A secured credit card requires a security deposit, which becomes your credit limit. If you make purchases with the card and pay them off on time, it can help you build your credit. The security deposit is refundable when you close the account.

The minimum security deposit for the OpenSky® Plus Secured Visa® Credit Card is $300, but you can pay it in installments.

To qualify for the OpenSky® Plus Secured Visa® Credit Card, you don’t need to have a bank account or undergo a credit check. However, you do need to provide a refundable security deposit. The security deposit determines your credit limit, and the issuer holds it as collateral in case you fail to pay your bill. The minimum security deposit required for the OpenSky® Plus Secured Visa® Credit Card is $300, which is higher than some other secured credit cards. You can pay the deposit in installments, but you must pay the full amount within 60 days. Once you’ve demonstrated responsible card use, such as paying your bill on time, you can be considered for an unsecured credit line increase after six months without requiring an additional deposit.

By using the card responsibly and making on-time payments, you can demonstrate creditworthiness and improve your credit score. The card reports to all three major credit bureaus monthly.

Yes, your security deposit is refundable when you close your account, as long as you have paid your balance in full. The refund can take up to 10 business days to process.