Last updated on August 21st, 2023
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OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
- 29.99% (Variable) Regular Purchase APR
- 29.99% (Variable) Cash Advance APR
At a Glance
Building credit without hidden fees is a breeze with the OpenSky® Plus Secured Visa® Credit Card. You can build credit, graduate to unsecured credit, and boost your financial knowledge base while paying $0 in annual fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No credit check to apply. Find out instantly if you are approved- 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
- With an 87% average approval rate for the past 6 months, OpenSky gives everyone an opportunity to improve their credit
- Get considered for an unsecured credit line increase after 6 months - no additional deposit
- Monitor your credit progress with free access to your FICO Credit Score
- Reports to all 3 major credit bureaus monthly to establish and build credit history
- Secure your credit line with a refundable security deposit - as low as $300
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- Now you can make smaller partial payments towards funding your security deposit over 60 days
- Over 1.2 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- Regular Purchase APR: 29.99% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $0
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $300
- You want a secured credit card but o't want to pay an annual fee
- You have at least $200 available for a security deposit (up to $3,000)
- You are serious about building credit and plan to pay on-time each month
- You want to graduate to unsecured credit
OpenSky® Plus Secured Visa® Review
The OpenSky® Plus Secured Visa® is a no annual fee secured credit card that can help you build credit with on-time payments each month. Even better, there’s no credit check needed, so you can improve your credit without the annual fee.
Who is OpenSky Plus for?
|Tougher odds of receiving new credit offers||Higher loan terms|
|Difficulty finding apartments to rent||Loss of certain job opprotunities|
Fortunately, secured credit cards provide a way to break the cycle and Catch-22 of bad credit by providing easier access to credit cards. What makes the Plus version so great is that “plus” is actually “minus” the annual fee. That lack of an annual fee is ideal if you are on a tight budget, as it can save you up to $100+ per year as an account holder.
No Credit Check Required
Like the original OpenSky Visa, the OpenSky Plus does not conduct a hard pull when applying. This feature means you can apply for the secured card without negatively impacting your credit report. The two OpenSky credit cards are among the few secured credit cards that grant an essential “pre-approval” before applying.
Related Article: How to Pre-Qualify for a Credit Card
Comparing No Annual Fee Secured Cards
Not sure if the OpenSky Plus secured card is right for you? Here is how the card compares with one of the leading secured credit cards, the Capital One Platinum Secured Mastercard:
OpenSky® Plus Secured Visa®
Capital One Platinum Secured
|No annual fee||No annual fee|
|Your good payment habits can qualify you for credit line increases every 6 month||Be automatically considered for a higher credit line in as little as 6 months|
|$200 to $3,000 minimum refundable deposit||$49, $99 or $200 minimum refundable deposit|
|Reports monthly to the three major credit agencies: Equifax, Experian, and TransUnion||Capital One reports to the three major credit bureaus.|
Regular Reports to the Leading Credit Bureaus
Like other secured cards, Capital Bank (OpenSky’s issuing bank) reports regularly to the three major credit bureaus: Experian, Equifax, and TransUnion. Making small purchases with the OpenSky Plus credit card and paying them back each month can quickly raise your credit score.
Here are some more helpful tips for building credit:
|① Check and review your credit reports||Ⓐ Check your credit reports from all three of the nationwide consumer reporting agencies: Equifax, Experian, and TransUnion.|
|Ⓑ Check for negative credit information, like potential fraud or ID theft, accounts in collection, or unpaid balances.|
|② Pay your bills on time||Ⓐ Automatic payments are a great way to avoid accidentally missing a payment.|
|Ⓑ Splitting monthly payments into two smaller payments can help stretch budgets while ensuring you pay on time.|
|③ Keep credit use low||Ⓐ Credit utilization accounts for roughly 30% of your credit score, so aim to keep credit use as low as possible.|
|Ⓑ Consider a balance transfer credit card if your credit use is creeping up and you want to consolidate that debt into one new account, typically at 0% Intro APR.|
|④ Limit new applications||Limit any new credit applications to only what is essential (i.e. if applying for a balance transfer credit card).|
|⑤ Keep old accounts open||Don’t close any old, unused accounts. Closing accounts can lower your average credit utilization.|
What are the benefits of boosting your credit with OpenSky? How about more funds when you need them most? Your good payment habits can qualify you for a credit line increase every six months, which means faster access to cash when needed. After six on-time payments, you may qualify for an OpenSky Gold Card, an unsecured credit card, meaning you’ll receive your safety deposit back!
Set Your Own Credit Limit
One of the benefits of a secured card is the ability to choose your own credit limit. How? Well, secured credit cards require a cash deposit to open, with that deposit also acting as the credit line. With OpenSky, the limit is as low as $200 and as high as $3,000. Feel like you need more available credit to boost your score? Simply add additional funds through the OpenSky website.
Other Card Features
Other notable features of the OpenSky Plus Secured Visa include basic Visa credit card protections and benefits. As the OpenSky Card is a full-fledged Visa, it provides the same perks and protections a cardholder would expect from a Visa product:
|Zero Fraud Liability||Cardholder Inquiry Services||Emergency Card Replacement|
|Roadside Dispatch and Auto Collision Damage Waiver||Lost/Stolen Card Reporting||ID Navigator from Norton|
OpenSky Card Comparison
Not sure if OpenSky is right for you? Here is how the two OpenSky credit cards stack up with each other:
OpenSky® Secured Visa®
OpenSky® Plus Secured Visa®
|Upgrade to unsecured?||Chance to receive an OpenSky Gold Unsecured Card after as few as 6 months||Chance to receive an OpenSky Gold Unsecured Card after as few as 6 months|
|Reports credit?||Yes, to all 3 major credit bureaus monthly||Yes, to all 3 major credit bureaus monthly|
Frequently Asked Questions About the OpenSky Secured Visa Credit Card
Here are some common questions about the OpenSky and OpenSky Plus Secured Visa Credit Cards, as well as their answers:
- The OpenSky credit card customer service phone number is 1-800-859-6412. Customer service specialists can assist with billing inquiries, credit card application status updates, credit card replacement services, and more.
- According to Capital Bank, OpenSky processes applications within 24 to 48 hours in most cases. If approved, you will receive an email from OpenSky congratulating you and informing you that your deposit is debited to your account – minus the annual fee.
- Once approved, you can expect to receive your physical credit card within 12 to 14 business days.
- You can activate your credit card by calling the number on the welcome letter enclosed with your OpenSky credit Card. Additionally, you can activate your card by visiting this page.
- The refundable deposit is held in an FDIC-insured bank account but does not earn any interest.
- No. Any US resident over 18 can apply for the OpenSky Visa.
- Yes. OpenSky allows you to open two card accounts, helping you to supercharge your on-time payments history.
- OpenSky credit card payments can be made online through the OpenSky website, on the app (for iOS and Android), or by calling OpenSky customer service at (800) 859-6412.
Should You Apply for the OpenSky® Plus Secured Visa®?
Does no annual fee make the already popular OpenSky Visa even better? Put simply, yes. The OpenSky Plus provides everything users love in the original version of the card with the added benefit of a $0 annual fee. This feature places the OpenSky Cards directly into the sights of leading secured cards like the Capital One Platinum Secured credit card.
Overall, there is plenty to like about OpenSky, including its impressive credit limit increase without the need for an additional deposit. Looking to build credit but not pay an annual fee? There may just be a new sheriff in town.