OpFi card* compared to the Discover it® secure credit card
The Discover it® Secured Credit Card tops our list of best secure cards and although it requires a deposit equal to the line of credit, it also offers rewards, charges no annual fee and a more reasonable regular APR 24.49% Variable APR on purchases and balance transfers. The Discover it® secure credit card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, get unlimited 1% cash back on all other purchases.
The OppFi card does not require a deposit, but those looking to improve their financial situation would probably be better off working towards better credit with a secured card than risk going into debt and paying such high fees for access to the credit.
OpFi card* compared to the Petal® 1 “no annual fee” Visa® credit card
Another no-deposit required option for revolving credit is the Visa® Petal® 1 “No Annual Fee” credit card, issued by WebBank, Member FDIC, which, as the name suggests, charges no annual fee. Like the OppFi card, the Petal 1 Visa looks at more than your credit score to determine your creditworthiness, meaning those with weaker credit can still qualify. The Petal 1 Visa offers a better but still high APR of 22.24% to 31.74% variable APR and offers credit limits between $300 and $5,000.
We recommend the Petal 1 Visa credit card over the OppFi card for those who need unsecured revolving credit.
OpFi card* vs. Bank of America® Travel Rewards Credit Card for Students*
Students almost always have better options when it comes to credit cards. One of the best options is the Bank of America® Travel Rewards Credit Card for Students*, which earns 1.5 points per dollar on all purchases everywhere, every time with no expiration on points and no annual fee. Unsecured student cards don’t require a deposit, and the best student cards don’t charge an annual fee.
For students, there is no doubt: a student card such as the Bank of America Travel Rewards Credit Card for Students will almost always be a better option than cards such as the OppFi Card.