Review: Open Sky Secured Visa Credit Card

No matter how bad your credit, it's easy to get a secured credit card, because you put up a refundable deposit matching the credit limit. What's not so easy, however, is finding a low-cost secured card.

Review: Open Sky Secured Visa Credit Card Photo (cc) by rkramer62

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

If you have bad credit, getting approved for a secured credit card that reports to the three major credit bureaus can be the first step in the credit rebuilding process. The Open Sky Secured Visa Credit Card from Capital Bank is a solid secured credit card that can help get your credit report back on track with responsible use.

Advantages

  • No credit checks or credit history required for approval. The Open Sky Secured Visa is a credit card designed for people with bad credit, so it doesn’t require a credit history or credit check in order to get approved.
  • Reports to the three major credit bureaus: Equifax, TransUnion and Experian. This is very important for rebuilding a credit score. Using the Open Sky Secured Visa Card will help your credit score increase, assuming you pay it, along with your other bills, responsibly.
  • Flexible credit line options. The card allows for a credit line of as low as $200 or as high as $3,000 with a matching refundable deposit. Many secured credit cards don’t let cardholders open credit lines as low as $200.
  • Low annual fee. The annual fee on the card is just $29, which is lower than most secured card annual fees.
  • Low APR. The ongoing APR charged by the card is 17.5 percent, which is also relatively low compared with other secured cards.
  • Choose your card design. You can choose the design on your card from a premium gallery.
  • Email and text alerts. The card will notify you by email or text message before your payment is due, so you don’t miss payments.

Disadvantages

  • No free credit checks. The card doesn’t offer an online interface to check your credit report like some other secured cards do.

Bottom line

Get it if: You have bad credit and are looking for a secured credit card with a relatively low annual fee and ongoing APR that you can be approved for without a credit check.

Forget it if: You don’t have poor credit.

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Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

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