The OpenSky® credit card is useful for people who have bad credit or an insufficient credit history, as it’s a no-credit-check credit card, meaning no one will look into your credit when you apply. Furthermore, monthly credit bureau reporting and flexible due dates make this card a good resource for building credit.
The OpenSky® credit card is a secured card, which means it requires a refundable security deposit. The initial credit limit is based on the amount you put down. While there are no monthly fees and a low APR, the OpenSky® credit card does have an annual fee of $35.
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The OpenSky® card is a good credit card for building credit or repairing bad credit, especially as it’s one of the easiest credit cards to get approved for.
As this is a secured card, to open it, you must pay a security deposit of at least $200 and at most $3,000. Your credit limit will be equal to the amount of your security deposit, but you can increase your deposit (by paying more) to increase your credit limit at any time. Such a high potential credit limit ranks this among the best guaranteed approval credit cards with $1,000+ credit limits—a rare find.
Many credit cards require you to have a checking account, but the OpenSky® card doesn’t, making it an excellent option for new borrowers who aren’t financially established.
Furthermore, the OpenSky® credit card boasts a high approval rate and a low APR—a rare combination. The OpenSky® card also reports to all three credit bureaus, which helps you to build or repair your credit history more quickly.
Because of these perks, the OpenSky® credit card makes a few of our best credit card lists, including:
OpenSky® Secured Visa® Pros and Cons
Here are the major pros and cons of the OpenSky® credit card:
OpenSky® Secured Visa® Important Details
Basic Card Details
- Regular APR: 17.39% (variable)
- Cash advance APR: 17.39% variable
- Annual fee: $35
- Cash advance fee: $6 or 5% of the amount (whichever is greater)
- Issuer: Capital Bank N.A.
- Security deposit: $200–$3000
- Initial credit limit: $200–$3000 (based on your security deposit)
- Credit limit increases: Increase to a maximum of $3000 by paying more into your security deposit at any time. Qualify for a free credit limit increase after 6 months, depending on creditworthiness.
- Reports monthly to Equifax, Experian, and TransUnion
- Can be used wherever Visa® is accepted
- Fraud protection
OpenSky® Secured Visa Feature Breakdown
Here’s a look at some of the notable features of the OpenSky® Visa® credit card.
- Annual fee: $35
- Cash advance fee: $6 or 5% of amount (whichever is higher)
- Monthly fees: $0
- Foreign transaction fee: 3% of amount
- Late fee: Up to $38
- Returned payment fee: Up to $25
Fees can greatly increase the cost of obtaining a credit card, especially when you have a bad or insufficient credit history. Thankfully, the OpenSky® card does not charge application, processing, or service fees like many other starter cards.
- Regular APR: 17.39% (variable)
- Cash advance APR: 17.39%
- Minimum interest charge: $1
One of the major benefits of the OpenSky® Visa® card is its relatively low APR and minimum interest charge. Many credit cards have APRs that are close to 20%, and cards that are available to borrowers with bad credit often exceed that rate.
Unfortunately, the OpenSky® credit card doesn’t offer rewards to its customers.
Flexible Due Date
The OpenSky® credit card allows you to set your preferred due date, which can be a helpful benefit for managing your finances. We recommend setting your due date to directly after payday, or lining it up with your other recurring credit card payment dates.
The OpenSky® card allows cash advances, but comes with a cash advance fee of $6 or 5% of the amount you borrow—whichever is higher. Interest will be charged starting from the date of the transaction.
For example, if you use the OpenSky® credit card to withdraw $100 from an ATM, it will cost you $106, in addition to the ATM fee, if there is one.
OpenSky® reports to all three major credit bureaus: Equifax, Experian, and TransUnion. The bureaus use this information to update your credit score, so monthly reporting to all three bureaus is a huge help for borrowers trying to build or repair credit.
Easy Application and Approval
One of the major pros for the OpenSky® credit card is its high approval odds. To be eligible for the OpenSky® you must:
- Be 18 years or older
- Provide your Social Security number
- Submit a refundable security deposit
How to Apply for the OpenSky® Visa®:
Go to the OpenSky® application page and provide the following information to apply for a OpenSky® credit card:
- Full name as it appears on government documents
- Email address
- Physical address
- Phone number
- Total annual income
- Monthly housing payment
- Monthly housing payment type (i.e., do you pay rent, have a mortgage, etc)
- Social Security number
- Date of birth
Applications usually take 1–2 days to process. Once your application has been approved and your security deposit processed, your credit card will be mailed to you. In total, this process can take 12–14 business days.
No Credit Check
A big reason the OpenSky® credit card’s application process is so easy is that they won’t perform a credit check. This is helpful for three reasons:
- Borrowers with no credit history can get approved
- Borrowers with a bad credit score can get approved
- No hard inquiry will show up on your credit report (hard inquiries show up on your credit report and lower it a few points if a lender checks your credit)
Should You Get the OpenSky® Secured Visa?
You should get the OpenSky® credit card if you want to improve your credit score, are nervous about your credit card approval odds, and have at least $200 to put towards a security deposit.
Given the low APR and fees, OpenSky® is a less expensive option than many other credit cards for bad credit holders or new borrowers.
Who is this card for?
The OpenSky® credit card is best for:
- People with bad credit: The OpenSky® card does not require a credit check to apply, meaning you’ll most likely be approved for a card, even if your credit history is bad.
- People trying to build credit: The OpenSky® card is a good card for building a credit history as it boasts high approval odds. Plus, it reports to all three credit bureaus which helps to build credit quickly.
- People who don’t have a checking account: A checking account is not required for the OpenSky® card. The security deposit can be paid via money order or Western Union®.
Let’s see how the OpenSky® credit card compares to some similar secured credit card options.
OpenSky® Secured Visa® Card vs. Discover it® Secured Credit Card
Both cards are good options for building or rebuilding your credit history, as they both report to the bureaus, have high approval odds, and have low minimum security deposits of $200.
Although the Discover it® Visa® has a higher APR of 25.24% (variable), it still has a few advantages over the OpenSky® credit card, including:
- No annual fee.
- You can upgrade to an unsecured card and get your security deposit back after 6 consecutive on-time payments and 6 months of good status on all your credit accounts.
- A cashback rewards program.
OpenSky® Secured Visa® Card vs. Merrick Bank Classic Secured Visa® Card
The OpenSky® card and the Merrick Classic secured card are both good options for building or repairing your credit history. Both are secured credit cards that require security deposits of $200–$3000, with equal initial credit limits.
However, the Merrick Classic card has an APR of 19.70% (variable) variable and an annual fee of $36 which are both slightly higher than the OpenSky® card. Both cards report monthly to the three major credit bureaus, but the Merrick Classic card also offers you a free FICO score each month.
OpenSky® Secured Visa® Card vs. GreenDot Platinum Visa® Secured Card
Both the OpenSky® card and the GreenDot Platinum card are secured cards that require a minimum security deposit of $200. The GreenDot card offers a higher maximum credit limit of $5000, with an equal security deposit. The GreenDot card has a fixed APR of 19.99% and an annual fee of $39, making it more costly than the OpenSky® credit card.