OpenSky® Secured Visa® Credit Card Review

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OpenSky® Secured Visa® Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

APR

24.89% variable

Min. Security Deposit

$200

Annual Fee

$35

Recommended Credit

(No Credit History)

PROS
- No credit check needed
- High approval rate
- Free monthly FICO score access
- Reports to major credit agencies
- Flexible payment scheduling
CONS
- Annual fee
- Requires a security deposit
- No rewards program
- High regular APR
- Rewards
  - Earn up to 10% cash back on everyday purchases at over 40,000 retailers.
- Credit Building
  - Build or rebuild your credit, with 2 out of 3 OpenSky cardholders seeing an average score increase of 41 points in just three months.
  - Build your credit history with Experian, Equifax, and TransUnion.
- Perks & Benefits
  - Get free monthly access to your FICO score via our mobile app.
  - Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay, and Google Pay.
  - Choose a payment due date that fits your schedule with flexible payment options.
- Application Process
  - Apply without a credit check, ensuring zero credit risk.
  - Fund your card with a low $200 refundable security deposit to get a $200 credit line.
  - Apply in less than 5 minutes with our mobile-first application.
  - Fund your security deposit over 60 days with the option to make partial payments.
- User Base
  - Over 1.4 million cardholders have used the OpenSky Secured Credit Card to improve their credit.

The OpenSky® Secured Visa® Credit Card is a valuable tool for anyone looking to establish or rebuild their credit history. Its standout feature is the high approval rate, ensuring accessibility even without a credit check. This card is more than just a financial instrument; it's a stepping stone towards financial wellness, offering free monthly FICO score access and reporting to major credit bureaus. Its user-friendly aspects, such as flexible payment scheduling and manageable security deposit options, make it a practical choice. Although it doesn't offer a rewards program and carries an annual fee, its value lies in promoting responsible credit usage and building a solid foundation.

OpenSky® Secured Visa® Credit Card Overview

When selecting a credit card, carefully evaluating its features is crucial, as they can significantly impact your financial health and credit management.

Regular APR - 24.89% (variable)
Deposit required - $200-$3,000
Potential credit limit - $200-$3,000 (equal to your deposit)
Annual fee - $35
Rewards rate - None

Important Card Details

Exploring the features of a credit card requires a balanced approach, weighing both the advantages and limitations inherent in its offerings. The OpenSky® Secured Visa® Credit Card presents a range of attributes, each impacting the consumer's credit journey, from the absence of credit checks to the nuances of its fee structure.

Fees

The OpenSky® Secured Visa® Credit Card has an annual fee of $35, which is relatively modest for secured credit cards. This fee supports the card's robust credit-building features and accessibility. However, potential cardholders should weigh this cost against their budget and financial goals. The fee is an investment in building credit, but it's an important factor to consider for those on a tight budget.

Security Deposit

This card's $200 minimum security deposit, which is fully refundable, is a key feature. It's accessible to most consumers and directly sets the credit line limit. This deposit acts as a safety net for the issuer but is returned if the account is closed in good standing. It's an excellent way for consumers to start building credit without the risk of accumulating unmanageable debt.

Credit Building Potential

OpenSky's high 87% approval rate and lack of credit check requirements make it an excellent tool for credit building. Regular reporting to the three major credit bureaus - Experian, Equifax, and Transunion - ensures that every on-time payment contributes positively to building a solid credit history. This card is particularly beneficial for those new to credit or looking to rebuild their credit scores.

Other Perks

Apart from credit building, the card offers additional perks like free monthly access to your FICO score, which is invaluable for tracking your credit health. The flexibility in payment dates and the ability to fund the security deposit over 60 days provide considerable convenience. While the card lacks a rewards program and has a high APR, these features emphasize responsible credit use and management, which are crucial for financial health.

How the OpenSky® Secured Visa® Credit Card Compares

In this comprehensive comparison, we'll closely examine two popular credit cards, highlighting their features, benefits, and potential drawbacks to assist you in making a well-informed decision that aligns with your financial goals.

How This Card Compares

OpenSky® Secured Visa® Credit Card

Regular APR - None
Deposit required - $200-$3,000
Potential credit limit - $200-$3,000 (equal to your deposit)
Annual fee - $35
Rewards rate - 24.89% (variable)
Best for: Those looking to build or rebuild credit with a secured card offering a credit limit matching their deposit and a simple fee structure.

Capital One Platinum Secured Credit Card

Regular APR - 29.99% (Variable)
Deposit required - $49-$200 (depending on credit)
Potential credit limit - $200-$1,000 (depending on your deposit)
Annual fee - $0
Rewards rate - None
Best for: Individuals with limited credit history seeking an affordable entry point into credit building featuring low deposit requirements and no annual fee.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

Read Full Bio »

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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