Despite being negatively criticized, credit cards are one of the most powerful financial tools if they are used with responsibility. The Oportun credit card is issued by Oportun, which is a digital banking platform that is powered by Artificial Intelligence.
The company aims to make the financial health of its customers effortless. Oportun is a public company that was founded in 2005. The company had been successful in running and had been providing assistance to around 1.5 million of its customers in their financial practices like banking, borrowing, and saving needs.
The company had been working in the field of finance for about 15 years and the experience gathered from their operations had helped in formulating the popular Oportun credit card.
With their responsible products which have helped millions of customers build their credit history, the company has been certified since 2009 as a Community Development Financial Institution.
Here we can know more about how to apply for the credit card, Oportun credit card login steps, benefits, and so on.
What Is An Oportun Credit Card?
The financial services and technology company Oportun announced the availability of its credit cards nationwide on August 12, 2021. The Oportun credit card is issued by WebBank, which is a member of the Federal Deposit Insurance Corporation.
According to the words of Raul Vazquez who is the CEO of the company, the card is more than a mere financial tool. For the company, the credit card represents the promise of using modern technologies like artificial intelligence and other data in an attempt to address the societal need for financial inclusion.
The Oportun credit cards are also an entry point for hard-working customers, who are often considered to be living outside the mainstream financial services. The Oportun Credit card is successful and is preferred by most of its users. The card is calculated to have over 54,000 satisfied customers after around 18 months of its issue.
The Oportun credit card is an unsecured credit card, which means that there is no need for any collateral for earning the card. Unsecured cards are more common than secured cards and are available to users who have average to excellent credit scores.
Just like most of the credit cards available in our market now, the Oportun credit card also comes with different perks and is said to benefit the customers who use them.
As opposed to a majority of credit cards now, one feature that sets Oportun credit cards aside from the rest is that the card does not demand a credit history from the user to earn one. Not just that, but the card also offers many such benefits to their user. Keep reading to know more about the benefits provided by Oportun credit cards.
Benefits Of Oportun Credit Cards
The acceptability of a credit card should be one of the most important factors that should be considered before owning one. What is the point of having a card that is not accepted at most places? The Oportun credit card does not pose the problem of acceptability for its users as the card is accepted worldwide.
Oportun credit card is an unsecured credit card, which means that there is no need for collateral to achieve the credit card. It is also said that compared with secured credit cards, unsecured credit cards are better in providing their customers with better rewards and are also said to have lower interest rates.
Credit history is another important factor when applying for a new credit card. The credit history includes essential information like the ability of a borrower to repay his debts, and also the responsibility the person shows in repaying their former debts. A bad credit history has the potential to deny you the request for new credit.
Oportun credit card is one such few credit cards in the market that does not ask for the credit history of an applicant. As mentioned earlier, the authorities behind the card say that the main aim of the card was to provide an entry point for people who have no place in mainstream financial services.
As the card does not ask for a credit history from the applicant, it is comparatively easy for a person to gain access to the Oportun credit card.
Just like the credit history, a person who does not have a social security number can also apply for an Oportun credit card. If you don’t have a social security number, all you need is to verify an address in any of the states where the card is approved.
You can also use an ID issued by the government to verify, provided that the ID is not expired and also have your photograph on it.
Another attractive feature of the Oportun credit card is the credit line offered by the card. The Oportun credit card will offer its user a credit line of up to $1,000. As most cards do, the credit line will be decided based on the creditworthiness of the customer and chances are there that you will be able to receive a higher credit line with time.
From the available information, it can be understood that the company keeps a strict watch over the financial operations, and only then will they determine the creditworthiness of a person. If the score seems to decrease, chances are that the credit line will also be reduced based on the scores.
While counting the advantages of the Oportun credit card, it should also be noted that the credit card reports to all three credit bureaus – Equifax, Experian, and TransUnion. Reporting to all three credit bureaus is a convenient process for the customer.
These companies record the details which are needed to calculate your credit. As your payment history is recorded by all three bureaus, it will be easier for your future as your future lenders can easily determine your borrowing and repaying nature.
Oportun Credit Card Login Page URL
Logging into the Oportun credit card account comes with different benefits. If you are logged in to the account, then it will be more convenient and easy to make payments and also to track the transactions and other proceedings in your account. Here is the needed information about the Oportun credit card login.
The login page is available on the official website of Oportun. For login, all you need to do is to visit https://oportun.com/make-a-payment/ and once you open the link, you will be redirected to a page with an option to log in. Click on the login button that appears and it will provide you with three different options, the last one will be for the login.
Pros And Cons Of Oportun Credit Cards
Just like all the cards that are currently available in the market, Oportun credit cards also have their own perks and also a few downfalls. Before deciding on which credit card to buy, comparing the pros and cons of those cards is one of the best ways to ensure that you have not fallen for the bad one.
In order to have a good comparison of both sides of the card, here are some of the most important pros and cons of the Oportun credit cards.
Pros Of Oportun credit cards
- No Need For A Credit History
One of the most important factors that a firm checks before granting a person approval for their credit card request is their credit history. The credit history of a person included all details of their payment activities.
It is a record of all the credit activities like whether you pay your bills on time or not, the types of credit you use, and many such details. A bad credit history can easily dent your application for a credit card and it is one of the main reasons most people have their applications rejected.
Unlike other cards, the Oportun credit card does not ask for your credit history while you apply for it. It should also be noted that a person without a social security number can even apply for a credit card, provided that they possess a government-issued or approved identity card with their photograph.
- Credit Line Up To $1,000
A credit line can be defined as the maximum amount that a customer can charge to the account. There are only so many cards in the market that allow the user a privilege of such an amount. The feature of an initial credit line up to $1,000 is offered to you without the requirement of the security deposit and also without an established credit history.
- Accepted Worldwide
What is the use of having a credit card with many benefits but is not acceptable in most places? Oportun credit card login does not put its customers in such a pickle as the card is accepted worldwide.
Whatever your location and the nature of the purchase, having a card that has worldwide acceptance is a blessing and the Oportun credit card is one such card that you can rely on if you are a person who moves around a lot.
- Lack Of Security Deposit
Most of the cards that offer high rewards and benefits always come with a catch and adding a security deposit for the card is one such major catch.
In order to use such a card, you must make a deposit of security or collateral and it also should be understood that this security deposit cannot be used to pay your monthly bills. Oportun credit cards do not ask their customers to make a security deposit.
Cons Of Opportun Credit Card
- Annual Fee And Other Fees
While the card offers many benefits and easily eligible criteria for their applicants, it should also be noted that the card comes with an additional payment of a few more fees.
Just like many other cards, Oportun credit cards also levy a fee from their user annually, which can fall on any number ranging from $0 – $49. The exact amount for the annual fee is calculated according to your creditworthiness.
Apart from this compulsory annual fee, the card also charades with other fees such as late payment fees which can go up to $35, and also a retired payment fee which can go as high as $35.
- No Rewards Programs
Rewards are one of the major attractions of a credit card. Most of the cards provide different rewards to their customers when they make a purchase using their cards.
While that is the care of the majority of cards in the market today, Oportun credit cards do not offer any such rewards or other offers to their customers while making a purchase. The also does not have any scheme that provides a sign-up bonus or any such thing.
- High-Interest Rate
This is one of the major drawbacks of the Oportun credit card. Carrying a balance on the Oportun credit card can make you liable for a high-interest rate. The rate at which the interest is charged can be at an APR of 24.90% – 29.90% variable.
How To Apply For Oportun Credit Card
Applying for a credit card is an easy process and it will only take around five to ten minutes. As per the usual procedure, while applying for a credit card, the applicant will have to provide some general information about themselves.
The information that can be asked for while applying includes personal details like name, address, zip codes, and such.
The application can also ask for the type of job and the nature of the employer of the applicant too. A valid identity card which is approved by the government is mandatory for almost all credit card applications.
As for the Oportun credit card, the application process follows almost the same process as mentioned. But unfortunately, as of the job, the card is not accepting any new applications and the provision to apply for a new card seems to have been removed from their official site.
But that does not mean that you cannot own an Oportun Credit card. The card is still available but only to a selected number of customers and it is through invitation only that a person is able to get hold of an Oportun credit card.
The website also says that the card will be back in the market very soon and that they could not wait to bring the card back to the community. Even though they are not accepting any new applications, the site provides an opportunity for people who wish to have an Oportun Credit card.
There is a portal where people who have not received an invitation mail can sign up so that they will be notified about the latest updates regarding the availability of the credit card. The site will need your first and last name and your e-mail address in order for you to sign up for this.
What Are My Chances Of Getting Approved?
In order to submit an application for an Oportun credit card, it will only take a few minutes and will require a few details from your side like your name, address, income details, and also the nature of your job.
Once the application is submitted, it will be reviewed by the lender, and only then will there be a final decision regarding the approval of the credit card.
Usually, this is the time when the lender checks the credit history of the applicant and that step is one of the time-consuming steps in deciding whether the application should be approved or not.
As for the Oportun credit card, the credit history of the applicant is not necessary and thus the time-consuming step can be skipped. As per the law, the lender should inform the applicant whether their application has been approved or behaved within 30 days of receiving the application.
Whatever the result, you will be notified. If the application is rejected for some reason, you can always apply again with another lender.
If the application is approved, then the follow-up process of activating the card can be taken up by the applicant.
Oportun Credit Card Customer Service Details
Customer satisfaction is one of the most important aspects of providing a service. Customer care services are the first choice when we need assistance with a product that we bought. As for the Oportun credit card login, the customer care service is explained in detail on their website.
There is specific time allocated for people who contact customer care service, which is from 8 am to 8 pm on Mondays and 9 am to 7 pm on Saturdays and Sundays.
There is also a contact number listed on the website which people can contact for assistance regarding anything for the credit card. The number provided is (855) 613-0070.
Any general inquiries about the card or any service can be inquired about at hello@oportuncom and for any troubleshooting, customers can use the email address complaints@oportun.com
Also Read:- Menards Credit Card Login – Review, Benefits, And More
Oportun Credit Card Payment Address
If you are a customer who intends to pay your bill through the mail, then it can be easily done by despatching the mail to the address provided below.
Oportun
PO Box 4085
Menlo Park, CA 94026
While sending the mail, it should be kept in mind that IOportun does not accept cash and you should include a check or money order for your payment.
Customers can also make their payments through online services, where the customer will need access to their online account which can be done through the mobile application. The lender also provides the facility of in-person payments at their local branches.
Oportun Credit Card Login Review Conclusion
If they are used accordingly and with responsibility, credit cards are a very powerful; financial tool. As for Oportun credit cards, they are a good choice if you are a person who does not have a credit history and is looking to build your credit history.
The card has many perks and benefits even though they come with a few drawbacks.
As credit history is one of the major factors that play behind the rejection of most of the applications for a new credit card, a credit card like Oportun which does not require a credit history is a very good choice and as mentioned by the lenders, Oportun credit card should be seen as an entry for people with no access to mainstream features of finance and should be utilized the maximum.
