How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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OpenSky® Secured Visa® Credit Card

OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card

OpenSky® Secured Visa® Credit Card

Purchase APR
17.39% (variable)
Build Credit
Build credit quickly. OpenSky reports to all 3 major credit bureaus.
Credit Line
$200 - $3,000 Credit Line*
Edited by
Julie Sherrier
Reviewed by
Glen Luke Flanagan
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the OpenSky® Secured Visa® Credit Card best for?

The OpenSky® Secured Visa® Credit Card — issued by Capital Bank — is a no-frills card that doesn’t require a credit check when you apply.

It’s a secured credit card, meaning you must submit a security deposit to the issuer equal to your credit limit.

In other respects, it works the same as an unsecured credit card. It’s aimed at consumers with limited/bad/poor credit who want to improve their credit score.

Be aware that the OpenSky® Secured Visa® Credit Card charges a $35 annual fee, but if you’d like to avoid a credit check when applying for a new credit card, the fee may be worth it.

OpenSky® Secured Visa® Credit Card overview

    • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
    • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
    • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
    • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
    • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
    • *View our Cardholder Agreement located at the bottom of the application page for details of the card
  • Credit needed:
    300 599
    Limited/Bad/Poor
  • Apply for this card even if you don’t have a checking account
  • Set automated email alerts so you never miss a payment
  • Request a credit limit increase at any time (you must also increase your deposit)

 

Intro Purchase APR

N/A

Regular Purchase APR

17.39% (variable)

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$35

Cash Advance Fee

$6 or 5% of the amount of each Cash Advance; whichever is greater

Foreign Transaction Fee

3% of each Transaction in U.S. dollars

Balance Transfer Fee

N/A

Pros and cons

Pros

  • No credit check
  • Reports to the credit bureaus
  • Reasonable APR
  • $200 minimum deposit

Cons

  • Charges an annual fee
  • Can’t graduate to an unsecured card
  • Foreign transaction fee

What we like about the OpenSky® Secured Visa® Credit Card

  • No credit check

    If you have bad credit and are worried that it might stop you from getting approved for even a secured credit card, the OpenSky® Secured Visa® Credit Card could be your best option. It doesn’t require a credit check when you apply, so your bad credit won’t be a factor.

    What’s a bad credit score? According to FICO, the scoring method most commonly used by lenders, a credit score of less than 580 is considered poor.

    Know that when applying for the OpenSky® Secured Visa® Credit Card, you will have to provide the following financial information:

    • Annual income
    • Monthly housing payment
    • Housing payment type

  • Reports to the credit bureaus

    Your payment history will be reported to Equifax, Experian and TransUnion, meaning this is a good card for building credit history.

  • Reasonable APR

    The OpenSky® Secured Visa® Credit Card’s APR is 17.39% (variable). Many secured credit cards have interest rates over 20% APR, so this is reasonable by comparison. However, to avoid incurring interest charges, it’s smart to pay your card off in full each month.

  • $200 minimum security deposit

    While some secured cards may require a minimum deposit as high as $500, the minimum deposit for the OpenSky® Secured Visa® Credit Card is $200. The maximum deposit is $3,000. Your options for paying the deposit include:

    • With a debit card
    • Through Western Union
    • By mailing a check or money order

    You can also request a credit limit increase through your online account. If approved, you’ll receive a letter with instructions on how to submit the additional deposit amount.

What to look out for with the OpenSky® Secured Visa® Credit Card

  • Annual fee

    The OpenSky® Secured Visa® Credit Card charges a $35 annual fee. If you’d prefer a secured card with no annual fee (but one that does require a credit check), check out the Discover it® Secured Credit Card.

  • Can't graduate to an unsecured card

    With some secured cards, there’s a chance to transition to an unsecured card with the same issuer and get your deposit back after demonstrating responsible credit card usage. With the OpenSky® Secured Visa® Credit Card, there’s no such option. To get your deposit refunded, you must pay the card off in full and close the account. However, once your credit score dramatically improves with the card, you should be able to apply for an unsecured card with a different issuer.

  • Foreign transaction fee

    If you happen to be traveling outside the United States, be aware that this credit card charges 3% of each Transaction in U.S. dollars.

Alternate credit-building cards

If you’re willing to undergo a credit check, there are cards that might fit your needs better than the OpenSky® Secured Visa® Credit Card. We’ll look at two — one secured and one unsecured.

Discover it® Secured Credit Card

Disclosures |
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
22.99% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured credit card helps build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line with your tax return by providing a refundable security deposit of at least $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.*
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score.
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "APPLY NOW" to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
300 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Discover it® Secured Credit Card is an excellent choice for applicants looking to rebuild their credit or those who have no credit history and need a good first credit card that earns cash back (it’s rare for secured cards to offer rewards). It earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically.

And after eight months, Discover will begin monthly reviews of your account to see if you’re eligible to graduate to an unsecured and have your deposit refunded. Note that Discover considers your behavior across cards and loans from all issuers when making this decision.

AvantCard Credit Card

Disclosures |
AvantCard Credit Card
AvantCard Credit Card
on Avant's secure site
N/A
24.99%* Variable APR
$59
Non-rewards card
  • Fast and easy application process
  • No deposit required
  • No hidden fees
  • No penalty APR
  • Report to all three major credit bureaus
  • Zero fraud liability for unauthorized charges
  • Avant branded credit products are issued by WebBank, member FDIC
  • Disclosure: If you are charged interest, the charge will be no less than $1.00
  • Late Fee up to $39
550 700

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

If you can’t afford $200 upfront for a deposit on either the OpenSky® Secured Visa® Credit Card or the Discover it® Secured Credit Card, consider the AvantCard Credit Card. It’s an unsecured card (meaning no deposit is required) for applicants with fair/limited/bad/poor credit, and charges a $59 annual fee.

Unlike some other unsecured cards for bad credit, AvantCard Credit Card doesn’t hit cardholders with additional, unexpected fees and convoluted terms. It’s a good tool for building or rebuilding credit. Plus, you can check on the Avant website to see if you prequalify. Just be aware that this card is not available to residents of Colorado, Iowa, Vermont, West Virginia or Wisconsin.

Compare the OpenSky® Secured Visa® Credit Card to similar cards

Comparison of four different credit cards
OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Discover it<sup>®</sup> Secured Credit Card AvantCard Credit Card Citi<sup>®</sup> Secured Mastercard<sup>®</sup>
OpenSky® Secured Visa® Credit Card Discover it® Secured Credit Card AvantCard Credit Card Citi® Secured Mastercard®
Apply Now
on OpenSky's secure site
Apply Now
on Discover's secure site
Apply Now
on Avant's secure site
Apply Now
on Citibank's secure site
Recommended Credit
Limited/Bad/Poor Limited/Bad/Poor Fair/Limited/Bad/Poor Limited/No Credit
Annual Fee
$35 $0 $59 $0
Regular APR
17.39% (variable) 22.99% Variable APR 24.99%* Variable APR 22.49% (Variable)
Rewards Rate
None 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically Non-rewards card Non-rewards card
Welcome Offer
N/A Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. None N/A
Card Details
OpenSky® Secured Visa® Credit Card Discover it® Secured Credit Card AvantCard Credit Card Citi® Secured Mastercard®

Is the OpenSky® Secured Visa® Credit Card right for you?

Depending on your situation, a card such as the Discover it® Secured Credit Card might be better than the OpenSky® Secured Visa® Credit Card. The former charges no annual fee and offers cash back and regular account reviews to see if you’re eligible to get your deposit refunded. The latter charges a $35 annual fee and will refund the deposit only if your account is paid off and closed.

However, if you want to avoid a credit check in exchange for a small annual fee, the OpenSky® Secured Visa® Credit Card might be just what you’re looking for. It reports your payment history to the credit bureaus and provides an opportunity to demonstrate responsible credit behavior. In time, you can build a good credit score and apply for a card with rewards and benefits.

Apply Now
on OpenSky's secure site