OpenSky Revisited

[ccmisery]

So after getting denied from PNC, the other day a offer arrived from OpenSky for their Secured Visa.

I originally read about OpenSky having not so great terms, but appears they must have changed.

-No credit check required (not so sure about this after PNC?)
-Secure your credit line for as low as $200
-Max credit line, up to $5K
-Reports to all three credit bureaus every month as a unsecured card (again not so sure?)

APR & Fees

-Annual $29
-APR 17.50%
-Avoid paying interest on purchases, pay balance in full by due date of each month. So typical credit card terms, not what I originally read about OpenSky.
-Foreign Transaction Fee 3%

Card never graduates to a unsecured.

Capital Bank, N.A. not Capital One

Noticed under disclosures in some states a credit report may be required.

If you got to their website there is a FAQ page, which states this "*All credit lines are subject to underwriting approval."

It can take anywhere from 4-10 weeks to receive your funds if you decide to close the account.

I also read they charge you $25 each time you want to raise or lower your credit limit.

So the big question is, can anyone vouch for this? Negatives or positives? I am somewhat unsure about getting a secured CC that will never graduate and wonder if its' worth it?

[AngelinaCat]

I have to tell you that I have never, ever heard of this agency. If what you found in the FAQs on their website is true:

If you got to their website there is a FAQ page, which states this "*All credit lines are subject to underwriting approval.
It can take anywhere from 4-10 weeks to receive your funds if you decide to close the account.

I also read they charge you $25 each time you want to raise or lower your credit limit.

--I would run away SCREAMING from this 'application' and *service*. It sounds like the only thing they want to 'service' is THEIR coffers at YOUR expense!

Good wishes to you!

[TheBajan]

I have to tell you that I have never, ever heard of this agency. If what you found in the FAQs on their website is true:



--I would run away SCREAMING from this 'application' and *service*. It sounds like the only thing they want to 'service' is THEIR coffers at YOUR expense!

Good wishes to you!

A great big "AMEN" to this! Run away!

[ccmisery]

I honestly do not know why I would even need a credit card, so the hassles I'm reading about may make it not worth the trouble. Some say it helped raise their credit score, just pay your bill on time and etc.

What worries me is customer service, say the card get's skimmed, how easy is it to report transactions and etc, get refunded and/or a new card number. I have had this happen a lot here, card skimming and fraud is the worst in Florida.

[pamkev]

I have to tell you that I have never, ever heard of this agency. If what you found in the FAQs on their website is true:



--I would run away SCREAMING from this 'application' and *service*. It sounds like the only thing they want to 'service' is THEIR coffers at YOUR expense!

Good wishes to you!

Oh yeah I would be long gone sounds like a scam

[LadyInTheRed]

I honestly do not know why I would even need a credit card, so the hassles I'm reading about may make it not worth the trouble.

So, why are you bothering applying for credit cards?

[AngelinaCat]

So, why are you bothering applying for credit cards?

Exactly!

You are newly graduated from a BK filing. Why rush to get BACK on the Credit Report/Credit Card treadmill??

[ccmisery]

So, why are you bothering applying for credit cards?

Trying to improve my credit score ASAP, my leased car is going back next summer and I will be in the market for a low cost financed used car and will need to get a loan.

Also for business travel, I might be doing some travel in the next 6 months abroad and I am concerned with debit cards being accepted.

My user name and picture explain my feelings towards credit cards.

[AngelinaCatHub]

Trying to improve my credit score ASAP, my leased car is going back next summer and I will be in the market for a low cost financed used car and will need to get a loan.

Also for business travel, I might be doing some travel in the next 6 months abroad and I am concerned with debit cards being accepted.

My user name and picture explain my feelings towards credit cards.

As per your avatar, look at it often and keep the same feelings towards it. Good fortune to you. 'Hub