If you are looking for a secured visa card, you might want to take a look at the Open Sky Secured Visa credit card. This is one of the better offers Capital Bank has made in a while, with a credit line of up to $5,000 and a 14.25% APR.
Regular reports will be sent to all credit bureaus so you will get accurate reports from Capital Bank. I think this is very useful as you want to know where you are at so your monthly payments remain low. Most cards will have a higher PR than the Open Sky and this is why more and more people choose it over the other options. You can see how this card was rated if you read this review.
The problem with this card was that there was no grace period given. But the Capital Bank took care of that too and now you do have a grace period, which skyrockets this particular credit card to the top of the list. Besides these benefits, you need to put a $200 deposit only, whereas most other cards require a $500 deposit. And of course, there is no purchase limit here, the only thing that is limiting you is the amount of credit on the card. This means that you can’t purchase anything that costs over $500 if you have a $500 credit limit. But you can buy any service or item that costs $500 or less.
Another thing that will reduce your costs is that you don’t have to pay for fraud protection. In case someone steals your Open Sky Secured Visa Credit Card, you can report the theft within the 24 hours period and any charged that have been made in that period will not be your responsibility.
You will have to cover a cash advance and foreign transaction fees. These are 5% and 3%, respectively. As you can see, there are practically no downsides to this credit card and it is a great solution for anyone who is looking to reestablish a credit.