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OpenSky® Plus Secured Visa®: Credit Growth with $0 Annual Fee

Cory Santos

| Last updated on February 13th, 2024

OpenSky® Plus Secured Visa® Credit Card

OpenSky® Plus Secured Visa® Credit Card
Fair-Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Fair / Poor / No Credit Required
Visa Processing Network
$0 Annual Fee

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
  • 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.
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • 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 don't want to pay an annual fee
  • You have at least $300 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® Credit Card

OpenSky® Plus Secured Visa® Credit Card

Terms & Conditions

In-Depth Review: OpenSky® Plus Secured Visa® Credit Card 

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 Can Benefit from this Card?

The OpenSky Plus Visa is an ideal credit-building tool from Capital Bank for anyone with a bad or no credit history. Bad credit can have several negative impacts on your life, including:

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. The 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 versus other secured card options.

How to Get the OpenSky Plus Visa Card

Pre-Qualify with No Credit Impact

Getting a credit card usually requires a credit check. This requirement can sometimes keep those with bad credit from getting a secured credit card. However, Capital Bank (one of the lesser-known financial institutions) realizes this problem and requires no hard pull to approve applicants for the OpenSky® Plus Secured Visa®.

Since the card requires a security deposit, much of the worry of a lender might have been greatly reduced. Capital Bank only needs to verify critical parts of an applicant’s information before approving them – without checking their credit score. So, precisely what information does Capital Bank require from applicants? Here is the basic information you’ll need to pre-qualify for a credit card with OpenSky:

Full name Date of birth Phone number
Housing address Income Email address
Housing payments Social Security Number

Capital Bank has specific requirements as to who can apply for one of its card products. To qualify for the OpenSky® Plus Secured Visa® Credit Card, Applicants must:

  • Be at least 18 years old,
  • Be a United States citizen or a permanent resident alien,
  • Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Have a monthly income that exceeds their monthly bills,
  • Not have three (3) or more credit cards with Capital Bank,
  • Not have applied for four (4) or more Capital Bank credit cards in the previous 60 days and
  • Have a positive payment history with Capital Bank for any existing accounts.

How to Use the OpenSky Plus Visa

Set Your Own Credit Limit

One of the benefits of a secured card is the ability to choose your credit limit. How? Well, secured credit cards require a cash deposit to open, with that deposit also acting as the credit line. With OpenSky Plus, the limit is as low as $300 (the OpenSky Visa starts at $200) and as high as $3,000. Do you feel like you need more available credit to boost your score? Add additional funds through the OpenSky website.

Build or Rebuild Credit with Responsible Use

Cards like the OpenSky Bisa are designed to help users establish a strong, positive credit history with responsible use.

Here are some more 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.

Regular Reports to the Leading Credit Bureaus

Like other secured cards, Capital Bank reports regularly to the three major credit bureaus: Experian, Equifax, and TransUnion. Making small purchases with the OpenSky credit card and paying them back each month can quickly raise a credit score.

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!

Visa Protections and Benefits

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

No Annual Fee Secured Card Comparisons

OpenSky® Plus Secured Visa® Capital One Platinum Secured Citi® Secured Mastercard®
Annual fee $0 $0 $0
Deposit required $300 to $3,000 $49, $99 or $200 $200 to $2,500
Credit limit increases Yes, in as little as 6 months Yes, in as little as 6 months Yes
Credit reporting Experian, Equifax, TransUnion Experian, Equifax, TransUnion Experian, Equifax, TransUnion

What We Like About OpenSky

OpenSky has been a major player in the secured credit card market for some time – and that longevity means that the card program does many things right.

No Credit Check

The solid features of OpenSky are apparent from the start. When applying, the card requires no credit check, meaning you won’t have to worry about a hard inquiry and quick “ding” on your credit report. Instead, the application process relied on basic information like income, monthly housing costs, and other readily available information.

Security Deposit Flexibility

An underrated feature of the OpenSky Plus Visa is that the security deposit can be paid in installments if needed. OpenSky’s terms and conditions state that the $300 minimum deposit can be made in $25 increments, provided the full amount is paid within 60 days of opening your account. This means that you could theoretically break down your initial security deposit into 12 installments paid every 5 days.

Of course, it is worth noting that if you do not deposit the full $300 minimum within the 60-day window, you must reapply for the OpenSky Visa.

Low APR for Bad Credit

Like other secured credit cards, OpenSky charges a fixed APR on purchases; that rate is significantly lower than an applicant with bad credit can anticipate from an unsecured card. That low-interest rate with OpenSky is useful should you need to carry a balance.

Card Options for Different Budgets

Another great feature of OpenSky is that two secured card options let you determine which is right for you. Those cards are the $35 annual fee  OpenSky® Secured Visa® and the no annual fee OpenSky® Plus Secured Visa®.

The biggest difference between the two cards (beyond the annual fee) is the lower purchase APR with the OpenSky Plus Visa. That APR is about 25% higher than the $35 annual fee version of the card – partly due to the lack of an annual fee.

Here is how the two OpenSky credit cards stack up with each other:

OpenSky® Secured Visa®
OpenSky® Plus Secured Visa®
Annual fee $35 $0
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

Things to Consider

No Rewards

The biggest downside of the OpenSky Plus Visa is the lack of rewards. Of course, many will say that establishing a strong credit history is reward enough – as is the chance to upgrade to the OpenSky® Gold Unsecured Card – and that is true. Still, with banks like Discover providing robust reward cards for poor credit (and rewards checking), it is a consideration you need to make.

No Pre-Approval

Online pre-qualification and preapproval are excellent ways to see your suitability for a particular credit card before applying. These tools check basic information to gauge suitability while avoiding a hard credit check. OpenSky does not provide pre-qualification, which is frustrating. Still, with no credit check, when applying, there is no real harm here, so it is more of a nitpick.

OpenSky FAQs

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.

Capital Bank Card Ratings

How does the OpenSky Visa stack up? Here are a selection of expert reviews for the card:

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.

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