As people have said there is no grace period. If this is the only thing you can qualify for, go for it. Then only use it to buy a cup of coffee or a big gulp once a month and pay it off in full. Don't get this card to use like a normal credit card, only for building credit and buying your soda once a month.  

Customer service through emails was prompt and informative.  They patiently gave me all of the information I needed.

It costs $50 a year.  More expensive than some and less expensive than many.

Interest starts the moment you put a balance on the card so pay the $50 balance it comes with the moment you get the card.  (note that you will still be charged the $1.00 minimum interest fee)

Buy coffee and gas once a month near the statement date and pay the statment off immediately.

Enroll online for the paperless statement and bill pay through your bank account.  openskycc.com.

These guys are not fast so you have to plan your payments ahead, and remember this is NOT a credit card, it is a credit rebuilding TOOL.

As soon as you get a good enough score get a non secured card and cancel it.

OPENSKYCC.com is a scam! They took over my account from Public Savings Bank and changed the terms and conditions and tried to raise my interest. My credit score has gone up 146 points since I originally opened this account 3 years ago. OPENSKYCC also changed the terms and conditions of my bill date. My bill is due on the 28th of each month and I have a minimum payment of 25 dollars. On the 29th I paid them 70, on the 30th I paid them 30 and on the 28th they gave me a late fee. Why? According to OPENSKY the billing cycle doesn't close til the 5th, so my early payment became late and a 25 dollar late fee was attached. Plus, they tried to raise my interest! SCAM SCAM SCAM. I reported them to the FCRA for illegal billing practices, my Debt Solutions Attorney also said they are a total scam, I am trying to improve my credit, not have it destroyed. AVOID THIS COMPANY!

I got the card to improve my credit several years ago. Used it very rarely and had an automatic payment set up so I never missed a payment. Apparently they no longer accepted my autopayment so I missed the new $75 annual fee (on a $300 secured card). They then tacked on a $30 late fee. I called and they said they sent a notification. This may be true but they seem to change terms so frequently that unless you plan on reading every fine print line of all your mail, I wouldn't recommend this card.

I just cancelled my card. Now I have to pay them $105 in fees so that I can get the $300 security deposit back (which they told me takes 30 days until they "start the process". That make any sense to anyone else?

I read alot of the reviews and was concerned about it, however the month after initial reporting my credit score jumped 62 points, while it does take 5 days for a payment to clear, and return the payment amount to your credit limit, however you have 28 days from when the statement is posted to when it is due, which should be adequate for people if you are using it as intended, build credit.

I secured it with $300, should have used a higher dollar amount. You see the credit utilization really zaps your credit at such a low limit. Had the care for several years then it changed to Open SKY. If you have had to start over rebuilding your credit, and if you are like me, have to have complete control the this card may not be for you. I LIKE PAPER, and they started charging me for my statements. The only way I do direct drafts or electronic payments is if it benefits me in some way. A bonus for using their payment system, or a reduction in intrest if I set up auto pay etc. So if I do not get a perk for electroinic management, I just don't do it. If a company tries to force me into it by charging me a fee then I rebel and cancel the card. My cancelation process with OPen sky was not a good one. Took them several Months Dec to end of April to send my money back, and only after a phone call everytime I received a statement. They did eventually work it our fairly but I had to be persistant. The card will help with building your credit. It  will really help if you put down a large depoist so you credit utilization stays low. If you cancel the card be dilgent in seeking your depoist back.

Damon

I had the unfortunate pleasure of inheriting this card when Public Savings Bank filed for bankruptcy and Capital Bank took them over. Ever since, there has been a monthly fee just for owning this card, and their recent migration from the older "ezcardinfo" system to their own caused an outstanding (interest-baring) balance, even though I had followed their instructions for clearing my balance and making a payment which reflected as a zero balance under the older system.

After contacting a customer service representative, I found out why. It turns out that interest under OpenSky is calculated on a DAILY basis after the debit is placed on the account, REGARDLESS OF PREVIOUS BALANCE. I asked her to explain this a few times, just to make sure I understood it correctly.

"So even though I paid the previous balance in full and these debits where made after the previous balance was paid in full, I am being charged interest?”

"That is correct: we charge interest on a daily basis after the charge has been posted.”

"So let’s say I pay the amount in full for this month, would I still have to pay interest on the pending transition (made yesterday) once it clears?”

"Yes, because interest in calculated on a daily basis…”

So, I’m not sure if this was a recent change or if they simply want to drive their secured customers away, but I will NOT be using this card any longer. Fees are one thing, but calculating interest on a daily basis when I make the previous balance statement in-full is quite another. Credit shoppers beware and as others have said; be sure to read the terms before committing to anything. Unfortunately I had no choice, as the FDIC moved us under Captial Bank.

Public Savings Bank was an amazing secured card with no fees, but it, along with similar cards no longer seem to be available, so if you must go with a secured card, make sure to keep the balance as low as you can, continue to pay off the entire balance every month AND GET YOURSELF AN UNSECURED CARD AS SOON AS YOUR SCORE WILL ALLOW IT.