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Korean Skypass Secured Visa

Discussion in 'Credit Talk' started by mel, Apr 2, 2002.

  1. Apr 2, 2002 #1
    mel

    mel Well-Known Member

    Minimum deposit is $300. This is issued by US Bank. Anyone had dealings with them or know if this card reports as secured?

    SKYPASS VISA® SECURED CARD
    Annual Fees $55.00
    Annual Percentage Rate (APR) For Purchases 14.74%
    Other APRs Cash Advances: 16.74%
    Delinquent Balances:* 23.99% fixed
    Variable Rate Information: Your annual percentage rate may vary monthly. The rate is determined by adding a margin to the Prime rate.** The margin used is as follows:
    Purchases and Balance Transfers: 9.99%
    Cash Advances: 11.99% (subject to a maximum APR of 23.99%)
    Delinquent Balances: 23.99% fixed APR

    Grace Period 20 days for purchases only
    Minimum or Fixed Finance Charge $2.00 only in statement periods where interest in due.
    Method Of Computing The Balance For Purchases: Average Daily Balance Method (including new purchases).
    Other Fees Cash Advance Fee: 3% or $5 minimum, no maximum.
    Quasi Cash Fee: 4% or $10 minimum, no maximum.
    Late Payment Fee: $29 to $38***
    Over Credit Limit Fee: $35.00
     
  3. Apr 18, 2002 #2
    wajaba

    wajaba Well-Known Member

    mel,

    If you're still out there, sorry this response took so long. I called 1-866-SKYPASS, ext. 4001, and the rep didn't seem to have any info about their secured program, and the application that I eventually received in the mail didn't reveal much more beyond what you'd see on their website (in fact, half the application is written in Korean).

    Even though I wouldn't be able to apply for this just yet (closing on a house around Aug.), I still think this is a decent secured card for the following reasons:
    • approval is supposedly guaranteed, provided that you're over 18 and have not declared BK;
    • their SKYPASS miles never expire;
    • one of its selling points is that it "helps to build your credit in the U.S." (intended for Korean nationals, I assume). As such, it more than likely doesn't report as a secured card;
    • you get 3000 bonus miles the first time you use it;
    • the APR is not as bad as a lot of other secured cards out there.
    After I have the keys to the new house in my hand, I'm more than likely gonna replace one of my crap cards with this one. Hope that helps...

    wajaba
     

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