Open Sky Plus Secured Credit Card: A Guide to Fees, Rewards, and More

The Open Sky Plus Secured Credit Card is a great option for those looking to build or rebuild their credit, with an initial credit limit of $300. This card requires a security deposit, which becomes your credit limit.

The security deposit can be made online or over the phone, and it's refundable when you close your account. This card has no annual fee, which is a big plus for those on a budget.

One thing to keep in mind is that there is a $25 late payment fee, so make sure to pay your bill on time. This fee is not negotiable, so it's essential to stay on top of your payments.

The OpenSky Plus Secured credit card has a relatively low annual fee of $0, which is a great perk. However, this card requires a higher security deposit of $300.

The card's APR is 29.24% Variable, which is higher than the APR of the OpenSky Secured Visa Credit Card. This means that if you carry a balance, you'll pay more interest over time.

You'll also pay a 3% charge for each foreign transaction made with the card, so it's best to avoid using it abroad if possible.

Here's a quick rundown of the fees associated with the OpenSky Plus Secured credit card:

Additionally, you'll be charged a penalty fee of $27 for any late payments, and $25 for any returned payments.

The annual fee for the OpenSky Secured Visa Credit Card is $35, which is relatively low compared to other credit cards.

This fee is lower than the standard annual fee for US credit cards, which is around $100.

The OpenSky Plus Secured Visa Credit Card has a $0 annual fee, but it requires a higher security deposit of $300.

In comparison, the OpenSky Secured Visa Credit Card has a security deposit of $200.

Here's a comparison of the two cards:

Paying an annual fee of $35 may not be a significant burden, especially when compared to the benefits of having a credit card.

Transaction fees can add up quickly, especially if you're not aware of what you're paying. You'll pay $6 or 5% of the amount of each cash advance, whichever is greater, with the Visa OpenSky Secured card.

This fee can be significant if you take out a large cash advance. For example, if you take out a $1,000 cash advance, you'll pay either $6 or $50, whichever is greater.

The card also charges a 3% fee for each foreign transaction made with the card. This means that if you use your card to make a purchase abroad, you'll pay an extra 3% on top of the purchase price.

Late payments will incur a penalty fee of $27, and returned payments will cost $25. These fees are lower than the industry standard, but it's still essential to keep an eye on your payments and avoid any late fees.

The OpenSky Plus Secured Visa Credit Card offers rewards on select purchases, although you may find higher rewards with other cards. You can earn rewards, but you'll want to consider other options for the best benefits.

The card provides a way to pay less interest and earn more rewards, but you'll need to find the right card for your needs.

The OpenSky credit cards offer some really unique benefits. You can bypass a credit check during the application process, which is a big plus for people who may have had credit issues in the past.

One of the most interesting things about these cards is that you don't need a bank account to qualify for either card. This is a huge advantage for people who don't have traditional banking relationships.

You will, however, need to provide a Social Security number or individual taxpayer identification number to apply for the card. This is a standard requirement for most credit cards, but it's worth noting.

Overall, the OpenSky credit cards offer a fresh take on traditional credit card rewards and benefits.

Earning rewards with the OpenSky credit cards is possible, but the rewards may not be the most impressive. Yes, both the OpenSky Secured Visa Credit Card and the OpenSky Plus Secured Visa Credit Card earn rewards on select purchases.

The rewards are available, but you can find higher rewards elsewhere. Whether you want to pay less interest or earn more rewards, there are other cards that might be a better fit.

Here's a breakdown of what the OpenSky credit cards offer:

Keep in mind that 2/3 of cardholders see a 48+ point improvement after three on-time payments, which is a great credit-building opportunity.

The OpenSky Plus Secured Credit Card has a relatively straightforward eligibility and application process. You can apply for the card without a credit check.

The issuer does not perform a hard pull of your credit when you apply, which is rare even for secured cards. This means you won't have to worry about your credit score being affected by the application process.

One of the benefits of this card is the potential to upgrade to an unsecured credit card after six months if you maintain a positive credit history while using the card.

If you're looking to upgrade to an unsecured credit card, you'll be happy to know that the OpenSky Visa Secured card offers a potential upgrade to the OpenSky Gold Visa Unsecured Credit Card after six months if you maintain a positive credit history.

This is a great opportunity to improve your credit score and qualify for a more advanced credit card.

To be eligible for the upgrade, you'll need to use the card responsibly and make on-time payments for six months.

The OpenSky credit cards do report to the U.S. credit bureaus, including Equifax, Experian, and TransUnion, which helps build your credit over time.

Here are the key benefits of upgrading to the OpenSky Gold Visa Unsecured Credit Card after six months:

Credit checks are a common part of the credit card application process, but some cards don't require one.

In fact, the OpenSky Secured Visa Credit Card and OpenSky Plus Secured Visa Credit Card don't perform a credit check, which is rare even among secured cards.

This means you can apply for these cards without worrying about a hard pull on your credit report.

The Capital One Platinum Secured is a great option for those looking to build credit, but it's essential to understand its limitations. It does not offer a rewards program, unlike the OpenSky Secured Visa.

If you're looking for cash back rewards, this card is not the best choice. However, once your credit is in a good spot, you'll have the flexibility to apply for an unsecured card that offers rewards and other benefits.

The Capital One Platinum Secured is a more straightforward option, without the added complexity of rewards programs. It's a great choice for those who want to focus on building their credit score.

The Open Sky Plus Secured Credit Card has its share of advantages and disadvantages. Here are some of the key pros and cons to consider.

One of the main benefits of this card is that it reports to all three major credit bureaus monthly, which can help boost your credit score when used responsibly. This means you can build a strong credit history over time.

Having a credit limit of up to $3,000 with a matching deposit can also help you keep your credit utilization ratio low, which is essential for maintaining good credit health. No credit check is required, making it possible to get this card with no credit history.

Some of the drawbacks of the Open Sky Plus Secured Credit Card include a higher minimum security deposit of $300, a high ongoing APR of 29.24% Variable, and a 3% foreign transaction fee. These fees can add up quickly and make it more difficult to pay off your balance.

Here are the key pros and cons of the Open Sky Plus Secured Credit Card in a quick rundown:

One of the best things about this card is that it reports to all three major credit bureaus monthly, which can help boost your credit score when used responsibly. This means you can build credit history even if you don't have an existing credit history.

Having a credit limit of up to $3,000 with a matching deposit can help you keep your credit utilization ratio low, which is essential for maintaining good credit health. This can also help you avoid overspending and make it easier to pay off your balance.

Some cards have no annual fee, making them more affordable than many secured cards. This can save you money in the long run and make it easier to budget for your expenses.

You can get this card with no credit check required, which is perfect for people who don't have an existing credit history. This means you can apply for the card without worrying about a credit check holding you back.

Here are some of the key benefits of this card:

Some cards have a low annual fee of only $35, which is a great value considering the benefits you get. This can be a great option for people who want to build credit without breaking the bank.

The pros and cons of a particular credit card can make all the difference in your financial decision. One of the biggest advantages is that all three credit bureaus will receive monthly card updates, which can help boost your credit score when used responsibly.

Another pro is that you can have a credit limit of up to $3,000 with a matching deposit, making it easier to keep your credit utilization ratio low. This can be especially helpful for those who are just starting to build credit.

However, there are some downsides to consider. The higher minimum security deposit of $300 compared to competitors can be a drawback. Additionally, the high ongoing APR of 29.24% Variable may lead to a higher interest rate.

Some credit cards also have a 3% foreign transaction fee, which can add up quickly if you travel frequently. Furthermore, the maximum credit limit is capped at $3,000, which may not be enough for those with higher spending habits.

On the other hand, some credit cards have no annual fee, making them more affordable than many secured cards. You can also earn up to 10% cash back on select purchases, which can be a great incentive for responsible spending.

Here are some key pros and cons to consider: