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Verdict: If you’d like to hop around the globe and repair an ailing credit score, the SKYPASS Visa secured credit card can help you accomplish both tasks. That’s because this credit card allows you to earn free airline miles on Korean Air and SkyTeam airlines, airlines that can fly to most any international destination that you can imagine. At the same time, because this is a secured card — meaning that you have to put up cash as collateral — you’ll be able to qualify for it despite your weak credit scores. If you then pay your bill on time, you can help boost, gradually, your credit score.
Overview: Secured credit cards do come with limits: For this card, for instance, your credit line can be a maximum of $5,000. But if you use them properly, the credit bureaus that compile the data that goes into your three-digit credit score will take notice. Just be careful not to carry a balance from month to month: Secured credit cards do come with high purchase interest rates.
How This Card Works: When sending your application to US Bank, the bank that issues the SKYPASS Visa secured credit card, you’ll have to also send in a cashier’s check or money order for $300 to $5,000. US Bank will set up a savings account with this money. Your card’s credit limit will be equal to the deposit you made. This is known as collateral, and offers protection to US Bank for passing out a credit card to a consumer with a shaky credit score. If you fail to make your card payments, US Bank will simply take what they are owed from the deposit that you sent to them.
Travel and Shopping Benefits: You’ll earn one free mile with every dollar that you charge with your SKYPASS Visa card. You can redeem these miles for free travel or upgrades on Korean Airlines and SkyTeam airline partners. You’ll also receive 5,000 bonus miles after your first purchase with your new card and 1,000 bonus miles every time you renew your SKYPASS card.
Fees: Like most secured credit cards, the SKYPASS card does come with a high purchase interest rate, 16.24 percent in this card’s case. It’s best, then, to only take out this card if you’re not going to carry your balances from one month to the next. The card also comes with a cash-advance fee of $5 or 4 percent of the advance amount, whichever is higher. Late-fee and returned-payment fees can run as high as $35. The card comes with no annual fee for the first 12 months. After his introductory offer ends, though, the annual fee of $25 kicks in.
- Earn miles with every purchase.
- Rebuild your credit.
- Receive 5,000 bonus miles with first purchase.
- Amount of credit limited by your initial deposit.
- High purchase interest rate.