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.
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
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 poor/limited 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.
Intro Purchase APR
N/A
Regular Purchase APR
18.89% (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
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:
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 18.89% (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:
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.
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.
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.
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 seven 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.
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/poor/limited 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.
|
|
|
|
| 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 | |||
| Poor/Limited | Poor/Limited | Fair/Poor/Limited | Limited |
| Annual Fee | |||
| $35 | $0 | $59 | $0 |
| Regular APR | |||
| 18.89% (variable) | 25.99% Variable APR | 27.99%* Variable APR | 25.49% (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 | Discover will match all the cash back you’ve earned at the end of your first year. | None | N/A |
| Card Details | |||
| OpenSky® Secured Visa® Credit Card | Discover it® Secured Credit Card | AvantCard Credit Card | Citi® Secured Mastercard® |
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.