If you want access to credit, but you’re having a difficult time being approved for a traditional credit card due to a limited or nonexistent credit history, check out what the Oportun® Visa® Credit Card has to offer. This unsecured card offers an initial credit line of up to $1,000, and is designed for individuals with good/fair/poor/limited.
The card can even be available to those without a credit score, Social Security number or U.S. identification. However, know that when applying for the Oportun® Visa® Credit Card, you should be prepared to provide your email address, cellphone number, photo ID, proof of income and proof of address.
We should also note that the card is not available to residents of Colorado, Iowa, Maryland, West Virginia or Washington, D.C.
We’ll review the pros and cons of the Oportun® Visa® Credit Card, and show how it compares to similar cards intended for individuals with limited credit history to help you determine if it’s the right fit for you.
You must respond directly to this offer to receive these terms. Applications in response to other offers may result in different terms. See the online provider's credit card Cardholder Agreement for details about terms and conditions. Reasonable efforts are made to maintain accurate information. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the provider's website.
Intro Purchase APR
Regular Purchase APR
Intro BT APR
Regular BT APR
Cash Advance Fee
Foreign Transaction Fee
Balance Transfer Fee
No credit history needed
According to Oportun’s website, the Oportun® Visa® Credit Card “is available to financially responsible and hardworking people typically denied the opportunity [to carry a credit card], including those without a credit score, Social Security number or U.S. ID.”
Instead, Oportun uses its own proprietary technology to determine your creditworthiness based on other factors, such as income.
Oportun can prequalify you for the Oportun® Visa® Credit Card with a soft credit pull, which won’t impact your credit. However, once you formally apply, a hard inquiry will be performed.
The Oportun® Visa® Credit Card can be used across the globe. As for foreign transaction fees, there are none. This means you won’t be charged a fee when using your card outside of the U.S.
Credit lines up to $1,000
With the Oportun® Visa® Credit Card, cardholders can receive an initial credit line of up to $1,000. This is a pretty decent amount for a credit-building card, considering that the issuer doesn’t require a security deposit or an established credit history to apply.
The Oportun® Visa® Credit Card comes with an annual fee ranging from $0–$49, depending on your creditworthiness. In addition, the card charges late payment fees of up to $35 and returned payment fees of up to $35.
That said, the Oportun® Visa® Credit Card doesn’t charge some of the other fees typically associated with subprime cards, such as setup fees, monthly fees and maintenance fees.
No rewards program
The Oportun® Visa® Credit Card doesn’t provide the opportunity to earn rewards on the purchases you make or a sign-up bonus.
But we should note that if you’re trying to establish or build credit, it’s wise to direct your attention toward paying your credit card bill in full and on time each month, rather than earning points or cashback rewards.
High interest rate
If you carry a balance on your Oportun® Visa® Credit Card from month to month, you’ll be subject to interest charges at an APR of 24.90%-29.90% variable.
If you’d prefer to go with a big-name issuer to help establish credit and have some cash available for a security deposit, the Discover it® Secured Credit Card is a great alternative. The card requires a deposit ranging from $200 to $2,500, which will then serve as your credit line.
In addition, cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, Discover will match all the cash back you’ve earned at the end of your first year.
Along with offering a $0 annual fee, the Discover it® Secured Credit Card doesn’t charge a fee the first time you pay late; after that, the late fee will be up to $41. But beware: It’s very important to pay your bill on time when trying to establish a good credit history, as timely payments account for 35% of your credit score.
After you’ve had the Discover it® Secured Credit Card for seven months, Discover will begin conducting monthly account reviews to see if you’re eligible to graduate to an unsecured card — if this happens, your card will transition to a Discover it® chrome. (Note that Discover will evaluate your behavior across your credit cards and loans from Discover, as well as those from other issuers or lenders.) You can get your deposit back once you’ve upgraded or if you choose to close your account and pay any remaining balance.
|Oportun® Visa® Credit Card||Discover it® Secured Credit Card||Capital One Platinum Credit Card||AvantCard Credit Card|
on Oportun's secure site
on Discover's secure site
on Capital One's secure site
on Avant's secure site
|N/A||Discover will match all the cash back you’ve earned at the end of your first year.||No bonus||None|
|N/A||2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically||Non-rewards Card||Non-rewards card|
|24.90%-29.90% Variable||27.49% Variable APR||29.99% (Variable)||29.74%|
|Additional card details unavailable||Discover it® Secured Credit Card||Capital One Platinum Credit Card||AvantCard Credit Card|
If you have no credit history or lack a Social Security number, the Oportun® Visa® Credit Card can help you establish or build your credit profile by practicing responsible card usage. (Note that you’ll have to provide an SSN in order to have the card account and payment activity reflected on your credit reports — but once you have that SSN, the card does report to all three credit bureaus.)
But if you’d prefer a card that offers rewards on the purchases you make — and you can afford the security deposit — the Discover it® Secured Credit Card may be a better fit. Along with offering cashback rewards on every purchase you make, the card starts reviewing your your account after seven months to see if you’re eligible to graduate to an unsecured card and get your deposit back.