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.

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.
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Advertising Disclosure
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. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

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. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

OpenSky® Secured Visa® Credit Card Review

LendingTree's Review

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.
2.3
OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card
Purchase APR
25.64% (variable)
Build Credit
Build credit quickly. OpenSky reports to all 3 major credit bureaus.
Flexible Due Date
Choose the due date that fits your schedule with flexible payment dates
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: The OpenSky® Secured Visa® Credit Card can be a good choice for people looking to build credit while avoiding a credit check. It also offers a reasonable APR and the opportunity to graduate to an unsecured credit card.

Is the OpenSky® Secured Visa® Credit Card a good card?

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 it 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 OpenSky® Secured Visa® Credit 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. If you’ve been struggling to get approved for other secured credit cards, then the OpenSky® Secured Visa® Credit Card might be worth it.

Quick facts

    • New feature! Earn up to 10% cash back* on everyday purchases
    • No credit check to apply. Zero credit risk to apply!
    • Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
    • Get free monthly access to your FICO score in our mobile application
    • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
    • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
    • Fund your card with a low $200 refundable security deposit to get a $200 credit line
    • Apply in less than 5 minutes with our mobile first application
    • Choose the due date that fits your schedule with flexible payment dates
    • Fund your security deposit over 60 days with the option to make partial payments
    • Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
    • *See Rewards Terms and Conditions for more information
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 300 600
    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

25.64% (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

  • No credit check
  • Reports to the credit bureaus
  • Reasonable APR
  • Chance to graduate to an unsecured card
  • Credit limit increases
  • Security deposit required
  • Charges an annual fee
  • 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. This is also a perk because credit checks can bring your score down, so there’s no risk to apply.

    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 the three major credit bureaus: Equifax, Experian and TransUnion, meaning this is a good card for building credit history. Some credit cards designed for building credit may not report to all three bureaus. You don’t have to worry about that with the OpenSky® Secured Visa® Credit Card.

  • Reasonable APR

    The OpenSky® Secured Visa® Credit Card’s APR is 25.64% (variable). Many secured credit cards have interest rates close to 30% 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.

  • 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 their 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 any more.

  • Credit limit increases

    The max credit limit for the OpenSky® Secured Visa® Credit Card is $3,000. If you’re not approved for the max limit right away, then you can request a credit limit increase after six months. Not every secured credit card offers reviews for credit line increases, so this is a great feature if you’re looking for more flexibility.

    The caveat is if you’re approved for a credit limit increase, you’ll have to contribute more to your security deposit.

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.

  • $200 minimum security deposit

    As with most secured credit cards, the OpenSky® Secured Visa® Credit Card requires a minimum security deposit of $200. The maximum deposit is $3,000.

    If you’re not able to make a $200 deposit, you can try applying for the AvantCard Credit Card, which can also help you build credit but doesn’t require a security deposit.

  • Foreign transaction fee

    If you happen to be traveling outside the United States, be aware that this credit card charges a foreign transaction fee of 3% of each Transaction in U.S. dollars. The Capital One Platinum Secured Credit Card (see rates & fees) is a good alternative if you want a card that doesn’t charge foreign transaction fees.

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.

OpenSky® Secured Visa® Credit Card vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $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, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited / Poor

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.


 
The Discover it® Secured Credit Card is an excellent choice for applicants looking to build or rebuild their credit and want a credit card that earns cash back. It lets you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

It’s rare for secured cards to offer rewards, which makes this a unique card. 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.

The Discover it® Secured Credit Card does require a credit check unlike the OpenSky® Secured Visa® Credit Card, so it may be a bit harder to qualify for. However, the rewards and opportunities to graduate to a cash back card can make it worth it.

OpenSky® Secured Visa® Credit Card vs. AvantCard Credit Card

| Disclosures
AvantCard Credit Card
AvantCard Credit Card
apply-now-icon Apply Now
on Avant's secure site
N/A
35.99%
$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
  • Checking your eligibility does not affect your credit score
300 600 660
Limited / Poor / Fair

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.


 
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 limited / poor / fair 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. Plus, it has a much higher potential APR than the OpenSky® Secured Visa® Credit Card at (variable) — so it may not be the best choice if you expect to carry a balance some months.

OpenSky® Secured Visa® Credit Card vs. Capital One Platinum Secured Credit Card

| Disclosures
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
29.99% (Variable)
$0
Non-rewards Card
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
  • For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
300 600
Limited / Poor

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.


 
The Capital One Platinum Secured Credit Card could be a good option if you’re looking to build credit and want to pay a lower security deposit. Unlike other secured cards, the Capital One Platinum Secured Credit Card provides three minimum security deposits: $49, $99 or $200. Plus, it charges a $0 annual fee (see rates & fees).

You won’t know which minimum amount you qualify for until you apply, but this unique feature gives you the chance to use a secured credit card without having to pay the typical $200.

Like the OpenSky® Secured Visa® Credit Card, this card offers the chance to graduate to an unsecured card (the Capital One Platinum Credit Card). It also offers automatic credit line reviews after six months.

The Capital One Platinum Secured Credit Card does require a credit check. It may be worth applying to the OpenSky® Secured Visa® Credit Card if you’ve had trouble qualifying for secured credit cards.

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

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. However, it does charge a $35 annual fee.

Depending on your situation, the Discover it® Secured Credit Card might be better than the OpenSky® Secured Visa® Credit Card. It charges a $0 annual fee, offers cash back and conducts regular account reviews to see if you’re eligible to get your deposit refunded.

apply-now-icon Apply Now
on Capital Bank, N.A.'s secure site
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.