OpenSky® Secured Visa® Credit Card Review [2023]: A Useful Card to Build Credit

OpenSky offers a way for consumers to build credit when they have few other options.
Last updated May 23, 2023 | By Kevin Payne

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Many people look for credit cards to get perks and earn travel rewards. Sometimes, though, people just need a credit card so they can establish their credit history.

That’s when the OpenSky® Secured Visa® Credit Card can help. This secured credit card is one way that people with little to no credit can improve their credit profile.

As you might expect, it doesn’t have all the bells and whistles you find with traditional credit cards, but it still offers many of the same protections afforded to other Visa credit cards. Is this secured credit card right for you?

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OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

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Annual Fee


Benefits and Drawbacks
Card Details

Who should get this card?

The OpenSky Secured Visa is designed for people who need to repair their credit or have no credit. This secured credit card doesn’t require a credit check or even a checking account to be eligible.

Instead, you submit a refundable deposit between $200 to $3,000, which acts as your credit limit. Because you put down money upfront, a credit check isn’t required — and even low-credit applicants are eligible.

As you use the card, OpenSky reports your account activity to all three credit bureaus every month. If you make responsible choices with your new card, the credit bureaus will take note and your credit file can improve. However, the opposite is also true — if you miss payments or pay late, your credit could be negatively impacted.

If you can’t pass a credit check, this card could be a great stepping stone to get to that point. But if your credit is good enough to qualify for other cards, you might get better use from a traditional credit card.

Card basics

Card Type Secured
Annual Fee $35
Recommended Credit Score Fair, Bad, Poor
Intro APR N/A
Foreign Transaction Fee 3%

Top card benefits

  • No credit check needed: OpenSky doesn’t pull your credit when you apply for this card. If you’re getting denied for other cards because of bad credit, OpenSky could help — you can apply even if you have no credit at all.
  • You choose your credit limit: Cardholders set their own credit limit by providing a refundable deposit, which is returned to you when you close your account. The minimum required deposit is $200 with a $3,000 max.
  • If used wisely, it could help your credit: You can establish or repair your credit by making smart decisions with this card. That includes using the card for purchases you can afford and making on-time payments in full.
  • Low annual fee: OpenSky’s Secured Visa has an annual fee of $35. That’s not bad considering the card doesn’t require a credit check.
  • Comes with standard Visa benefits: Just because its a secured card doesn’t mean it can’t have benefits. This card has many of the benefits available with other Visa credit cards, including acceptance worldwide and fraud protection.

Common questions

Does OpenSky increase your credit limit?

Cardholders can request a credit limit increase. If you’re approved, you’ll receive a letter with instructions on how to do this. You will be required to send in additional funds for the added security deposit.

How long does it take to receive your OpenSky credit card?

It can take up to 21 days after getting your acceptance letter to receive your new OpenSky card.

Does OpenSky report to the three credit bureaus?

Yes, OpenSky reports to Equifax, Experian, and TransUnion. The credit bureaus get reports from OpenSky monthly, which allows you to build your credit quickly.

Can I withdraw money from a secured credit card?

Yes, you can get a cash advance through an ATM, up to the amount of your cash advance credit limit. Check if the ATM charges fees before continuing with a cash advance. There is also a cash advance fee. Note that cash advances will begin accruing interest immediately.

How do I cancel my OpenSky Secured Visa credit card?

You can close your OpenSky account by contacting customer service using the phone number on your card or billing statement. Your deposit will be held until any remaining balance is paid. It may take up to 10 weeks to receive your deposit back.

Other cards to consider

If you’re looking for a secured credit card with no annual fee, check out the Discover it® Secured Credit Card. On top of a $0 fee, it earns 2% cash back on purchases at restaurants and gas stations (up to $1,000 quarterly), and 1% cash back on all other purchases. Once you’ve established better credit, you can convert your Discover it card to an unsecured version of the card.

Another secured card with a $0 annual fee is the Capital One Platinum Secured Credit Card. It has a refundable security deposit of $49, $99, or $200. This card has a lot of the same features you’d find with an unsecured Capital One card, including security alerts, virtual card numbers for online shopping, Card Lock, and CreditWise.

Help Build Your Credit

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

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See how these cards compare:

Discover it® Secured  Credit Card
Discover it® Secured Credit Card
  • 2% cash back at restaurants and gas stations (up to $1,000 quarterly)
  • Refundable security deposit
  • Discover matches all your cash back earned in your first year as a cardholder
  • FICO Credit Score monitoring
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
  • $200 initial credit line after making minimum security deposit
  • Consideration for higher credit line as soon as 6 months after account opening
  • No annual fee
  • Pick your monthly due date

Author Details

Kevin Payne Kevin Payne is a freelance writer specializing in student loans, credit cards, personal finance, and travel. He is a regular contributor to Club Thrifty, Millennial Money, and Student Loan Planner. As the budget and family travel expert behind, Kevin recently turned his writing side hustle into his full-time career. He lives in Cleveland, Ohio, with his wife and four kids.