Korean Air is the biggest airline in South Korea, offering flights to over 130 cities. Its SKYPASS rewards program permits frequent flyers a chance to earn useful miles which can be utilized for a variety of flights and advantages. The SKYPASS Visa Secured Credit score Card goes one step additional and never solely lets you earn miles from the purchases made with the cardboard, but in addition offers you the prospect to construct or rebuild your credit standing with a secured bank card. (See our picks for one of the best secured playing cards obtainable.)

In the event you regularly fly with Korean Air or are a fan of the SKYPASS program, and you’re within the technique of both establishing or reestablishing your credit score historical past, the SKYPASS Visa Secured Credit score Card is a card it is best to contemplate.

How This Card Works

When you’re authorised for the cardboard, you will need to make a deposit of $300 to $5,000, which is held in an account that earns curiosity. You obtain your card with a credit score restrict within the quantity of the safety deposit. Your account exercise is reported to the credit score bureaus, which helps to ascertain a optimistic credit standing while you handle your account responsibly. After 12 months, your account is evaluated and chances are you’ll qualify for an unsecured bank card.

You earn one mile for every greenback spent with the cardboard, with no cap on the variety of miles you possibly can earn. Miles expire in ten years if unredeemed.

You may redeem miles for flights and upgrades with Korean Air. You may as well redeem for entry to airport lounges, in addition to for award flights and upgrades with SkyTeam Alliance Airways, which incorporates airways comparable to Delta, Air France, and AeroMexico. There are a variety of different methods to redeem SKYPASS miles, together with for resort stays and rental automobiles.

Professionals

Rewards program. Most secured bank cards don’t embrace rewards applications for incomes factors or miles. You may earn one mile for each greenback spent, with out worrying about particular buy classes or classes that change each quarter. 

Deposit earns curiosity. The safety deposit that’s held while you’re an account holder, earns curiosity, permitting you to earn somewhat further while you’re constructing or rebuilding your credit standing. Not all secured bank cards permit you to earn curiosity whereas the deposit is held, and in these circumstances you obtain precisely what you began with while you shut the account — much less any excellent balances or charges. (See additionally: Secured Playing cards that Pay Curiosity on Your Deposit)

Cons

Annual charge. The annual charge might be expensive when you aren’t in a position to make use of your miles or reap the benefits of the bonuses. (See additionally: Secured Playing cards With out Annual Charges)

International transaction charge. In the event you use your card for overseas transactions, you’ll lose any worth you might need earned from the rewards program. For individuals who regularly journey overseas or make overseas purchases, secured playing cards with out overseas transaction charges are higher choices.

Who This Card Is Finest For

The SKYPASS Visa Secured Credit score Card is finest for individuals who are simply beginning out or are within the technique of rebuilding credit score, and regularly journey with Korean Air. It is vital that you’ll be able to reap the benefits of the bonus alternatives for the charges and bills hooked up the cardboard to be price it. If you’re not particularly a SKYPASS fan, there are extra inexpensive secured bank cards obtainable with no overseas transaction charges, decrease annual charges, and a decrease APR.