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The OpenSky Secured Visa is a secured card for building credit with a deposit.
OpenSky Secured Visa is a secured credit card offered by Capital Bank for consumers who want to build or improve their credit.
As a secured card, it requires a deposit with a credit limit and is accessible even to people with little credit experience.
OpenSky Secured Visa is a great option for beginners, but it doesn’t offer any advantages at the time of purchase, which can be limiting for consumers looking for extra advantages when using the card.
Even so, it stands out as one of the most affordable options for those starting out or looking to rebuild their credit.
OpenSky Secured Visa
No fees High APRHow does the OpenSky Secured Visa credit card work?
OpenSky Secured Visa works like any other secured credit card, but with a few special features.To use it, the cardholder must first pay a deposit, which determines the card’s credit limit.
This deposit amount is not used directly, but acts as a guarantee for the card issuer, providing a layer of security in case the cardholder fails to pay the bill. The credit limit corresponds to the amount of the deposit.
This card can traditionally be used in any establishment that accepts Visa.Owners need to shop for themselves and pay their bills every month.
Paying bills on time is key to improving the owner’s credit rating, since the owner’s financial actions are reported to the main credit agencies.
Main benefits of OpenSky Secured Visa
One of the biggest benefits of OpenSky Secure Visa is that it’s a great option for anyone looking to start building or rebuilding credit.
Using your card responsibly and paying your bills on time can improve your credit score and open the door to future loans and other forms of credit. This is perfect for people with bad or problematic credit histories.
OpenSky Secured Visa also offers flexibility in deposit amounts. Cardholders can choose a deposit amount between $200 and $3,000, which can be adjusted according to the applicant’s budget.
This flexibility makes the card easily accessible to a wide range of consumers.
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Cons of OpenSky Secured Visa
Although the OpenSky Secured Visa has some advantages, it also has some disadvantages.
The main reason is the annual membership fee. This fee is not very high, but it can be an additional cost for those looking for a credit card with no annual fee.
When compared to other secured cards, the annual fee for the OpenSky Secured Visa can be considered a bit high.
Another negative point is that the OpenSky Secured Visa does not offer a rewards program. For consumers looking to earn cash back or points on purchases, this card may not be the best choice, as it only focuses on building or improving credit and has no additional advantages.
This can be a limiting factor for those looking for a card that provides financial benefits on purchases.
APR and fees
OpenSky Secured Visa has a variable APR (annual percentage rate) that varies from 22.99% to 6.99% depending on the owner’s credit profile.
This amount can be considered high, especially if the owner is unable to pay off the balance in full.For those who have a balance, this rate can cause significant financial problems in the long term.
In addition, OpenSky Secured Visa charges an annual fee of US$ 35. The fees are not exorbitant, but it is a cost to consider, especially for those looking for a guarantee card with no annual fee.International transaction fees can also be a negative point and can amount to up to 3% of the transaction value.
There are no monthly maintenance fees or fines for late payments, but it is important that cardholders closely manage their financial situation to avoid paying high interest rates and other penalties.
How to apply for OpenSky Secured Visa?
Applying for the OpenSky Secured Visa is easy and can be completed online on the Capital Bank website.
The first step is to fill in the contact form with your personal information such as name, address and financial information. Applicants must also choose the amount of the deposit, which can vary between US$200 and US$3,000, depending on the desired credit limit.
Once the application has been completed and the data has been verified, the applicant will receive a response regarding the card’s approval.
OpenSky Secured Visa does not include a traditional credit check, so applicants are usually approved quickly, provided they have the required deposit.
If approved, the cardholder will receive their card.You must activate the card before using it.The deposit is charged upon authorization and will be retained for as long as you use your card.
With punctual payments and responsible financial behavior, cardholders can, over time, request a refund of their deposit or even switch to an unsecured card.
