SKYPASS Visa Secured Credit Card Review
The SKYPASS Visa Secured credit card helps people with low credit scores build their credit while earning travel rewards. However, you might be able to do more with cash rewards from other free secured credit cards.
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SKYPASS Visa Secured Credit Card
SKYPASS Visa Secured Credit Card
What we like:
Cardholders can earn 5,000 SKYPASS Bonus Miles following your first purchase, plus 1,000 Bonus Miles at renewal
|Intro Offer||Receive 5,000 SKYPASS Bonus Miles after you make your first purchase and get 1,000 Bonus Miles each year when you renew|
|Rewards Rate||Earn one mile for each dollar you spend on eligible purchases|
- One of the few secured credit cards with a rewards program
- SKYPASS Visa miles can be combined with SKYPASS flight miles
- Redeem rewards for travel and upgrades with SkyTeam partners
- Auto Rental Collision Damage Waiver
- $250,000 in Travel Accident Insurance
- There are other free secured cards that also offer rewards
- Charges a foreign transaction fee
- No introductory APR and no balance transfer offer
- No chance to earn extra miles for spending in specific categories
Recommended Credit Score
As with most secured credit cards, the SKYPASS Visa Secured credit card is aimed at those with poor to fair credit. It’s possible to get this card even if you have a score as low as 300 and a poor credit history.
The SKYPASS Visa Secured Credit Card: Who Is it Right For?
The SKYPASS Visa Secured card is aimed at those who have made credit mistakes in the past, who can’t qualify for an unsecured credit card, and who are trying to rebuild credit. Because it’s a secured card, your credit limit is based on the deposit you put down, which must be between $300 and $5,000.
For the most part, secured credit cards are best for those with poor credit. If you’re a student and the problem is a thin credit file, it might make more sense to consider a student credit card, instead of getting a secured card.
As one of the few secured cards offering rewards, the SKYPASS Visa Secured can be a good choice for those who want travel rewards. However, there are some other secured credit cards that offer cash back, so if you’re more interested in that perk be sure to shop around before deciding which card is the best choice for you.
In this review:
SKYPASS Visa Benefits
There are some definite benefits associated with the SKYPASS Visa Secured credit card. As secured cards go, it offers some decent cardholder perks.
The SKYPASS Visa offers a signing bonus of 5,000 Bonus Miles. Unlike with most card offers that promise signup bonuses, you don’t have to fulfill a specific spending requirement to get your bonus miles. You receive the bonus after you make your first purchase.
In addition to the initial sign-up bonus, you also get 1,000 miles when you renew the card each year.
You only receive one mile per dollar with the SKYPASS Visa Secured. There are no additional categories to boost your rewards.
It’s possible to combine the miles you earn using the Visa card with the miles you earn from flights. If you fly in a program that allows you to earn flight miles and you fly relatively frequently this could be a way to earn rewards faster.
Redeeming rewards is possible with SkyTeam partners. So, in addition to redeeming rewards with Korean Air, it’s also possible to redeem with Delta, Air France, KLM, Aeroméxico, and China Airlines, among many others. However, you must always book according to route on the Korean Air website.
You can use rewards to buy airfare, or to get upgraded seats. In many cases, you’ll get the best value by using your miles to upgrade to first class on international flights.
Unfortunately it can take some time to build up rewards. Some of the cheapest flights still costs 25,000 miles so it takes time to get a free plane ticket. This is one big reason you might be better off using your SKYPASS miles for upgrades instead of trying to get free airfare.
The SKYPASS Visa Secured is accepted worldwide and has a smart chip so it’s compatible with the systems in most countries and provides added security when abroad. It’s also easy to access cash around the world.
The SKYPASS Visa Secured credit card also includes an Auto Rental Collision Damage Waiver and $250,000 in Travel Accident Insurance. You can also use the points you earn to reach Morning Calm Club Membership, which offers various perks including priority boarding and KAL lounge access.
Downsides of the SKYPASS Visa Credit Card
One of the biggest downsides to the SKYPASS Visa Secured card is the fact you have to pay a relatively high annual fee of $50. The rewards rate is relatively low in comparison, especially when you consider that there are some secured credit cards that offer cash back rewards with no annual fee.
Another consideration is that you’ll pay a foreign transaction fee. So, even though the card can be used worldwide, you’ll pay for it.
Rewards can also be somewhat clunky to redeem. Even though you can use miles for routes serviced by other SkyTeam members, you’re limited to the routes that Korean Air offers through its website.
How it Compares to Similar Cards
For the most part, the SKYPASS Visa Secured credit card is a decent offering. Many secured credit cards don’t offer perks beyond the ability to improve your credit score. Additionally, there are some secured cards with higher annual fees, so $50 isn’t bad. Plus, the 18.49% APR isn’t very high relative to the interest rates offered by other secured cards.
However, the SKYPASS Visa Secured isn’t the only option out there. If you look around, you’ll find other secured cards with different rewards and even no annual fees.
SKYPASS Visa Credit Card vs. Discover it Secured Credit Card
Both of these credit cards allow you to rebuild your credit, no matter your current situation. Additionally, you can basically choose your credit line based on the amount of your security deposit.
However, there are some differences. The Discover it Secured card allows you to earn 2% cash back on up to $1,000 in dining and gas purchases each quarter and 1% cash back on purchases after that. Plus, you won’t pay an annual fee with the Discover it Secured card.
If you’d rather have cash back than travel rewards — and you don’t want to worry about an annual fee — Discover’s card can be a good choice. However, the APR is much higher with the Discover it card, starting at 25.24%.
Finally, the SKYPASS Visa Secured offers free access to your VantageScore while the Discover it Secured offers access to your FICO Score.
With the SKYPASS Visa Secured credit card, you can rebuild your credit while earning travel rewards. However, it’s important to note that this isn’t the only good secured card available. Carefully consider your needs and shop around to see which secured credit card best helps you reach your goals.
Author: Miranda Marquit
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