Opensky Cardholder Agreement
As more and more individuals turn to online banking and credit card usage, it`s important to understand the terms and conditions of agreements attached to these financial products. One such credit card is the OpenSky Secured Visa Credit Card.
The OpenSky Secured Visa Credit Card is designed for individuals who have bad or no credit. It allows cardholders to make purchases and build or rebuild their credit score. In order to obtain the credit card, the cardholder must deposit a certain amount in a security deposit account, which will be used as collateral if the cardholder defaults on payments.
The OpenSky Cardholder Agreement sets out the terms and conditions of the credit card. It`s important that cardholders understand this agreement to avoid any misunderstandings or disputes with the credit card issuer. Some key terms and conditions include:
1. Annual Fee: The OpenSky Secured Visa Credit Card charges an annual fee of $35. This fee is deducted from the cardholder`s credit limit and is assessed on the anniversary date of the account opening.
2. Interest Rates: The credit card issuer charges an interest rate of 17.39% APR for purchases and cash advances. The interest rate may vary based on the Prime Rate.
3. Credit Limit: The credit limit for the OpenSky Secured Visa Credit Card is equal to the amount of the security deposit. For example, if a cardholder deposits $500, their credit limit will be $500.
4. Late Payment Fee: If a cardholder makes a late payment, they may be charged a fee of up to $38.
5. Foreign Transaction Fee: If a cardholder uses their OpenSky Secured Visa Credit Card outside of the United States, they will be charged a fee of 3% of the transaction amount.
6. Credit Reporting: The credit card issuer reports cardholder activity to the three major credit bureaus. This means that a cardholder`s payment history, credit utilization, and other factors will be reflected in their credit report.
It`s important to note that the OpenSky Cardholder Agreement is subject to change. Cardholders should read the agreement carefully and check for updates regularly. Additionally, it`s important to make payments on time and avoid maxing out the credit limit in order to build good credit and avoid unnecessary fees.
Overall, the OpenSky Secured Visa Credit Card is a good option for individuals with bad or no credit who want to build or rebuild their credit score. However, it`s important to understand the terms and conditions of the cardholder agreement and use the credit card responsibly to avoid any negative consequences.