Review: OpenSky® Secured Visa® Credit Card – No Credit Check Card
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The OpenSky Secured Visa Credit Card was created to help build you a better credit history. There’s no credit check required when applying, just an initial deposit. It has an annual fee of $35.
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Our Rating: 2 Out of 5 Stars
We give the OpenSky® Secured Visa® Credit Card two out of five Stars. While it’s only used to build up credit, and is easily accessible, it offers little else.
Why We Like It
- No credit check required
- Security deposit of $200 to $3,000 provides a nice range for a credit line
- Can fund the security deposit without a bank account
Why It Could Be Better
- Has an annual fee
- No credit monitoring benefits (or any other perks)
- No rewards
- No upgrade path to an unsecured card
- Reports of poor customer support and slow payment processing services
The one and only goal of the OpenSky Secured Visa is to help build your credit up. What’s rare here is that Capital Bank, the issuer, won’t do a credit check, so just about anyone can be approved.
You’ll be required to make an initial deposit of anywhere from $200–$3,000, and the amount you choose will determine your credit limit. You’ll be able to request an increase in credit limit after showing responsible use, and your deposit is refundable after you close the card.
You’ll receive basic Visa benefits, but there is no rewards program and an annual fee of $35.
There isn’t much to this card, and you may have better options available. But if you’ve been having trouble getting approved, read on to see if this is your way back into positive credit.
Capital Bank is not the same as Capital One, an issuer that provides a wide selection of credit cards for travel, cash back, and building credit.
Insider Advice: Getting the Most Out of Your Card
- Practice responsible use: Make sure you’re making all your payments on time in order to build good habits and improve your credit.
- Be aware of the initial deposit: Like most secured cards, you’ll be required to make a deposit which will determine your initial line of credit. In this case, it will be $200–$3,000.
- Deposit as much as you’re able: A higher deposit will get you a higher credit line, and you’ll be less worried about going past your limit if it’s as high as you can manage. This can also help your credit utilization.
- Reach a higher credit limit: After displaying responsible card activity you’ll be able to apply for a higher credit line (you’ll need to provide an additional security deposit).
- Get your deposit back and apply for a better card: Once your credit is in a better place and you’re ready to move on to bigger and better cards, you can pay off your balance and close the OpenSky card to get your initial deposit back. You’ll likely qualify for credit cards for fair or average credit, or even good credit.
Because this is a secured card, you’ll be required to make a refundable security deposit. This will determine your initial line of credit.
The minimum deposit you can make is $200, up to a maximum of $3,000. The money is placed in an FDIC-secured account that doesn’t earn interest. The main point of this card’s deposit, according to the issuer, is to ensure you can open an account without having to go through a credit check. Most secured cards require a credit check however, so this card stands apart in that respect.
We recommend you put down as much as possible, because having a higher credit line is much more useful. For one, you’ll worry less about declines when making larger purchases knowing you have a sizable line of credit backing you up. For another, having that higher line can help keep your credit utilization low. Lower utilization can lead to less of a negative impact on your credit scores.
You don’t have to make the deposit right when you finish your application, but you will need to before Capital Bank will send you the card.
Unlike most secured cards, you don’t need a bank account to pay the security deposit. You can pay by:
- Debit card
- Money order
- Certified check
- Money transfer through Western Union.
After having the card for some time and showing responsible use, like consistent on-time payments, you can apply for a higher credit line. You need to deposit more to increase your credit limit, however.
You’ll get your deposit back after you pay off any balances and close your account.
Cardholders will only get the most basic of Visa card benefits. But the point of secured cards is not to get strong benefits, it’s to get your credit to a place where you can apply for better cards that do have good perks and benefits.
The card issuer states the OpenSky Secured Visa comes with “all the benefits of a Visa card,” but doesn’t explicitly list those benefits aside from mentioning fraud protection and global acceptance. So it’s hard to say which benefits you’ll specifically receive, but it’s safe to assume they won’t be anything beyond a very basic level.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|17.39% Variable||None||17.39% Variable|
|Annual Fee||Foreign Transaction Fee|
|Balance Transfer Fee||Cash Advance Fee|
|See Terms||$6 or 5% of the amount of each Cash Advance; whichever is greater|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||Up to $38||Up to $25|
There’s really not much here aside from the annual fee. You won’t be able to make any balance transfers, and there’s a foreign transaction fee so you won’t want to use this card if you’re going to be out of the country.
The Bottom Line
The OpenSky® Secured Visa® Credit Card is a way to rebuild credit, reporting all activity to the major credit bureaus, although it may not be the best option available to you.
Like other secured cards, you’ll be required to make an initial deposit which will form your credit limit. But you won’t need a bank account, and you’ll be able to apply for a higher limit over time.
You’ll get the most basic Visa benefits available, and earn no rewards. But there’s no credit check required, so you’ll have an easier time getting approved for the OpenSky Secured Visa than other cards.
It’d be worth your time to check out the other secured cards on the market, however. Some of them have decent selections of benefits, including credit monitoring tools, and some even earn rewards.
How to Apply for the OpenSky Secured Visa Credit Card
Just hit the Apply Now button for the OpenSky Secured Visa below. You’ll be directed to the card issuer’s website, where you can securely apply. You’ll usually hear back pretty quickly whether or not you’ve been approved, but some applicants may be asked for more information.
What Credit Scores Do You Need for the OpenSky Secured Visa?
As we’ve said, you don’t need any credit score in particular to qualify for the OpenSky card, because a credit check isn’t required for approval. This is pretty rare, though some other cards have the same feature.
However, even though a credit check isn’t required, this doesn’t mean everyone will be approved. If there’s some issue with your application, or your identity can’t be verified, for example, you may not be approved.
Qualifications and Requirements
- Must be 18 to apply
- Security deposit of $200–$3,000: By debit card, mail-in check, money order, or Western Union money transfer
- Personal information: Name, date of birth, Social Security number
- Address and contact information: Home address, phone number, email address
- Financial information: Total annual income, monthly mortgage or rent payment
Alternatives to the OpenSky Secured Visa Credit Card
Citi is a Credit Card Insider advertiser.
Do you use the OpenSky Secured Visa Credit Card, or a different secured card? How do you like it? Let us know in the comments!Looking for great ways to build up your credit? Here’s our definitive guide! How to Build Credit With Credit Cards: The Definitive Guide
Evan graduated from SUNY Oswego with a degree in journalism and creative writing. In his professional writing career, he strives for precision and comprehension in his work. He’s written news articles, blog posts, and copy, working across a slew of different mediums. With in-depth research and great care for accuracy and detail, he now works to bring you the most up-to-date credit information.
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