It would seem simple to get a secured credit card when you need to build credit. Secured credit cards require a deposit used as collateral but not all banks will approve people with bad credit or no credit.
People who are trying to rebuild or build their credit need a bank that gives them a chance to prove they can manage credit and make on-time payments. Capital Bank offers a secured Visa card with no credit check.
The OpenSky® Secured Visa® Credit Card can be opened with as little as a $200 deposit. All deposits are FDIC-insured and can be returned if you decide to close the account.
Who can benefit
Consumers who cannot qualify for a regular credit card like:
- Anyone who has filed bankruptcy and needs to rebuild
- Students who need to build credit history
- People who need to establish credit
- Immigrants just starting out with credit
- People with poor credit
A minimum of $200 and a maximum of $3,000. You do not earn interest on the deposit. Easy funding options, with 4 ways to fund and NO checking account needed to fund your security deposit.
No Credit Check
Anyone can get approved as long as you deposit the required minimum of $200. The deposit is FDIC-insured but you do not earn interest on it.
Establish credit fast
With on-time monthly payments reported to Experian, Equifax and Transunion you can establish credit fast and increase scores. The card is treated as a regular “unsecured” credit card when they report to the credit bureaus.
Your credit limit will be based on your security deposit. If your deposit is $500, your limit will be $500. The annual fee will be charged to your account, so your initial credit limit will equal your deposit less the $35 fee.
Credit limit increases
This where the OpenSky® Secured Visa® Credit Card stands out from other secured cards. Once you establish a good payment history, your account will be considered for a credit line increase without being required to deposit additional money. Essentially, your card becomes partially secured as it is regularly considered for credit line increases without additional deposits.
APR, Rates, Fees
You get a variable rate of 17.89 percent which is not bad and competitive with unsecured credit cards. APR for cash advances is the same but there is a transaction for cash advances of 5%. The annual fee is $35. Avoid paying interest – no interest charged on new purchases if the balance is paid in full by the due date each month.
Easy Application Process
The application is a simple and the website is responsive to your laptop, tablet or smartphone. You’ll need about 10 minutes to complete the 4-step application process. Here is what you’ll have to do:
- Complete personal and financial information
- Fund your new card
- Review your information
- Accept important disclosures
What you need to do to build good credit
Simply getting a credit card will not help you build, re-build or re-establish your credit history unless you make on-time minimum payments with all of your creditors. Remember to keep your revolving account balances (credit cards) low relative to the credit limit. Low balances and high credit limits are the secret to high credit scores. A rule of thumb is never have a balance more than 30% more than your available credit limit. For example:
If you have a $500 credit limit, your account balance should be no more than $150 which is 30% credit utilization.