OpenSky® Secured Visa® Credit Card Review - A Great Starter Card, Even For Those With No Credit
Rating as of Oct. 4, 2020 based on a review of services April 26, 2023.
- Poor/
- New to Credit/
- New/Rebuilding
The OpenSky® Secured Visa® Credit Card is a secured credit card that doesn’t require a credit check to apply. Whether you have poor credit or no credit at all, OpenSky is an opportunity to improve your credit history.
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No credit check needed to get approved for this card.
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Choose your own security deposit between $200 – $3,000 and that becomes your credit line.
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On-time payments will be reported to all three credit bureaus, so you can start building credit responsibly.
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The annual fee is just $35, and OpenSky® does not charge any application, servicing, or processing fees.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- With an 87% average approval rate for the past 6 months, OpenSky gives everyone an opportunity to improve their credit
- Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months - no additional deposit required!
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
- 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
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Join over 1.2 million cardholders who've used OpenSky to build their credit
In a perfect world, everyone would have excellent credit. But we don’t live in a perfect world. We live in the real world, where sometimes your credit score is super low — or even non-existent.
If that’s the case and you’re ready to build it back up, the OpenSky® Secured Visa® Credit Card can help. Make regular, on-time payments on this credit card to see your credit score improve month after month.
Never had a credit card before? That’s OK, too. OpenSky® Secured Visa® Credit Card allows you to prove you can handle credit responsibly.
Overview of the OpenSky® Secured Visa® Credit Card
- Best for– Those who want to better their credit and people with limited credit history.
- Regular APR– 22.14% (Variable)
- Annual fee– $35
- Credit check– None to apply.
- Minimum security deposit– $200.
- Credit reporting– Reports to all three major credit bureaus.
In-depth OpenSky® Credit Card review
The OpenSky® Secured Visa® Credit Card is a secured card, meaning you’ll need to put down a security deposit (in this case, $200 – $3,000) to secure (hence the term secured) your credit limit. While that may seem like a pain, it’s only fair, considering you don’t have much of a credit history, and OpenSky wants to guarantee that they’ll get paid back if you don’t pay down your bill.
Plus, the OpenSky® Secured Visa® Credit Card has plenty of useful features, including:
No credit check
The OpenSky® Secured Visa® Credit Card doesn’t require a credit check. They don’t run a “hard pull” on your credit like other credit cards. Anyone has the chance to get the OpenSky® Secured Visa® Credit Card, no matter what their credit score is.
Good range for deposit
The OpenSky® Secured Visa® Credit Card gives up to $3,000 of a secured credit line via a refundable* security deposit that you provide. But you can also get the card with a credit line as low as $200. So no matter how much you’d like to put toward this account, OpenSky® can work with you.
Reports to all three credit bureaus
The OpenSky® Secured Visa® Credit Card also reports monthly to Equifax, TransUnion, and Experian. This is an excellent feature of the card because this reporting helps you build your credit.
When you make a purchase and then pay off your card (or at least pay the minimum), it’s reported to the credit bureaus. This would establish a habit of responsible credit card usage, even if you had bad or no credit.
It works like a normal Visa
While the OpenSky® Secured Visa® Credit Card is a secured card, it isn’t flagged as “secured” in your reports. But your card usage is still reported like any standard credit card. So use it anywhere you would use a regular Visa card: the grocery store, online, or even rent a car with it.
Pros & cons
Pros
- No credit check — It doesn’t matter what your current score is, or if you even have one at all.
- Easy to apply — Apply in minutes online at the OpenSky website.
- Helps rebuild your credit fast — Responsible use of your OpenSky® Secured Visa® Credit Card could give your credit score a boost in just a few months.
Cons
- Annual fee — The annual fee might be unattractive to some people.
- Deposit is held until you close the account — You have to completely close the account and pay the balance in full to get your deposit back.
Who should get the OpenSky® Secured Visa® Credit Card
Those with no credit history
The OpenSky® Secured Visa® Credit Card is a good option for someone with no credit history, such as students or people just starting their financial journey. It’s also a good choice for people who want to improve their credit from a low credit score to something higher.
Those rebuilding credit
You may have had some financial trouble and took a hit on your credit score. The OpenSky® Secured Visa® Credit Card is an option that lets you focus on rebuilding that score, which will open the door for more opportunities down the road. They won’t look at your credit score, so you can focus on improving.
Those who have previously had difficulty getting approved
If you’ve never had a credit card before and have trouble getting approved for a credit account, the OpenSky® Secured Visa® Credit Card can help you prove your creditworthiness. It doesn’t matter if you don’t have an existing credit score because OpenSky® doesn’t consider that in the application process.
How to apply for the OpenSky® Secured Visa® Credit Card?
You can sign up for the OpenSky® Secured Visa® Credit Card from their website. All you need is some personal information, so OpenSky can verify your identity:
- Name.
- Email.
- Address.
- Phone number.
Then, you’ll provide some information about your finances:
- Total annual income.
- Monthly housing payment.
- Housing payment type (rent, mortgage, other).
- Social security number.
- Date of birth.
This is very private information, but they need this data from you to ensure you are who you say you are; verifying identity for financial accounts is a law under the USA Patriot Act.
Next, OpenSky® will share some disclosures with you. These are the terms of your financial agreement, and you’ll see details about the OpenSky® Secured Visa® Credit Card, such as the annual percentage rate (APR), which is 22.14% (Variable) for both purchases and cash advances.
Alternatives to the OpenSky® Secured Visa®
The OpenSky® Secured Visa® card is great if you have poor credit. But other secured credit cards are worth considering as well. You may even qualify for a card that doesn’t require a security deposit.
Here are some alternatives to take a look at:
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card has no annual or foreign transaction fees.
You can put down a refundable security deposit of as little as $49 to access a $200 credit line.
One perk of this card over the OpenSky® Secured Visa® card is that you’ll be automatically considered for a higher line of credit in as little as six months, with no extra deposit required.
Like most secured cards, the Capital One Platinum Secured card doesn’t come with rewards or cash back. Unfortunately, it also has a high APR of 29.99% (Variable), so you’ll want to be sure you pay off your balance every month to not only avoid paying high fees but also start improving your credit score.
Indigo® Mastercard® Credit Card
The Indigo® Mastercard® is a good option for anyone with a credit score of 600 or lower, including students with no previous credit history or anyone else who hasn’t built up enough credit to qualify for a card with higher requirements. Even applicants with prior bankruptcies can be accepted.
This card has a variable annual fee. If your credit score is good enough, you might be able to get this card for $0 per year. However, those with poor credit may need to pay an annual fee of up to $99.
The good news is that this card requires no security deposit, and many people get their annual fee waived for the first year.
The pre-qualification process for the Indigo® Mastercard® is easy, and most applicants receive a fast response. So if you’re interested, consider applying for this card before resorting to a secured card instead.
The Indigo® Mastercard® has an APR of 24.9%, which is fairly standard in cards designed for people with poor credit scores.
As a bonus, this card has several impressive benefits, including roadside and travel assistance, rental insurance, extended warranty coverage, and price protection — plus zero liability insurance in case of loss or identity theft.
Milestone Mastercard®
Lastly, I’d recommend the Milestone® Mastercard® as an alternative to the OpenSky® Secured Visa® card.
The annual fee for this card is $175 the first year; $49 thereafter. But the higher fee may be a sacrifice you’re willing to make for an unsecured card that doesn’t require a security deposit.
You can get approved for this card even if your credit score is below 600, so it can be a solid way to start building or rebuilding your credit.
Your Milestone Mastercard® comes with the ability to access your account on your phone or online 24/7. In addition, you can set up payment alerts so that you never risk missing a payment and paying a late fee or taking a hit on your credit score as you try to rebuild it.
Summary
For people looking to improve their credit history right away, the OpenSky® Secured Visa® Credit Card is a great option because it requires no credit check. Use it to fund small purchases, pay the minimum payment on time every month, and watch your credit score improve as OpenSky® notifies each credit reporting bureau of your timely payments.
It is possible to improve your credit score and get closer to better interest rates, even a home or car loan, with a secured card like the OpenSky® Secured Visa® Credit Card.
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