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OpenSky Secured Visa

OpenSky Secured Visa
Our Take:

The OpenSky Secured Visa Card is a good choice for people with bad credit or no credit history. This is particularly true if you're looking to start from the ground up with no bank account, or want a card that could offer a no credit check approval. This is a no frills card with limited benefits, but it gets the job done at helping consumers build credit from scratch. Skip to our full review

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  • Highlights
    • Great for building credit
    • Reports to all three major credit bureaus every month
    • No credit check needed to apply
    • Set your credit limit between $200 and $3,000
    • Refundable deposit
  • Regular APR
    19.39%
  • Credit level
    Fair, Bad, and No Credit
  • SecuredSecured
  • Bad CreditBad Credit
  • Building CreditBuilding Credit
Fees
  • Annual Fee
    $35
  • Cash Advance Fee
    Either $6 or 5% of the amount of each cash advance, whichever is greater.
OpenSky Secured Visa Review

If you have bad credit, you may feel like you’re hopeless to take hold of your financial future. It may seem like no card issuer is ever going to approve you because you have a low credit score or no credit at all. However, there are cards out there designed for poor credit and no credit applicants.

Often, if you have no credit or your credit history is not great you can apply for a secured card. While most people who apply for revolving credit want an unsecured card with lots of benefits, a secured card could be the kick starter you need to graduate onto better cards with more options and build a solid credit history. Here’s how.

Our Review: OpenSky Secured Visa

Generally, a secured card is one where you put down a deposit that you can borrow against. Most often, the deposit will usually equal the initial credit limit you receive. In a lot of cases, this is just a few hundred dollars. A responsible user of secured credit cards will pay their bill in full each month and avoid maxing out their card to build credit in a healthy way.

The OpenSky Secured Visa is no different. If you are approved for this card, it will be contingent upon posting a deposit to spend against. This can pose a challenge for a couple of reasons. Someone with bad credit or no credit who is applying for a secured card may only have a few hundred in savings to begin with. It’s not recommended you drain your savings for any reason. That is your emergency fund. If you don’t have a bank account at all, your options for building credit are even more limited.

That’s where OpenSky can help. Here’s what we think about this card:

The card has useful features and benefits

  • Access with no credit check. You simply need to provide proof of income and deposit.
  • Guess what you don’t need? If it looks like something is missing from the point above, it’s not. You don’t need a bank account with this card. Although it’s likely you have one anyway if you have income.
  • Credit bureau reporting: This card is described by the creditor as reporting to all three credit bureaus, but some customers have not been satisfied with how they report.

The card has some detrimental pitfalls and drawbacks

  • No room for advancement: This card leaves little room for advancing. If you are hoping for a creditor relationship that will provide better benefits when your credit has improved, this is not the card for you.
  • Deposit requirement isn’t competitive. The minimum deposit is a little steep for a card of this type. Other cards on the market offer more of a competitive advantage when it comes to the range of deposit.

Comparable Cards

If you want to learn about cards for bad credit there are others reviewed on this site that may offer additional options for consideration. The same goes for people with limited credit. Don’t settle for less before reviewing our options on CardGuru.

The Verdict: OpenSky Secured Visa

What can we say about the OpenSky Secured Visa? It has limited perks with little room to grow into a better card as your credit matures. It also has a higher deposit requirement than other more competitive secured cards. For these reasons, it may not be the best choice for bad credit or no credit applicants.

However, there will be a percentage of people drawn in by the prospect of a no credit check approval and because you don’t need a bank account. This means, for people who are truly starting with the bare minimum and building their financial profile from the ground up, it could be one of the only cards that offers any access to credit at all.

Everyone deserves access to credit, regardless of their financial situation or lot in life. Most Americans have a bank account and aren’t intimidated by the prospect of a credit check for a secured card. That said, for those who are really struggling to build a financial roadmap to success, this card offers a fair shot at building credit.

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Editorial Note:

This content is not provided by Capital Bank. Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital Bank.