How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The OpenSky® Secured Visa® Credit Card has several good benefits for people looking to rebuild their credit. There’s no credit check when you apply to the card — so your credit score won’t be affected, and your credit history won’t be considered in your application. If you have bad credit, this may be an easier card to get approved for than others.
The card reports to all three major credit bureaus, which is an essential feature for building credit. It also gives you the chance to graduate to an unsecured credit card after six months, as well as increase your credit limit.
However, the card has a $35 annual fee and requires a $200 minimum security deposit. But if you’ve been struggling to get approved for other secured credit cards, the OpenSky® Secured Visa® Credit Card could be a good choice for you.
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
OpenSky® Secured Visa® Credit Card
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on Capital Bank, N.A.'s secure site |
$35 | 10% cash back
Up to 10% cash back rewards
| 24.64% (variable) |
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on Capital Bank, N.A.'s secure site |
|
Secured Chime Credit Builder Visa® Credit Card
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on The Bancorp Bank's secure site |
$0 | N/A | N/A |
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on The Bancorp Bank's secure site |
|
Discover it® Secured Credit Card
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on Discover's secure site Rates & Fees |
$0 | 1% - 2% cash back
| 27.24% Variable APR |
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on Discover's secure site Rates & Fees |
|
Capital One Platinum Secured Credit Card
|
$0 | N/A | 29.74% (Variable) |
No credit check required
One of the most notable features of the OpenSky® Secured Visa® Credit Card is that it doesn’t require a credit check for approval. There are limited cards available with no credit check. Among those options, The OpenSky® Secured Visa® Credit Card is our top pick for a no credit check credit card.
Instead of a credit check, OpenSky will look at the following to decide if you’re eligible for the card:
If you have bad credit and are concerned it might stop you from getting approved for a secured card, you can rest assured that your credit history won’t be an issue. You’ll have an easier time getting approved for this card and using it to rebuild your score. Also, you can avoid a hard check to your credit and dragging your score down even more.
Reports to the credit bureaus
The OpenSky® Secured Visa® Credit Card reports your credit history to all three major credit bureaus — Equifax, Experian and TransUnion. By using your card responsibly including making on-time payments, you may gradually improve your credit score.
Chance to graduate to an unsecured credit card
After six months of responsible spending with the OpenSky® Secured Visa® Credit Card, you may qualify for OpenSky’s unsecured card. You won’t need to apply for it, and there’s also no deposit or credit check — which saves you from triggering a hard inquiry and lowering your score.
Chance for credit limit increases
After six months of responsible card use, OpenSky will also assess your eligibility for a credit limit increase. The credit limit for the OpenSky® Secured Visa® Credit Card ranges from $200 to $3,000, depending on approval. If you don’t receive the maximum limit initially, you can request an increase after six months. However, if you are approved for a higher limit, you’ll be required to add more to your security deposit.
The credit limit range offered by the OpenSky® Secured Visa® Credit Card is similar to what you’ll find with most secured credit cards. For example, the Discover it® Secured Credit Card offers a limit based on your deposit, ranging from $200 to $2,500. But if you’re looking for more flexibility, the Secured Chime Credit Builder Visa® Credit Card lets you transfer any amount from your Chime checking account to serve as your line of credit.
Reasonable APR
The OpenSky® Secured Visa® Credit Card’s APR is 24.64% (variable), which is below the current average APR of around 26.71% for secured credit cards as of January 2025. Many secured credit cards have interest rates close to 30% APR, so this is reasonable by comparison. For example, the Discover it® Secured Credit Card has a 27.24% Variable APR and the Capital One Platinum Secured Credit Card has a 29.74% (Variable) APR (see rates & fees). To avoid incurring interest charges altogether, it’s smart to pay your card off in full each month.
Annual fee
The OpenSky® Secured Visa® Credit Card charges a $35 annual fee. Although this is a low cost for a card that doesn’t require a credit check, there are many secured credit cards with no annual fee. However, most of these do require a credit check. The Secured Chime Credit Builder Visa® Credit Card also has a $0 annual fee, but you’ll need to have $200 in a Chime checking account.
$200 minimum security deposit
Since the OpenSky® Secured Visa® Credit Card is a secured credit card, you’ll be required to put down a security deposit ranging from $200 to $3,000, which will serve as your credit limit. You’ll get your security deposit back if you pay off the card and close the account or if OpenSky graduates you to an unsecured card.
While secured credit cards require a deposit, they’re a great option for those with bad credit because they’re easier to get approved for and typically come with lower fees. Unsecured cards for bad credit often come with confusing terms and extra fees that may end up costing more than the deposit required for a secured card.
If you’re looking for a lower security deposit, the Capital One Platinum Secured Credit Card gives you the option to put down a deposit ranging from $49 to $200 for an initial credit limit of at least $200. However, you’ll need to be approved for the lower deposit amount. Keep in mind that this card does require a credit check.
Rewards are limited
The OpenSky® Secured Visa® Credit Card offers up to 10% cash back rewards, but there are limitations on how you can earn those rewards. First, rewards are only available at participating merchants, which you can find through the program platform in your OpenSky account. Some offers may require activation on the platform before making a qualifying purchase. Additionally, your card must be in good standing to qualify for rewards.
In contrast, some secured cards offer rewards on every purchase. For example, the Discover it® Secured Credit Card lets you earn 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.
It offers more flexibility with your credit limit, since you’re depositing from a Chime checking account. But it doesn’t offer a path to graduate to an unsecured card. Once your credit improves, you’ll have to apply for a new card with another issuer to get better terms.
Similar to the OpenSky® Secured Visa® Credit Card, after seven months, Discover will begin monthly reviews of your account to see if you’re eligible to graduate to an unsecured card and have your deposit refunded.
It also offers automatic credit line reviews after six months. Keep in mind that the Capital One Platinum Secured Credit Card does require a credit check.
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 three credit bureaus and provides an opportunity to demonstrate responsible credit behavior. In time, you can build a good credit score and upgrade to a card with rewards and benefits.
However, if you don’t mind a credit check, a secured card with no annual fee — like the Discover it® Secured Credit Card or Capital One Platinum Secured Credit Card (see rates & fees) — is a better option.
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For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the OpenSky Visa® Gold Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
