The Korean Air SKYPASS Visa Secured Card has an offer for 5,000 SKYPASS bonus miles when you make your first purchase. We value these points to be worth around $85. Although not the best welcome offer out there, not many secured cards offer any type of incentive.
Any kind of rewards program for people with bad credit is definitely not the norm. With the SKYPASS Visa Secured, you earn 1x miles on all purchases towards free flights. Plus, get an additional 1,000 bonus miles every year after you renew your membership. All that while you build or rebuild your credit.
Consistently pay your bill on time for 12 months, and you could graduate to an unsecured version of the SKYPASS card, the SkyBlue SKYPASS Visa Card for instance.
*The SKYPASS Visa Secured is issued by U.S. Bank. U.S. Bank also offers great sign-up bonuses for its Checking/Savings accounts.
|Bonus Available||Get 5,000 bonus miles after your first purchase.|
|Travel Credit||No travel credit.|
|Ongoing Rewards/Benefits||1 mile for every $1 spent on eligible purchases. |
Receive 1,000 bonus miles every year after you renew your membership.
|Foreign Transaction Fees?||2% in USD, 3% in foreign currencies.|
|Airport Lounge Access||None|
*Bonus value is an estimated value calculated by MoneysMyLife and not the card issuer. Read our card review for more details.
View our latest valuations here.
- Bonus miles
- Anniversary bonus
- Partner airlines
- Annual fee
- Requires a security deposit
- Foreign transaction fees
SKYPASS Visa Secured Card 5,000 Bonus Points Offer
Take advantage of the SKYPASS Visa Secured card’s introductory offer: 5,000 SKYPASS bonus miles. My valuation puts these points at around $85 (more on that later). While that might not seem like a lot, it’s one of the few offers from a secured credit card.
To qualify, charge your first purchase to your card. There’s no spend amount or time limit to worry about.
What Are Korean Air SKYPASS Miles Worth?
Like many other airline-branded credit cards, your miles’ worth depends on how you use them. On average, each SKYPASS mile is worth $0.017. That’s a great value considering the industry average is just $0.01 per point. It also slightly makes up for the card’s low earning power.
You can use your SKYPASS miles towards:
- Flights (Korean Air, SkyTeam partners, non-SkyTeam partners)
- Upgrades (Korean Air, SkyTeam partners)
- KAL Lounge access
- Excess baggage (Korean Air)
- Hotel stays
- Car rentals
- KAL limousines
- Coatroom Service
- Visits to Jeju Folk Village Museum
You’ll get the most value for your SKYPASS miles if you use them for flights with Korean Air or a partner airline. Redeeming your rewards this way won’t be a walk in the park. But the extra leg work will be well worth it.
*Visit skyteam.com for the current list of members
*Visit koreanair.com for the current list of partners.
Security Deposit & Credit Limit
The SKYPASS Visa Secured Card is one of the few secured cards with a rewards program. It requires a security deposit which sets your credit limit. The credit limit ranges between $300 to $5,000, depending on the amount you put in.
Your deposit is placed in an interest-bearing, secured, savings account. You can increase your limit by adding funds to your card, starting with a minimum of $100. When you close your account, you’ll receive a deposit refund plus interest.
Get 1,000 bonus miles every year when you renew your membership. To qualify, pay the card’s annual fee in the month that it’s due.
It’s rare for a credit card designed for people with bad credit, or no credit, to offer ongoing rewards. But the SKYPASS Visa Secured card offers just that and more. With an introductory offer and anniversary bonus to sweeten the deal. If you don’t fly occasionally with Korean Air or its airline partners, I recommend looking into other options.
What’s The Competition?
I’d recommend looking at these other options for building/re-building your credit:
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