OpenSky® Secured Visa® Credit Card Review

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The OpenSky® Secured Visa® Credit Card is a simple and straightforward card, that allows carholders to build credit by making on-time payments. There’s no credit check required — all that’s needed is a minimum refundable security deposit of at least $200, which determines your line of credit.
This card can help people with no credit history, such as students and young adults, build credit by making on-time payments. It can also help those with poor to fair credit increase their credit scores with responsible use.

Cardholders get access to online card management, as well as automatic payment set-up, so they can build up their credit with ease. While it does carry a small annual fee, this card has a lower variable APR compared to similar credit-building cards.

What we like about the OpenSky® Secured Visa® Credit Card

  • You could potentially get an initial credit line of up to $3,000, depending on your deposit. This is much higher than most secured credit cards.
  • You don’t need a debit card to fund your one-time deposit, while some other secured credit cards require a debit account for funding.
  • The OpenSky® Secured Visa® Credit Card works just like any Visa credit card. You can use it abroad for foreign transactions, access cash from ATMs with it and set up online management with automatic payment options.
  • You can get email alerts for reminders for due payments or when credits and returns have been posted.
  • You can add authorized users to the card for more credit-building opportunities.
  • The variable APR rate of 18.89% (variable) is more forgiving compared to higher rates typically found with secured credit cards.
  • The online presence of OpenSky® Secured Visa® Credit Card is focused on educating cardholders and helping them make wise credit decisions to build up their scores.
  • OpenSky® Secured Visa® Credit Card’s credit-building knowledge bank is vast and easy to understand, making the website a great resource for younger cardholders who are new to building credit. There’s also a supportive Facebook page with financial articles and resources.

Things to Consider

  • The annual fee of $35 may turn off cardholders who know they’re going to make on-time payments and can get a credit-building card with no annual fee. Cards that have a higher variable APR fee may not matter to cardholders who plan to make full, on-time payments.
  • The OpenSky® Secured Visa® Credit Card offers no rewards program, like cash back or travel perks.
  • While the Facebook page focuses on community, it’s also the only place where cardholders can review the card. If you don’t have Facebook but want to leave a review to help others, you’re out of luck.

OpenSky® Secured Visa® credit-building details

Those who are interested in the OpenSky® Secured Visa® Credit Card can apply in minutes in just four steps since there’s no credit check and no risk of having your credit report pulled to apply. The card’s high approval odds make it a solid tool for rebuilding credit by making on-time payments.

You choose a credit line and secure it by making a one-time, refundable deposit, from $200 to up to $3,000, subject to approval. You can fund the deposit with a debit card or go through Western Union or mail a check or money order.

Once you’re approved, your card usage is reported to all three major credit bureaus so you can build your credit. OpenSky® Secured Visa® Credit Card claims 99% of cardholders who started without a credit score were able to build a score in as few as six months.

As you use your account and make on-time payments, you’ll be offered opportunities to increase your credit line with no additional deposit. You can request a credit line increase at any time.

OpenSky® Secured Visa® Credit Card fees

The OpenSky® Secured Visa® Credit Card charges an annual fee of $35. The card’s annual fee is higher than some other credit cards focused on building credit, some of which require no annual fee. If you’d like a higher line of credit, the annual fee may be worth it with the OpenSky® Secured Visa® Credit Card.

Other fees for this card are fairly standard for secured credit cards. The foreign transaction fee is of each transaction in U.S. dollars. The cash advance fee is $6 or 5% of each cash advance, whichever is greater. Penalty fees are also standard. Late payment fees are up to $38, while returned payment fees are up to $25.

How does it compare to other credit-building cards?

If you’re looking for a credit-building credit card, you may want to compare the OpenSky® Secured Visa® Credit Card to other options. The OpenSky® Secured Visa® Credit Card is a great choice if you have more funds for your refundable security deposit and want to access a higher line of credit, with a low variable APR. But if you want to make a lower refundable deposit, don’t want to pay annual fees and want no foreign transaction fees, the Capital One® Secured Mastercard® is a better choice. If you’re looking for a secured credit card that enables you to earn cash back with no annual fee, the Discover it® Secured credit card is a fantastic option.

Card Purchase APR Annual Fee Intro Bonus Credit Needed Credit-Building Key Features
OpenSky® Secured Visa® Credit Card 18.89% (variable) $35 None Bad
  • Get up to a $3,000 line of credit.
  • No credit check is required.
  • The card requires a one-time refundable deposit between $200-$3,000.
Capital One® Secured Mastercard® 26.99% (Variable) APR $0 None Limited, Bad
  • There are no foreign transaction fees.
  • Get travel accident insurance and warranty protection.
  • The card requires a one-time refundable deposit of $49, $99 or $200.
Discover it® Secured 24.49% Variable APR $0 Get all cash back you’ve earned at the end of your first year matched automatically. No Credit History
  • Get 2% cash back on restaurant and gas station on up to $1,000 in transactions each quarter, then get unlimited 1% cash back on other transactions automatically.
  • The card requires a one-time refundable deposit of at least $200.
  • There is no late fee on your first late payment.

The bottom line

If you want to give your credit score a boost, the OpenSky® Secured Visa® Credit Card is a good option. If you use your card responsibly and don’t overspend, you may be able to increase your credit score more quickly compared to similar cards with lower lines of credit. If you’re looking for rewards like cash back, or you don’t want to make as high of a security deposit, there are other credit-building options.

Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author's alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser's page for terms & conditions.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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