OpenSky Secured Visa Credit Card Review

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OpenSky® Secured Visa® Credit Card
Good for No Credit Check

OpenSky® Secured Visa® Credit Card

Editor’s Score: (2.7/5)
Learn more externa link icon at our partner’s secure site.

  • Intro bonus: No current offer
  • Annual fee: $35
  • Regular APR: 17.39% (variable)
  • Recommended credit score: (No Credit History)

OpenSky does not require a credit check when you apply for the OpenSky® Secured Visa® Credit Card, which means you can get approved and begin rebuilding credit regardless of your current credit score or history. In exchange, you’ll pay a $35 annual fee and must secure your credit line with a cash deposit.

At a Glance

  • No credit check required
  • Reports to all three credit bureaus 
  • Refundable security deposit (minimum $200, up to $3,000) required
  • $35 annual fee
  • 17.39% variable APR

Pros

  • Get approved with no credit check

  • Build credit by making timely payments in full, with monthly reporting to credit bureaus

  • Security deposit is fully refundable

Cons

  • $200 minimum deposit required

  • $35 annual fee

  • No rewards on your spending

Additional Card Details

This card is primarily a tool for credit building. It doesn’t offer any rewards or perks beyond credit access for people with bad or no credit history.

The OpenSky Secured Visa’s main benefit is the chance to get approved and start building credit without a credit check, which can be a big obstacle to accessing credit for people with less-than-stellar credit — even among other credit cards for bad credit or secured credit cards.

OpenSky does offer a few additional tools to help you succeed in your credit-building journey, including a mobile app where you can track your payments and credit card bill, and a dedicated Facebook group with other OpenSky cardholders you can join for support as you work toward your financial goals. 

Should You Get this Card?

Because the OpenSky Secured Visa Credit Card doesn’t require applicants to undergo a credit check, it’s a solid option to consider if you have a very low credit score, you have recently filed for bankruptcy, or you don’t have a checking account (in that case, you can apply and submit your security deposit via money order or Western Union). 

Many issuers may deny your application if you have filed for bankruptcy or experienced other financial challenges, even if you’re willing to put down cash as collateral on a secured card account. 

While a credit check isn’t required for approval, that doesn’t mean approval is guaranteed. In addition to submitting a deposit, here are a few criteria you must meet for OpenSky eligibility:

  • You must be a U.S. citizen at least 18 years of age with a valid Social Security number or individual taxpayer identification number (TIN).
  • You should have a monthly income greater than your monthly expenses.
  • You cannot have applied for a Capital Bank credit card four or more times in the last 60 days or have two or more open credit card accounts with Capital Bank, and any current or previous accounts with Capital Bank must be in good standing (Capital Bank is the bank that owns OpenSky)

A big drawback of this card is its annual fee. Not only will you need to submit at least $200 as a refundable security deposit, but you’ll pay $35 each year you own the card. Other secured cards, such as the Discover it® Secured Credit Card or Secured Mastercard® from Capital One, charge no annual fee and the same (or lower) minimum deposit.

Pro Tip

The cash deposit required to open your OpenSky Secured Visa Credit Card will be used as collateral for your account and act as your credit limit, but it’s fully refundable if you close your account in good standing with a $0 balance.

Before you apply, consider other cards you may qualify for that offer more benefits or tools for credit building than this card. For example, some issuers of secured cards will automatically review your account after a certain time period to determine whether you qualify to upgrade to an unsecured card or for a credit line increase. 

How to Use the OpenSky Secured Visa Credit Card

Since the OpenSky Secured Visa Credit Card is mainly used for building credit, you’ll want to make sure you use it responsibly and wisely. 

Charge only what you can afford to pay off and pay your credit card bill early or on time each month to ensure the information reported to the three credit bureaus has a positive impact on your score. If you don’t pay in full and on time, not only will that negatively affect your credit score, but you’ll end up paying much more over time thanks to this card’s high variable APR.

With a low credit limit, you’ll also have to be careful about your reported credit utilization, or the balance you owe in relation to your credit limit. This is the second-most impactful factor in your credit score after payment history. Experts recommend keeping your utilization rate at least below 30% for the best credit score results. 

If you deposit $200 upon account opening, that means you’ll need to keep your balance under $60 each month to maintain a healthy ratio. OpenSky does allow you to deposit up to $3,000, so you can increase your limit if you have the cash to fund it.

While it may take some time, the goal of using a card like the OpenSky Secured Visa Credit Card should be building your credit score enough so you can upgrade to an unsecured credit card. Because the issuer doesn’t offer automatic account reviews to determine if you qualify to upgrade to an unsecured card option, you’ll need to keep track of your credit progress yourself. And when you are ready to upgrade, you can receive your deposit back by closing the account in good standing, with your balance paid in full.

OpenSky Secured Visa Credit Card Compared to Other Cards

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Editor’s Score: (/5)
  • Intro bonus:
    No current offer
  • Annual fee:
    $35
  • Regular APR:
    17.39% (variable)
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site.
Discover it® Secured Credit Card

Discover it® Secured Credit Card

Editor’s Score: (/5)
  • Intro bonus:
    Cashback Match™
  • Annual fee:
    $0
  • Regular APR:
    22.99% Variable
  • Recommended credit:
    (No Credit History)
Secured Mastercard® from Capital One

Secured Mastercard® from Capital One

Editor’s Score: (/5)
  • Intro bonus:
    No current offer
  • Annual fee:
    $0
  • Regular APR:
    26.99% (Variable)
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site.

Bottom Line

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you’re looking to rebuild your credit or have no credit history at all, you can get started without a credit check with the OpenSky Secured Visa Credit Card. Regular reporting to the credit bureaus can help you establish a positive payment history as long as you pay in full and on time, but you will be required to pay a $35 annual fee and a minimum security deposit of $200 to get started.

But before you apply, consider other secured credit cards that may better suit your credit needs — including no annual fee, rewards, and easier pathways to an unsecured card. 

Frequently Asked Questions

Does the OpenSky Secured Visa Credit Card require a hard inquiry?

This credit card doesn’t require applicants to undergo a credit check, which means your application for the OpenSky Secured Visa Credit Card does not put a hard inquiry on your credit report.

Does OpenSky increase your credit limit?

Since the OpenSky Secured Visa Credit Card ties your credit limit to your security deposit, you can only get a higher credit limit with this card if you put down more collateral. However, you can request a higher credit limit any time you want, provided you have the cash to increase your deposit.

Is the OpenSky Secured Visa Credit Card a good secured credit card?

The OpenSky Secured Visa Credit Card can be useful for people with no credit history, very poor credit scores or a bankruptcy in the recent past. Before you apply, compare this card to other secured credit cards and cards for people with bad credit to make sure it’s the right fit for you.