Shopping for a credit card can be a daunting task. After all, there are a ton of different credit card options out there. There is also the possibility that you won’t qualify for all of them, such as if you don’t have good credit. This is why it pays to compare various credit cards before choosing one. One option is the Open Sky secured credit card.
What is the Open Sky Secured Credit Card?
The Open Sky secured credit card is a card that is designed for people with bad credit. As with other secured credit cards, however, you do have to make a deposit in order to qualify for the card. Your credit limit will be equal to your deposit, and the money will be held in a savings account — that you will not have access to — as security that you will pay your credit card payments.
The Perks of This Credit Card
There are a few benefits of the Open Sky secured credit card, including:
- It is very easy to qualify for. Even though secured credit cards, by their very nature, are designed for individuals with bad credit, some banks still require applicants to have a certain credit score in order to qualify. The Open Sky secured credit card does not require a credit check at all, however, making it a good option for those with no credit or with very low scores.
- Applying is easily done through a simple four-step process.
- Unlike many secured credit cards — and credit cards in general — the Open Sky secured credit card has overall good reviews and ratings online.
- There are no application fees, a low annual fee and a competitive APR. Since many banks realize that customers who are shopping for secured credit cards are desperate, many do charge application fees and higher-than-usual annual fees. This is not a concern with the Open Sky secured credit card.
- This credit card company reports to all three major credit bureaus. This can help you establish or repair your credit, as long as you make timely payments.
The Disadvantages of This Credit Card
As with anything, it is important to look at the disadvantages of this card, too. Luckily, there are few. However, for many, the idea of having to put down a deposit in order to qualify for a credit card can be unappealing. If your credit score is good enough that you can qualify for a credit card that does not require this, you may want to look into your other options. If you have a low credit score or are looking to establish credit for the first time, however, you may find this to be a good option.
In conclusion, if you are someone who is looking for a secured credit card, it pays to check out the Open Sky secured credit card. When compared to other similar cards on the market, it is a good choice.