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The OpenSky Secured Credit Card can also help you build or repair your credit score by reporting activity on your account to the major credit bureaus. However, the card charges an annual fee and doesn't offer rewards, so you should only apply when you've exhausted other, better options from our list of the best secured credit cards or best credit cards for bad credit.
OpenSky Secured Credit Card
Insider’s Rating
2.3/5
Perks
Doesn't earn rewards
Annual Fee
$35
Regular APR
22.39%
Recommended Credit
No Credit History, Poor
Pros
- No credit check required to apply
- No requirement for a linked checking account
- Build credit with responsible use
Cons
- Annual fee
- No rewards earning
- Security deposit required because it’s a secured card
Product Details
- No credit check required to apply
- No requirement for a linked checking account
- Annual fee of $35
- No rewards earning
- Security deposit of $200 required because it’s a secured card
OpenSky Credit Card Overview
The main selling point of the OpenSky Secured Credit Card is its accessibility. There's no credit check, so the card is a viable option even if you have bad credit or no credit history. You also don't need a bank account to apply, since OpenSky offers alternatives to fund your security deposit and pay your bills. Those two features mean you may qualify for the OpenSky Secured Credit Card even if you're ineligible for other secured cards.
OpenSky also plays up the card as a tool for building credit. However, any loan or credit product that reports to the major credit bureaus can do the same, so while the OpenSky Secured Credit Card can help improve your credit score, that benefit isn't unique to the card.
The downside is that the card costs you money without offering much in return. The OpenSky Secured Credit Card has a $35 annual fee, but it doesn't earn rewards of any kind and has few benefits beyond reporting your data to credit bureaus. That's not good value given the other ways you can build or repair credit inexpensively or for free.
If you're in the market for a secured credit card, consider one with no annual fee that earns cash back or other rewards. However, if your credit is severely damaged and you're having trouble getting approved for other secured cards, the OpenSky Secured Credit Card is a useful fallback.
Though you don't have to pass a credit check or link a bank account to get the OpenSky Secured Credit Card, you must meet several other basic requirements for approval. You'll need to be a US citizen or permanent resident over 18 years old, and provide a valid social security number or individual taxpayer identification number. Your application may be denied if you already have or have recently applied for multiple credit cards with Capital Bank, or if your existing relationship with Capital Bank is not in good standing.
Once your application is approved, you'll receive instructions to submit your security deposit. You can pay the security deposit with a debit card, check, money order, or via Western Union. The last two options are convenient for paying the deposit if you don't have a bank account, but they're impractical long-term since you'll incur fees for each payment. If you're planning to apply for the OpenSky Secured Credit Card, consider opening a checking account first.
The funds from your security deposit are placed in an FDIC-insured account, but you will not earn interest on the balance. The deposit will be returned if you close your card account (minus any amount you owe), or if you upgrade to an unsecured card.
When your OpenSky Secured Credit Card is up and running, it functions like a normal credit card. You can use it wherever Visa is accepted worldwide, and you'll need to pay your statement balance in full each month in order to avoid interest charges.
OpenSky Credit Card Rewards
The OpenSky Secured Credit Card doesn't offer a welcome bonus and doesn't earn rewards, so you won't get anything in return for the spending you put on it. That's a tough sell when competing products like the U.S. Bank Cash+® Visa® Secured Card offer cash back rates as high as 5% on select purchases. The lack of rewards on the OpenSky Secured Credit Card makes it much less attractive in comparison.
OpenSky Credit Card Benefits
You won't get common credit card benefits like travel insurance or cell phone protection from the OpenSky Secured Credit Card, but it offers several other useful features.
Credit reporting
Like other credit cards, OpenSky reports account activity such as balances, payments, and account status to all three major credit bureaus. This reporting adds data points to your credit history, which can improve your credit score over time so long as you use your card responsibly.
Visa benefits
The OpenSky Secured Credit Card operates on the Visa network, so it can be used wherever Visa credit cards are accepted. The card comes with basic Visa benefits like $0 fraud liability, lost or stolen card assistance, emergency card replacement, and access to Visa Discounts. These features shouldn't influence your decision to get (or not get) the card, but they're nice to have.
Flexible credit limit
Your credit limit on the OpenSky Secured Credit Card is equal to the amount of your security deposit. You can choose any amount between $200 and $3,000, and you can request a credit limit increase anytime with a matching increase in your security deposit. While a higher credit limit may sound enticing, your security deposit does not earn interest, so stick with an amount that's in line with your spending habits.
Upgrade consideration
Once you've had the OpenSky Secured Credit Card for six months, you'll be considered for an upgrade to the OpenSky Gold Visa Unsecured Credit Card. The upgrade is by invitation, not by request, but it requires no additional application or approval — if you're invited to upgrade, all you have to do is accept. Unfortunately, the OpenSky Gold Visa has a $59 annual fee and offers very little in return beyond your security deposit. If you're invited to apply, then you may qualify for more rewarding credit cards from other issuers.
Authorized users
As the primary cardholder, you can add an authorized user to your account by calling the number on the back of your card. This is a standard feature of unsecured credit cards, but some secured credit cards do not allow it.
OpenSky Credit Card Annual Fee and Other Costs
Fees charged on the OpenSky Secured Credit Card are mostly comparable to those on other cards. The notable exception is the $35 annual fee, which is low relative to many of the best credit cards currently available, but high compared to most secured cards and no-fee credit cards.
The OpenSky Secured Credit Card has a 22.39% APR, which is close to the average credit card interest rate. There's also a 3% foreign transaction fee for purchases made in a foreign currency, which may include purchases made online from merchants in other countries (even if you're at home when you buy).
Beyond that, you'll pay fees for other situations, including late payments, returned payments, and cash advances.
How the OpenSky Credit Card Compares
OpenSky Secured Credit Card | Discover it® Secured Credit Card | Capital One Quicksilver Secured Cash Rewards Credit Card | |
Annual fee | $35 | $0 | $0 (rates and fees) |
Welcome bonus offer | N/A | None, but Discover will dollar-for-dollar match all the cash back you earned after the first 12 months | N/A |
Rewards rate | N/A | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit | 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases |
Minimum deposit | $200 | $200 | $200 |
Card benefits | No credit check or bank account required Refundable security deposit | No foreign transaction fees Refundable security deposit | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit |
Review | Discover it Secured Credit Card Review | Capital One Quicksilver Secured Card Review |
OpenSky Credit Card Frequently Asked Questions
Is the OpenSky Credit Card a good card?
The OpenSky Secured Credit Card is only good for those who are unbanked with bad credit, because it doesn't require a credit check or a bank account. Otherwise, there are many other secured credit cards on the market that don't charge an annual fee — and some actually earn rewards.
Does OpenSky increase your credit limit?
You can request an increase to your credit limit on the OpenSky Secured Credit Card by going to your online account and finding the "Request Credit Line Increase" option in the "Account Services" section. If you're approved, OpenSky will send you instructions on how to send the additional security deposit required for the credit line increase.
How much is the security deposit on the OpenSky Credit Card?
The minimum security deposit on the OpenSky Secured Credit Card is $200, and the maximum is $3,000.
What is the credit limit on the OpenSky Credit Card?
Your credit limit on the OpenSky Secured Credit Card will be equal to the amount of your security deposit ($200 to $3,000).
Methodology: How We Reviewed the OpenSky Secured Visa Credit Card
We compared the OpenSky Secured Credit Card to secured credit cards and similar products from other card issuers, and evaluated several factors, including:
- Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
- Benefits — Are the card's benefits useful? Are there any features that stand out?
- Fees and other costs — If there's an annual fee, do the card's rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?
Here's more about how we rate credit cards at Insider for a closer look at our methodology.
Freelance Writer
Peter Rothbart is a credit card connoisseur and award travel guru based in Seattle, Washington. A former aerospace engineer and long-time touring musician, he now covers a wide range of topics from business and personal finance to art, sports, and human interest stories. When he's not writing, Peter can often be found planning his next adventure, raking in poker chips at Las Vegas casinos, or crushing the dodgeball courts of the Pacific Northwest.
Marketing Compliance Manager
Angela Fung is the Compliance Manager for Business Insider'sPersonal Financedivision, overseeing a team that ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The compliance team's mission is to maintain reader trust by confirming stories are fact-checked and current so that readers can make informed financial decisions. The team also works to minimize risk for partners by maintaining clear, precise language that is compliant with regulatory and partner marketing guidelines that align with the editorial team.
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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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***Terms, conditions, and exclusions apply. Refer to your Guide to Benefits for more details. Travel Accident Insurance is not guaranteed, it depends on the level of benefits you get at application.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
