Secured credit cards are an excellent way to rebuild credit or establish credit for the first time. Secured cards operate just like an unsecured card. At OpenSky, we report your credit activity to all three major credit bureaus, which is what helps you build your credit over time.

A secured credit card requires a refundable security deposit that is equal to the credit limit of your credit card. For instance, if you deposit $200, you would have a $200 credit limit. The refundable deposit you make when opening your account is important, because it means you can open an account without a credit check. If you have a poor credit history or even no history at all, you can still get a credit card and use it right away to start improving your credit score. The security deposit remains as long as you have the card and is held in an FDIC-insured account. The full amount (less any amounts owed) will be returned to you after your account is closed.

Federal law states that you can get a free report from each of the three nationwide consumer credit reporting companies—Experian®, TransUnion®, and Equifax®—once every 12 months. Don’t be fooled by offers from companies to pull your credit report or websites that ask for payment to see your credit report; only https://www.annualcreditreport.com/index.action is the official site authorized by the Federal government.

You can use your GrooveAxis credit card everywhere Visa is accepted. Plus, you’re eligible for special Visa discounts through www.visa.com/discounts.