Credit Cards

How To Cancel Opensky Credit Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 4 minute read

How to cancel Opensky credit card? When there are few alternative choices for people to develop credit, OpenSky provides a solution. A common reason for applying for a credit card is to take advantage of the benefits it offers and to accumulate points toward free travel. However, a credit card may be all that is required for a person to begin building a credit history.

The OpenSky Secured Visa comes in handy in these situations. This secured credit card is a good option for folks who lack credit history.

Like other Visa credit cards, it doesn’t come with as many options as a traditional credit card, but it still has many of the same safeguards as other Visa credit cards. Does this secured credit card fit your needs?

Who should get an Opensky Credit card?

Those with bad or no credit can use the OpenSky Secured Visa to rebuild their credit. You don’t even need a checking account to be eligible for this secured credit card. A refundable deposit of $200-$3,000 serves as your credit limit instead. You don’t need a credit check because you put money down beforehand, so even people with bad credit may apply.

Credit bureaus receive monthly information from OpenSky when you use the card. Using your new card wisely will help you build a better credit history, so make sure you use it responsibly. However, if you fail to pay your debts on time, your credit rating may suffer as a result.

Even if you don’t have good credit, this card might be a terrific way to build it up. A typical credit card, on the other hand, maybe more useful if your credit is excellent enough to qualify for other cards.

Top Card Benefits

  • OpenSky does not run your credit when you apply for this card, so there is no need to worry about your credit being pulled. Even if you have no credit at all, you may apply for an OpenSky card if you’ve been turned down for other credit cards because of poor credit.
  • Your credit limit is entirely up to you. Refundable deposits allow cardholders to choose their own credit limit and are refunded to them when the account is closed.
  • There is a maximum deposit of $3,000, with a $200 minimum.
  • Your credit might benefit if you utilize it wisely. This credit card can help you build or restore your credit history. Using the card responsibly means only making purchases you can afford and paying the balance in whole and on time.
  • Secured Visa from OpenSky features a low yearly cost of $35. When you take into account that the card does not require a credit check, that’s not terrible.
  • Standard Visa features are included with this card. Even if it is a protected card, it does not imply that it does not have any advantages. This Visa credit card features many of the same advantages as other Visa credit cards, such as international acceptance and fraud protection.

How can I cancel my OpenSky Secured Visa credit card and close my OpenSky credit card account?

To cancel your OpenSky subscription, call the customer care number shown on your credit card statement or any invoicing correspondence. Until the amount is paid in full, your deposit will be kept in escrow. Your deposit will be returned to you in 10 weeks or more.

If you would like to learn more about credit cards, such as what the difference between credit card refinancing and debt consolidation is or how much of your available credit limit you should use, among others, we recommend you check out our previous articles.

Bottom Line

The OpenSky credit card is good for those that do not have any credit history, or have poor credit scores, as it is a secured credit card. This credit card has a credit limit of $3,000 with a minimum deposit of $200. This security deposit is essentially what your credit limit is. Unlike an unsecured card, a secured card uses your deposit as your credit limit. An unsecured card extends you a line of credit, which is essentially a loan.

The OpenSky credit card does come with a $35 annual fee, however, which is something that you should keep in mind.

This secured card is good for building credit history if you have a good payment history with it, as OpenSky does report to the three major credit bureaus.

However, if you ever decide you would like to close out your account, there’s a few things to keep in mind: you will need to pay your owed amount in full before account closure, and until this time, your deposit will be kept in escrow. You will usually get your deposit returned to you in 10 weeks (or sometimes longer, depending on if there are any issues), but only after your account is deemed to be in good standing, and you no longer have an outstanding balance.

In order to start the account closing process, you will need to contact the OpenSky customer service department, at the phone number shown on your credit card statement or billing statement and request that they close your account.

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