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OpenSky Secured Visa review: No credit check required for this secured card
As a secured credit card, the OpenSky® Secured Visa® Card could be a useful tool for applicants who want to build credit and improve their score.
While it only earns limited rewards, customers can qualify for credit limit increases every six months with good credit habits. There’s no credit check required, and your activity will be reported to the three major credit bureaus. Plus, you can use the card anywhere Visa is accepted — and nobody will know that it’s a secured credit card except for you.
Check out everything you need to know about the OpenSky Secured credit card.
- Annual fee$35
- Card type(s)Secured, Credit-builder
- Ongoing Purchases APR25.14% (variable)
- Recommended credit scoreNo credit check
- Rewards rateEarn up to 10% cash back through the OpenSky Rewards program
- Benefits
- 88% average approval rate
- $200 minimum security deposit
- Graduate to an OpenSky Unsecured Gold Card in as little as 6 months
Annual fee
The OpenSky Secured Visa charges an annual fee of $35. It only earns limited rewards, so there are few perks to help offset the cost of the card.
Because this is a secured card, you’ll also need to put down a minimum opening deposit of $200. The amount you deposit will act as your credit limit. The deposit is refundable if you close your account or graduate to an unsecured OpenSky card.
Rewards rate
The OpenSky rewards program provides limited offers from select retailers, offering as much as 10% cash back on qualifying purchases. Some of these offers are automatically linked to your account, while you have to manually activate other offers to be eligible.
The cash back you earn is only available as a statement credit, which will be automatically applied to your account.
Additional benefits
As a secured credit card, the primary benefit is to provide applicants with poor or limited credit access to a credit line. Cardholders also receive:
Reporting to all three major credit bureaus
To build your credit, the credit bureaus need to be notified of your positive credit habits. The OpenSky Secured Visa will report your payment history, credit limit, statement balance, and other factors to help you build your credit. Use your card responsibly by making all payments on time and keeping your balance low to build good credit.
Credit limit increases every six months
By using your card responsibly, you may qualify for a credit limit increase every six months. Increasing your limit provides more buying power and can help lower your credit utilization. Your utilization ratio is calculated by dividing your balance by your credit limit, and it makes up 30% of your FICO credit score.
Who is the OpenSky Secured Visa Credit Card best for?
The OpenSky Secured Visa credit card is ideal for people who want to build credit but can’t qualify for a traditional credit card. This card provides access to a credit limit that matches your security deposit of $200 to $3,000.
Using the card to make purchases and paying off those charges regularly helps to build your credit when the bank reports to all three major credit bureaus. As your credit score improves, you may qualify to convert to the OpenSky® Gold Visa® Unsecured Card or get approved by another bank for an unsecured card.
You won’t earn a welcome bonus with this card and the rewards program is limited, so this isn’t the right choice for those looking to rack up perks on their spending. If you want a card with these benefits, build your credit with the OpenSky Secured Visa by making on-time payments and keeping your utilization low in order to qualify for other cards that do.
OpenSky Secured Visa Credit Card pros
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No credit check to apply
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Get a credit line increase in as few as six months
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Credit limit varies from $200 to $3,000, based on the security deposit you put down
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Reports to all three major credit bureaus to help build your credit history
OpenSky Secured Visa Credit Card cons
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Doesn’t offer a welcome bonus and only includes limited rewards
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Charges an annual fee
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Requires a security deposit to open an account
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Foreign transaction fees of 3% on purchases outside the U.S.
Where can you use the OpenSky Secured Visa Credit Card?
Although this is a secured credit card, it operates just like any other Visa card. It’s accepted online, in-person, and over the phone with any merchant that accepts Visa. Additionally, there are no markings on the physical card indicating that this is a secured credit line.
When traveling internationally, Visa and Mastercard are the two most commonly accepted types of credit cards. You can use this card when abroad, but the bank charges a 3% foreign transaction fee on all purchases made outside of the U.S.
How to make an OpenSky Secured Visa Credit Card payment
Making on-time payments is critical to building and maintaining a good credit score. Payment history is the largest factor in your credit calculation, accounting for 35% of your FICO score. To make a payment on the OpenSky Secured Visa, you have several options.
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Log into your online account
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Mail payments to:
OpenSky Card Services
P.O. Box 660924
Dallas, TX 75266-0924 -
Automated phone payments by calling (800) 859-6412
OpenSky Secured Visa Credit Card customer service info
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Customer service is available by phone 24/7
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Phone number: (800) 859-6412
Alternative cards to consider
Consumers looking to build credit can benefit from the OpenSky Secured Visa Credit Card. However, it may not be the best credit card for your situation. Before applying for this card, consider other credit-builder cards, which may be a better fit.
- Annual fee$0
- Card type(s)Secured
- Purchase APR29.99% variable
- Recommended credit scoreNo credit history required
- Rewards rateNone
- Benefits
- No annual or hidden fees; see if you're approved in seconds
- Earn back your security deposit as a statement credit when you follow best practices, such as making payments on time
- Be automatically considered for a higher credit in six months with no additional deposit
Why we like it: Cardholders who want to build credit or are just starting out can start building up their credit score with the Capital One Platinum Secured Card. Based on your application, you may qualify for a security deposit as low as $49 for an initial credit line of $200. With responsible use of the card, you may qualify for a credit limit increase in as little as six months or an upgrade to an unsecured card.
While this no-annual-fee card has limited benefits, it doesn’t charge foreign transaction fees and reports your activity to all three major credit bureaus.
- Annual fee$0
- Card type(s)Secured, Cash-back
- Purchase APR29.99% variable
- Recommended credit scoreExcellent, Good
- Rewards rate
- 5% unlimited cash back on hotels and rental cars booked through Capital One Travel
- 1.5% unlimited cash back on every purchase, everywhere
- Benefits
- No annual or hidden fees; see if you're approved in seconds
- Earn back your $200 security deposit as a statement credit when you follow card best use practices, such as making payments on time
- Be automatically considered for a higher credit in six months with no additional deposit
Why we like it: With the Capital One Quicksilver Secured card, you’ll earn an unlimited 1.5% cash back on every purchase. This card allows consumers to simultaneously build credit while earning cash-back rewards without paying an annual fee.
Security deposits start at a $200 minimum, and cardholders can qualify for an automatic credit line increase in as little as six months. Rewards don’t expire as long as your account is open and in good standing, and they can be redeemed for cash back, statement credits, or gift cards.
- Annual fee$0
- Welcome offerEarn a $50 cash bonus after spending $100 on purchases within the first 3 months
- Card type(s)Student, Cash-back, Dining
- Purchase APR19.74% - 29.74% variable
- Recommended credit scoreNo credit history required
- Rewards rate
- 8% cash back on Capital One Entertainment purchases
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target)
- 1% cash back on all other purchases
- BenefitsEnjoy international travel without additional fees on purchases made abroad
Why we like it: For students who want to build credit and earn cash-back rewards, the Capital One Savor Student Cash Rewards is an excellent choice. It earns unlimited 3% cash back rewards on dining, entertainment, select streaming services, and at grocery stores, plus 1% cash back on everything else. New cardholders can earn a one-time cash bonus of $50 after spending $500 within three months.
The card has no annual fee, and it doesn't charge foreign transaction fees when traveling outside the U.S.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
