OpenSky Secured Visa Credit Card Review | Bankrate (2024)

This card takes a straightforward approach to credit restoration.

OpenSky Secured Visa Credit Card Review | Bankrate (1)Written by

Re'Dreyona Walker

OpenSky Secured Visa Credit Card Review | Bankrate (2)Edited by

Courtney Mihocik

OpenSky Secured Visa Credit Card Review | Bankrate (3)Reviewed by

Grace Pilling

/ 11 min

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for andhow we rate our cards.The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

3.1

Bankrate rating

Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.

Rating: 3.1 stars out of 5

Bottom line

The OpenSky Secured Visa Credit Card is a solid choice for rebuilding your credit. The card has lenient credit requirements, and in some cases, you can be approved for this card with no credit history. While other secured cards have fewer fees and more significant perks, the OpenSky Visa card is a great place to start rebuilding your credit to get the cards you really want.

Best for low-interest credit-building

No Credit History

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Recommended Credit

N/A

Intro offer

Intro offer is not available for this Capital Bank credit card.

$35

Annual fee

25.64% (variable)

Regular APR

On This Page

OpenSky® Secured Visa® Credit Card overview

If you want to build your credit with a card, but you have bad credit or no credit history at all, your first step might be looking into secured credit cards. With the OpenSky® Secured Visa® Credit Card, you can be eligible for a credit line increase after six months with no additional deposit required.

Its simple application and lack of credit check can make a world of difference if you need a credit card after bankruptcy.

  • Rewards

    • Earn up to 10% cash back on everyday purchases

    Expert Appraisal: Typical
    See our expert analysis

  • Rates and fees

    • $35 annual fee
    • 25.64% (variable) percent ongoing regular APR
    • No purchase intro APR
    • No balance transfer intro APR

    Expert Appraisal: Typical
    See our expert analysis

  • Credit-building features

    • Flexible credit limit
    • No credit check to apply
    • Reports activity to all three credit bureaus
    • Path to upgrade to the OpenSky® Gold Visa® Unsecured Credit Card

    Expert Appraisal: Typical
    See our expert analysis

OpenSky Secured Visa Card pros and cons

Pros

  • This card reports your activity to all three credit bureaus, which will help boost your credit score when used responsibly.

  • Since you can potentially have a credit limit of up to $3,000 with a matching deposit, you can more easily keep your credit utilization ratio low.

  • With no credit check required, it’s possible to get this card even when you have no credit history.

Cons

  • Unlike many competitor cards, this card charges a $35 annual fee.

  • You can't take advantage of any welcome offers, which you can find on other cards.

Why you might want the OpenSky Secured Visa Card

The OpenSky Visa card is a decent option if you’re building or rebuilding your credit, as it has traditional credit-building features plus the possibility of a flexible credit limit and an upgrade to an unsecured card after six months.

Unsecured card upgrade: Eligibility for unsecured card within six months

One of the most appealing features of the OpenSky Visa Secured card is the potential to upgrade to the OpenSky® Gold Visa® Unsecured Credit Card after six months if you maintain a positive credit history while using the card. You don’t need to submit a separate application — OpenSky will automatically approve you if you meet its requirements.

The only catch is that you need to be invited to receive this unsecured card, which is exclusively available to OpenSky Secured Visa and OpenSky Plus® Secured Visa® cardholders.However, the card’s website has no clear information on the OpenSky Gold Visa's rates and fees, perks or benefits.

Credit limit: High possible limit is the biggest advantage

Having the flexibility to determine your credit limit with the OpenSky Secured Visa is a great perk, especially since you can have a credit limit higher than what is offered with some of the best secured credit cards.

With the OpenSky Secured Visa, you can set how much you can spend each month, with a maximum of $3,000, which is much higher than many other secured cards’ credit limits. Your credit limit is determined based on how much you deposit into the account. If you deposit less than $3,000 to start, you can increase your limit at any time by adding more money to your OpenSky security deposit.

Credit-building: No credit check, reports activity to all three credit bureaus

When you open an OpenSky account, the issuer won’t check your credit to determine if you qualify for the card. Instead, you’ll pay a security deposit between $200 and $3,000. You can get the deposit back when you close the account after you have paid your balance in full. Your deposit reduces the lender’s risk, which is why it doesn’t need to check your credit and ding your credit score with a hard pull.

OpenSky also reports all of your payments to the three credit bureaus — Experian, Equifax and TransUnion. This reporting will help you build your creditbecause your on-time payments with the card show up on your credit report at each of the bureaus. Just remember to avoid any late payments since this can significantly lower your credit score.

Why you might want a different secured card

Though the OpenSky Visa can help you improve your credit score, it's difficult to ignore the card's drawbacks, such as lack of perks and hefty fees.

Signup bonus: No welcome offer

The OpenSky Secured Card doesn’t offer a welcome bonus. Like many secured cards, it focuses more on helping you build your credit rather than delivering additional benefits. Once you get your credit built up and can qualify for a new card, you can always switch to a credit card that offers a traditionalsignup bonus.

However, some secured cards offer welcome bonuses. For example, the Discover it® Secured Credit Card offers cash back rewards on purchases and has a one-of-a-kind welcome bonus that will match your spending dollar-for-dollar at the end of your first year with the card. You can essentially get twice the amount of rewards for regular spending in the first year.

Cardholder perks: No notable benefits

The OpenSky Secured Card has several benefits for building credit and offers traditional Visa perks. Like all base-level cards branded with the Visa network, you’ll receive a list of staple Visa benefits, including $0 fraud liability, 24/7 pay-per-use roadside dispatch and 24-hour assistance if your card is lost or stolen and you need a replacement. In case you’re worried about potential identity theft, the ID Navigator tools you’ll receive can monitor the dark web for your personal information and alert you about any suspicious activity.

But aside from the Visa and credit-building benefits, the card offers no outstanding features that set it apart. Although these features are beneficial to the average credit builder, they focus mainly on managing your account. Other secured cards, even unsecured cards for limited credit, may offer richer perks than OpenSky’s standard features.

Rates and fees: A pesky and unwanted annual fee

The $35 annual fee for the OpenSky Secured Card is higher than most since many other secured cards have no annual fee. For example, the Discover it® Secured Credit Card has no annual fee and doesn’t charge a ton of extra costs. Meanwhile, the OpenSky Secured Visa has an annual fee and a 3 percent foreign transaction fee.

However, the purchase APR is much lower than most other secured cards at 25.64 percent (variable), which is only a bit above the current average interest rate. Even better, it’s not a range of APRs, so what you see when you apply for the card is the APR you’ll get.

Other expenses to be aware of include a $6 or 5 percent cash advance fee (whichever is greater), a late payment fee of up to $40 and a $25 returned payment fee. These are typical costs for most cards, and you may not worry about some of them if you don’t use the card abroad or make late payments.

We tried it: Here’s what our experts say

Bankrate editor Steve Dashiell recommends the OpenSky Secured Card because it has all the benefits needed to help a credit-builder improve their credit score.

"While I didn’t use a secured card when I needed to rebuild my credit score, I can attest that the OpenSky Secured Visa has all you need to get the job done. If you want to build credit, you really want three things out of your credit card: you want it to report to all three credit bureaus, you want it to have a reasonably large credit limit, and you want it to have as few fees as possible.

The Chase Freedom I used to build credit did all of these things, and the OpenSky Visa does nearly all of them just as well. The annual fee on the card is a sore spot, but depending on your credit score and financial history, you might think of it as the small cost of gaining the ability to rebuild credit.

If you qualify for a similar secured card that lacks an annual fee, go for it. But if you’re dedicated to building credit and confident in your finances, this card can be worth the price of admission."

— Steve Dashiell, Editor, Bankrate

How the OpenSky Secured Card compares to other secured cards

Despite the fact that other cards are less expensive and more rewarding, the OpenSky Visa is a solid, cost-effective option for building credit. That said, it may not suit everyone. You may find that one of its rival cards is a better match for your needs.

OpenSky Secured Visa Credit Card Review | Bankrate (5)

Bankrate Score

Rating: 3.1 stars out of 53.1

Apply now

on Capital Bank's secure site

Annual fee

$35

Intro offer

N/A

Rewards rate

Up to 10%

Up to 10% cash back rewards on purchases at over 40,000 retailers.

Recommended Credit Score

No Credit History

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

OpenSky Secured Visa Credit Card Review | Bankrate (6)

Bankrate Score

Rating: 4.1 stars out of 54.1

See Rates & Fees, Terms Apply

Apply now

on Capital One's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

No Credit History

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

OpenSky Secured Visa Credit Card Review | Bankrate (7)

Bankrate Score

Rating: 4.5 stars out of 54.5

See Rates & Fees, Terms Apply

Apply now

on Discover's secure site

Annual fee

$0

Intro offer

Cashback Match™

Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

Rewards rate

1% - 2%

Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.

Recommended Credit Score

No Credit History

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Who is the OpenSky Secured Visa right for?

If you need to repair your credit or build it from scratch, the OpenSky Visa Secured Card might be an excellent option.

Bankrate’s Take — Is the OpenSky Secured Card worth it?

The OpenSky Credit Card works well if you need to build up credit, want a card for bad credit and a reasonable APR, or need an above-average initial credit limit, and you don’t mind paying an annual fee. If you’re worried you’ll carry a balance occasionally on your secured card, getting the lowest APR possible is a good idea. Plus, you’ll get a higher initial credit limit than several other secured cards (provided you can put down a high deposit) and the OpenSky Secured Visa doesn’t require a credit check. But if your credit score and financial history allows, you’ll want to look at your no-annual-fee options first.

Dig deeper:Is the OpenSky Secured Card worth it?

How we rated this card

50+

cards rated

500+

data points analyzed

250+

fees tracked

40+

perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.

We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.

Here are some of the key factors that gave this card its score:

Frequently asked questions

Compare the best no credit history credit cards

OpenSky Secured Visa Credit Card Review | Bankrate (8)

Written by

Re'Dreyona Walker

Associate Editor, Credit Cards

Read more from Re’Dreyona

Re’Dreyona Walker is an editor for Bankrate and CreditCards.com, focusing on product guides and reviews. As a personal finance expert, she is dedicated to providing honest product reviews as well as in-depth, comprehensive guides to assist readers in building credit and finding the best credit cards for their needs.

OpenSky Secured Visa Credit Card Review | Bankrate (9)

Edited by

Courtney Mihocik

Senior Editor, Credit Cards

    OpenSky Secured Visa Credit Card Review | Bankrate (10)

    Reviewed by

    Grace Pilling

    Former Editor, credit cards

      * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

      Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.

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