Who Owns OpenSky Credit Card: A Guide to the Secure Credit Building Card
In today’s financial landscape, having a good credit score is crucial. It opens doors to various opportunities like getting approved for loans, renting an apartment, or even securing a job. However, building or rebuilding credit can be a challenging task, especially if you have a poor credit history or no credit at all. That’s where the OpenSky Credit Card comes into play, offering a solution to those looking to build or rebuild their credit. But who owns this credit card? Let’s delve into the details.
OpenSky Credit Card is owned and issued by Capital Bank, a member of the Federal Deposit Insurance Corporation (FDIC). Capital Bank is a subsidiary of Capital Bank Financial Corp., a publicly traded financial holding company that specializes in providing commercial and consumer banking services. Capital Bank operates primarily in the southeastern United States, but the OpenSky Credit Card is available to customers nationwide.
Capital Bank has been in operation since 2009 and has built a reputation for its commitment to providing secure and accessible financial services. The OpenSky Credit Card is one of their offerings designed specifically to help individuals establish or rebuild their credit. It is a secured credit card, which means cardholders must provide a refundable security deposit to open an account. The security deposit acts as collateral, reducing the risk for the bank and making it easier for individuals with poor credit to qualify.
OpenSky Credit Card offers a range of features that make it an attractive option for credit-building purposes. Unlike other secured credit cards, it does not require a credit check during the application process, making it accessible to individuals who may have limited or damaged credit history. The credit limit is determined by the security deposit amount, which can range from $200 to $3,000. Cardholders can increase their credit limit by adding additional funds to their security deposit.
One of the standout features of the OpenSky Credit Card is its reporting to all three major credit bureaus – Equifax, Experian, and TransUnion. Responsible use of the card, including making timely payments and keeping credit utilization low, can help individuals establish a positive credit history or improve their existing credit score. This feature sets OpenSky apart from other secured credit cards that may only report to one or two credit bureaus.
Now, let’s address some frequently asked questions about the OpenSky Credit Card:
Q: How can I apply for an OpenSky Credit Card?
A: Applying for the OpenSky Credit Card is a simple online process. You’ll need to provide personal information, including your name, address, social security number, and income details. As there is no credit check, approval is typically quick. Once approved, you’ll need to provide your security deposit to activate the card.
Q: Is there an annual fee for the OpenSky Credit Card?
A: Yes, the OpenSky Credit Card has an annual fee of $35. This fee helps cover the costs associated with maintaining the account and providing services to cardholders.
Q: Can I get my security deposit back?
A: Yes, you can get your security deposit back if you decide to close your OpenSky Credit Card account and have no outstanding balance. The security deposit will be returned to you in full.
Q: Does the OpenSky Credit Card offer any rewards or benefits?
A: The OpenSky Credit Card is primarily focused on helping individuals build or rebuild their credit, so it does not offer rewards or benefits typically associated with traditional credit cards.
Q: Can I upgrade to an unsecured credit card?
A: While the OpenSky Credit Card is a secured card, it does not offer an upgrade to an unsecured card within its product range. However, with responsible credit card use and improved credit history, you may become eligible for other unsecured credit cards offered by various financial institutions.
In conclusion, the OpenSky Credit Card is owned and issued by Capital Bank, a member of the Federal Deposit Insurance Corporation. It is a secured credit card designed to help individuals build or rebuild their credit. With its accessible application process, reporting to all three major credit bureaus, and commitment to secure financial services, the OpenSky Credit Card provides a valuable tool for those looking to establish or improve their creditworthiness.