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What is a "secured" credit card?
With a secured card, you will be required to send a security deposit to Capital Bank, in an amount equal to your approved credit line. Secured credit cards are an excellent way to rebuild credit or establish credit for the first time. You get the use of a credit card in exchange for a fully refundable security deposit that is held as collateral equal to your credit line, in case you do not pay your balance. The security deposit remains as long as you have the card, and is returned to you when you fully repay amounts owed on your account.
Can I get approved for a secured credit card even if I had bad credit in the past?
You can get approved for our card whether you have poor credit or no credit. The card is designed to help build credit history with its monthly reporting to all three major consumer credit bureaus.
Is there an Annual Fee for this card? Are there any hidden charges?
All charges are transparent and are listed in the
Rate and Fee Table.
How do I fund the security deposit?
You can use your debit card to fund your security deposit. Simply provide your debit card information on your application,
and we will process your transaction right away.
If you don’t have a debit card, choose from these three easy options:
• Wire Transfer to Capital Bank
• Western Union
• Mail a check or Money order
An email with instructions on how to fund your security deposit will be sent after your application has been approved. Please note that, depending on the method of payment that you choose, it may take up to five business days for your security deposit to clear.
Can I get a card if I don’t have a checking account?
Yes, you can. You don’t have to have a checking account to get the OpenSky card.
Simply choose Money Order or Western Union as your payment method on your application, and we will send you an email with instructions about your security deposit after your application has been approved.
How does the debit card payment method work?
Using your debit card is the most convenient way to fund your security deposit and secure your credit line.
As you go through the application, simply provide your debit card information. We will process the transfer of funds from the account associated with your debit card to fund the security deposit in the amount of your chosen credit line. The transaction will appear on your bank statement as a debit from Openskycc.com.
We currently accept MasterCard and Visa debit cards. Please note, we don’t accept pre-paid debit cards.
For security reasons, we don’t store your debit card information on file. When you are ready to close your account, your security deposit will be refunded to you by check.*
* Your security deposit is fully-refundable, provided you have no outstanding account balance. Deposit funds are generally refunded within 4-6 weeks.
What is a 'credit limit'?
Your credit limit is the maximum amount that you have been approved for on your credit card to make purchases.
How is my credit limit decided?
The choice is yours. You have the ability to set your own credit limit by choosing your security deposit amount. You can fund your security deposit starting with as little as $200 or as much as $3,000, providing the requested credit limit is approved*. We want to ensure you can make those payments to succeed in building your credit history. Please contact us directly for any requests to change your credit limit.
*All requests are subject to approval
Is it easy to apply for the secured credit card?
Applying is easy—just follow the four simple steps in the application. Click "Apply Now" at the top to get started. Here's what to expect:
1. Provide your personal and financial information.
You’ll need to enter your full name, physical address (not a post office box), phone number and social security number. You’ll also need to tell us your individual annual income and monthly expenses.
2. Customize and fund your card.
Choose the starting line of credit you prefer—as little as $200 or as much as $3,000—and tell us how you’ll fund a security deposit equal to that line of credit. Fund your deposit account by choosing one of four methods: transfer of funds with your debit card, wire transfer of funds to Capital Bank, Western Union®, or by mailing a check or money order.
3. Review your information.
Check to make sure all the information you’ve entered is accurate and make any necessary edits.
4. Accept the Terms and Conditions.
Simply read and agree to the terms and conditions of your card.
Once your credit limit has been approved and your security deposit has been received, you’ll get your new card in the mail. Then, all you’ll have to do is call the number provided to activate the card.
Why do you need to verify my identity?
Federal law requires that all financial institutions know and confirm their customer’s identity according to the USA Patriot Act.
The USA Patriot Act was created to help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each individual or entity opening an account.
What this means for you
: When you apply for or open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. You may be asked to provide your driver’s license or other identifying documents. We are required to follow this procedure each time an account is opened, even if you are a current customer of Capital Bank. Thank you for helping us to follow this federally mandated procedure.
Who is Capital Bank?
Capital Bank, N.A., is a leading private bank in the Washington, D.C. metropolitan area that offers a range of services encompassing cash management, commercial lending, consumer credit and residential mortgage/Veterans Administration mortgage loans. Capital Bank’s core commercial banking and lending business includes two rankings by the U.S. Small Business Administration (SBA), ranked as #1 among community lenders and #9 among all lenders in the Washington Metropolitan District for 2014 loan volume through November 2014. With double-digit asset growth over the past three years, Capital Bank has more than $600 million in assets and is well positioned to fulfill its culture of collaborative partnerships and solutions for area businesses and consumers nationwide. For more information, visit
. Member FDIC. An Equal Housing Lender.
How will getting a secured credit card build my credit?
One of the benefits of your account is automatic monthly reporting to the three major consumer credit bureaus. Paying your account on time can help build a history of financial responsibility for you. A credit card is an important tool that lays the groundwork for your future finances.
Why is it important to build a credit history?
It’s a reality of life today that major purchases are financed on credit. Most people just don’t have enough years of work life to save for the whole cost of a house, a car or a child’s education before those things become essential, as well as put away enough savings for life events that no one can anticipate such as a serious illness or injury. So financing is a way to take care of those purchases when you need them, paying for them over time.
Building a good credit history gives financial institutions the incentive to loan you money, taking a chance that you will pay back the loan because you’ve made payments responsibly in the past. In addition, good credit will save you thousands of dollars over the lifetime of a loan since the better your credit score, the lower the interest rates you’ll be able to qualify for.
What are the top 3 things I should do to build a good credit history?
The top three things that you should consider are the following:
• Paying on time is essential as 35% of your credit score is based on your payment history. So create a budget and be sure to make all your monthly payments on time.
• Pay your card off regularly. Your available credit compared to what you owe, also known as credit to debt ratio, accounts for 30% of your credit score. If you’re maxing out your balance, your credit score may suffer!
• Length of credit is a factor making up approximately 15% of your total score. Use your card to build your credit history, and consider paying a monthly expense such as a cell phone or utility bill on the card to keep your credit active. Signing up for automatic bill-pay for your bills makes sure you never miss a payment.
For more information on how to manage credit so that it works for you, not against you, see
Will this account be flagged as 'secured' on my credit bureau report?
Your payment and account history will be reported monthly to three major consumer credit bureaus without being flagged as a secured card. Your trade line (information about your card payments) will read the same way as any credit card history.
How can I obtain a copy of my credit report?
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 www.AnnualCreditReport.com is the official site, authorized by the Federal government.
How do I make my monthly credit card payments?
You can manage your card payments any of these three ways:
1. Sign up for Auto-Pay to schedule to recurring, monthly payments.
2. Enroll in a recurring Bill Payment service with your personal bank.
3. Send a check with the remittance slip included in your monthly billing statement.
How can I increase my credit limit?
You can request a credit line increase at any time by contacting our Customer Care team. If approved, you’ll 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 get the increased credit limit. All credit lines are subject to underwriting approval. Please see your cardholder agreement for details.
What happens if I charge purchases up to my credit limit?
If you charge up to your credit limit, then you must pay off all or part of the balance before you can charge any more purchases. Regular monthly payments that pay down the balance you owe frees up credit, no matter how much you have charged. If you charge up to your credit limit and fail to make timely monthly payments, then your card will be considered overdue, which will also be reported to the credit bureaus. If you are unable to pay off your balance, please contact Customer Service at the phone number on the back of your card.
Can I withdraw cash using my credit card?
Yes. Cash advance purchases are available up to your Cash Advance credit limit. Please refer to your Cardholder Agreement for additional information. Please note, you may be subject to ATM fees charged by your bank when using your credit card at your ATM.
Can I get another card for a family member to use?
You are allowed to add additional cards on the account. Refer to the Cardholder Agreement for fee and other information regarding Authorized Users.
Will the secured credit card ever change to unsecured?
Your secured credit card continues to be a valuable option for people looking to build or rebuild their credit history. At this time, Capital Bank does not offer a traditional, unsecured credit card for consumers.
Can I use my card outside of the United States?
Your card can be used everywhere you see the Visa logo, worldwide. There may be additional currency exchange fees and other fees that will apply. Please refer to your Cardholder Agreement.
When do I get my security deposit back?
After you close your account and pay your outstanding account balance in full, your Pledged Deposit Account will be closed and your security deposit will be refunded. Please refer to your cardholder agreement for details on the timeframe in which you can expect to receive your security deposit returned to you by mail.
Will my security deposit earn interest?
No. Security Deposit funds are placed in a Pledged Deposit Account that does not earn interest.
Who do I contact if I have additional questions?
If you have already applied for the card, you can
check your application status
online. If more information is needed from you to process your application, you'll be contacted by email.
If you are thinking about applying, it's easy! See
"Is it easy to apply for the OpenSky Secured Visa Credit Card?"
Once your card account is opened, the Customer Service Center is available 24/7 to cardholders by calling the phone number on the back of your card. You can also manage your account whenever it is convenient for you: simply click on the
Access My Account
link on the Returning Cardholder tab and log on with your user name and password.
For other questions, visit the
section of the website.