The Ultimate Guide to Credit Cards
Thursday, February 22, 2024

OpenSky® Secured Visa® Credit Card Review

Zina Kumok

By: Zina Kumok

Zina Kumok
Zina Kumok

Zina Kumok is a personal finance writer, certified financial health counselor, and certified student loan counselor. She works as a money coach helping people one on one at ConsciousCoins.com. Her advice has been featured in Lifehacker, FoxBusiness, Time Magazine, Investopedia, Forbes, and several other major financial brands. She paid off $28,000 worth of student loans in three years. She's a three-time Plutus Awards finalist for Best Personal Finance Contributor and a three-time speaker at FinCon, the premier financial media conference.

See full bio »

Editor: Jon McDonald

Jon McDonald
Jon McDonald

Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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OpenSky® Secured Visa® Credit Card Review

Rated 4.0 /5.0 ★★★★

When you have no credit  —  or worse, bad credit  —  getting a credit card is a classic Catch-22 situation. You can’t open a new card without having good credit, but it’s hard to improve your credit score without having access to credit.

Sounds impossible to fix, right? That’s where secured credit cards can help. Issuers market secured cards to those with poor credit or no credit. Unlike unsecured credit cards, secured credit cards require the cardholder to put down cash that serves as collateral. This deposit will essentially equal the credit limit. You can help fix up your poor credit past by using this card regularly and responsibly.

If you are interested in a secured card, keep reading to learn more about the OpenSky® Secured Visa® Credit Card. We also cover three of its closest competitors so you can make a more informed decision

A Secured Card With No Credit Check

The OpenSky® Secured Visa® Credit Card is a secured card that has a fairly standard $35 annual fee. It also doesn’t involve a credit check, so even if you have no credit or bad credit, you can still qualify for this card.

If you are approved, you can start building your credit once you fund the card. OpenSky reports card activity to all three credit bureaus — Experian, Equifax, and TransUnion. If you’re a responsible cardholder and regularly make your payments on time, then you may see your credit score improve by using this card.

How to Qualify & Apply

You qualify to apply for this card if you:

  • have poor or no credit history.
  • are 18 or older.
  • can show proof of income; there are no minimum income requirements listed.
  • can pay a $200 minimum security deposit.
  • have a US address and phone number.

You can access the application below and learn more about the card on the bank’s website:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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OpenSky® Secured Visa® Credit Card Review

at Capital Bank N.A.'ssecure website

BEST OVERALL RATING

★★★★

4.0

OVERALL RATING

  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
  • Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months, no additional deposit required!
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments
  • Join over 1.2 million cardholders who’ve used OpenSky to build their credit
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
25.64% (variable)
$35
Poor

When you apply for this card, you include your name, address, and birthdate. You may also have to show a copy of your driver’s license or other form of identification. The issuer will not run a credit check, so you don’t have to worry about a hard inquiry showing up on your credit report.

According to its website, about 88% of those who apply will receive this card. You don’t even need to have a checking account to receive this card.

Once the issuer approves you for this card, you need to send over your security deposit to fund it. You can mail a check, send the money via Western Union, or another money order service. You can also use a debit card to fund the card.

Benefits & Drawbacks to Consider

Before applying for the OpenSky® Secured Visa® Credit Card, you should understand all the pros and cons. Knowing how the card works can help you decide if it’s the best choice for you — or if you need to keep looking.

Benefits

    • No credit check: Even if you have a history of bad credit, you can still qualify for this card. The issuer does not pull your credit report, so you don’t even have to worry about bankruptcy or foreclosure affecting your chances.

    • Relatively low APR: This card has a 25.64% (variable) APR, which is favorable compared to what other secured cards offer. This is important if you do carry a balance on the card at any point. The lower the APR, the less you’ll pay in interest fees.

    • Reports activity to all three credit bureaus: Not all secured cards will report activity to the three major credit bureaus. Some may report activity to just one or two credit bureaus, which won’t help you build a comprehensive credit history.   

Drawbacks

    • Comes with an annual fee: This card does include a $35 annual fee, so users who can’t afford it may need to look elsewhere. Some consumers have said they have negotiated with the issuer to waive the annual fee, but this is rare.

    • Can’t earn an upgrade: One of the most notable disappointments with this card is that you won’t be automatically considered for an unsecured card. Other prominent card issuers will upgrade users who have established positive credit habits. But this issuer doesn’t upgrade cardholders to an unsecured card.

    • High minimum security deposit: Other card issuers may have lower minimum requirements for a security deposit. The minimum deposit for this credit card can be hard to reach for some consumers.

    • Poor customer service reviews: Some customers say payments took a while to post on the account, and they couldn’t use the card until the payment was posted.

    • Getting the deposit back can take several weeks: Once you decide to close this account, it can take at least four weeks to receive your security deposit back, and the issuer reports it can take up to eight weeks. This can be frustrating for customers who need their money as soon as possible.

Think about what you need out of a secured card so you can compare this card to other secured cards. You should also research secured products to identify if they can lead to approval for an unsecured card after a certain period of time.

Other Cards Worth a Look

Many issuers provide secured cards to consumers who don’t qualify for traditional unsecured credit cards. If you’re looking for a secured credit card, many other options exist besides this card.

BEST OVERALL RATING

★★★★
4.0

OVERALL RATING

  • No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
  • Put down a refundable $200 security deposit to get a $200 initial credit line
  • Building your credit? Using a card like this responsibly could help
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
30.74% (Variable)
$0
Limited, Bad

The Capital One Quicksilver Secured Cash Rewards Credit Card pays cash back rewards on every purchase you make, and you can upgrade your account to unsecured after a period of responsible use, which typically means making all of your payments on time. Capital One is a much bigger bank than Capital Bank, the issuer of the OpenSky® Secured Visa® Credit Card, so you can build credit with a reputable issuer and establish a long-term banking relationship.

Discover it® Secured Credit Card Review

at Discover Card'ssecure website

BEST OVERALL RATING

★★★★
4.0

OVERALL RATING

  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
10.99% Intro APR for 6 months
28.24% Variable APR
$0
New/Rebuilding

One of the notable parts about the Discover it® Secured Credit Card is that Discover® will review your account after seven months to see if you’re eligible for an unsecured version of this card. This is not available with OpenSky and makes the card more enticing for the average consumer. Plus, you can earn cash back rewards with this secured card that has no annual fee.

BEST OVERALL RATING

★★★★
4.0

OVERALL RATING

  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
30.74% (Variable)
$0
Limited, Bad

The Capital One Platinum Secured Credit Card has no annual fee but does include a relatively high interest rate. Capital One reports card activity to all three credit bureaus. After a period of responsible use, your card may be upgraded to an unsecured card.

Cardholder Reviews Around the Web

Before applying for the card, you should take the time to read reviews from real customers. One Reddit user said they tried to open a secured card with other providers, but OpenSky was the only issuer that approved them.

Editor’s note: Reviews have been edited for clarity and brevity.

“I have had the card for more than a year. I never had any problem with them at all, they sent the card to me within a week after I put down the deposit. I also called them to get my partner an authorized user card and also arrived within the week.

The only issue I have with them is the app sometimes doesn’t show the pending charges.

I would say if you can get a secured credit card from another bank, I would avoid the OpenSky credit card because it has an annual fee and this card will never be upgraded to a normal credit card. However I tried another bank first (Discover, Capital One) and got denied even for a secured credit card (yes that’s how bad my credit score was), OpenSky will approve anyone even if you have the worst credit score in the world.”

EffectiveTeacher4

However, other reviews reflect that the issuer lacks customer service skills and it’s hard to get someone on the phone.

“I have an OpenSky secured credit card with a $200 limit. I got this card in hopes of improving my credit by using it once a month to pay for Hulu. Where do I even begin;

There is no customer service phone number or email address. Only a physical address to mail a letter to?

The app is insanely outdated, I enrolled in autopay, and it doesn’t work which has led me to be behind on payments, so I just stopped using it completely.

I tried increasing my credit limit and just never heard back from them.

As someone with very little knowledge of how credit cards work it’s really frustrating.”

hnh1993

Another Redditor echoed those concerns:

“It’s not an easy company to deal with —  they take a long time to post your payments and you can [only] make so many during a time period and they never answer the phone. When you do get through, however, they’re usually very kind. I would avoid it if you have other choices.”

—  Routine-Interview991

If you’re struggling to get approved for a secured card, this card may be your best option. But if you can qualify for a card with a provider like Discover® or Capital One, you may have an easier customer service experience.

FAQs: Is It Hard to Get the Card?

Getting the OpenSky® Secured Visa® Credit Card is fairly easy because the bank doesn’t run a credit check or require you to have a bank account. This can provide a huge sense of relief for customers who have a bad credit history.

The hardest part may be providing a security deposit, especially if you don’t have a bank account. But the issuer does offer several convenient options to submit the deposit, including via mail or money order.

What is the Credit Limit?

As with other types of secured credit cards, the credit limit for this card depends on the cardholder. Because secured credit cards require you to put down a deposit, you are technically responsible for the actual credit limit.

This card has a minimum credit limit of $200 and a maximum credit limit of $3,000. You can increase the credit limit  —  as long as you haven’t hit the max  —  by logging into your account online and clicking on the “Request Credit Line Increase” link. You will have to provide another deposit to receive a higher credit limit.

Does the Card Graduate to Unsecured?

When you have a secured credit card, you can only use the credit limit that you put down through a deposit. This also means that you have to essentially loan the credit card company free money.

While some credit card issuers will upgrade your secured card to an unsecured card after several months of responsible use, OpenSky will not. If you want an unsecured card, you will need to apply for one separately.

Who Issues the OpenSky® Secured Visa® Credit Card?

This card is issued by Capital Bank, a Maryland-based bank that also provides mortgages through its Capital Bank Home Loans program. Capital Bank provides services to both commercial and personal customers.

Capital Bank screenshot
Capital Bank offers banking solutions to consumers and businesses.

This bank should not be confused with Capital One, an online bank that also offers secured credit cards. If you want more information on Capital Bank, you can visit its official website here.

How Can I Build Credit With a Secured Card?

Building credit with a secured card is a great way to start improving your financial outlook, especially if you have no credit history. When you use a card that reports activity to the three major credit bureaus, you will begin to build a credit history.

You should remember that it’s important to watch your credit habits. If you have a history of late payments or a high utilization ratio, the credit history you build will likely be negative.

No matter what kind of credit card you have, secured or unsecured, you should always pay your bill on time. On-time payments make up 35% of your credit score — the largest single factor. It doesn’t matter whether you only make the minimum payment or pay the full statement balance — as long as you pay on time.

Another important factor is the credit utilization ratio, which is worth 30% of your credit score. The credit utilization ratio refers to how much credit you currently use compared to your total credit limit.

Here’s how credit utilization works. Let’s say your current credit balance is $1,000 and you have a credit limit of $2,000. In this example, you will have a 50% credit utilization ratio.

Credit bureaus may penalize you if your credit utilization ratio is higher than 30%, and if you want to build a higher credit score, you should shoot for less than 10%.

credit utilization table
Credit utilization ratios impact consumer credit scores.

The problem with credit utilization on a card with a low credit limit — such as a secured card — is that it’s easy to run up that percentage without realizing it.

For example, if you have a $500 credit limit, then you should try to have a maximum statement balance of $150. Ideally, your statement balance should never be higher than $50.

One of the easiest ways to have a good credit utilization percentage is to put one small recurring bill on the secured card, such as your Netflix or Spotify subscription. Then, set up automatic payments to this card so you never miss a payment. You should also ensure that your bank account always has enough money to cover the autopay.

Doing these will help ensure that your credit score improves while you use the card.

Also, remember to check in on the card to ensure that autopay goes through correctly. If you notice a problem, call customer service as soon as possible.

Can You Withdraw Cash from the Card?

You can withdraw cash with the OpenSky® Secured Visa® Credit Card by using an ATM that accepts the card. This will be treated as a cash advance.

The interest rate for cash advances is the same as the purchase interest rate. However, you will also have to pay a cash advance fee. The cash advance APR may change over time, just as overall market interest rates change.

One of the biggest differences between a cash advance and a purchase is that interest will start accruing immediately on a cash advance. When you buy something with this credit card, interest will not start accruing until the statement date passes and if you haven’t paid the full statement balance.

This Card May Be For You If…

    • You want a card that doesn’t check your credit

    • You want a secured card with a high credit limit

    • You want a secured card with a low interest rate

When it comes to secured credit cards, then OpenSky® Secured Visa® Credit Card has some benefits. But there aren’t enough positive elements to make it better than other secured cards on the market. Try to apply with other providers first, and if you don’t succeed, then you can go with this one.

About the Author

Zina Kumok
Zina Kumok Finance Expert

Zina Kumok is a personal finance writer, certified financial health counselor, and certified student loan counselor. She works as a money coach helping people one on one at ConsciousCoins.com. Her advice has been featured in Lifehacker, FoxBusiness, Time Magazine, Investopedia, Forbes, and several other major financial brands. She paid off $28,000 worth of student loans in three years. She's a three-time Plutus Awards finalist for Best Personal Finance Contributor and a three-time speaker at FinCon, the premier financial media conference.

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