Last updated on February 20th, 2023
OpenSky® Secured Visa®
OpenSky® Secured Visa®
OpenSky® Secured Visa®
- 21.89% (variable) Regular Purchase APR
- 21.89% (variable) Cash Advance APR
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.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No credit check to apply and find out instantly if you are approved
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- View your FICO® Score through your OpenSky account, an easy way to stay on top of your credit
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- 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
- *View the cardholder agreement
- Regular Purchase APR: 21.89% (variable)
- Cash Advance APR: 21.89% (variable)
- 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
- You're struggling to get accepted for other secured credit cards
- You don’t have a credit history
- You have bad credit and want to improve your credit score
- You have a large deposit and want a quick pick-me-up for their credit score
- You 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 Check Required
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 variable APR that is higher than average, but it 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%.
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 Auto Rental Collision Damage Waiver for protection when rental cars booked entirely with the card and additional insurance is waived at the counter, for example, and more.
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement |
| Roadside Dispatch and Auto Collision Damage Waiver | Lost/Stolen Card Reporting | ID Navigator from Norton |
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.
Secured Credit Card Comparison
Not sure the OpneSky Visa secured card is right for you? Here’s how it compares to another popular alternative:
OpenSky® Secured Visa® |
 Applied Bank Secured Visa® Gold Preferred® |
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Frequently Asked Questions About the OpenSky Secured Visa Credit Card
Here are some common questions about the OpenSky Secured Visa Credit Card, 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 https://myaccount.openskycc.com/Activate.
- 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.
OpenSky Secured Visa Card Ratings
How does the OpenSky Visa stack up? Here are a selection of expert reviews for the card:
| BestCards | Better Business Bureau | TrustPilot |
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4/5 |
3/5 |
3/5 |
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.
