Theresa Chalfant, Writer
@theresa_chalfant
Opensky credit cards work like any other secured credit cards, giving you a credit limit equal to the amount of the refundable security deposit you're required to place. You must make a deposit of at least $200 or $300, depending on the card, and the amount you put down is returned to you (minus any unpaid balance) when you close or graduate your account.
Opensky Credit Card Eligibility
Neither the opensky® Secured Visa® Credit Card nor the opensky® Plus Secured Visa® Credit Card requires a credit check for approval, but an applicant must be at least 18 years old, be a U.S. resident, and have enough income to afford the security deposit and minimum monthly payments.
Using opensky Credit Cards
Besides the deposit and lack of a credit check requirement, all opensky secured cards function the same as any other credit card. You still have to make monthly payments and you’ll be charged interest if you carry a balance. Both cards also report account information to the major credit bureaus, allowing you to build credit.
To learn more, check out WalletHub’s guide on how secured credit cards work.
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People also ask
How can I get an opensky credit limit increase?
You can get an opensky credit limit increase by making a request through your online account and adding more funds to your security deposit if you're approved. opensky does give credit limit increases, but you must request them.
How to Get an opensky Credit Limit Increase
- Log in to your opensky online account.
- Choose the "Request Credit Line Increase" option in the "Account Services" section.
- Submit your request.
- If approved, you’ll...
Is the opensky Card a good first time credit card?
The opensky® Secured Visa® Credit Card is a pretty good first-time credit card because it is available to people with bad credit and its annual fee is just $35. This means it’s easy to get approved for and fairly inexpensive to own. Responsible use also builds credit, as the opensky Card reports account info to the major credit bureaus monthly.
To get approved for the card, you will need to have a steady income and meet other basic...
read full answer by Chip Lupo, Credit Card WriterWhat's the opensky Secured Visa Credit Card credit limit?
The opensky card credit limit is $200 to $3,000. Everyone who gets approved for the opensky card is guaranteed a credit limit of at least $200, though each person's exact starting credit limit will depend on how much of a security deposit they put down.
When you first get a secured card, the amount of your security deposit will determine your credit limit. The minimum security deposit required to open a opensky account is...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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