Opensky Secured Visa Credit Card Limit and Comparison with Other Cards

The Opensky Secured Visa Credit Card has a credit limit that's determined by your security deposit. This means that the higher your deposit, the higher your credit limit will be.

You can deposit as little as $200 to get started, but keep in mind that a higher deposit will give you more credit. For example, a $500 deposit can get you a credit limit of up to $500.

It's worth noting that the credit limit on the Opensky Secured Visa Credit Card is relatively low compared to other secured credit cards. For instance, the Discover it Secured Credit Card has a credit limit that's 5-10 times higher than Opensky's maximum limit.

The credit limit on the Opensky Secured Visa Credit Card is also relatively inflexible, meaning that it may not change even if you make on-time payments and keep your credit utilization ratio low.

The OpenSky Secured Visa Credit Card limit is determined by the security deposit you make, which can range from $300 to $3,000. This deposit is fully refundable and also determines your credit limit.

If you max out the card and fail to pay it off, the issuer can take your deposit and zero out the unpaid balance. This is because the deposit protects the issuer in case you fall behind on payments.

To improve your credit score, aim for a credit utilization ratio of 30% or less. This means if you have a $200 balance on a card, try to keep the credit limit above $667.

Here's a breakdown of the OpenSky Secured Visa Credit Card's key features:

The OpenSky Secured Visa Credit Card is designed with credit-building in mind. You can open an account without a credit check, and instead, pay a refundable security deposit between $200 and $3,000.

The security deposit determines your credit limit and is fully refundable when you close the account and have paid your balance in full. This deposit reduces the lender's risk, allowing you to build credit without a hard pull on your credit score.

Your on-time payments are reported to the three credit bureaus – Experian, Equifax, and TransUnion – helping to build your credit. However, avoid late payments, as they can significantly lower your credit score.

The OpenSky Card is a full-fledged Visa, offering essential protections and benefits, including Visa's Auto Rental Collision Damage Waiver and Zero Fraud Liability. You can also expect Cardholder Inquiry Services, Emergency Card Replacement, and Lost/Stolen Card Reporting.

Here are some key features of the OpenSky Secured Visa Credit Card:

The card is primarily good for people whose credit could use improvement or do not have a bank account. It offers a variety of payment options and is a decent option if you're building or rebuilding your credit.

The OpenSky Secured Visa Credit Card is a solid option for building credit, but it's worth comparing to other secured cards to find the best fit for your needs. Despite having higher fees, the OpenSky Plus Visa has no annual fee, while the basic OpenSky Visa comes with a $35 annual fee.

You can earn up to 10% cash back rewards on purchases at over 40,000 retailers with the OpenSky Visa. This is a great incentive for cardholders who make frequent purchases at these retailers.

However, it's essential to consider the fees associated with the card. The OpenSky Visa has a $35 annual fee, while the OpenSky Plus Visa has no annual fee but slightly higher other fees to compensate.

The OpenSky Secured Visa Credit Card doesn't punish cardholders with sky-high fees or charges, making it an ideal platform for establishing a positive credit history.

The OpenSky Secured Visa is a solid choice for building credit, with a few key features that make it stand out. It reports to all three credit bureaus, which is essential for credit rebuilding.

The card has a reasonably large credit limit, although the exact limit isn't specified. A large credit limit can help you establish a positive credit history, which is a major plus.

One drawback is the annual fee, which might be a sore spot for some users. However, if you're dedicated to building credit and confident in your finances, the fee might be worth it.

Overall, the OpenSky Secured Visa has nearly everything you need to rebuild your credit score, including a large credit limit and minimal fees.

The OpenSky Secured Visa card has a $35 annual fee, which is higher than some other secured cards.

Most secured cards don't charge an annual fee at all, making this card less appealing to those who can qualify for other cards.

You'll also pay a variable APR of 24.89%, which is only a bit above the current average interest rate, but still a concern for those who carry a balance.

Leaving the card inactive can lead to a $10 per month fee, which can quickly add up and deter those who want a secured account they can put away.

The card's fees and drawbacks are significant, so if you can qualify for other cards, it's worth exploring those options instead.

Limit Change Fees can be a costly surprise if you're not aware of them.

If you want to make changes to your credit limit, be sure to do so during the first year the account is open.

You'll have to pay a $25 fee to either add to or withdraw from your deposit in your second year and beyond.

This fee seems unnecessary and excessive, especially since your credit limit is already tied directly to your deposit.

The OpenSky Secured Visa card has a $35 annual fee, which is higher than most secured cards that don't charge an annual fee at all.

The card also charges a 3 percent foreign transaction fee, making it less appealing for international travel. The purchase APR is 24.89% (variable), which is a bit above the current average interest rate.

Leaving the card inactive can lead to a $10 per month inactive account fee, which can quickly add up. This fee can be avoided by using the card to make even the smallest purchase now and then.

Paying an annual fee for a card without rewards might not be worth it for some, especially when compared to other secured cards that charge lower or no annual fees.

The OpenSky Secured Visa Credit Card has some unique rules around eligibility and limits. You're eligible to upgrade to an unsecured card after six months if you maintain a positive credit history.

To increase your credit limit, you'll need to log in to your MyAccount or call the customer service department. You can also increase your credit limit by adding more security deposit, but be aware that there's a $25 fee after the first year.

You can upgrade to an unsecured credit card after just six months if you use the OpenSky Visa Secured card responsibly and maintain a positive credit history.

This is a significant opportunity to improve your credit status and access more credit.

The OpenSky Gold Visa Unsecured Credit Card is the potential upgrade, and it's a great option for those who have demonstrated responsible credit behavior.

By upgrading to an unsecured card, you'll no longer need to make a security deposit to secure your credit limit.

To prequalify for an OpenSky Secured Card, you'll need to provide some basic information. This includes your full name, date of birth, contact information, income, housing payments, and Social Security Number.

Capital Bank, the issuer of the OpenSky Credit Card, doesn't require a hard pull on your credit score, but they still need to verify your identity and financial situation. They'll use the information you provide to determine if you're a good fit for the card.

To give you a better idea of what's required, here's a list of the information you'll need to prequalify:

The OpenSky Secured Visa Credit Card Limit offers several benefits, including the ability to receive monthly card updates from all three credit bureaus, which can help boost your credit score when used responsibly.

Having a credit limit of up to $3,000 with a matching deposit can also make it easier to keep your credit utilization ratio low, which is a key factor in maintaining a healthy credit score.

Here are some key pros of the OpenSky Secured Visa Credit Card Limit:

Having a credit card can be a great way to build credit, but it's essential to consider the pros and cons before applying.

One of the biggest advantages of credit cards is that they can help boost your credit score when used responsibly. This is because all three credit bureaus will receive monthly card updates, which can positively impact your credit report.

Having a credit limit of up to $3,000 with a matching deposit can also make it easier to keep your credit utilization ratio low. This is a good thing, as it shows lenders that you can manage your debt responsibly.

Not having to go through a credit check is another perk of some credit cards. This means that you can get approved even if you have no credit history, which can be a great option for those who are just starting out.

Here are some of the key benefits of credit cards:

The not-so-great side of cards. Here's what you need to know about the cons.

Card fees can be steep, with some cards charging up to $100 in annual fees.

High interest rates can lead to a vicious cycle of debt, making it difficult to pay off balances.

Some cards have hidden fees, like foreign transaction fees, that can add up quickly.

These fees can be a significant drawback, especially for those who don't use their cards frequently.

Late payment fees can be as high as $38, adding insult to injury when you're already struggling to pay off debt.

Credit limits can be too low, limiting your purchasing power and making it harder to make big purchases.

If you're considering the OpenSky Secured Visa, you have two card options to choose from: the OpenSky Secured Visa and the no annual fee OpenSky Plus Secured Visa.

The OpenSky Plus Secured Visa has a lower purchase APR, which is about 25% lower than the OpenSky Secured Visa.

This lower APR is a significant advantage, especially if you plan to carry a balance on your card.

OpenSky offers two secured card options to fit different budgets. The OpenSky Secured Visa and the no annual fee OpenSky Plus Secured Visa are the two cards available.

The biggest difference between these cards is the annual fee. The OpenSky Secured Visa has a $35 annual fee, while the OpenSky Plus Secured Visa has no annual fee.

The OpenSky Plus Secured Visa has a lower purchase APR, about 25% lower than the OpenSky Secured Visa. This is partly due to the lack of an annual fee.

The Capital One Platinum Secured is a great option for those who don't have a large deposit to put down. You can get a credit line of at least $200 with a deposit as low as $49.

This card has no annual fee, which is a major plus. You can also grow your credit line without putting down extra money, which is a huge win for people who don't have the cash on hand.

The deposit works by Capital One assigning you a minimum security deposit based on your credit, which can be $49, $99, or $200. You'll get a credit line of at least $200 once you pay the initial deposit.

Capital One may grant you an even higher amount without requiring an additional deposit in as little as six months. This means you can qualify to pay a $49 deposit for a credit line of $200.

You can ask for the deposit back if you close the account in good standing, or Capital One may refund your deposit as a statement credit.

The Citi Master is a no-frills option that provides just the basics, allowing you to make purchases, build credit, and check your free FICO credit scores.

You can get a Citi Master by putting down a deposit, between $200 and $2,500, as your credit limit.

The APR on this card is on the lower side, but be aware that there's a balance transfer fee, cash advance fee, and foreign transaction fee.

Making a late payment will trigger a late payment fee and a penalty APR, so be sure to pay on time.

You can get your deposit back if you pay off the balance and close the account, making this a relatively low-risk option.

The OpenSky Secured Visa Credit Card Limit is a great option for those who need to build up credit or have bad credit. It offers a reasonable APR and a higher initial credit limit than many secured cards, provided you can put down a high deposit.

If you're looking to get the lowest APR possible, it's a good idea to think about whether you'll carry a balance. This will help you decide if the OpenSky Card is worth the annual fee.

You'll get a higher initial credit limit without a credit check, which is a big plus. Just keep in mind that you'll want to look at no-annual-fee options first if your credit score and financial history allow it.

The OpenSky Card is a good choice if you're willing to pay an annual fee for an above-average initial credit limit.