OpenSky has no credit check and a small annual fee, making it great for rebuilding credit.
- Reasonable $35 annual fee
- $200 minimum deposit
- 3% foreign transaction fee
OpenSky Secured Credit Card Review Summary
The OpenSky® Secured Visa® Credit Card is a good credit card for people with a bad credit score who want very high odds of getting approved. The OpenSky does not check applicants’ credit history, which makes it easier to get than most secured cards, and its annual fee is just $35. This card also reports account information to the major credit bureaus each month, which is the key to credit improvement, along with on-time bill payments.
As a result, the OpenSky is worth it for people who are concerned about getting rejected for another credit card and want to get started building or rebuilding their credit as soon as possible. People with a clean credit report may be able to get approved for a cheaper offer, though.
- No credit check to apply and find out instantly if you are approved.
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- Enjoy protection from unauthorized purchases with $0 fraud liability
- * View the cardholder agreement
- See More Details & Reviews About OpenSky® Secured Visa® Credit Card
OpenSky Secured Credit Card Highlights
No Credit Check
It might be hard to believe, but it’s true. OpenSky will not review your credit history when you apply for your card. Instead, OpenSky will merely verify your identity using your name, address and Social Security number. Bad or no credit generally won’t stand in your way in terms of getting any secured credit card, but this obviously takes things a step further. Not only does it emphasize the lack of a minimum creditworthiness requirement, but it also means you won’t have to deal with the temporary damage to your credit standing that can accompany a hard credit inquiry.
That, at the very least, makes OpenSky Secured an excellent fallback option if you get turned down for a card with higher standards and don’t want another inquiry on your record. The lack of a credit check could also be your saving grace if you recently went through bankruptcy or owe back taxes. Many credit-card offers, even the secured variety, explicitly state that applicants in both categories are ineligible.
$35 Annual Fee
OpenSky’s $35 annual fee is about average for a secured card, according to WalletHub data, and is by no means expensive when you consider the overall value of credit improvement. But it is $35 more than some secured cards charge, which must not be forgotten.
$200 Minimum Deposit
Secured credit cards are the best credit-(re)building tools available because even folks with significant credit damage can get approved and some offers are free to use. They also report account information to the major credit bureaus each month, thereby devaluing previous mistakes or filling out a thin credit file. However, it can be difficult to come up with the cash needed to place a deposit, especially when the minimum is $300 or more. In this respect, OpenSky Secured makes things easy on you, allowing you to open an account with as little as $200. It isn’t the only secured card with such a low deposit, but there aren’t too many others, either.
OpenSky Secured Credit Card Lowlights
3% Foreign Transaction Fee
The OpenSky Card makes a terrible international travel companion, costing you an extra 3% on every transaction processed abroad.
Average Regular APR
The OpenSky® Secured Visa® Credit Card’s interest rate is about the same as the secured-card average, according to WalletHub’s latest Credit Card Landscape Report, but that still doesn’t mean you should ever carry a balance from month to month. Just think of it this way: carrying a balance on a secured card basically amounts to charging yourself to use your own money, considering that your credit line is self-funded. So strive to enjoy this particular benefit on an emergency-only basis. The goal is to improve your credit, not to finance large purchases.
$25 Credit-Limit-Change Fees
During the first year your account is open, you will be free to add to your security deposit as you please — up to a maximum of $3,000 — thus helping your credit score via improved credit utilization. But when the second year rolls around, you will have to pay a $25 fee to either add to or withdraw from your deposit. That’s just not right, considering that it’s your money at play, and it’s one reason why you should try to keep this card for no longer than 12 months.
Other Things To Consider About OpenSky Secured Credit Card
No Overlimit Fee
Capital Bank won’t charge you if you spend more than your available credit, but those types of transactions probably won’t get approved anyway. Besides, you have to actively opt in for the ability to outspend your limit for a credit card issuer to charge you a fee. And in that case, a credit card’s overlimit fee can’t be higher than the amount by which you overspent.
Costly Cash Advances
In addition to a fee of $6 or 5% of the amount you withdraw, whichever is higher, OpenSky’s regular APR for cash advances will immediately begin to add up.
With most secured credit cards, you can simply increase your credit limit by adding to your security deposit. But it doesn’t seem to be that simple with OpenSky. You first have to submit a request to customer service, and then your case will somehow be reviewed. If the request is approved (based on what is unclear), you’ll be given instructions for how to add to your original deposit.
You should therefore keep a close eye on your credit score after using this card for six months or so without issue. This will help you determine when you’re ready to graduate to a cheaper card that provides either more deposit flexibility or an unsecured credit line. You can track your credit score for free using WalletHub — the only site to offer free daily updates.
Multiple Ways To Deposit
You have four options in terms of funding your refundable security deposit: 1) debit card/bank transfer; 2) wire transfer to Capital Bank; 3) Western Union money transfer; and 4) mail a check/money order.
OpenSky Secured Credit Card vs the Competition
To help clarify the OpenSky® Secured Visa® Credit Card’s place in the secured-card hierarchy, we compared it to three popular alternatives in terms of six factors that collectively speak to an offer’s overall value. You can find the results in the following table.
OpenSky® Secured Visa® Credit Card
Citi® Secured Mastercard®
Capital One Platinum Secured Credit Card
|Rewards Bonus Offer||N/A||N/A||N/A|
|Purchase Intro APR||N/A||N/A||N/A|
|Transfer Intro APR||N/A||N/A||N/A|
|Regular APR||17.39% (V)||22.49% (V)||26.99% (V)|
|Details, Rates & Fees||Learn More||Learn More||Learn More|