Card basics
Card Type | Secured |
Annual Fee | $35 |
Recommended Credit Score | Fair, Bad, Poor |
Security Deposit | $200 to $3,000 |
Intro APR | N/A |
Foreign Transaction Fee | 3% |
Rewards | Earn up to 10% cash back on everyday purchases (select retailers only, may require activation) |
Who should get the OpenSky Secured Visa?
We recommend the OpenSky® Secured Visa® Credit Card for:
- People working on building or repairing their credit.
- Anyone who wants to get a credit card without a credit check.
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. If you can't pass a credit check now, this card could be a great stepping stone to get to that point.
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.
Who should choose another card
If your credit is good enough to qualify for other cards, you might get better use from a traditional credit card.
We'd also suggest skipping this card if the required security deposits don't work for you or you find another card you like more that doesn't have an annual fee and/or earns better rewards.
Top OpenSky® Secured Visa® Credit 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. It's important to avoid credit checks when possible when you have damaged or limited credit.
- You choose your credit limit: You get to set your 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. $200 is relatively low for a minimum, and $3,000 is relatively high. We like that this card gives you options.
- If used wisely, it could help your credit: You can establish or repair your credit by making smart decisions with this card because it reports your payment activity to three credit bureaus — Experian, Equifax, and TransUnion. 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.
Drawbacks
- High APRs: This card, like most secured credit cards, has really high regular APRs — 24.64% (variable) on purchases and 24.64% (variable) on cash advances. It's important to pay off your balance in full each statement period, not only to leave yourself some credit to use but also to avoid being charged interest.
- Annual fee: Although this card's annual fee is low, it isn't $0. Some secured cards, including some we'll talk about next, have no annual fees.
- Could damage your credit: Depending on how you use your card, you could either help or hurt your credit. A secured card won't protect your credit if you use it irresponsibly or can't pay off your balance.
- Earns limited rewards: The OpenSky Secured Visa doesn't earn cash back except on select retail offers or include benefits like insurance, so it isn't rewarding beyond possibly helping you build credit.
Other cards to consider
Discover it® Secured Credit Card
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 annual fee, you can earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. And after seven months, Discover will begin automatic monthly account reviews to see if you qualify to upgrade to an 'unsecured' card and get your deposit back.
Capital One Platinum Secured Credit 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.
Self - Credit Builder Account + Secured Visa® Credit Card
For something a little different from a secured card, we recommend the Self - Credit Builder Account + Secured Visa® Credit Card. This card has a $25 annual fee and it requires you to first open a credit-builder account, which is a type of loan. Then, if you qualify for the adjoining card, you can use it like a secured card. The benefit of this pairing over the OpenSky® Secured Visa® Credit Card is that you'd potentially have two new credit accounts reporting positive payment activity rather than just one, if you're responsible.
FAQs
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.