Oportun® Visa® Credit Card

Explore the benefits of the Oportun® Visa® Credit Card. Ideal for credit beginners, no SSN or bank account required. Discover how it can pave your path to financial wellness.
330 - 1000 $
Credit Limit
24.90 - 29.90 %
APR

Details

General Info
Required documents Required documents
SSN
APR APR
24.90 - 29.90 %
Credit Limit Credit Limit
330 - 1000 $
Interest rates
Shopping Shopping
24.90 %
APR for Cash Advances APR for Cash Advances
29.90 %
Do I fit in?
Credit Score Credit Score
650
Fees
Cash Advances Cash Advances
3 %
Annual Fee Annual Fee
49 $
Late Payment Late Payment
35 $
Returned Payment Returned Payment
35 $
Cash back
Purchases Purchases
1 %
Gas Gas
0.5 %
Restaurants Restaurants
0.5 %

About Credit Card

Are you struggling to build your credit due to a lack of credit history or a Social Security Number? The Oportun Visa Credit Card claims to be the solution for you. In this comprehensive review, we will evaluate this intriguing credit card and determine if it truly lives up to its promises. Let’s dive in and unravel the mysteries of the Oportun Visa Credit Card!

Key Takeaways

  • The Oportun Visa Credit Card offers a no-security deposit credit card with flexible bill payment options and reporting to all three major credit bureaus.

  • Potential drawbacks include high interest rates, late/returned payment fees, and foreign transaction fee restrictions.

  • It is important to compare the features of this card against other available options before committing to it for building or repairing your credit.

Introducing the Oportun® Visa® Credit Card

Represented by the Oportun logo icon, the Oportun Visa Credit Card caters to individuals with limited or no credit history, including those without a Social Security Number. This unsecured credit card offers:

  • Starting credit lines of up to $1,000

  • Issued by a financial services company that aims to provide responsible consumer credit to hardworking people

  • Their goal is to offer affordable personal loans and credit alternatives to payday and auto title loans.

This card is unique in that it doesn’t require a credit history, Social Security Number, U.S. Identification, or even a bank account to be eligible. Instead, alternative data points such as an online account, payment stubs, income, occupation and sector, and personal references are considered.

can be utilized. The Oportun Visa Credit Card helps you build your credit report by reporting to all three major credit bureaus. This feature further enhances the card’s appeal.

Applying for the Oportun Visa Credit Card

When applying for the Oportun Visa Credit Card, you must have the following:

  • Email address

  • Mobile number

  • Valid photo ID

  • Proof of income

  • Address confirmation

Oportun’s proprietary technology takes into account factors like rent payments, payment history, income, cash flow, and additional factors when assessing creditworthiness and determining your credit line.

Remember, simply lacking credit history isn’t enough to justify obtaining the card; there are other credit cards that may offer more value and help you save money.

While the card doesn’t require a Social Security number, you will need an unexpired government-issued photo ID and a U.S. address in one of the states where the Oportun Card is available for verification. The card offers a competitive APR, no annual fee, a rewards program, and zero fraud liability protection.

Understanding the Features of the Oportun Visa Credit Card

Offering a credit limit between $330 and $1,000, the Oportun Credit Card, particularly the Oportun Visa Credit Card, is generous for a card targeting those with limited or no credit history, making it a viable option for those seeking a higher credit limit. Furthermore, it reports to all three major credit bureaus, aiding in building or repairing your credit scores. The card doesn’t require a security deposit, making it a more accessible option compared to secured credit cards.

One notable aspect of the Oportun Visa Credit Card is its flexibility when it comes to bill payments. If you don’t have a bank account, you can make cash payments at any MoneyGram location nationwide (including CVS and Walmart) for a fee. The subsequent subsection provides a deeper insight into the card’s fee structure and possible downsides.

Fee Structure and Potential Drawbacks

The Oportun® Visa® Credit Card:

  • Annual fee: varies from $0 to $49, based on creditworthiness

  • Late payment fees: up to $35

  • Returned payment fees: up to $35

  • Maintaining a balance from month to month: comes with a high price

  • Applicable Variable APR for balance: 24.90% to 29.90%

The issuer has implemented this high interest rate to reduce the lending risk.

To prevent accruing interest on the Oportun® Visa® Credit Card, ensure your bill is paid in full and on time every month. Maintaining a long credit history is a key factor in determining a person’s credit scores, so keeping the card open for a prolonged period has its benefits.

That said, annual fees, late payment fees, and high interest rates are factors that should be taken into account when considering the Oportun Visa Credit Card. The forthcoming section will evaluate the card’s performance in real-world scenarios and compare it with other credit-building alternatives.

Assessing the Real-World Performance of the Oportun Visa Credit Card

The Oportun Visa Credit Card can indeed assist in building or repairing credit scores. However, some customers have reported issues with the card, such as unhelpful customer service and having been approved for the card but not receiving it. One user even had their account terminated due to insufficient activity on the card.

These real-world experiences highlight potential challenges and issues faced during usage. In the next subsection, we will compare the Oportun Visa Credit Card with other credit-building alternatives to help you make an informed decision.

Comparing the Oportun Visa Credit Card

In assessing the Oportun® Visa® Credit Card, alternatives like the Petal 1 No Annual Fee Visa Credit Card and the Discover it Secured Credit Card are worth considering. The Petal 1 Credit Card offers a credit limit range between $300 and $5,000, along with a rewards program on select purchases. The Discover it Secured Credit Card, on the other hand, reports to all three major credit bureaus on a regular basis and requires a security deposit.

Each card has its own unique advantages and disadvantages. The Oportun Visa Credit Card offers a competitive APR and no annual fee, making it a viable choice for individuals seeking to build their credit. However, it has a significant foreign transaction fee and a restricted rewards program, so it may not be the optimal selection for those who travel often.

In conclusion, while the Oportun Visa Credit Card has advantages, it’s important to balance these against the drawbacks and compare with other credit-building options before deciding.

Is the Oportun® Visa® Credit Card Worth It?

Ultimately, the value of the Oportun® Visa® Credit Card depends on your personal needs and circumstances. For those without a credit history or a Social Security Number, this card offers a unique opportunity to build credit. However, its benefits should be carefully weighed against potential drawbacks such as annual fees, late payment fees, and high interest rates.

If you’re looking for a credit-building card and can manage the fees and high interest rates, the Oportun® Visa® Credit Card could be a suitable choice. However, remember to consider other options such as the Petal 1 No Annual Fee Visa Credit Card and the Discover it Secured Credit Card before finalizing a decision.

Editorial Opinion

The Oportun® Visa® Credit Card is a unique credit-building option for those with limited or no credit history and without a Social Security Number. While it offers a competitive APR, no annual fee, and a rewards program, it also has potential drawbacks such as high interest rates and fees. By comparing this card to alternatives like the Petal 1 No Annual Fee Visa Credit Card and the Discover it Secured Credit Card, you can make an informed decision on which card best suits your needs and helps you achieve your financial goals.

FAQ

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Irina Z
Author of articles
Irina Z
24.05.2022
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Update 11.02.2024