Right off the bat, you can tell that the Open Sky Secured Card has a $50 annual fee. That’s not terrible, considering what some other cards charge, but it’s certainly not great. With cards that have lower or no fees, you have the option of building credit without actually making purchases since information is sent to the major credit bureaus regardless and this will reflect positively on you if your account is in good standing. However, you might feel bad paying $50 for something and not using it. The problem is, if you do use the Open Sky Secured Visa, you’re opening yourself up to even higher costs. The card doesn’t have a grace period for new purchases, which means interest will start accruing immediately when you buy something. Ordinarily, interest won’t be assessed until after your next due date. I’d therefore say the Open Sky Card isn’t the best choice.
If you’re looking for a secured card, the Capital One Secured Card is a much better option. It only charges a $29 annual fee and has a 25 day grace period for new purchases.… show more