Oportun Credit Card Review: Build credit without a Social Security number

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Are you looking for a credit card that doesn't judge you by your credit score or bank account? The Oportun® Visa® Credit Card offers access to credit for those who may have been overlooked by traditional financial institutions, helping them build credit and achieve their financial goals.

Unlike other cards, Oportun looks beyond your credit score, considering factors like your cash flow and utility payments to determine your creditworthiness. It doesn’t require a Social Security number or bank account to qualify. This unsecured credit card comes with a credit line of up to $1,000, with no security deposit required.

Oportun® Visa® Credit Card features

The Oportun Credit Card offers several features that make it an attractive option for those looking to build or improve their credit:

Credit limit

Your credit limit will depend on your creditworthiness, which is determined by factors like your income and rent payments. Starting credit limits range from $330 to $1,000, depending on details in your application. 

These credit limits are slightly lower compared to some other cards. But, Oportun offers the opportunity for credit limit increases with responsible use over time.

According to the fine print, the card’s issuer — WebBank — can increase, decrease, restrict, or cancel your credit line based on your account usage.

Annual fee

While there’s no security deposit to open this card, you may face an annual fee of up to $49, depending on your creditworthiness. 

Many unsecured credit-building cards don’t charge annual fees. You also typically won’t find yearly fees with secured cards, though you’ll have to pay an upfront security deposit that acts as your credit limit. 

Interest rates

The APR for purchases and cash advances on the Oportun card is competitive compared to other credit-building cards. However, paying your balance in full each month is still important to avoid interest charges and maintain a low credit utilization ratio, which can help improve your credit score. 

Reporting to credit bureaus

Oportun reports your payment activity to the credit bureaus (Equifax, Experian, and TransUnion). This regular reporting is crucial for building a positive credit history and improving your credit score.

Benefits of the Oportun Card

While this card doesn't come with rewards, there are some notable benefits. 

Designed for credit building

The Oportun Credit Card is designed to help users establish or improve their credit. By using the card smartly (making on-time payments and keeping balances low), you can show your creditworthiness and potentially improve your score over time. Oportun also provides tools and resources to help cardholders manage their credit effectively.

What’s more, you don’t need a credit score or bank account to apply. You don’t even need a Social Security or U.S. ID number. That removes a huge barrier for unbanked consumers, those new to credit, or those rebuilding their credit. 

Acceptance and usability

As a Visa card, the Oportun Credit Card is accepted wherever Visa is accepted, which includes millions of merchants worldwide. This wide acceptance makes it a versatile option for everyday purchases and emergencies.

Mobile app and online account management

Oportun offers a mobile app and online platform to easily manage your account, track spending, and make payments. Users also get access to call center support and 24/7 online account management.

Application process and eligibility

Applying for the Oportun® Visa® Credit Card is a relatively easy online process. Applicants need to have the following to be approved:

• Email address
• Mobile number
• Photo ID
• Proof of income
• Proof of address

The card also offers a prequalification option that lets users see if they would be approved without a hard inquiry on their credit report. 

Unlike other cards, Oportun considers alternative data points like banking history and utility payments to evaluate creditworthiness, making it easier for those with limited or no credit to qualify.

Drawbacks and considerations 

While the Oportun Credit Card has several benefits, there are also some drawbacks to consider:

• Lower credit limits compared to other cards: The lower end of Oportun’s credit limit — $330 — may be a barrier to some users. 
• No rewards program or sign-up bonus: You won’t earn any rewards for spending. While this is on par with other credit-builder cards, you may still be able to find cards offering cash back to those with poor credit. 
• Annual fee: Some applicants may qualify for a $0 annual fee, while others would need to pay an annual fee of up to $49. Unfortunately, you won't know the terms of the card until you're approved. 
• Potentially high APR if not used responsibly: This credit card also has a high variable APR for purchases, making carrying a balance very costly.

These drawbacks may be more significant for certain types of users. For example, if you're looking for a card with a high credit limit or a rewards program, the Oportun card may not be the best choice. Similarly, if you tend to carry a balance from month to month, the high APR could lead to significant interest charges over time.

Alternatives to the Oportun® Visa® Credit Card

While the Oportun card is an excellent choice for some, comparing different credit-building cards is always smart. Some alternatives to consider include: 

Secured credit cards 

Secured credit cards require a cash deposit that serves as collateral and usually determines your credit limit. A top secured card option includes the Capital One Platinum Secured Credit Card. These cards often have lower fees and may offer rewards but require an upfront deposit.

Unsecured credit cards for building credit 

Other unsecured credit cards are designed for those with limited or no credit. This includes the Capital One Platinum Credit Card, Petal® 2 “Cash Back, No Fees” Visa Credit Card, and the Chime Credit Builder card. These cards may have higher credit limits and lower fees than the Oportun card, but they may also have stricter credit score requirements.

Is the Oportun® Visa® Credit Card right for you?

The Oportun card is a great tool to build credit — especially for those who banks and other credit card issuers may have overlooked. Because you don't need a bank account or Social Security number to apply, the Oportun card is more inclusive than many other cards on the market.

But, it’s important to review the card's drawbacks and compare it with other credit-building options to find the best fit for you.

Maximizing your Oportun card

To get the most out of your Oportun® Card, it's crucial to use it responsibly and strategically. Here are some tips to help you maximize the card's benefits:

• Use your card regularly for small purchases and pay off your balance in full each month. This shows your ability to manage credit responsibly and helps build a positive payment history.
• Keep your credit utilization low. Aim to use no more than 30% of your credit limit at any given time, as high credit utilization can hurt your credit score.
• Set up automatic payments to ensure you never miss a due date. Late payments can damage your credit score, so staying on top of your payments is essential.
• Monitor your credit score regularly to track your progress. Many card issuers, including Oportun, provide free credit score access to their cardholders.

How we rated this card 

Every credit card review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all credit cards on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this card’s overall score: 

• Approval odds: The Oportun Card stands out for its inclusive approval process, which doesn't require a credit history, Social Security number, or bank account. That makes this card highly accessible for those who may have been overlooked by traditional financial institutions.
• Fees: The potential annual fee of up to $49 (depending on creditworthiness) is a drawback compared to some other credit-building cards that don't charge annual fees. While the lack of a security deposit is a plus, the annual fee can still be a burden for some users.
• Credit-building features; The card's credit-building features are solid, with regular reporting to all three major credit bureaus and resources to help cardholders manage their credit. 
• Credit limit: The credit limits, ranging from $330 to $1,000, are relatively low compared to some other cards, but the lack of a security deposit requirement and the potential for increases with responsible use are perks.
• APR: The APR, while competitive among credit-building cards, is still high, emphasizing the importance of paying the balance in full each month to avoid costly interest charges.
• Added perks: Lastly, the card lacks added perks like rewards or sign-up bonuses, which some other cards offer. 
   

The bottom line 

The Oportun Card could be ideal if you don't have a Social Security number or a bank account and want to build credit. This card also works for those who want a credit card that will approve them without a credit history.

Remember, building credit is a marathon, not a sprint. With patience, persistence, and the right card, you can create a solid foundation for long-term financial success.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.