Skypass Visa Offers Airlines Miles on a Secured Credit Card
Most secured credit cards are set up the same way: you deposit money into your account and this serves as the spending limit on the card. Then, you build your credit by making timely payments every month. This credit-building feature is the main reason a person usually applies for a secured credit card.
But the Skypass Visa could capture a significant share of the secured credit card market. This card doubles as an airline rewards card, giving users a chance to earn flight discounts while building their credit scores.
For every $1 someone spends on a Skypass Visa Secured credit card, he earns one Skypass Mile. Skypass Miles can be used on Korean Airlines as well as Skyteam Alliance flights, which usually refer to flights on Delta Airlines.
This is one of the first secured credit cards to offer a rewards program, and the best news is, anyone can get approved for it.
Consumers who sign up for Skypass Visa Secured earn 5,000 bonus miles after their first purchase and 1,000 bonus miles at renewal. Cardholders may also enjoy $250,000 in Travel Accident Insurance with the card. The card also utilizes EMV chip technology for additional security.
One drawback to the card is that U.S. Bank, the financial institution behind the card, does not provide any fraud liability for secured accounts.
The annual fee for Skypass Visa Secured is $50, which is only slightly higher than the average card in the secured category. The APR starts at 16.24%, high for an average credit card but fairly standard for a secured card.