Advertiser Disclosure Editorial Disclosure

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa®

No Credit Check to Apply

OpenSky® Secured Visa®
  • Regular Purchase APR 17.39% variable based on the Prime Rate
  • Cash Advance APR 17.39% variable based on the Prime Rate
  • Annual Fee $35
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Build credit with on-time payments
  • Reports to the three leading credit bureaus
  • Credit limist between $200 and $3,000
  • Visa benefits and protections
Rates & Fees
  • Regular Purchase APR: 17.39% variable based on the Prime Rate
  • Cash Advance APR: 17.39% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $6 or 5% of the amount of each cash advance, whichever is greater.
  • Annual Fee: $35
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $38
  • Return Payment Penalty Fee: Up to $25
  • Minimum Deposit Required: $200
Credit Card Deals
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The London Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Barcelona Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Bangkok Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Add cards to start comparing.

  

At a Glance

The OpenSky® Secured Visa® is a secured credit card that offers requires a low minimum deposit and features no credit checks for approval. The card, issued by Capital Bank, provides an easy route to better credit by offering credit limits as low as $200, a moderate fixed-rate APR, and a reasonable $35 annual fee.

Ideal for Those Who:

  • Are struggling to get accepted for other secured credit cards
  • Don’t have a credit history
  • Have bad credit and want to improve your credit score
  • Have a large deposit and want a quick pick me up for their credit score
  • Want access to a useful knowledge base of credit information and resources

OpenSky® Secured Visa® Review

The OpenSky® Secured Visa® doesn’t turn heads, but it is a card that can turn around fortunes.

No Credit Checked Needed

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

Since the OpenSky Credit Card doesn’t require a pull on your credit score, how can they know who is – and isn’t – a good fit for the card? Since the card requires a security deposit, much of the worry a lender might have is greatly reduced, meaning 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? Well here’s the list:

  • Full name
  • Current address
  • Contact information, such as email and phone number
  • Social Security Number
  • Financial information, including income, monthly housing payments, etc.

OpenSky Knowledge Base

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

Since OpenSky doesn’t require a pull on your credit score, how can they know who is – and isn’t – a good fit for the card? Since the card requires a security deposit, much of the worry a lender might have is greatly reduced, meaning Capital Bank only needs to verify critical parts of an applicant’s information before approving them – without checking their credit score.

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 in full each month can quickly raise a credit score.

A Decent APR

Many secured cards have interest rates well above 20%. While a lower APR is always preferable, this rate only applies to those who plan to carry a balance. Carrying a balance is when you fail to pay your entire statement balance instead of paying either the minimum or anything less than the full amount.

The OpenSky Secured Visa has a fixed-rate APR of around 19%, which while higher than average, isn’t extortionate. That means the card can carry a balance, although doing so may cause adverse results on a credit report, especially if the balance leads to a credit usage rate of over 30%.

Beware of Fees

The OpenSky® Secured Visa® charges an annual fee of $35. Many secured cards charge an annual fee, so the $35 charge isn’t too bad – especially considering the card doesn’t require a hard pull on your credit report.

The main issues with the card come from leaving it inactive. Capital Bank charges an inactive account fee should an account go unused for an entire year. This inactive account fee is $10 per month, which can quickly add up to some serious money.

While the fee can be avoided by using the card to make even the smallest purchase every now and then, it is still an issue – and may deter those who want a secured account they can open and put away while reaping the credit score benefits of available credit.

Visa Benefits

Credit cards offer much more security than cash, which is one of the allures they offer. As the OpenSky Card is a full-fledged Visa, it provides the same perks and protections a cardholder would expect from a Visa product.

OpenSky credit cardholders can expect Visa’s Zero Fraud Liability coverage for fraudulent purchases made on the account, Auto Rental Collision Damage Waiver for protection when rental cars booked entirely with the card and additional insurance is waived at the counter, and more.

These protections might not be the sexiest, nor are they a rewards program, but they offer value and peace of mind to cardholders and give them a glimpse of the premium benefits that come with higher-end unsecured cards down the line.

Frequently Asked Questions

Here are some common questions about the OpenSky Secured Visa Credit Card, as well as their answers:

How can I speak with an OpenSky customer service representative?

  • 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.

How long does it take for my application to process?

  • 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.

When will I receive my OpenSky credit card?

  • Once approved, you can expect to receive your physical credit card within 12 to 14 business days.

How do I activate my new OpenSky Visa credit card?

  • 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 https://myaccount.openskycc.com/Activate.

Does my security deposit earn interest?

  • The security deposit is held in an FDIC-insured bank account but does not earn any interest.

Should You Apply for the OpenSky® Secured Visa®?

The OpenSky Secured Visa Card from Capital Bank is a very enticing offer for those who want to boost their credit score quickly but are wary of the negative impact a hard inquiry might have. The card doesn’t require a hard pull, making it an excellent choice for those who have a considerable amount of money (up to $3,000) to deposit so they can raise their available credit limit almost instantly – and with no adverse effects.

Secured cards from a local credit union might offer no annual fees, and the Discover It Secured might offer rewards, but these cards also require a credit check, which might add a barrier that those with the worst credit simply cannot clear. OpenSky fills this void, providing a reliable tool that offers significant value while avoiding the temptation to be extortionate.

Overall, there may be better secured credit card offers available elsewhere, but for those who need help with their credit and don’t want the hassle of a credit check – or those who are their wits ends – the OpenSky credit card is a great option to consider.

Read Also: What are the best secured cards of 2020?