The term secured credit card is not new because it goes side by side with its counterpart. In general, you need to have account for safety deposit when applying this type of card. Several companies and bank issue this card to fulfill customer demand. If you intend to have it, Open Sky Secured Credit Card is on the top list.
Before exploring the benefits and features, you should know about secured credit card and the way it works. Card issuer has agreement with card owner to give credit card after fulfilling the basic requirements. Keep in mind that credit card is loan. It means the agreement includes term, interest rate, and related aspects. Finding secured credit card is not problem due to many companies that have varied offers. However, you should conduct small research before deciding to choose it. Therefore, Open Sky Secured Credit Card comes in the right place and time for such purpose.
Open Sky Secured Credit Card for Reliable Option
Secured credit card from Open Sky offers competitive rate. Its APR is 18% with annual fee $35 and 3% fee for foreign transaction. Those are relative costs that necessary to be fulfilled by cardholder. Besides, Open Sky Secured Credit Card has to be active at least 30 days and there are late fees when the account is dormant more about six months.
One of important things on Open Sky Secured Credit Card is security deposit. It is refundable and you get your money back after closing the account. How much money for it? Minimum deposit is $200 and the card owner may increase up to $3,000. For your information, you get credit limit based on maximum deposit you pay. Credit limit is how much debt you receive and no extended money for this card. You cannot purchase or spend anything after the limit is due.
In order to obtain Open Sky Secured Credit Card, several requirements are necessary to be fulfilled. Firstly, you should fill the basic information such as name, mobile phone, email, home address, zip code, city, and states. After that, another form is for financial status, such as income, mortgage, and other debts.
Reasons to choose Open Sky Secured Credit Card
You might want to know why credit card has two options, secured and unsecured one. In general, unsecured one is what you see as common credit card. People apply and wait for approval then sign contract to obtain credit card. Therefore, they are eligible to spend or pay almost everything using this card.
On the other side, Open Sky Secured Credit Card is primary choice for people with low or bad credit score. As you know, Open Sky gives opportunity to establish and rebuild new credit. First card owner does not have record for debt history and it’s very high risk for regular credit card. The solution is secured credit card.
Moreover, low credit score represents debt worthiness for new loan. The bank will give strict assessment for applicants who have bad debt history. As similar to previous example, Open Sky Secured Credit Card keeps the risk in check.