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Seven Stereotypes About Opensky Secured Credit Card That Aren’t Always True | opensky secured credit card

The Opensky Secured Credit card is an interesting exception to the rule. If you need to apply for a new credit card with no credit history and poor bank account, you should definitely give this option a serious look. While this card is very difficult to qualify for, a lot of people have managed to get their hands on one. If you can't qualify for the regular Visa or MasterCard because you don't have good credit, this card may be your chance at becoming accepted for such credit. However, there are a few things that you need to consider before deciding to apply.

Even though it's quite hard to get a card with poor credit, many companies have started offering the pesky secured credit card. Now you can apply for a card that doesn't require a good credit check. The only thing you'll need to do is provide your current employer with a letter explaining that you're looking for an opportunity to earn a little extra money. In some cases you won't even have to send in a visa application. This definitely makes this card more accessible to those who might otherwise never get accepted for an American Visa or MasterCard.

However, just because you can get approved for an openly secured credit card doesn't mean that you shouldn't shop around and compare prices before applying. There are many cards out there, and you should always take the time to shop around before making a decision. You may find that you're able to make use of a regular APR but a much better secured Visa or MasterCard. In fact, it may be worth switching from your current card to switch to a better deal!

The reason that this card has a much better interest rate and no annual fee is because it's secured. The reason why is that the card issuer must cover all expenses from your deposit unless you pay a hefty annual fee. Annual fees can add up quickly, especially if you tend to carry a balance from month to month. If you don't pay an annual fee then the interest fee alone can equal or surpass the cost of a regular APR. If you carry a balance from one month to the next then the interest charges can rack up to be extremely high!

That's not all though. There are other benefits associated with this secured credit card. One of the biggest bonuses is that you can get cash advances at any time. The cash advances are good while you have decent to good credit history, but after some period of time you need to re-establish your credit history. It's also possible that you will be charged a high annual fee. This isn't usually a problem though because it's usually the case that the interest rate is less than most cards.

One of the best bonuses is the bonus points that you can earn as well. These can be used for air miles, gifts, cash back, and more. Once you've used your rewards points you will need to pay a small maintenance fee that is often waived. That's another reason that the openky secured card has such a good reputation.

With all of these benefits as well as a low or even zero annual fee you can see why so many people prefer to use this secured credit line. They also can see that it can help build credit history if used responsibly. That's a key ingredient. This system helps you manage your spending so you will pay off your balance sooner rather than later.

Overall the security of this particular secured credit line is excellent. You will be able to deposit money into a special account which is only accessible through the Internet. You will be able to make electronic deposits and withdrawal payments from your account. Your PIN can be accessed online and by any authorized signatory. Your balance will not change unless you make an authorized transaction. By following your payment plan and paying your bill on time you can help build credit responsibly.

OpenSky® Secured Credit Visa® Card Reviews August 3 Credit Karma – opensky secured credit card | opensky secured credit card

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