Secured Credit Card Frequently Asked Questions
WHO IS CAPITAL BANK?
Capital Bank is an FDIC insured bank headquartered in Maryland with credit card operations in Pennsylvania. For more information about Capital Bank visit www.capitalbankmd.com.
Secured credit cards are an excellent way to rebuild credit or establish credit for the first time. With an OpenSky Secured Visa Credit Card, you will be required to send a security deposit, in an amount equal to your approved credit line, into an FDIC-insured account with Capital Bank. Like other loans, you will be required to pay at least the Minimum Payment Due as shown on your Billing Statement. The security deposit is held as ?collateral? in the event you do not keep your promise to pay and default on your Balance.
Secured credit cards are better than prepaid cards because they work like a traditional, unsecured credit card and they provide monthly reporting to the major credit bureaus. Prepaid cards do not get reported to the credit bureaus and can not improve your credit score.
Secured credit cards are guaranteed by a security deposit, also known as Deposit Funds, which are placed into an FDIC-insured account. The security deposit serves as collateral and may be used if you default on your secured credit card.
Security deposits are 100% fully refundable with an OpenSky Secured Visa Credit Card. After you have closed your account and paid your balance in full, we will return your security deposit.
HOW DO I GET an OpenSky Secured VISA CREDIT CARD?
Applying for an OpenSky Secured Visa Credit Card is quick, simple and there is no credit check required!
Just complete our secure online application, choose how you will send your security deposit, and agree to the terms. All that will be left is for us to verify your identify and ability to pay. This is actually an important step we take to be sure that approval for an OpenSky Secured Visa Credit Card does not overtax your income to make monthly payments. Even though the account is cash secured from your funds, you still must make monthly payments; we do not want to possibly create a problem for you by granting the account that could result in a worse credit score. Once your security deposit has been received and the funds have cleared your new OpenSky Secured credit Card will be on its way.
HOW OFTEN DO YOU REPORT TO THE CREDIT BUREAUS?
One of the benefits of your OpenSky Secured Visa Credit Card is automatic monthly reporting to all three (3) credit bureaus. With your very first billing statement you will be on your way to rebuild credit or establish credit for the first time.
DOES CAPITAL BANK REPORT TO THE CREDIT BUREAUS THAT THIS ACCOUNT IS SECURED?
No. Your OpenSky Secured Visa Credit Card issued by Capital Bank will report like any unsecured credit card. Plus, there are no identifying marks on the plastic to indicate the card is a secured credit card.
DO YOU PULL A CREDIT REPORT?
We will not pull a credit report when you apply for the OpenSky Secured Visa Credit Card.
HOW CAN I QUALIFY FOR AN OpenSky Secured Visa Credit Card?
The OpenSky Secured Visa Credit Card requires no credit check. If you are looking to rebuild credit or establish credit for the first time, this is the secured credit card for you. We understand life is not perfect and will even consider your application for a credit card after bankruptcy.
To be approved for a secured credit card our general guidelines include the following:
a) you must be at least 18 years old, and
b) you must reside in the United States and have a valid social security number
c) you must be able to fund your security deposit
d) we must be able to verify your identity and ability to pay
CAN THE OPENSKY SECURED VISA CREDIT CARD ?REPAIR? MY CREDIT SCORE OR PAST CREDIT HISTORY?
No. The OpenSky Secured VISA credit card cannot ?repair? a current low credit score or credit history. Your responsible use of this account and timely repayment of the monthly payments due will help improve your credit score as long as you maintain that behavior since all 3 major credit reporting agencies will receive your payment and usage performance and generally, responsible use and timely payments can improve your credit score.
The OpenSky Secured Visa Credit Card is not a prepaid card. With an OpenSky Secured Visa Credit Card you will enjoy all the benefits of an unsecured credit card. Your balance is not drawn down like a prepaid card. Each month there is a balance on your account you will be required to make at least the minimum payment as shown on your monthly billing statement. Unlike a prepaid card, the OpenSky Secured Visa Credit Card reports monthly to the three (3) major credit bureaus.
WILL MY SECURITY DEPOSIT EARN INTEREST?
Security Deposits (Deposit Funds) are placed in a Pledged Deposit Account and do not earn interest.
WHAT WILL MY CREDIT LIMIT BE?
You determine your own credit limit*! The minimum deposit required is $200 and the maximum deposit is $3,000. After 120 days, you may request a credit line of up to $5,000 based on qualifying criteria and an additional security deposit.
*All credit lines are subject to underwriting approval.
Yes. You can request a credit line increase at any time by calling our Customer Care Representatives at 267-317-4507. Upon approval you will receive instructions on how to send the additional security deposit needed to fund the increase to your credit line. You may also be assessed a fee to obtain the increased credit limit, see our current fee schedule for this fee amount. You should be aware that we do not allow for charges that will cause your credit limit to be exceeded. If you are at your limit and a new purchase will cause the limit to go over your approved limit, the new transaction will be denied.
All credit lines are subject to underwriting approval.
The OpenSky Secured Visa Credit Card requires you maintain a security deposit in the amount of your credit line.
At this time we do not offer an unsecured card.
WHO DO I CONTACT IF I HAVE A QUESTION ON THE PROGRAM OR APPLYING FOR THE CARD?
For questions related to your application you may email us at CustomerCare@openskycc.com or call 855-763-OPEN (6736) between 8:30 AM and 5:00 PM Eastern, Monday-Friday.
Once your account is opened, our Customer Service Center is available 24/7 by contacting 800-859-6412 or visiting www.openskycc.com.
All documentation may be sent to the following address:
200 Gibraltar Road, Suite 129
Horsham, PA 19044
Attn: Credit Card Processing
You may also fax your documents to 215-674-2637. Please do not email documents since email is unsecure.
You should receive your new OpenSky Secured Visa Credit Card within 7-10 days after we verify your identify and your security deposit funds have cleared. If you need your card sooner, you may request to have your card rushed by paying an additional fee of $50. Rush cards should be received within 4 business days after your security deposit has cleared and your identity has been verified.
HOW DO I CLOSE MY SECURED CREDIT CARD ACCOUNT?
You can close your account at any time by contacting the number on the back of your card or 800-859-6412. Once you have paid the outstanding balance in full we will close your Pledged Deposit Account and refund your security deposit (Deposit Funds). Deposit Funds are generally refunded within 4-6 weeks however, may take up to 10 weeks. Please make sure to provide us with a current mailing address to return your funds to you.
We provide easy online access for you to see all of your OpenSky Secured Visa Credit Card activity. You can call our Customer Service Center 800-859-6412 or visit us online at www.openskycc.com.
We allow you to add additional cards on the account subject to approval. Refer to the Cardholder Agreement for fee and other information.
The OpenSky Secured Visa Credit Card can be used anywhere you see the Visa logo. There may be additional currency exchange fees and other fees that will apply. Please refer to your Cardholder Agreement.
HOW DOES THE ANNUAL FEE WORK?
At the time your new OpenSky Secured Visa Credit Card is opened, your account will be assessed an annual fee. This fee will be charged again one year after your account has been established and annually thereafter as long as you have the Card. Refer to your Cardholder Agreement for the annual fee amount associated with your account.
WHAT HAPPENS IF MY CARD IS LOST OR STOLEN?
If your credit card has been stolen or you are unable to locate it, contact our Customer Service department immediately at 800-859-6412 to have a block placed on your card.
ARE THERE CREDIT LIFE PRODUCTS OR OTHER ADDITIONAL SERVICES AVAILABLE WITH THE OPENSKY SECURED VISA CREDIT CARD?
No. At this time we do not offer credit life insurance programs or other add on fee services.
You may call our Customer Service Center at 800-859-6412 or visit us online at www.openskycc.com