OpenSky Secured Visa Credit Card (Overview)

Hi, I'm Jeff from Credit

card

s.com. Today we will cover the open

secured

Visa

credit

card

. This is one of the most popular

credit

cards out there for people with bad credit. Limited or no credit, so we'll cover the main ones. things you need to know about this credit card in this video, but we have a full review on our website creditcards.com, so if you're watching on YouTube, hopefully we'll get your thumbs up, but we'll also give you the full review. down in the video description, if you're already on our site you can search to find the review if it's not already there, let's go item by item to try to determine whether or not this is the right credit card.

For you, it's okay, first things first, as the name implies. This is a

secured

credit card, meaning a security deposit is required with a card. No big deal, although these are very popular types of credit cards and that security deposit is refundable when you close your account unless there are additional charges on the card or fees or fines to pay; Otherwise, it is a refundable security deposit and, for many people, this may be the only way to get a credit card if you have very bad credit or no credit. or a very limited credit history, this may be the only way to ensure you get a credit card.

Now your initial credit limit with the card can be as low as 200, but there is the option to deposit more money and receive a higher credit limit. which I tend to think is a good idea for a few reasons, for example, it can help you keep your credit utilization rate lower and you can learn more about that on our website and about the components of your credit score, but The short story is that your credit utilization ratio is the amount of money you are currently borrowing divided by the credit that is available to you, so if you only have this credit card, it is the amount you are currently borrowing the current balance on the card divided by your credit limit and therefore if you increase your credit limit and keep the amount you currently have on the card stable, your current balance should decrease your credit utilization rate and that should be a positive factor in your credit score so just say if you can increase your credit limit do you want to do it now changing the subject here I know a lot of people who when they are considering getting a credit card they are worried that there will be a credit check strict in the application process and that is often the case, um, and that could affect your credit score in the short term.

Fortunately, with this card there is no credit check required to apply or qualify for the card, so this can be a great place to start if your goal is just to increase your credit score and build credit over time, as well as that the card comes with zero dollar fraud liability, which means that if someone steals your card or writes down the card number or if you just notice any fraudulent charges and report it in a timely manner you won't be out of money at all and that It's one of the main reasons why many people say that spending with a credit card is safer than spending with a debit card.

Another thing to keep in mind is the annual fee situation which you can see here on the screen is definitely reasonable and many secured credit cards have an annual fee but keep that in mind when you apply for the card, on top of that there is a inactive account fee, which is something I don't think you're going to run into, but if you get the card and don't use it for a year, you'll be charged ten dollars a month until the account is active again, that is, until that you start spending on that card again, so my advice here is to continue spending on this credit card, even if they are very small transactions until you are ready to close the account and move to a different credit card, but that is all for the video, you know.

Just a quick

overview

of the card, you can learn more about it on our website. I would say it is one of the best secured credit cards out there and is one of the best options if you are looking for a credit card and have bad credit. Limited credit or no credit history, so again check out our full review. Thanks for watching the video. If you're on YouTube, you know this. I hope you subscribe to our channel and we get your thumbs up. Have a great day.