OpenSky Credit Card Overview with Prices and Credit Score Requirements
Getting credit is one of the most vital aspects of one’s financial journey. More often than not, people use credit as a means to ease their financial situation, while others use it to find a better footing to start over. Whatever the reason, credit provides several benefits as it can help materialize certain business opportunities or as a safety net in emergencies.
However, people who either have no credit or poor credit tend to be stuck with limited options when getting credit cards. This can be unfortunate if you’re planning to apply for a loan since you’d want to secure the best deals alongside lower interest rates from lenders as much as possible. The good news is that OpenSky Credit Card serves as a viable alternative if you’re deemed unqualified for other credit cards. Secured credit cards like OpenSky are guaranteed by a deposit you can refund at any time, as opposed to the typical credit history and credit score.
A secured credit card like the OpenSky card is an excellent way to build on your credit while developing healthy habits in your finances along the way. Of course, this will all be possible as long as you pay on time and consistently. Furthermore, OpenSky also lets you grow your credit score enough to get your applications approved and eventually qualify for a more suitable unsecured card.
What is the OpenSky Credit Card?
The OpenSky Secured Credit card is from Capital Bank and is mainly catered to entrepreneurs or business owners who need to increase and build their credit. This works in such a way that OpenSky reports usage and payments to the three main credit agencies, thus helping you grow and fix your credit. It’s also one of the major reasons OpenSky is considered one of the top business credit cards for individuals with poor credit.
Besides this, the OpenSky credit card is also ideal for entrepreneurs who are ineligible for unsecured credit cards for their business. This card doesn’t look into or assess your credit upon application, which makes the entire process easier and more convenient for many. Even so, you’ll still be required to pay a deposit amounting to $200 to roughly $3000 if you plan on opening an account. It’s also worth noting that the OpenSky credit card comes with a yearly $35 fee and a yearly 18.14% percentage rate.
It follows a usual due date cycle of 25 days and doesn’t allow balance transfers. An interest charge is only kept to a $1 minimum, with late payment fees amounting to $38 and returned payments to $25.
OpenSky Credit Card Features
As mentioned, the OpenSky Secured Credit card is part of Capital Bank. It doesn’t possess any distinct features or characteristics that make it particularly unique from other bank credit cards. However, it does have extra features that offer hefty perks and benefits. These are some of them.
* Zero liability
With OpenSky, you’re guaranteed enough protection from unauthorized individuals using your account information or credit card. When unauthorized transactions take place, OpenSky does not put unwarranted liability on cardholders for these and charges no fee.
* Cardholder Inquiry Service
The Cardholder Inquiry Service allows 24/7 access to Visa Global’s customer care. This is open seven days a week, allowing you to be free to address any query, concern, or inquiry you might have about certain services or products for cardholders.
* Roadside Dispatch
Holders of this credit card are also provided with the authority to access its pay-per-use road dispatch program. It offers lockout service (without key replacement), standard 5-mile towing, jump-starting, five-gallon max fuel delivery, standard winching, and tire changing.
* ID Navigator activated by NortonLifeLock
One of our most common fears when dealing with credit cards is the possibility of them getting stolen or used with malicious intent. OpenSky’s ID Navigator significantly reduces the probability of identity theft through efficient and advanced tools. These tools make sure to keep the cardholders constantly informed of the possible threats to their account information and identity, letting them resolve the situation quickly and appropriately.
* Protection against damaged, stolen or lost cards
If your credit card gets stolen, is lost, or has suffered from significant damage, what happens is that your card will be blocked. They will connect you to your bank or financial institution, and you can expect to receive a card replacement in as fast as three business days upon the approval of the bank.
What are OpenSky’s Credit Score Requirements?
The great thing about the OpenSky Secured card is that it imposes no requirement for your credit score. In fact, they don’t even check your credit whenever someone tries to apply for an OpenSky card. Given that it’s a secured credit card, the approval of your applications mainly depends on refundable deposits instead of how credit-worthy you are.
That said, the OpenSky card’s refundable deposits can amount to as high as $200 to $3000. Depending on the bank’s approval, this deposit can also eventually become the initial credit limit of your card. Although another perk is that the OpenSky card offers one of the biggest credit limit maximums among all the secured credit cards.
Keep in mind that this credit card has a refundable security deposit. This means that if you ever decide to shut your account down, you still get to receive your security deposit as long as you’re able to pay your entire card balance.
What happens when your application is rejected?
You can expect a 48-hour time frame before OpenSky comes up with a decision regarding your application. For this, you can constantly monitor your application status by visiting the card issuer’s official website online. However, there are also some cases where OpenSky reaches out to you via email in case of a clarification or if they want to request extra information before they decide to reject or approve your application.
If your application is denied, they will usually let you know through email. Nonetheless, you can always learn more about why they rejected your application by calling their customer service line, which is open seven days a week for 24 hours. Since there isn’t much you can basically do after having a denied application, the best step to take would be to work on your credit until you finally qualify for other types of credit cards.