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OpenSky® Secured Visa® Credit Card Review 2024

Obtaining a secured credit card, even with a less-than-ideal credit history, is a feasible option. Among the choices available, the OpenSky Secured Visa Credit Card emerges as a potential consideration. If your primary goal in acquiring a secured card revolves around enhancing your credit, the OpenSky Secured Visa Credit Card is well-positioned to assist you in achieving this objective.

It’s essential to note that in secured credit cards, the OpenSky® option may not rank among the top performers. Some secured credit cards entice users with rewards on their purchases, and in certain scenarios, individuals with bad credit may even secure an unsecured credit card. However, for those who find themselves ineligible for such offers, the OpenSky Secured Visa Credit Card presents itself as a viable alternative worth exploring.

Credit score neededFair, Poor, Bad, No Credit
Regular APR25.64% (Variable)
Annual fees$35

Who is the OpenSky Secured Visa Credit Card for?

Acknowledged as a credit card with certain limitations, the OpenSky Secured Visa Credit Card operates within a structured framework. Notably, your credit limit aligns with the amount of your security deposit, and the card distinguishes itself by foregoing sign-up bonuses or rewards.

However, if your primary objective revolves around the establishment or reconstruction of your credit, the OpenSky Secured Visa Credit Card may prove to be the ideal choice for your financial journey.

One distinctive feature is the absence of a credit check for qualification purposes when applying for the OpenSky Secured Visa Credit Card. This unique approach allows individuals with poor credit or no credit history to qualify for the card potentially. The absence of a credit check is attributed to the requirement of a cash deposit, serving as collateral. Essentially, the deposited sum ensures that the OpenSky Secured Visa Credit Card can recover owed amounts in the event of default.

Another noteworthy aspect to consider is the OpenSky® Secured Visa® Credit Card’s accommodation for individuals without a checking account. Unlike many credit cards designed for those with poor credit, OpenSky® does not mandate a checking account in good standing as a prerequisite.

If you are approved for the OpenSky® Secured Visa® Credit Card, it’s advisable to view this arrangement as temporary. Consistent, timely payments each month contribute to the gradual improvement of your credit score. Essentially, consider this credit card as a valuable tool in the process of credit rehabilitation, paving the way for your eligibility to apply for traditional credit cards in the future.

Features and Benefits

The OpenSky® Secured Visa® Credit Card offers two distinct versions of its secured Visa card: OpenSky® and OpenSky® Plus. Both variations operate as secured credit cards, meaning that the credit limit is contingent upon the amount of the security deposit. Importantly, no credit check is conducted during the application process for either card.

The OpenSky® Secured Visa® Credit Card features a variable annual percentage rate (APR) of 25.64% (Variable) and is accompanied by a $35 annual fee. The minimum security deposit is $200, while the maximum is capped at $3,000.

On the other hand, the OpenSky® Plus Secured Visa® Credit Card carries a slightly higher variable APR of 29.99% (Variable) but distinguishes itself by not imposing an annual fee. The minimum security deposit for this version is $300, with a maximum limit of $3,000.

Regardless of your choice between the two, both cards undergo periodic evaluations for credit line increases every six months. While credit increases are not guaranteed, they become a tangible possibility as you consistently make timely monthly payments. Managing the OpenSky® Secured Visa® Credit Card is convenient, allowing you to handle transactions online or through the dedicated mobile app. Monthly payments can be facilitated through various channels, including checks or the online platform and mobile app.

Cards fees

For the OpenSky® Secured Visa® Credit Card, the fee structure is outlined as follows:

  • Annual Fee: $35
  • Cash Advance Fee: $6 or 5% of the amount of each Cash Advance; whichever is greater
  • Foreign Transaction Fees: 25.64% (Variable)
  • Late Payment: Up to $40
  • Returned Payment: Up to $25

On the other hand, the fee structure for the OpenSky® Plus Secured Visa® Credit Card presents some variations:

  • Annual Fee: $0
  • Cash Advance Fee: The greater of $10 or 3% of the dollar amount of the Cash Advance
  • Foreign Transaction Fees: 3% of the gross amount of the Transaction in U.S. dollars
  • Late Payment: Up to $40
  • Returned Payment: Up to $40

These fee structures provide a clear overview of the costs associated with each card, aiding individuals in making informed decisions based on their financial preferences and usage patterns.

Credit score neededLimited, Fair, Poor, BadLimited, BadBad, None
Regular APR29.99-33.99% Variable30.74% (Variable)9.99% (Fixed)
Annual fees$0$0$48

Is an OpenSky Secured Visa Credit Card worth applying for?

The OpenSky Secured Visa Credit Card stands out as a favourable option for those seeking a secured credit card to address poor or nonexistent credit. What sets it apart is the absence of a mandatory credit check, coupled with the commitment to report positive credit behaviour to the three major credit bureaus.

An encouraging statistic from OpenSky® reveals that over 85% of applicants have been approved in the last five years. Interestingly, the primary factor contributing to credit denials appears to be the applicant’s existing or prior relationship with OpenSky®.

To qualify for the OpenSky® Secured Visa® Credit Card, you must meet the following criteria:

  1. Be at least 18 years old and a U.S. citizen or permanent resident alien.
  2. Possess a valid Social Security Number or Taxpayer Identification Number.
  3. Maintain a monthly income surpassing your monthly expenses, including the estimated monthly credit card payment.
  4. Have not applied for a Capital Bank credit card four or more times within the past 60 days.
  5. Do not hold three or more open credit card accounts with Capital Bank.
  6. Exhibit a positive payment history on any existing or previous account with Capital Bank that is in good standing.

These qualifying criteria make the OpenSky Secured Visa Credit Card accessible to a broad range of individuals, offering a pathway for those looking to establish or rebuild their credit history.

Frequently Asked Questions (FAQs)

Will I get my deposit back with the OpenSky Secured Visa Credit Card?

It’s important to note that the security deposit for the OpenSky Secured Visa Credit Card will be refunded exclusively when your account is closed, and the entire credit card balance has been settled. While the process of deposit return can extend up to eight weeks, it’s worth mentioning that in practice, many users have reported experiencing a faster turnaround, often within less than four weeks. Understanding this timeline is crucial for individuals planning to close their accounts and reclaim their security deposits.

Can I upgrade the OpenSky Secured Visa Credit Card to an unsecured card?

OpenSky® extends the possibility of transitioning to the OpenSky® Gold Visa® Unsecured Credit Card for its secured credit card customers after as few as six consecutive on-time monthly payments. It’s important to note that while there is no guarantee of being offered the unsecured card if the opportunity arises, qualification will be primarily based on your payment history with the OpenSky Secured Visa Credit Card.

This unique offer comes with the added advantage of requiring no additional application, credit check, or security deposit.

How fast can I build credit with the OpenSky Secured Visa Credit Card?

The timeline for seeing improvements in your credit score with the OpenSky Secured Visa Credit Card can vary depending on your initial credit level. For individuals with no credit history, positive changes are often noticeable after making a minimum of six consecutive on-time monthly payments. However, for those seeking to repair a poor credit score, the process may extend over a year or even longer.

To overcome the challenges of a significantly low credit score, it’s often beneficial to consider acquiring one or two additional credit cards or loans. The key to success in this endeavor is maintaining timely payments on all credit accounts each month. This strategic approach, combined with responsible financial management, contributes to the gradual improvement of your creditworthiness over time.

How long does it take to be approved for theOpenSky® Secured Visa® Credit Card?

OpenSky® aims to provide efficient service in processing credit card applications, with an average processing time ranging between 24 and 48 hours. The credit decision will be communicated to applicants via email. Following the approval and completion of the security deposit, the actual credit card will be dispatched to the applicant.

The anticipated delivery period for the OpenSky Secured Visa Credit Card is estimated to be 12 to 14 business days. It’s important for applicants to be aware of these timeframes and plan accordingly, ensuring a smooth and timely acquisition of their secured credit card.

How can I get a cash advance with my OpenSky Secured Visa Credit Card?

Certainly, you can utilize your secured credit card to obtain a cash advance at any ATM that accepts Visa cards. However, there are important considerations to keep in mind:
Available Credit: Ensure that your account has sufficient available credit to cover the cash advance amount.
Cash Advance Fee: Be aware of the cash advance fee, which is the greater of $6 or 5% of the withdrawn amount. This fee will be applied to the cash advance transaction.
ATM Owner Fees: Additionally, take into account any fees charged by the owner of the ATM where you conduct the cash advance. These fees may vary depending on the ATM operator.

Is the OpenSky Secured Visa Credit Card legit?

The OpenSky® Secured Visa cards are issued by Capital Bank, a financial institution based in Rockville, Maryland. Capital Bank has been operating since 1999, accumulating over two decades of experience in the banking industry. Notably, the Better Business Bureau (BBB) has awarded Capital Bank with a rating of “A,” signifying a high level of trustworthiness and customer satisfaction on a scale from A+ to F. This positive BBB rating adds a layer of confidence for individuals considering the OpenSky® Secured Visa cards, highlighting the bank’s commitment to transparency and customer service.

Does OpenSky® run your credit?

Indeed, OpenSky® distinguishes itself as one of the few credit card issuers for individuals with bad credit that does not perform a credit check during the application process. Despite the absence of a credit report inquiry at the application stage, it’s important to note that OpenSky® diligently reports your payment history to all three major credit bureaus—Experian, Equifax, and TransUnion. This reporting practice is a key feature, as it allows individuals to use the OpenSky® Secured Visa® Credit Card as a tool for building or rebuilding their credit over time through responsible credit management and on-time payments.

Can you rent a car with an OpenSky Secured Visa Credit Card?

The OpenSky® Secured Visa® Credit Card offers versatility by being accepted anywhere Visa is welcomed. If you plan to use it for car rentals, it’s essential to ensure that your credit limit is adequate to cover both the security deposit typically required by car rental companies and the anticipated charges for the rental itself.
Car rental agencies commonly impose a security deposit at the time of vehicle rental. To facilitate a smooth transaction, your credit limit on the OpenSky® Secured Visa® Credit Card should be sufficient to cover both the security deposit and the expected rental charges. Being mindful of your available credit ensures a hassle-free experience when using your secured credit card for car rentals.

What’s the OpenSky® phone number for customer service?

For OpenSky®, customer contact is primarily facilitated through mail, as indicated on their website. However, if you wish to reach them via phone, you can contact OpenSky® using the toll-free number: 1 (800) 859-6412.

Regarding Chime, it’s important to note that Chime is a financial technology company and not a traditional bank. Banking services associated with Chime are provided by The Bancorp Bank, N.A., or Stride Bank, N.A., both of which are Members FDIC.

The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., and operates under the license from Visa U.S.A. Inc. This card can be used wherever Visa credit cards are accepted, offering users the flexibility and convenience of a credit card while working to build or rebuild their credit history.

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