opensky® Launch Secured Visa® Credit Card
The opensky® Launch Secured Visa® Credit Card is a legitimate secured credit card designed to help individuals with bad or no credit history rebuild their credit. The application process is straightforward and does not involve a credit check, but it requires a security deposit to establish your credit limit. As a cardholder, you can also earn cash-back rewards, though they are limited in scope.
opensky® Launch Secured Visa® Credit Card
- This product offers the lowest upfront cost ($100 security deposit) for a secured card with no credit check
- Annual fee billed in monthly installments of $2 per month in year 1 and $3 per month thereafter
- Minimum payment as low as $10
- No credit check
- Up to 10% cash back rewards on everyday purchases at over 40,000 merchants
- Opportunities for credit line increases and graduation to our by invitation only unsecured product
- CLICK HERE TO APPLY ONLINE
*See Terms and Conditions
The application process
The application is conducted online through the opensky® website.1. Fill out the online application: You will provide basic personal information such as your name, address, date of birth, and Social Security number. There is no credit check, making approval very likely for most applicants.
2. Make your security deposit: After approval, you will fund your security deposit, which will become your credit limit. The minimum deposit is $100, but you can deposit up to $1,000. You can pay the deposit with a debit card at the time of application or send it later via check, money order, or Western Union.
3. Receive your card: Once your deposit is received and processed, your card will be mailed to you, typically within 12 to 14 business days.
Key features of the card
1. Accessible approval: The "no credit check" policy makes this card highly accessible, even for those with very poor credit.2. Credit-building tool: opensky® reports your payment activity to all three major credit bureaus (Equifax, Experian, and TransUnion) every month. Consistent, on-time payments are key to improving your credit score.
3. Potential for upgrades: With responsible usage, you may become eligible for an unsecured opensky® Launch Secured Visa® Credit Card after about six months.
Cash-back rewards program
The "up to 10% cash back rewards" program is automatically included with your opensky® Launch Secured Visa® Credit Card, but there are important details to know.1. Not on all purchases: The rewards are only earned on eligible purchases made at specific, participating merchants.
2. Varies by merchant: The reward percentage is not a flat 10% but varies depending on the retailer. You need to check the opensky® Rewards website or mobile app to view the latest offers.
3. Statement credit: The cash back is received as a statement credit, which can take up to 120 days to post to your account.
FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
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