The OpenSky Secured Visa credit card is not one of Investopedia's top rated secured cards. Please see our list of the best secured credit cards for what we consider to be better options.
Full Review of OpenSky Secured Visa Credit Card
Bank account not required
No credit check required
Reports to all three major credit bureaus
You set your credit limit, subject to approval
Can’t upgrade to an unsecured card
Charges an annual fee
Must meet eligibility requirements
No credit card rewards
- Bank account not required: Other secured cards may require a bank account before you can open an account. This card doesn’t, although not having a bank account can make it challenging to pay your credit card bill.
- No credit check required: When you have no credit or damaged credit, it can be difficult to get approved for many credit cards. The OpenSky Secured Visa credit card, however, doesn’t check your credit when you apply. Even so, it is possible to be denied the OpenSky Visa card for other reasons.
- Reports to all three major credit bureaus: Your payment and utilization information will be reported monthly to Equifax, Experian, and Transunion. This gives you the ability to start building or rebuilding your credit, as long as you practice good credit habits, such as paying your bill by the due date each month. It's extremely important to pay your bills on time and to avoid high credit utilization.
- You set your credit limit, subject to approval: Your credit limit will be equal to your refundable deposit, subject to approval by the company. The minimum deposit amount (and therefore the credit line) is $200. It is possible to have a limit of up to $3,000.
- Can’t upgrade to an unsecured card: Secured credit cards often offer the option to graduate to an unsecured credit card after proving yourself a worthy credit risk. The OpenSky Secured Visa credit card does not have that option. You’re locked into the secured credit card as long as you decide to keep your account open. Having a longstanding credit account is considered a plus in determining your credit score. But if you plan to maintain this card as your oldest credit line, you could be stuck paying the annual fee for years.
- Charges an annual fee: This card charges a $35 annual fee, which isn’t outrageous for a secured credit card. That said, it is possible to find secured credit cards with no annual fee.
- Must meet eligibility requirements: In order to be eligible for the OpenSky Secured Visa credit card, you must be at least 18 years old; have a valid Social Security number or Individual Taxpayer Identification number; be a U.S. citizen or permanent resident; not have applied for a Capital Bank credit card four or more times in the previous 60 days; not have two or more credit cards open with Capital Bank; be in good standing with Capital Bank if you have or previously had a relationship with the bank.
- No credit card rewards: This card doesn’t offer credit card rewards, which is true for most secured credit cards. There are rare exceptions, such as the Discover it Secured Credit Card and the Cash Back Secured Credit Card from Bank of America, that allow you to earn cash back on your purchases.
Who This Card Is Best For
The OpenSky Secured Visa credit card may be a good option for people who want to build or rebuild their credit. In particular, it provides a credit opportunity for those who can’t access credit due to negative information on their credit report. This card doesn’t check your credit as part of the application process.
The ability to select your credit limit, subject to approval, based on the amount of your refundable deposit can help you keep your credit utilization under control. That, along with making on-time payments, may help you establish a good credit score.
Capital Bank N.A., the bank that issues the OpenSky Secured Visa credit card, was not rated in the J.D. Power 2022 U.S. Credit Card Satisfaction Study.
There is an OpenSky app that you can use to manage your account. However, the OpenSky website doesn’t make it easy to find contact information, which may be a worrisome sign of the quality of customer service. That contact information is limited to mailing addresses. You should be able to contact customer service by calling the phone number on the back of your card.
The security features for this card are standard for the industry.
Fees to Watch Out For
The OpenSky Secured Visa credit card charges a $35 annual fee. Since you can’t upgrade to a no-fee unsecured version of this card, take that into account before applying.
Additionally, you may be charged inactive or dormant account fees of $10 per month if your account is closed and the deposit can’t be returned to your last known address. These fees start at 12 months and 36 months of no activity, respectively, after your deposit is returned to the bank.
The OpenSky Secured Visa credit card may be a good fit if you’re looking for a secured credit card that doesn’t pull your credit when you apply. Because the card reports to all three major credit bureaus, using this card responsibly may help you establish a positive credit history. Additionally, the ability to select your credit limit, subject to approval, by making a refundable deposit of between $200 and $3,000 gives you the flexibility to use the card while maintaining a reasonable credit utilization ratio.
This card does charge a $35 annual fee, doesn’t provide credit card rewards, and doesn’t offer an unsecured card that you can upgrade to in the future. Even so, the card may be worthwhile until your credit profile allows you to get a more useful credit card.