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 Review
Explore our review of the OpenSky® Secured Visa® Credit Card, a no-credit-check option with up to $3,000 credit limit, lower APR, and a modest annual fee, perfect for credit building.
Grace Pilling
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.
Rae Osborn
Content Editor
Dr. Rae Osborn is a MoneyGeek content editor with over seven years of editing experience and over 20 years of experience in publishing and writing science content. She also works as a science researcher, writer and editor and a professional reviewer for Science Reviews and Advances in Entomology.
Grace Pilling
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.
Rae Osborn
Content Editor
Dr. Rae Osborn is a MoneyGeek content editor with over seven years of editing experience and over 20 years of experience in publishing and writing science content. She also works as a science researcher, writer and editor and a professional reviewer for Science Reviews and Advances in Entomology.
Updated: September 10, 2024
Advertising & Editorial Disclosure
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.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
- PROS
- No credit check needed
- High approval rate
- Free monthly FICO score access
- Reports to major credit agencies
- Flexible payment scheduling
CONS- Annual fee
- Requires a security deposit
- No rewards program
- High regular APR
- Earn up to 10% cash back on everyday purchases.
- No credit check is required to apply.
- Free monthly access to your FICO score through our mobile app.
- Build your credit history with Experian, Equifax, and TransUnion.
- Compatible with Apple Pay, Samsung Pay, and Google Pay for easy mobile payments.
- Low $200 refundable security deposit for a $200 credit line.
- Flexible payment dates to fit your schedule.
- Fund your security deposit over 60 days with partial payments.
- Over 1.4 million cardholders have improved their credit with OpenSky.
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.
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.
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.
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.
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
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.
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.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
About Grace Pilling
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.
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.