Most Americans have two to three credit cards. However, if you have poor credit, no established credit history, or do not have a Social Security Number, it can be difficult to get approved. Credit-building cards, such as the Oportun credit card, can help customers with bad or no credit build a better credit score.
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Oportun Credit Card Quick Review
The Oportun Card may be an option for people who are trying to build credit, have bad credit, or who can not apply for most credit cards because they do not have a Social Security Number or U.S. ID.
Though the annual fee, high annual percentage rate, and lack of rewards may not make the card worthwhile for those with better credit scores, the Oportun card compares favorably to other cards for people with bad or no credit that may have higher fees or require a security deposit.
Pros
- No credit history requirement
- No minimum credit score requirement
- Can be approved without an SSN or U.S. ID
- No foreign transaction fees
- No security deposit required
- Good starting credit limits
Cons
- High APR
- Annual fee
- No rewards
- No balance transfers
- No introductory APRs
Oportun Card Overview
A good place to start if you are considering applying for the Oportun card is to review its basic features:
- Credit line of up to $1,000
- Worldwide acceptance through the Visa network
- Zero fraud liability
- 24/7 online account management
Unlike many other credit cards, you can not add an authorized user.
APR and Credit Limit
Account terms vary based on the information on your application and your creditworthiness. As of July of 2021, credit limits range from $300 – $1,000, and APRs from 24.90% to 29.90%. APRs are based on the market Prime Rate and can change when the Prime Rate changes.
Grace Period
Payments are due at least 25 days after the close of each billing cycle and no interest accrues on new purchases if you pay your entire balance by the due date. There is no grace period for cash advances. Oportun begins charging interest on cash advances from the transaction date.
Minimum Payments
The minimum payment due every month on your Oportun credit card account is either the greater of $25 or 5% of the total new balance on your statement plus any late fees and past due amount. If your total balance is below $25, then your minimum payment is your total balance.
Fees
Annual fees range from $0 to $49. There is a cash advance fee of the greater of $10 or 3% of the cash advance. There are no foreign transaction fees.
If you pay your bill after the due date, you will incur a late payment fee of up to $35.00. If your financial institution returns a payment you made, you will incur a returned payment fee of up to $35.00.
Application Process
You can apply for the Oportun credit card online or by phone. If you received an offer in the mail, you can accept the offer online or call 855-613-0070 between 8 am-8 pm CT Monday-Friday and 9 am-7 pm CT on weekends and holidays.
Before you apply, be prepared to provide the following information:
- Email address
- Mobile number
- Photo ID
- Proof of income and address
If you start the application process and then change your mind, you can cancel your application by calling 833-676-7886.
Approval Process
Oportun will consider your application even if you do not have any credit history. However, the company requests credit reports for all applicants and your past credit does play a role in the decision-making process. Borrowers with no or poor credit are less likely to be approved and if approved are more likely to get a lower credit limit and higher APR than borrowers with better credit.
You can submit a prequalification application that will not impact your credit score. This application should give you an indication of whether you are likely to be approved, but it isn’t a guarantee.
Company Reputation
The Oportun card is issued by WebBank. Oportun has an A+ rating with the Better Business Bureau. The company received the Fintech Breakthrough Award for the best consumer lending product in 2019 and the San Francisco Bay Area Top Workplaces and San Francisco Chronicle named it to the 2022 Greater Bay Area Top Workplaces list.
It also won the 2022 Finovate Award for Excellence in Sustainability. The company is Community Development Financial Institution certified by the United States Treasury Department. Oportun has an average rating of 4.8 out of 5.0 for its 5,239 Trustpilot reviews.
Availability
The Oportun card is available to all U.S. residents except for residents of Colorado, Iowa, Maryland, Wisconsin, West Virginia, and the District of Columbia.
Payment Options
You can make your Oportun credit card payments online, by phone, by mail, or in person. To pay online, use your Oportun credit card login to access your account and make a payment using your checking or savings account or debit card.
You can make a one-time payment or set up automatic payments to be charged to your selected payment method on your due date every month.
To pay by phone, call 833-676-7886. To pay in person, visit a MoneyGram location. You can mail a check or money order to:
Oportun
PO Box 561240
The Colony, TX 75056
Your account balance and available credit limit will usually reflect your payment within 3 to 5 business days after the company receives your payment.
Online Account Management
You can use the Oportun website to manage your account 24/7. You can use your Oportun credit card login to check your balance, view statements, review transactions, make payments and manage alerts.
Oportun Credit Card PIN
If Oportun approves you for a card, the company will send your PIN in the mail. If you forget your PIN or want to change it, you can contact customer service.
Customer Service
There are multiple ways you can contact customer service:
Phone
855-613-0070
Monday-Friday 8 am-8 pm PT
Saturday-Sunday 9 am-7 pm PT
General inquiries: hello@oportun.com
Troubleshooting: complaints@oportun.com
Text Bot
650-425-3419
PO Box 4085
Menlo Park, CA 94026
Credit Reporting
Oportun reports your Oportun credit card activity to the three major credit bureaus, Equifax, Transunion, and Experian. The company reports whether you have made your payments in full and on time every month. It also reports any missed, late or incomplete payments.
Understanding Your Credit Score
Your credit score is a metric that credit card companies and other lenders use to measure your creditworthiness. Most credit card companies use either your FICO or VantageScore. These scores are based on your credit history.
FICO bases 35% of your score on your payment history. The more on-time payments you make, the better your FICO score will be. Conversely, the more times you miss a payment or pay late, the worse your score will be.
Credit utilization, which is a measure of the total amount of available credit you are using, makes up 30% of the score. To achieve a high credit score, use 30% or less of the total available credit. For example, if your total available credit is $1,000, you should aim to use no more than $300 of that limit.
This applies to both your total available credit and your credit limit for each card.
The length of your credit history makes up 15% of the score. Accounts that are open and in good standing that are over two years old will improve this portion of the score.
Your credit mix makes up 10% of the score. This considers the mix of installment and revolving accounts you have. Revolving accounts are credit cards, such as the Oportun credit card, and lines of credit.
Installment accounts are loans, such as personal loans, auto loans, and mortgages. Lenders like to see a good mix of accounts, but credit card companies will weigh your revolving accounts most heavily.
New credit accounts for the last 10% of the score. Opening a lot of new accounts or having a lot of inquiries for new credit accounts in a short period can lower this score.
VantageScore uses similar criteria but calculates the score differently. It gives the highest weight to total credit usage, available credit, and balances. The next most important element is your personal blend of experience and credit, and after that, the biggest factor is payment history.
The age of your credit history and new accounts are the least important part of this score.
Both systems use information from your credit report to calculate your credit score. However, FICO only uses one bureau’s report, which means your credit score may be different at each credit bureau. VantageScore utilizes all three major reports.
If you are new to credit, it takes about six months to get a FICO score. VantageScores take one to three months.
What Is a Bad Credit Score?
Credit scores range from 300 to 850, with 300 being the worst and 850 being the best. FICO ranks scores into several categories:
- Poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very Good: 740 to 799
- Exceptional: 800 to 850
VantageScore uses similar categories:
- Very poor: 300 to 499
- Poor: 500 to 600
- Fair: 601 to 660
- Good: 661 to 780
- Excellent: 780 to 850
If your credit score falls into the poor or very poor categories, credit-building cards, such as the Oportun credit card, maybe your only option if you want to get a credit card.
Oportun Credit Card Review
Oportun promotes itself as a provider of access to credit at affordable rates to people who are excluded from the financial mainstream. It claims to accomplish this mission through the use of an AI-driven platform that considers more than just a customer’s income and credit score when making credit decisions.
According to the company website, Oportun has issued over 5.6 million loans and credit cards worth $14 billion in credit, saved members over $2.3 billion in interest and fees, helped members save more than $8.1 billion, and assisted 1 million people with establishing a credit history. The company currently has 1.8 million members.
Benefits for Customers With Bad or No Credit
If you have fair or better credit, then you can probably qualify for credit cards with lower APRs, fewer fees, and more perks than the Oportun credit card. However, if you have bad credit or no credit history, the Oportun card has multiple benefits:
- No minimum credit score required
- No credit history required
- No security deposit required
- Better than the average credit limit
- Reports to three major credit bureaus
No Minimum Credit Score
Most credit cards require a minimum score of at least 580. Credit cards with lower APRs and better perks may require a minimum score that is higher than that.
If you don’t have a credit score or your score is below 580, you may have trouble getting approved for a credit card. While Oportun does consider your credit when deciding whether to approve you for the Oportun credit card, there is no minimum score below which the company will not consider your application.
No Credit History
Some credit card companies will not consider your application if your credit history is too short. This is because there isn’t enough data for the company to judge how risky it is to extend credit to you. Oportun does not require a minimum length of credit history.
No Security Deposit
Most credit cards aimed at people with poor or limited credit have less stringent credit requirements than standard credit cards. However, many credit cards in this category require a security deposit. While secured credit cards can help you build credit, they also tie up the money that you must use for your deposit.
The Oportun card allows you to build credit without having to deposit $200 to $300 with the credit card company.
Better Than Average Credit Limit
While $300 to $1,000 may not seem like a generous credit limit, many credit cards for customers with bad credit have credit limits that range from $100 to $300. The $300 to $1,000 credit limits offered by the Oportun credit card are similar to what people with average to good credit can expect to get on their first credit card.
Reports To All Major Credit Bureaus
Responsibly using credit is one way to improve a bad credit score. However, some companies that market credit to customers with bad credit do not report your payment activity to the major credit bureaus. Your on-time payments will only help your score if the credit bureaus know about them. Using your Oportun card responsibly can help you improve your credit.
Benefits for Customers Who Are New Immigrants
Most credit card companies require applicants to have an SSN number and a U.S. ID. Oportun does not require this information, making this card easy for new immigrants to apply for. Additionally, the lack of foreign transaction fees makes the card ideal for frequent international travelers and people who want to be able to use the card while visiting friends and family in their home country.
The company also offers bilingual customer service in English and Spanish.
Disadvantages of the Oportun Credit Card
There are some disadvantages that come with the Oportun card:
- High APR
- Fees
- No rewards
- Not available everywhere
- No introductory offers
- No balance transfers
High APR
The primary drawback is the high variable APR of 24.90% to 29.90%. While this rate is comparable to the 25.76% average APR for people with bad credit, it is well above the 18.66% APR offered to the average customer with good credit.
The higher APR means that if you don’t pay your balance in full every month, you will pay more interest and take longer to pay off your balance than with a card with a lower APR.
If your goal is to build credit and you can be disciplined enough to pay off your balance every month, then this disadvantage may not be a problem for you. However, if you carry a balance, you could end up spending a lot of money on interest payments.
Fees
Annual fees tend to be tied more to rewards than credit scores. Credit cards marketed to people with poor credit tend to have lower average fees than cards marketed to customers with good credit because most credit cards for people with bad credit don’t come with rewards.
The average annual fee for cards for people with bad credit is $32. The annual fee for the Oportun credit card is between $0 and $49. Only 33% of credit cards for bad credit charge an annual fee, so you may be able to qualify for a card with no fee or a lower fee elsewhere.
Most credit card companies charge a late fee when customers fail to make their minimum payment by the due date. Because customers are generally required to pay the late fee as part of their minimum payment for the next billing cycle, late fees can make it difficult to get caught up if you are struggling to make the minimum payment on your card.
The maximum companies are allowed to charge for a first-time late payment is $30. Any late payments after the first can incur a maximum $41 fee.
The first-time late fee for the Oportun credit card is $25. After that, the late fee is $35. This charge is similar to most competitors; however, there are a few companies that market credit-building cards with no late payment fees.
No Rewards
The Oportun card does not offer any rewards. Most credit cards for customers with bad credit do not offer rewards. However, if earning rewards is important to you, shopping around for a better deal may make sense.
The card does come with the basic Visa benefits:
- Pay-per-use emergency roadside assistance
- $0 fraud liability
- ID theft protection
- Discounts and savings program
- Fraud protection
Limited Availability
The Oportun card is not available in Colorado, Maryland, Iowa, West Virginia, Wisconsin, and Washington DC. If you live in one of these areas, you may want to explore other credit cards for bad credit.
No Introductory APR or Balance Transfers
Some credit cards offer a low introductory APR and the ability to transfer balances from higher-interest credit cards. These offers can save you some money, particularly if you can pay off your balance before the introductory APR expires.
The Oportun credit card doesn’t offer introductory APRs or balance transfers. These options are not frequently offered to customers with bad credit, but if you are carrying a balance on one or more high APR cards, it may be worthwhile to shop around for a card that offers these features.
Other Similar Credit Cards To Consider
There are a variety of secured and unsecured credit cards available to customers with bad or no credit:
- Capital One Secured Mastercard
- OpenSky Secured Visa Credit Card
- Petal 1 “No Annual Fee” Credit Card
- Indigo Platinum Mastercard
- Fit Mastercard
- Credit One Bank Visa
No matter what your credit situation is, it is a good idea to compare offers from different companies before applying for a card.
Who Should Consider the Oportun Credit Card
If you fall into one of three groups of people, you may want to consider the Oportun card:
- You don’t have an SSN or U.S. ID
- You have bad credit
- You don’t have any credit
Responsibly using a credit card can help you improve your credit if you have bad credit or establish a credit history if you have no credit. The Oportun credit card is similar to other credit cards marketed to people with bad or no credit. However, the credit limit offered is higher and the fees are lower than some credit cards in this category.
Additionally, most companies require applicants to have an SSN and U.S. ID. If you don’t have an SSN number or U.S. ID, the Oportun card is a good option. Otherwise, it is a good idea to shop around and compare the APR, fees, rewards, and credit limit you can get with other companies before making a decision.
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