OpenSky® Secured Visa® Credit Card Review

Banner imageCredit card image
ByGrace Pilling
Edited byRae Osborn
ByGrace Pilling
Edited byRae Osborn

Updated: June 14, 2024

Advertising & Editorial Disclosure

Shield Insurance

MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies.

OpenSky® Secured Visa® Credit Card

APR25.64% variable
Min. Security Deposit$200
Annual Fee$35
Recommended Credit(No Credit History)

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 - 25.64% (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.

    annualFee icon

    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.

    cashCard icon

    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.

    graphCard icon

    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.

    creditApproved icon

    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

creditCard icon

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 - 25.64% (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.
creditCard1 icon

Capital One Platinum Secured Credit Card

  • Regular APR - 30.74% (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.

About Grace Pilling


Grace Pilling headshot

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.


*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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.