Open Sky Secured Visa Credit Card

Consumers requiring a secured credit card in order to re-establish credit have a number of available choices. The Open Sky Secured Visa credit card available from the Public Savings Bank is worth considering for those who plan to carry a balance, as it offers a lower than average APR for a secured card. The card is also available without a credit check, making it ideal for those with very bad credit.

Those who are determined to re-establish credit by the best practice of clearing the monthly balance in full will find that other secured cards are available which carry fees lower than the annual $50 fee charged by Open Sky. The fee itself is deducted from the available credit limit, thus reducing the minimum credit limit from $200 to $150.

As with all secured cards a security deposit equal to the available line of credit is required. Deposits are held in a pledged deposit account, and for the first 120 days are limited to $3,000. One of the attractive features of the card is the APR which is the same rate for purchases, balance transfers and cash advances. At a low 9.75% the interest rate is one of the best for those with bad credit.

Card holders may only utilize the balance transfer facility if their credit limit is $500 or more, and both cash advances and balance transfers are restricted to 50% of available credit. This effectively ensures that the highest possible balance transfer allowed upon opening an account is $1,450, half of the maximum allowed initial credit limit, minus annual fee.

The fee for both balance transfers and cash advances is either $5 or 5%, whichever is greater, and is rather unnecessarily capped at $1,000, considering the maximum credit limit allowed is $5,000. The foreign transfer fee is a low 1%. Additional fees include $30 for additional cardholders, $9.95 for a statement check, and $25 to either increase or decrease the credit limit. Those who choose to use the expedited pay by phone service will pay a $10 fee each time the service is utilized.

The Open Sky Secured Visa makes an ideal choice for those worried that a credit check may preclude them from obtaining other secured cards. Additionally the low balance transfer APR is appealing for anyone with bad credit who is paying a higher rate and has limited options in moving to a lower rate. For those who are simply seeking to establish or re-establish credit though and are not concerned with interest rates, secured cards with a lower annual fee are available.