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.
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Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score
FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
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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